Source link The current year could prove even more profitable for Russian banks than record-breaking 2023, Central Bank Deputy Governor Olga Polyakova said at a conference on Tuesday. Last year, a sharp rise in mortgages as well as consumer and corporate lending resulted in banks posting profits of 3.3 trillion rubles ($35.4 billion), despite Western […]
Source link Doing business in the sanctioned country poses a reputational risk, the European Central Bank has warned The European Central Bank (ECB) has urged lenders to speed up their withdrawal from Russia due to increased risks of doing business in the sanctioned country, the Financial Times reported on Tuesday, citing top banking supervisor Claudia […]
Source link Lenders are wary of secondary Western sanctions for dealing with Moscow, sources told the news outlet Vedomosti Several large banks in the United Arab Emirates have begun limiting transactions with Russia and closing the accounts of Russian companies and individuals due to the risk of secondary Western sanctions, the news outlet Vedomosti reported […]
Source link Turkish banks have started closing Russian corporate accounts and tightening policies for individuals following threats of secondary sanctions from the US, business daily Vedomosti reported on Thursday, citing financial consultants and business owners. The sources said that the situation had worsened after US President Joe Biden signed an executive order in December announcing […]
Source link Financial transactions are a matter for the companies involved and not for the government, presidential spokesman Dmitry Peskov has said The issue of compliance with US sanctions by Chinese banks falls outside the purview of the Kremlin, presidential spokesman Dmitry Peskov told reporters on Tuesday. He declined to comment on a Bloomberg report […]
Source link The US has approved imposing secondary sanctions on institutions found aiding Moscow Chinese state-owned banks are tightening controls on servicing Russian clients after Washington approved secondary sanctions on financial institutions found aiding Russia’s military-industrial complex, Bloomberg reported on Tuesday, citing people familiar with the matter. In December, US President Joe Biden signed an […]
Source link The outgoing year is set to become the best in history for Russian banks, which saw their profits soar despite Western sanctions on the economy, the Vedomosti news outlet reported on Tuesday, citing central bank data. According to the report, the cumulative profit of the country’s banking sector has exceeded 3 trillion rubles […]
Source link President Joe Biden has signed an executive order enabling sanctions on foreign institutions that continue to deal with Moscow US President Joe Biden signed an executive order on Friday authorizing the Treasury Department to impose new sanctions that would cut off foreign financial institutions working with Russia from those operating in the US, […]
Source link Raiffeisen earlier announced plans for its Russian subsidiary to buy a stake in an Austrian construction group Shares in Raiffeisen Bank International (RBI) rallied around 12% on Wednesday shortly after the banking group announced plans for its Russian unit to purchase a stake in Austrian construction company Strabag. A complex transaction is expected […]
Source link Some Swiss financial institutions have begun charging their Russian clients fees on frozen accounts; these sometimes accrue interest payments years in advance, Vedomosti reported on Tuesday, citing bankers and a brokerage firm. A source in an auditing company told the outlet, citing an employee at one of the Swiss banks, that commissions on […]
Source link New technologies are threatening the West’s archaic financial system, according to the Russian president The Western financial system is becoming outdated because of new technologies and could lose its dominant global position in the near future, Russian President Vladimir Putin said on Thursday. Addressing the VTB Investment Forum in Moscow, Putin pointed out […]
Source link The Danish investment bank also ‘expects’ Robert F. Kennedy Jr. to take the Oval Office in 2024 Saxo Bank has revealed its annual list of “outrageous” events that are unlikely to happen, but could send shock waves across global markets if they came true. The tongue-in-cheek outlook created by analysts at the Copenhagen-based […]
Source link Central bankers’ continued fight to bring rampant inflation under control could plunge developed countries into recession next year, the Organization for Economic Co-operation and Development (OECD) has warned. According to its global outlook, issued earlier this week, the tightening of monetary policy since early 2022 is slowing domestic demand growth, while interest rates […]
Source link The three largest Israeli banks have segregated assets in accounts belonging to Russian citizens or Russian tax residents, Forbes reported on Wednesday, citing Mark Oigman, the founder of international financial company SmartGen. Previously, the EU’s largest depositary Euroclear demanded that its partner-banks separate accounts that belong to Russians in order to monitor compliance […]
Source link Moscow’s ambassador to New Delhi says the settlement mechanism between the two countries requires some fine-tuning “Extra efforts” are required by Indian banks and companies dealing with Russia to fully utilize the potential of the rupee-ruble payment settlement mechanism, Moscow’s envoy to New Delhi, Denis Alipov, said at an event on Monday. Speaking […]