Contents tagged with Sanctions
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Strategic shift: China's new trade restrictions on Russia signal U.S. influence
China continues to ship goods to Russia under previously paid contracts but refuses new deliveries. Under the new regulations, Chinese companies will be subject to a 25% tax on dual-use goods exported to Russia. This list includes essential IT equipment like servers and components and has already created tension in Russia.
Furthermore, the sale of argon gas for welding is restricted, with contracts continuing but no new agreements being made. Critical sectors like technology, defense, …
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Russia's aluminum giant feels the strain of sanctions, production slashed amid rising costs
Russia's aluminum industry faces a crisis as alarming news emerges from Rusal about a sudden production cut. The country's largest aluminum producer, Rusal, has announced a reduction in aluminum output by 250,000 tons. The company attributes this decision to record-high alumina prices— a crucial raw material— and deteriorating macroeconomic conditions.
Rusal, owned by prominent Russian oligarch Oleg Deripaska, who is closely tied to the Kremlin, has found itself procuring more than a third of …
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Taiwan halts machinery exports to Russia
Taiwan's Ministry of Economic Affairs announced a complete halt of exports of machinery that could potentially serve military enterprises in Russia. This action comes as a response to recent media investigations which spotlighted such deliveries.
As part of these tightened export controls, penalties for initial violations of sanctions against Russia and Belarus have been significantly increased, ramping up to 1 million Taiwanese dollars (approximately USD 31,100). Additionally, the ministry …
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Kazakhstan opposes Russian use of its territory to circumvent Western sanctions
In a firm stance outlined by Foreign Minister Roman Vassilenko, Kazakhstan has made it clear that it opposes any moves by Russia to utilize its territory to circumvent Western sanctions. As reported by The Moscow Times, Vasilenko emphasized that while Kazakhstan has not imposed sanctions against Russia and has refrained from joining the West's measures, it is equally against Russia using Kazakhstan as a backdoor to dodge these restrictions.
Astana's position, it seems, is well understood by …
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Russian scientist proposes nuclear submarine for gas transport amid LNG sanctions
Mikhail Kovalchuk, a close associate of Vladimir Putin and the Director of the Kurchatov Institute, is once again making headlines with a bold new proposal. Kovalchuk, a known confidant of the Russian president, has suggested the development of a nuclear submarine designed to transport natural gas from Russia, reports the Russian news agency RBC, publishing a video presentation of the project.
According to the engineers at the Kurchatov Institute, the plan envisions a nuclear submarine …
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Chinese electric vehicle manufacturer Zeekr to disable software on EVs exported to Russia without authorization
In a move to counteract unauthorized exports, the top Chinese electric vehicle manufacturer in Russia, Zeekr, will start blocking the software of models that were intended for the domestic Chinese market, as reported by The Moscow Times. The cars in question were exported without the company's consent. An industry insider revealed that such vehicles could constitute up to a third of Zeekr's market in Russia.
Zeekr had notified its partners back in June about its plans to remotely disable …
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Russian businesses struggle with payment processing through Turkish banks amidst Western sanctions
The Russian news outlet Vedomosti reports that Russian importers and intermediaries are facing challenges with payments via Turkey, whose banks Russian businesses use for transiting transactions to other countries, including Europe. According to the report, European banks have intermittently been refusing payments for goods from Turkish banks sent to Russian business suppliers. Specifically, one businessman ran into this issue in Bulgaria. Additionally, a Vedomosti source claims that Turkish …
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Turkish banks cut ties with Russian-linked companies amid U.S. sanctions threats
Turkish banks are increasingly shutting down accounts of companies engaged in business with Russia due to the threat of secondary U.S. sanctions, according to Russian Ambassador to Turkey Alexei Yerkhov.
"Problems in mutual settlements between the two countries persist. Cases of 'pushing out' companies involved in transiting goods to Russia have become more frequent in Turkish banks. These clients are being actively identified, their transfers are blocked, or their accounts are completely …
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Chinese exporters demand prepayment from Russian clients amid sanction-driven economic shifts
In a significant development, Chinese exporters have suspended shipments to Russia without prepayment, a stark shift from prior practices. This move reportedly comes in response to sanctions against Russia, reports Izvestia, citing Vadim Filatov, President of the Association of Automobile Cargo Carriers and Forwarders.
According to Filatov, Russian companies that previously enjoyed trusted credit terms now face unprecedented challenges due to payment reversals. Additionally, new Russian …
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Chinese banks halt payments from Russian importers amid sanctions concerns
Several Chinese banks have started refunding payments for goods already delivered to Russian importers by their Chinese business partners, reports Vedomosti, citing four businessmen who have encountered this issue recently.
Russian business representatives have yet to determine the reasons behind the payment rejections in Chinese banks. One source suggested that the issue might be related to compliance checks. However, these incidents are becoming increasingly common.
The payment problem …