Contents tagged with Economic Sanctions

  • Prime Minister of Hungary complains to Putin about EU’s anti-Russian sanctions

    The European Union’s anti-Russian sanctions have jeopardized Moscow-Budapest relations, said Hungarian Prime Minister Viktor Orban at a meeting with Russian President Vladimir Putin, the Kremlin press service reported. “I must say that we could develop even more [relations] if not for the harmful sanctions. Because of these measures, we are losing opportunities,” said the Hungarian Prime Minister. Moreover, Orban assured Putin that Hungary stands for the normalization of relations between …

  • Budapest: Hungary will not block anti-Russian sanctions

    Budapest does not intend to violate European unity over the issue of sanctions against Russia, despite the conflict with Kyiv over education legislation, as stated by Hungarian Foreign Minister Péter Szijjártó in an interview with newspaper Kommersant.

    According to him, while the Ukrainian law on education remains in force, Hungary will not support a single Ukrainian initiative or any important for Ukraine issue in any international organization. However, sanctions against the Russian …

  • US Special Envoy Adam Szubin to travel to EU to call for maintaing sanctions against Russia

    On the 3rd of June, the United States Treasury Department reported that the U.S. will send a Special Envoy, Adam Szubin, to Paris and Berlin. Szubin will arrive in Europe on June 7th in order to convince European allies of the importance of maintaining sanctions against Russia.

    The Acting Treasury Under-Secretary for Terrorism and Financial Intelligence, Adam Szubin, will meet with high-level officials from economic and financial ministries and also with diplomats, and representatives of the …

  • Putin plans to get around sanctions with the help of western banks

    Russia is planning to evade the European and US sanctions that were placed against them two years ago.  Their plan is to allow the Kremlin to release and make available a 3-billion-dollar loan with a 10-year maturity term.  Russia plans to achieve this with the help of Chinese, European and US banks.

    This was reported by the Insomi news website with reference to German newspaper, Die Welt.

    “Putin draws his net around the giants of Wall Street,” the newspaper reported.  The newspaper also …

  • Russian ruble hits lowest level in a year

    On December 30th, the Russian ruble reached its lowest level against the U.S. dollar in a year, falling to 73 rubles and 20 kopecks to the dollar.

    The ruble lost 40 percent of its value last year. Its present value is 20 percent lower than a year ago. This is an indication of how the Russian economy has suffered from Western economic sanctions and falling oil prices.

    Russia's economy was hit hard by the sanctions imposed by the United States, the European Union and other countries. The …

  • Russia has destroyed 1,800 tons of food since August

    From August 6th to December 28th, the Russian government destroyed 1,762 tons of goods as part of the government's counter-sanctions in response to those imposed by the European Union and the US. The Federal Service for Veterinary and Phytosanitary Surveillance (Rosselkhoznadzor) reported to the news agency Interfax that 1,647 tons were for crop production and 115 tons were for livestock breeding.

    Since August 6th there may have been as much as 2,500 tons of smuggled goods destroyed including …

  • Kudrin: Russia has not reached peak of economic crisis

    Former Minister of Finance of the Russian Federation, Alexei Kudrin, was engaged in talks last week with Russian President Vladimir Putin and other top officials about returning to a senior post to help deal with the worsening economic situation.

    According to Kudrin, if oil prices continue to fall, there will be a further decline in the Russian economy.

    Kudrin holds that the Russian economic crisis has not yet reached its pinnacle, and argues that “today we see a further deterioration of the …

  • Putin Expands Economic Sanctions against Turkey

    Russian President, Vladimir Putin, has decreed that economic sanctions against Turkey will now include companies owned or controlled by Turkish citizens.

    The President of Russia, Vladimir Putin, has signed a decree expanding the sanctions against Turkey. The full text of the decree has been published on the Kremlin’s website. To date, the Russian sanctions against Turkey applied only to companies located in Turkey. Now, any company controlled by a Turkish citizen, regardless of location, will …

  • Deutsche Bank Tallies $10 Billion in Suspected Russian Money Laundering

    The money laundering scandal in the Russian branch of Deutsche Bank expands.

    According to new data, Russian customers conducted illegal bank operations worth 10 billion U.S. dollars, reported Reuters on Tuesday, December 22nd, citing sources familiar with the situation. Previously, the amount was estimated at about $6 billion but the internal investigation into the bank turned up new suspicious transactions.

    This September the bank sent the results of the investigation to the authorities …

  • US Expands Sanctions against Russia

    The US expanded sanctions against Russia in connection with recent events in eastern Ukraine. This was stated on the website of the US Treasury. Sanctions were imposed against individuals (including Ukranian citizens) and institutions alike.

    The sanctions list includes the ministers that worked with former Ukrainian President Viktor Yanukovych, former Science and Education Minister Dmytro Tabachnik and Russian politician Vitaliy Zakharchenko. Sanctions were also imposed on Vladislav Dinega, …