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As Chinese President Xi Jinping toured Europe this week to discuss Ukraine and trade, China remains Russia's leading source of sanctioned dual-use goods, fueling the ongoing war. "Around 90% of the goods deemed high priority products by the Western countries... (was) supplied by China" as Chinese-made products or re-exported goods in 2023, a sharp rise from 30% in 2021, Nathaniel Sher, a senior research analyst at Carnegie China, told the Kyiv Independent. China-based companies pour a range of items – from drones to microchips and machine parts – into Russia, including products made in China a...
Kyiv Independent (UK)
The EU is planning to ban political parties and think tanks from accepting Russian funding as part of its latest round of sanctions against Moscow, Bloomberg reported on May 6. The European bloc has already adopted 13 sanction packages in response to Russia's full-scale invasion of Ukraine, aiming to undermine Moscow's economic output and the ability to sustain the war. EU leaders are expected to introduce a 14th round of sanctions%20to%20Europe.) in the coming months. According to Bloomberg, the ban on Russian funding could impact far-right parties in Europe, such as Germany's AfD and France'...
Kyiv Independent (UK)
The largest Western banks that continue to operate in Russia have paid 800 million euros ($857 million) in taxes to its budget in 2023, which is four times more than before Moscow's full-scale invasion of Ukraine, the Financial Times (FT) reported on April 29, citing its analysis. In the immediate aftermath of Russia's full-scale invasion of Ukraine in 2022, Russia's banks – increasingly isolated from the global economy and laden with heavy Western sanctions – saw profits fall by 90% compared to 2021. Despite this, the Russian banking industry is once again thriving. Russia's state-owned Sberb...
Kyiv Independent (UK)
Raiffeisen Bank in Austria announced its decision on April 16 to replace job advertisements that featured "misleading language," suggesting an expansion of the bank's operations in Russia. The move followed the Financial Times' report, which found dozens of postings for Russia-based jobs, touting the bank's growth plans in the country. One of the job postings, issued by the bank’s unit for medium-sized businesses in Russia, said its "key goals are a multiple expansion of the active client base and stable double-digit income growth." In a statement provided to AFP, Raiffeisen Bank International...
Kyiv Independent (UK)
The EU Court of Justice ruled on April 10 to lift sanctions against Russian business tycoons Mikhail Fridman and Petr Aven, imposed in response to the Russian full-scale invasion of Ukraine. The ruling is a serious setback for the EU's efforts to punish business people involved in feeding Moscow's war of aggression. Fridman and Aven are some of the most high-profile Russian oligarchs to have their sanctions overturned. "The General Court upholds the requests of Petr Aven and Mikhail Fridman and annuls both the initial acts and the acts maintaining the lists of restrictive measures for the peri...
Kyiv Independent (UK)
The EU is readying its 14th package of sanctions against Russia, which should be adopted this spring, EU Trade Commissioner Valdis Dombrovskis said at a conference in Brussels on April 9. The European bloc has already adopted 13 packages in response to Russia's full-scale invasion of Ukraine, aiming to undermine Moscow's economic output and the ability to sustain the war. "We have started preparing a 14th sanctions package, which should be adopted in spring," Dombrovskis said at the "Standing with Ukraine: European Parliament's legacy for the sanctions regime" conference of the Progressive All...
Kyiv Independent (UK)
The EU has banned the Turkish airline Southwind from flying in its airspace due to evidence of the company's links to Russia, Turkish newspaper Cumhuriyet reported on March 30. After Russia's full-scale invasion of Ukraine on Feb. 24, 2022, the EU and other countries banned Russian airlines or Russian-owned airplanes from using EU airspace, as well as prohibited the export of aviation-related technology. Southwind Airlines was founded in April 2022 in Turkey and operates flights to a dozen destinations in Russia and Belarus, as well as Moldova, Lebanon, and North Macedonia. Southwind planned t...
Kyiv Independent (UK)
The European Parliament has adopted a directive on criminalizing the violation and circumvention of EU sanctions, namely in relation to sanctions targeting Russia, the parliament's press service reported on March 12. The EU has already announced 13 sanctions packages in response to Russia's full-scale invasion of Ukraine. The imposed measures have included trade restrictions, travel bans, freezing of assets, and more. While the sanctions are imposed on the bloc-wide level, definitions of sanction violations and penalties vary across member states. This has led to the so-called "forum shopping,...
Kyiv Independent (UK)
EU ambassadors agreed in principle on the 13th package of sanctions imposed against Russia in response to its full-scale invasion of Ukraine, the Belgian Presidency of the EU Council announced on Feb. 21. "This package is one of the broadest approved by the EU. It will undergo a written procedure and be formally approved for February 24," the presidency said on social media. The European Commission has previously said it aims to have the package in place to mark the second anniversary of the full-scale invasion on Feb. 24. "We are adding almost 200 persons and entities to our package of design...
Kyiv Independent (UK)
The EU Council has extended sanctions against Russia until Feb. 24, 2025, in response to the occupation and illegal "annexation" of Ukrainian territories in Donetsk, Kherson, Luhansk, and Zaporizhzhia oblasts, the Council announced on Feb. 20. The Council imposed sanctions against Russia on Feb. 23, 2022, shortly before the start of the full-scale invasion, and then again in October of that year in response to Russia's declared annexation of four Ukrainian oblasts. Moscow said in September 2022 that it had annexed the four partially occupied oblasts after staged referenda, a move broadly denou...
Kyiv Independent (UK)
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