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Business |  Economics |  26.05.22

Russia’s Frozen Reserves Appeared to Be Smaller Than Expected by EU

The EU has frozen roughly €23 billion worth of assets of the Russian Central Bank, Reuters reported, citing EU Justice Commissioner, Didier Reynders, who revealed the figure at a news conference on Wednesday, May 25, 2022. He noted that the amount is much smaller than expected and can’t be compared to the assets frozen by

Business |  Economics |  26.05.22

‘United Russia’ Proposed Creating Special Economic Zone in Donbass

The ‘United Russia’ party proposed discussing the possibility of creating a Special Economic Zone in Donbass.   “We propose to work out the possibility of creating a Special Economic Zone on the territory of Donbass, as well as to ensure the return of a certain share of capex during the construction of production facilities,” Secretary of

Business |  Economics |  25.05.22

Russia Entered Top 3 European Countries With Most Affordable Gas

Russia took the second place in the ranking of countries on the cheapness of gas for the population. Kazakhstan occupied the first place and Belarus took the third, according to the RIA Novosti study.  To assess the cost of gas for the population, the RIA Rating experts analyzed its prices in rubles. In addition, the

Business |  Economics |  12.05.22

Gazprom Subsidiaries in Germany Stopped Receiving Russian Gas

German Economy Minister, Robert Habeck, reported that the German subsidiaries of Gazprom have stopped receiving gas from Russia since May 11, 2022.  “Yesterday [on May 11] in the evening, at about 10.30 pm, Putin published a decree according to which European enterprises are subject to sanctions. In Germany, Gazprom and its subsidiaries no longer receive

Business |  Economics |  05.05.22

British Tax Service Ceased Recognizing Moscow Stock Exchange Status

The British Tax and Customs Administration (HM Revenue & Customs) has deprived the Moscow Stock Exchange (MOEX) of the status of a recognized stock exchange since May 5, 2022. This is stated in a message distributed by the department on Thursday, May 5.  “On May 5, 2022, HMRC revoked the initial inclusion of the Moscow

Business |  Economics |  21.04.22

Russia Introduced Law on Supporting Regions Under Sanctions

The State Duma of the Russian Federation adopted in the second and third readings a law establishing measures to support “the financial stability of regional and local budgets under sanctions pressure.”  Thus, in 2022, up to 390.7 billion rubles are provided from the federal budget for lending to subjects of the country. The funds will

Business |  Economics |  21.04.22

Forbes Published Rating of Richest Russian Businessmen 2022

Forbes magazine has published a rating of the richest Russian businessmen in 2022. It is noted that after the start of the Russia’s special military operation, the list has changed. The new leader of the rating is NLMK (international steel company) co-owner, Vladimir Lisin, whose fortune is estimated at $18.4 billion, displaced, Alexey Mordashov, from the

Business |  Economics |  21.04.22

Russia to Keep Confidential SWIFT Alternative System Members’ Data

The Central Bank of Russia announced on Tuesday, April 19, that it will stop disclosing the identity of participants in the Financial Message Transmission System (SPFS), the country’s alternative to SWIFT.   “Under the current circumstances, we decided not to disclose on the website [of the Central Bank of Russia] the list of companies connected to

Business |  Economics |  20.04.22

Russia Adopted Law Restricting Banks From Providing Data to Unfriendly Countries

The State Duma of the Russian Federation on Wednesday, April 20, adopted a law that imposes restrictions on Russian credit institutions in providing information to the competent authorities of foreign states, including judicial authorities.  The document was submitted to Parliament by the government in June 2021 and has since been finalized for the second reading.

Business |  Economics |  19.04.22

Russia Starts Legal Fight for Frozen Reserves

The Bank of Russia will challenge the block placed on its gold and foreign exchange reserves and is already working on lawsuits, according to the Governor of the bank, Elvira Nabiullina, on Tuesday, April 19.  “This freezing of gold and foreign exchange reserves was unprecedented, so we are going to work on legal claims, and

Business |  Economics |  18.04.22

Over 50 Foreign Organizations Joined Russia’s SWIFT Equivalent

More than 50 foreign organizations have already joined the Russian Financial Message Transmission System, an analogue of SWIFT, as stated by the Central Bank Chairman Elvira Nabiullina.  “Currently, 52 foreign organizations from 12 countries are users of the SPFS [Financial Message Transmission System],” she said. Today, more than 11 thousand participants in all countries of