Russia’s debt chiefs are working on a mechanism that will allow the government to retire costly ruble bonds sold to raise emergency funds during the coronavirus pandemic, Bloomberg News reported. “The goal is to restore the right structure of the portfolio so that in the next crisis, government debt can be used to conduct an active economic policy again,” Deputy Finance Minister Timur Maksimov said in an interview. The ministry is considering possible funding sources for the buybacks, he said, without elaborating on the timing or the amount of money that might be earmarked.
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The European Union’s foreign policy chief said Monday that in the face of the big military buildup of Russian troops near Ukraine’s borders, it will only take “a spark” to set off a confrontation, the Associated Press reported. In a glum assessment of relations with Moscow, Josep Borrell also said that the condition of imprisoned Russian opposition leader Alexei Navalny was “critical” and that the 27-nation group would hold the Kremlin accountable for his health and safety.
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The Biden administration on Thursday announced tough new sanctions on Russia and formally blamed the country’s premier intelligence agency for the sophisticated hacking operation that breached American government agencies and the nation’s largest companies, the New York Times reported. In the broadest effort yet by President Biden to give more teeth to financial sanctions — which in recent years have failed to deter Russian activity — the actions are aimed at choking off lending to the Russian government. In an executive order, Mr.
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Russia is looking at introducing measures to cool a rally in steel prices to the highest in more than a decade and support the construction industry, Bloomberg News reported. One option may include a mechanism that could be used to tax sales over a certain price to provide funds to aid the construction sector, according to two people familiar with government discussions. Such a move has been proposed by the Industry Ministry.
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Two former Societe Generale SA bankers are challenging Swiss fines issued for failing to report suspicious deposits worth more than $700 million made by a one-time ally of Russian President Vladimir Putin, Bloomberg News reported. The former head of SocGen’s Swiss private bank and the ex-head of compliance, who can only be named as L. and K. under Swiss reporting restrictions, are appealing fines totaling 90,000 swiss francs ($96,000) at a trial starting Wednesday in Bellinzona.
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The U.S. and U.K. are weighing additional penalties against Russia over the use of chemical weapons, with options ranging from sanctions against oligarchs to the extreme step of targeting the nation’s sovereign debt, Bloomberg News reported. British officials plan to push for the Organization for the Prohibition of Chemical Weapons to continue to pressure Russia to provide answers over its use of banned substances, and will raise potential measures with key European allies, including France and Germany, in the coming weeks.
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Brussels and Washington, D.C., imposed new sanctions against senior Russian officials on Tuesday, delivering a one-two punch at the Kremlin over the poisoning attack and jailing of opposition leader Alexei Navalny, Politico reported.
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The Commercial Court of the Republic of Kalmykia has completed bankruptcy proceedings against a firm believed to be formerly controlled by William Browder’s Hermitage Capital Management, according to court records, RASPINews.com reported. The court has granted a petition lodged by Kirill Nogotkov, a bankruptcy manager of the former Browder’s company. In November 2019, the Sixteenth Commercial Court of Appeals upheld recovery of 388,400 rubles ($5,200) from HSBC Bank and HSBC Management in favor of Dalnaya Step, denying granting its claim in full.
Severe coronavirus restrictions around the world to contain surging infection rates weighed on fuel sales, weakening the prospect of energy demand recovery in the first half of 2021, Reuters reported. Most of Europe is now under the strictest restrictions, according to the Oxford stringency index, which assesses indicators such as travel bans and the closure of schools and workplaces. The United Kingdom’s new national lockdown is expected to last until mid-February at least.
The Moscow Commercial Court has again extended the procedure of sale of assets of Vneshprombank former co-owner Georgy Bedzhamov, charged with large-scale embezzlement for 6 months, according to court records, RASPSINews.com reported. Previously, the bankruptcy proceedings were extended in July. Bedzhamov was declared bankrupt in July 2018. In 2016, Bedzhamov was put on the international wanted list on embezzlement charges.