Contents tagged with Sanctions

  • Turkey and China scale back trade with Russia amid sanction fears

    Turkey and China, major trading partners of Moscow, have unexpectedly reduced their goods shipments to Russia due to fears of secondary sanctions from Washington, The Moscow Times reports, citing economic analysts.

    Analysts believe the recent export boom has been deflating not only because of the threat of sanctions but also due to complications in money transactions. The Financial Times and Bloomberg also report a worsening situation for Russia. For China, the Russian market remains secondary …

  • US and Turkey agree on new sanctions enforcement framework against Russian-affiliated companies

    Turkey and the United States have agreed on a new framework for enforcing secondary sanctions aimed at companies cooperating with Russ, reports the Turkish newspaper Hurriyet.

    Under the new agreement, US authorities will inform Ankara of any companies suspected of dubious activities and request information concerning these suspicions. Should Turkey conduct an investigation and report the findings to the US, "measures will be taken if necessary," according to the paper.

    Previously, Washington …

  • Kremlin admits Western sanctions affecting Russian economy

    The Kremlin for the first time since the beginning of the full-scale invasion of Ukraine admitted that Western sanctions are affecting the Russian economy. Russia has problems with oil exports due to the "price cap", said Russian Deputy Prime Minister Alexander Novak in an interview with the Russian news agency TASS.

    According to him, Russia has problems with the insurance of ships that are used to export oil and has not been able to launch its tanker insurance mechanism to replace Western …

  • EU to add Russia's largest bank and Night Wolves biker club to sanctions list

    The European Union is expected to add Russia’s largest bank, Sberbak, and the pro-Kremlin biker club Night Wolves to the list of individuals and companies under sanctions for supporting Russia’s invasion of Ukraine.

    A total of 48 individuals and nine entities are to be added to the sanctions list.

    The new additions include the head of the giant zinc and cooper firm UMMC, Andrew Kozitsyn, as well as the deputy head of Russia's Federal Security Service (FSB), Sergei Korolev. Korolev "is …

  • Airbus pushes against potential sanctions on Russian titanium

    Airbus, the world’s largest commercial aircraft manufacturer, is calling on the West to avoid placing sanctions on Russian titanium, the Wall Street Journal reported. An estimated 65% of Airbus’ titanium comes from Russia.

    Speaking at an aviation gathering in Doha, Qatar over the weekend, Airbus CEO Guillaume Faury told reporters “We think sanctioning titanium from Russia would be sanctioning ourselves… one of the few areas of business where it is in the interest of no party to disrupt the …

  • Russia misses $1.9 million bond interest payment, increasing likelihood of debt default

    Russia failed to pay a $1.9 million interest payment on an international bond, bringing the country closer to its first major external debt default in over a century. The late payment could force payouts of billions of dollars to holders of insurance on Russian bonds.

    Russia’s International 2022 bond matured on April 4th, but principal and interest payments were not made until May 2nd.  

    The Credit Derivatives Determinations Committee overseeing Europe voted Wednesday that the missed payment …

  • EU President: six sanctions packages will destroy Putin's financial foundation

    Six packages of EU sanctions against Russia will destroy the financial foundation of Russian President Vladimir Putin and will hit the Russian economy hard, said European Commission President Ursula von der Leyen.

    "Most importantly, there are six big sanctions packages. These sanctions are biting hard and really destroying the financial basis of Putin, who is waging this war, and are hitting the Russian economy hard," von der Leyen said at a press conference following a special meeting of the …

  • Russian oligarchs offer to pay for rebuilding Ukraine in exchange for the West lifting sanctions

    Russian oligarchs are ready to pay for lifting the sanctions against them. They offer to send these funds to Ukraine, said Canadian Finance Minister Chrystia Freeland during a meeting with colleagues from the G7 countries, reports the German newspaper Handelsblatt.

    Freeland said that the sanctioned Russian oligarchs call her on their own initiative. They complain that Putin’s war has affected their lives. According to the Canadian official, the Russian rich do not approve of the Kremlin's …

  • Putin warns Europe of irreversible consequences due to anti-Russian sanctions

    Citizens of the European Union and the poorest countries will face the most difficult consequences due to the sanctions imposed by the West on Russia, said Russian President Vladimir Putin at a government meeting on economic issues. According to Putin, the restrictive measures introduced by the West against Russia contribute to the global crisis.

    "These sanctions largely provoke a global crisis," Vladimir Putin said. "Their masterminds, guided by short-sighted, inflated political ambitions and …

  • EU says paying for Russian gas in rubles would violate sanctions

    The European Commission, the EU’s executive arm, has warned member states that paying for Russian gas in rubles would violate sanctions imposed on Moscow.

    On March 31st, the Kremlin demanded that EU gas buyers open two accounts: one in foreign currency and one in rubles. Gazprombank would be responsible for converting the currency and transferring the ruble payment to Gazprom, the Russian state-owned energy corporation.

    The European Commission has determined that such a situation alters the …