‘Think carefully’ about Russian investments, Sunak warns businesses
2 years, 9 months ago

‘Think carefully’ about Russian investments, Sunak warns businesses

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy British firms should “think very carefully” about making any investments in Russia which would support Vladimir Putin’s regime, the Chancellor has said. Rishi Sunak warned there is “no case” for new investment in Russia as he said further action must be taken collectively to “inflict maximum economic pain”. Mr Sunak said: “I welcome commitments already made by a number of firms to divest from Russian assets – and I want to make it crystal clear that the Government supports further signals of intent. “We must collectively go further in our mission to inflict maximum economic pain – and to stop further bloodshed.” The Chancellor met business leaders last week to discuss UK investment in Russia and has welcomed consensus on the need to economically isolate Mr Putin and those close to him, the Treasury said.

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History of this topic

World's largest wealth fund gets nod to start selling Russian stocks blocked after 2022 Ukraine invasion
1 month ago

World's largest wealth fund gets nod to start selling Russian stocks blocked after 2022 Ukraine invasion

Firstpost  

Permission to sell the wealth fund’s Russian stocks is given on the condition that the sale can be done in line with applicable sanctions Norway’s sovereign wealth fund, the largest in the world with $1.8 trillion in assets, has received the green light to sell its holdings in Russian companies, provided such transactions comply with international sanctions, the country’s deputy …

Starmer govt faces backlash over sanctioned Russian oligarchs' stake in UK's key oil producer
4 months ago

Starmer govt faces backlash over sanctioned Russian oligarchs' stake in UK's key oil producer

Firstpost  

An investment company LetterOne which is part-owned by Russian oligarchs Mikhail Fridman and Petr Aven was allowed to have a stake in Harbour Energy, the UK’s largest North Sea oil producer UK Prime Minister Keir Starmer’s government faced major backlash after a company, backed by two sanctioned Russian oligarchs was allowed to be part of the country’s largest North Sea …

European Union pushes ahead with a plan to buy weapons for Ukraine with frozen Russian asset profits
9 months, 3 weeks ago

European Union pushes ahead with a plan to buy weapons for Ukraine with frozen Russian asset profits

Associated Press  

BRUSSELS — The European Union is pressing ahead with a plan to use the profits generated from billions of euros of Russian assets frozen in Europe to help provide weapons and other funds for Ukraine, a senior official said Tuesday. The 27-nation EU is holding around 200 billion euros in Russian central bank assets, most of it frozen in Belgium, …

European Union pushes ahead with a plan to buy weapons for Ukraine with frozen Russian asset profits
9 months, 3 weeks ago

European Union pushes ahead with a plan to buy weapons for Ukraine with frozen Russian asset profits

LA Times  

The European Union is pressing ahead with a plan to use the profits generated from billions of euros of Russian assets frozen in Europe to help provide weapons and other funds for Ukraine, a senior official said Tuesday. The 27-nation EU is holding around 200 billion euros in Russian central bank assets, most of it frozen in Belgium, in retaliation …

West should be bolder about seizing Russian assets: UK PM Rishi Sunak
10 months, 2 weeks ago

West should be bolder about seizing Russian assets: UK PM Rishi Sunak

Hindustan Times  

Western nations should be bolder about confiscating Russian assets which they froze after the country's full-scale invasion of Ukraine in 2022, British Prime Minister Rishi Sunak said. Britain's Prime Minister Rishi Sunak Sunak, in an article in an early edition of the Sunday Times to mark two years since the start of the conflict, said Ukraine continued to need more …

UK PM Rishi Sunak urges West to be bold about seizing Russian assets
10 months, 2 weeks ago

UK PM Rishi Sunak urges West to be bold about seizing Russian assets

Live Mint  

British Prime Minister Rishi Sunak urged western nations to take a more assertive stance in confiscating Russian assets considering Russia's invasion of Ukraine that began two years ago. Rishi Sunak said, western nations should be bolder about confiscating Russian assets which they froze after the country's full-scale invasion of Ukraine in 2022, reported Reuters. The first British Asian prime minister …

Putin moves to seize assets of ‘naughty’ Western companies fleeing Russia
1 year, 6 months ago

Putin moves to seize assets of ‘naughty’ Western companies fleeing Russia

The Telegraph  

Vladimir Putin has signed a secret decree to seize the assets of Western companies and make it harder for them to leave Russia. The Kremlin last week signed an order that will allow officials to appropriate “naughty” Western assets at cut-price rates and is also considering measures to fully nationalise businesses, the Financial Times reported. Dmitry Peskov, Mr Putin’s spokesman, …

Companies are finding it’s not so simple to leave Russia. Some are quietly staying put
1 year, 7 months ago

Companies are finding it’s not so simple to leave Russia. Some are quietly staying put

Associated Press  

When Russia invaded Ukraine, global companies were quick to respond, some announcing they would get out of Russia immediately, others curtailing imports or new investment. Companies are lost in “a Bermuda Triangle between EU sanctions, U.S. sanctions and Russia sanctions,” said Michael Harms, executive director of the German Eastern Business Association. In a rare, frank explanation, Steffen Greubel, CEO of …

