Opinion from Financial Times If a currency reflects a country’s economic health, Russia’s banks should be in intensive care. Yet the country’s largest retail lender, Sberbank, is trumpeting a return on equity that western counterparts can only dream of. The rouble has dropped 20 per cent against the dollar in the past four months. Russia’s […]
Reported by Jeffrey A. Sonnenfeld and Michal Wyrebkowski (Shortened version of original report is presented below) The economic blockade of Russia has proven effective thanks to a combination of government sanctions and the exit of over 1,100 multinational firms from the country. However, President Putin’s war campaign persists, partly because he can tap into the […]
Reported by Polina Ivanova The EU’s highest court has ruled that sanctions against a Russian tech executive should be lifted, the first time it has revoked measures against a businessman sanctioned over Russia’s invasion of Ukraine. Alexander Shulgin, former chief executive of ecommerce platform Ozon, had joined dozens of other members of Russia’s elite in […]
Reported by Owen Walker in London and Cheng Lengin Hong Kong Chinese lenders have stepped in to extend billions of dollars to Russian banks as western institutions pulled back their operations in the country during the first year of Moscow’s invasion of Ukraine. The Industrial and Commercial Bank of China, Bank of China, China Construction […]
Reported by Ryan Browne Wise CEO and co-founder Kristo Kaarmann. British financial technology giant Wiseallowed an individual on the Russian sanctions list to withdraw money, a U.K. government body said Thursday. The user was allowed to make a withdrawal of £250 ($316.63) from a business account on Wise, according to the Office of Financial Sanctions […]
Reported by Monika Pronczuk and Valerie Hopkins A powerful Russian businessman who has been under financial sanctions for nearly a decade has nevertheless used American and European banks to raise money for orphanages in a region that is at the heart of the Kremlin’s program of deporting Ukrainian children to Russia, records show. The businessman, Konstantin […]
Arkady Volozh’s decision to publicly condemn the war ‘poses a tricky question’ for the EU, according to western officials © Andrey Rudakov/Bloomberg Reported by Henry Foy in Brussels and Max Seddon in Riga Arkady Volozh, co-founder of Russian tech giant Yandex, has formally requested that the EU lift sanctions against him in the first big […]
Reported by Elizabeth Napolitano Heineken has sold its business in Russia for one euro more than a year after it vowed to pull out of the country in response to Russia’s invasion of Ukraine. The Dutch brewer is taking a €300 million loss, or roughly $325 million, by selling its business to Russian manufacturer Arnest […]
Reported by Joshua Askew Summary of original article shown below The article discusses the impact of sanctions imposed by the West on Russia following the Russian invasion of Ukraine. These sanctions, considered the most extensive since the Cold War, were initially thought to severely damage the Russian economy. However, Russia has shown resilience, with its […]
Reported by Elizabeth Lopatto Photo by Amelia Holowaty Krales / The Verge Tornado Cash developers Roman Semenov and Roman Storm have been charged with three conspiracy counts in an indictment unsealed today. Storm has been arrested and Semenov remains at large, according to a statement from the Southern District of New York. Tornado Cash is […]
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