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Sberbank sells Turkish unit to Emirates NBD for 2.7B euros

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Moscow,:Russia’s state-owned Sberbank said Tuesday it was selling its Turkish subsidiary Denizbank to Emirates NBD for roughly 2.7 billion euros ($3.2 billion) to focus on its own brand. Sberbank bought Turkey’s fifth-largest lender in 2012 from the failing French-Belgian bank Dexia as part of efforts to expand internationally, but US sanctions imposed after Russia’s intervention in Ukraine have crimped that ... Read More »

Rusal says CEO, top directors resign over US sanctions

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Moscow :Russian aluminium giant Rusal announced Thursday that its chief executive and half of its board of directors had resigned to ensure the firm avoids US sanctions that targeted its founder Oleg Deripaska. In a statement it said the resignations were part of “the efforts that have been made by the management of the group to protect the interests of ... Read More »

Russia & France to talk nuclear energy partnership in third-party countries

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Russian and French power companies are considering joint nuclear projects in third-party countries, says Russia’s Rosatom.The talks will take place during the St. Petersburg International Economic Forum this week. “During the ‘nuclear dialogue’ the sides are expected to present the joint projects on cooperation in third countries in such areas as engineering and the manufacture of nuclear power plant equipment, ... Read More »

Sanctions-hit Rusal soars 9 per cent in Hong Kong after Russian oligarch Deripaska cedes control

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Aluminium prices surged last month amid fears the US sanctions will hit the global supply chain, but prices have since retreated after the US softened its stance on the penalties Rusal, which produces about 7 per cent of the world’s aluminium, saw its Hong Kong-listed shares surge as much as 9 per cent on Monday, after Russian billionaire Oleg Deripaska ... Read More »

Russian bank head sees bailout costs rising

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Russia: The man in charge of resolving Russia’s largest ever banking failure has warned that the costs of saving top-10 lenders Otkritie and B&N may rise higher than the $27bn budgeted. Otkritie was Russia’s largest private sector bank by assets until last summer, when its balance sheet shrank by a third in a run on deposits before the central bank ... Read More »

Russia’s new satellite system may provide Internet worldwide

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MOSCOW, Satellites of the Skif system, which Zond-Holding is developing to provide the Arctic with the high-speed Internet, will eventually be able to offer World Wide Web communications across the planet, Company CEO Viktor Doniants told TASS on Thursday. For this purpose, 12 Skif satellites will be required, the chief executive said. The Skif low-orbit satellite grouping is designed to ... Read More »

Russia’s grain exports to China hit record one million tons

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Russia : The growing exports of Russian grain to China have reached historic levels this agricultural year, according to Russia’s food safety regulator Rosselkhoznadzor. The watchdog said that 1.23 million tons of grain has been supplied to the Chinese market since last July. Exports stood at 503,000 tons in the previous agricultural year, Rosselkhoznadzor told TASS. China is mainly buying ... Read More »

Iran signs provisional pact to enter Russia-led free-trade zone

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The five-nation Eurasian Economic Union (EEU) has signed a 3-year provisional agreement with Iran to welcome the Islamic Republic into the bloc’s free-trade zone. “The temporary agreement stipulates an effective dispute settlement mechanism, including arbitration… It also creates a joint committee of high-ranking officials and establishes a business dialogue,” the chair of EEU economic commission board, Tigran Sargsyan, said at ... Read More »

On Marco Rubio’s interview with The Economist

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Marco : AN INTERVIEW Lexington conducted with Senator Marco Rubio last month caused a stir. Mr Rubio and this columnist had a wide-ranging chat in his Senate office around the broad theme of re-gearing conservatism for an age of economic disruption. It was an interesting discussion, in which Mr Rubio showed himself to be a more thoughtful and original politician ... Read More »

Russia business to benefit from US Iran withdrawal

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MOSCOW: While Russia has condemned Washington for its withdrawal from the Iran nuclear deal, Moscow remains less exposed to the economic consequences of U.S. sanctions than Europe and its companies could even benefit from the move. “The deal and the lifting of sanctions in 2015 marked the return of European business to Iran. But it’s unlikely they can keep doing ... Read More »

