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President Joe Biden's administration on Thursday banned Russia-based cybersecurity firm Kaspersky from providing its popular antivirus products in the United States over national security concerns, the U.S. Commerce Department said. "Kaspersky will generally no longer be able to, among other activities, sell its software within the United States or provide updates to software already in use," the department said in a statement. The announcement came after a lengthy investigation found Kaspersky's "continued operations in the United States presented a national security risk due to the Russian G...
The Moscow Times
As President Vladimir Putin paid a state visit to China in May, his Deputy Prime Minister Alexander Novak said that Moscow and Beijing were soon planning to sign a contract on the construction of the Power of Siberia 2 gas pipeline. “We plan additionally to finish the review and sign a contract for the construction of a gas pipeline with a capacity of 50 billion cubic meters (bcm) of gas through the territory of Mongolia in the near future,” Reuters quoted Novak as saying. While some observers expected the deal on Power of Siberia 2 to be signed during Putin’s visit to China, this did not happ...
The Moscow Times
Russia’s largest lender Sberbank will begin providing services to corporate clients in eastern Ukraine’s partially occupied Luhansk and Donetsk regions later this month, a top manager at the bank told state media on Thursday. “Starting June 25, we will begin servicing legal entities” in occupied Ukraine, Sberank’s Deputy Chairman of the Executive Board, Anatoly Popov, told the state broadcaster Rossiya 24 in an interview. “We will be able to offer assistance with business registration, opening bank accounts, obtaining Federal Tax Service numbers for financial reporting, and we will also provid...
The Moscow Times
The former Russian division of French DIY retailer Leroy Merlin has announced it will change its name to Lemana PRO as part of a wider rebranding effort following its sale to local management last year. “In order to adapt our mission and name to new challenges and goals, we decided to rebrand,” the company’s Deputy Director General Marina Fytova said in a company press release. “At the same time, our values, corporate culture and company DNA, relationships with clients and partners remain unchanged,” she added. The first stores will be renovated by the end of this year, and the rebranding is e...
The Moscow Times
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
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