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Major banks in the Central Asia republic of Kyrgyzstan have suspended money transfers to and from Russia amid exchange rate volatility and issues with payment systems, state-run media reported on Thursday. RSK Bank, Kyrgyzstan’s second-largest lender, said the Astrasend, Contact, Zolotaya Korona and Sberbank Online money transfer systems were temporarily down due to technical problems. Kyrgyzkommertsbank and Kompanion Bank said the Unistream transfer system was also down. Kyrgyzstan’s Mbank, meanwhile, announced restrictions on ruble conversions “[d]ue to the volatility of the exchange rate an...
The Moscow Times
The Moscow Exchange on Thursday suspended trading in dollars and euros after it was sanctioned by the United States in a new raft of restrictions aimed at hindering Russia’s ability to wage war in Ukraine. “Due to the introduction of restrictive measures by the United States against the Moscow Exchange Group… from June 13, 2024, trading on the Moscow Exchange markets will be conducted… with the exception of instruments with settlements in U.S. dollars and euros,” the exchange said in a statement. “In the face of new challenges, the Moscow Exchange will continue to provide clients with access t...
The Moscow Times
German energy giant Uniper said Wednesday a tribunal had awarded it over 13 billion euros ($14 billion) in damages from Russian state energy company Gazprom for its failure to deliver gas. The ruling gave Uniper "the right to terminate the contracts and awarded it an amount of more than 13 billion euros in damages for the gas volumes not supplied," the company said in a statement. It was not clear, however, "whether significant amounts are to be expected" from Gazprom, CEO Michael Lewis said. Gazprom steadily dwindled gas supplies to Germany following Moscow's 2022 invasion of Ukraine in appar...
The Moscow Times
Countries across the globe are racing to “strengthen their sovereignty” amid Western nations’ efforts to “maintain their elusive role as hegemons,” President Vladimir Putin said in his plenary address at the St. Petersburg International Economic Forum (SPIEF) Friday. Moscow has sought to broaden its support from countries in Africa, South America and Asia and cast itself as a force fighting against the “neo-imperialist” intentions of the West since its invasion of Ukraine over two years ago sparked punishing Western sanctions. “We’re observing a real race between countries to strengthen their ...
The Moscow Times
Russia's Central Bank held interest rates unchanged on Friday, despite inflation running well ahead of its target and repeated warnings that a surge in military spending is overheating the economy. The bank kept its key rate at 16% but signaled it could hike borrowing costs in the future if the pace of price rises does not slow down. Inflation is currently running at 8.2% year-on-year, more than double the Russian Central Bank's 4% target. "Returning inflation to the target will require a significantly longer period of maintaining tight monetary conditions in the economy," the regulator said i...
The Moscow Times
Russia's central bank chief on Thursday called for Russia to be an "open economy" despite the barrage of Western sanctions and trading restrictions it has faced over the full-scale invasion of Ukraine. Central Bank Governor Elvira Nabiullina was speaking at the Saint Petersburg International Economic Forum (SPIEF), Russia's premier business and investment event that used to attract leading Western businesspeople, investors and officials to President Vladimir Putin's hometown. But since the February 2022 invasion, the forum's lineup has reflected Moscow's pivot toward Asia and Africa amid its d...
The Moscow Times
The St. Petersburg International Economic Forum (SPIEF), Russia’s premier business and investment event, kicked off in the country’s second-largest city on Wednesday with a focus on Russia’s place in a “multipolar” world, partnerships with the Global South and, increasingly, on domestic business deals. Once dubbed the “Russian Davos,” SPIEF had long attracted leading Western businesspeople, investors and officials to President Vladimir Putin’s hometown, serving as a venue for major international deals like the Nord Stream gas pipeline. But since Russia’s 2022 invasion of Ukraine, its lineup ha...
The Moscow Times
The Russian online bank Tinkoffannounced Wednesday that it was changing its name to T-Bank, marking a symbolic end to the lender’s association with its millionaire founder Oleg Tinkov, who has lived in exile since denouncing Moscow’s full-scale invasion of Ukraine more than two years ago. “First there was a word, now there’s a letter,” the banksaid in its announcement. “Simplifying the name is a logical step for both employees and customers.” T-Bank, Russia’s third-largest lender, said its 43 million customers would not notice the change, with its products and services continuing as usual unde...
The Moscow Times
Russia’s manufacturing sector saw near-record employment growth in May, according to a new report from S&P Global, as an already tight labor market struggles to meet the surge in demand for workers. S&P Global’s Purchasing Managers’ Index (PMI) for Russian manufacturing rose to 54.4 last month compared to 54.3 in April. A PMI value above 50 points indicates growth, whereas anything below signifies a decline. “Output growth strengthened amid sustained and robust customer demand, which drove the upturn in new orders,” the report read. “The sharp rise in new business led firms to expand capacity,...
The Moscow Times
EU member states on Thursday agreed to impose "prohibitive" duties on grain imports from Russia in a bid to limit revenues to Moscow as it continues to wage war on neighboring Ukraine. The latest measure will "tackle illegal Russian exports of stolen Ukraine grain into EU markets," the EU's trade commissioner, Valdis Dombrovskis, said on social media. Likewise, the tariffs will be applied to supplies from Belarus, which served as a staging ground for the Kremlin's full-scale invasion in February 2022. But the tariffs will not apply to Russian grain transiting through the EU to countries outsid...
The Moscow Times
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