Russia Plans to Issue About $7Bln Worth of Eurobonds

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MOSCOW : The Russian Finance Ministry is planning to issue $6,968 billion worth of 30-year Eurobonds in Russian and international markets in 2018, according to the draft amendments to the budget published Thursday. In March, Head of the ministry’s state debt department Konstantin Vyshkovsky told reporters that the Finance Ministry already has placed new issue of 11-year eurobonds worth $1.5 ... Read More »

Tax havens prepare to expose corrupt Russian tycoons and oligarchs

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MOSCOW: Corrupt Russian oligarchs sheltering dirty money in Britain’s overseas territories will be exposed under laws set to be forced on Theresa May next week, The Times reports. Tax havens such as the British Virgin Islands and Cayman Islands have so far resisted moves to follow the UK’s lead and reveal to public view the identities of those benefiting from assets held ... Read More »

Russia-China trade gets another significant boost

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Trade turnover between Russia and China grew by 31 percent in the first three months of the year compared to the same period in 2017, according to the Russian customs data. Exports from Russia to China amounted to $12.27 billion (an increase of 37.1 percent), imports to Russia from China surged to $11.8 billion dollars (an increase of 24.9 percent) ... Read More »

Ex-Guantanamo detainee advised Libya’s oil industry – report

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A former Guantanamo Bay prisoner detained over alleged links with Al-Qaeda has worked as an adviser in the Libyan oil industry, The National reports. Omar Deghayes, born in Libya, fled the country in 1986 and settled in the UK. In the early 2000s, he traveled to Afghanistan and Pakistan and was arrested in Pakistan in 2002. Deghayes spent five years ... Read More »

Russian business eyes reform in Putin’s fourth term

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MOSCOW: Russian businesses are expecting wide-ranging reforms, and are full of suggestions for a new government as Vladimir Putin begins a fourth Kremlin term with promises to revitalise the country’s economy. While Moscow’s relations with the West remain tense with US sanctions hurting the Russian economy like never before, the new government will be tasked to fulfil the ambitious goals that ... Read More »

Russia Invited to Take Part in Sudan’s Oil Gas Projects

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RIYADH: Sudan has invited Russian companies to participate in its oil and gas projects, an advisor to the Sudanese petroleum and gas minister said. “In the fields of drilling and oil production, there are some sites. These sites have been offered to Russian companies so that they can run these sites and invest in them. These sites do not produce ... Read More »

US not aiming to put Russian aluminum giant ‘out of business’

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The United States isn’t seeking to put Russian aluminum giant Rusal out of business by sanctioning the company, Treasury Secretary Steven Mnuchin has said, but majority owner Oleg Deripaska must reduce his stock holdings to less than 50 percent. “The first aspect would be that he sells down below 50 percent,” Mnuchin told Bloomberg TV in an interview on April ... Read More »

Theresa May requests ‘revised’ customs proposals

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Theresa May has asked officials to draw up “revised proposals” for post-Brexit customs arrangements after a key meeting with her most senior ministers. The Brexit sub committee met to try to agree on a new model to replace the UK’s membership of the customs union. One of the government’s preferred options – a “customs partnership” – has faced heavy criticism ... Read More »

Russia to lift tomato import restrictions on May 1

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MOSCOW: Russia could lift all of the restrictions imposed on Turkish companies for tomato exports to the country as of May 1, Russia’s agricultural watchdog Rosselkhoznadzor announced Friday. According to a statement by the Federal Veterinary and Phytosanitary Surveillance Service, it said, in accordance with the guarantees to be provided by Turkey’s Food, Agriculture and Livestock Ministry, the import restrictions ... Read More »

Russian Parliament mulls restrictions on US drugmakers

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MOSCOW: The Russian national Parliament (State Duma) plans to consider the possibility of introducing a ban on the imports of drugs from the USA and some European Union states to Russia at the beginning of the current year, according to Duma press-service. The introduction of ban will be a response to the latest package of sanctions, imposed on Russia by ... Read More »