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
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Almost Half Russian Gas Importers Opened State Bank Accounts for Ruble Payments
About half of the importers of Russian gas have already opened accounts with Gazprombank (GPB) to pay under the new scheme, as said by the Russian Deputy Prime Minister, Alexander Novak, at the “New Horizons” forum of the “Knowledge” Russian society. “This is a forced measure, it was aimed at ensuring the safety of our
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
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
USA Should Announce Its Own Default, Instead of Pointing to Russia, Top Official Says
Russian experts are working on a project to create a two-loop monetary and financial system in the country, according to the Secretary of the Security Council, Nikolay Patrushev, in an interview with Rossiyskaya Gazeta. Patrushev explained that the project involves the provision of the Russian currency with both gold and a range of goods representing
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
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
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
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.
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
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
Russian Banks Resume Cash Currency Sales for Citizens Since Today
Since April 18, the Bank of Russia has resumed the possibility of selling cash currency from banks to citizens. The permit applies only to the currency that has been received at the banks’ cash desks since April 9. The central bank in early March, against the backdrop of Western sanctions and volatility in the financial
Russia Offered Europe Alternative Gas Payment Scheme
Russia has offered Europe to continue paying for gas in euros, but through a Russian bank and with the mandatory opening of a ruble account. Several sources explained that for unfriendly countries, the payment from the buyer to Gazprom would have to be made exclusively in Russian currency. The sources do not indicate which bank