Companies find it's not so simple to leave Russia; some quietly stay put
1 year, 7 months ago

Companies find it's not so simple to leave Russia; some quietly stay put

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Companies are lost in “a …

Companies are finding it’s not so simple to leave Russia
1 year, 7 months ago

Companies are finding it’s not so simple to leave Russia

LA Times  

A woman exits a newly opened Maag store, a former Zara flagship store, in Moscow, Russia, Thursday, April 27, 2023. Companies are lost in “a Bermuda Triangle between EU sanctions, U.S. sanctions and Russia sanctions,” said Michael Harms, executive director of the German Eastern Business Assn. In a rare, frank explanation, Steffen Greubel, chief executive of German cash and carry …

How Russia’s invasion of Ukraine changed financial markets
1 year, 10 months ago

How Russia’s invasion of Ukraine changed financial markets

Live Mint  

A year after Russian tanks rolled into Ukraine, markets have absorbed many of the short-term impacts, but investors say the conflict could have longer-lasting financial consequences. Still, some investors say the war could make global inflation more entrenched, as it disrupts world commodity markets, splinters supply chains and prompts nations to spend more on defense and energy security. Ukraine and …

Russian oligarchs close to President Putin still swerving sanctions
1 year, 10 months ago

Russian oligarchs close to President Putin still swerving sanctions

Firstpost  

London: Oligarchs reportedly close to Russian President Vladimir Putin who have had bank accounts frozen or property seized after Moscow’s invasion of Ukraine are pushing back against the Western sanctions – or finding ways around them. Russian banker Petr Aven, who insists he has “no financial or political relationship” with the Kremlin, is asking the UK government to unlock £60,000 …

UK crackdown failing to stem flow of Russian dirty money through London, MPs warns
2 years, 6 months ago

UK crackdown failing to stem flow of Russian dirty money through London, MPs warns

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. The prime minister’s “rhetoric” in quickly pushing through the Economic Crime Act – following the …

After 3 months of war, life in Russia has profoundly changed
2 years, 7 months ago

After 3 months of war, life in Russia has profoundly changed

India Today  

When Vladimir Putin announced the invasion of Ukraine, war seemed far away from Russian territory. After Russian authorities passed a law calling for up to 15 years’ imprisonment for stories that include “fake news” about the war, many significant independent news media shut down or suspended operations. Andrei Kolesnikov of the Carnegie Moscow Center wrote in a commentary that Russian …

After 3 months of war, life in Russia has profoundly changed
2 years, 7 months ago

After 3 months of war, life in Russia has profoundly changed

Associated Press  

When Vladimir Putin announced the invasion of Ukraine, war seemed far away from Russian territory. After Russian authorities passed a law calling for up to 15 years’ imprisonment for stories that include “fake news” about the war, many significant independent news media shut down or suspended operations. Andrei Kolesnikov of the Carnegie Moscow Center wrote in a commentary that Russian …

After three months of war, life in Russia has profoundly changed
2 years, 7 months ago

After three months of war, life in Russia has profoundly changed

LA Times  

Few shoppers have visited the GUM department store in Moscow since Russia’s invasion of Ukraine on Feb. 24. After Russian authorities passed a law calling for up to 15 years’ imprisonment for stories that include “fake news” about the war, many significant independent news media shut down or suspended operations. Andrei Kolesnikov of the Carnegie Moscow Center wrote in a …

EU, UK seek to corner Russia with more sanctions
2 years, 8 months ago

EU, UK seek to corner Russia with more sanctions

India Today  

Britain and the European Union on Wednesday announced coordinated sanctions against pro-Moscow separatists in Ukraine, as well as more Russian oligarchs and their relatives. The UK government said that, in coordination with the EU, it is sanctioning "178 Russian separatists" in eastern Ukraine, in addition to six more oligarchs and their families and employees. "This comes after multiple reports last …

UK’s Indian-Origin Minister Rishi Sunak In Dock Over Wife’s Infosys Link With Russia
2 years, 9 months ago

UK’s Indian-Origin Minister Rishi Sunak In Dock Over Wife’s Infosys Link With Russia

ABP News  

New Delhi: Facing posers about the Russian presence of Infosys, the Indian software services company in which his wife Akshata Murty has a share, UK Chancellor of the Exchequer Rishi Sunak has stressed that the operations of individual companies was a matter for them. “It's been reported that you've got family links to Russia, that your wife apparently has a …

Rishi Sunak denies family profiting from Putin’s regime in awkward interview
2 years, 9 months ago

Rishi Sunak denies family profiting from Putin’s regime in awkward interview

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Rishi Sunak has denied his family is profiting from Vladimir Putin’s …

Putin’s war to wipe out 15 years of progress for Russian economy
2 years, 9 months ago

Putin’s war to wipe out 15 years of progress for Russian economy

Al Jazeera  

Russia’s invasion of Ukraine last month spurred a collapse of the rouble and threw global supply chains and commodities prices into chaos. The economy is expected to contract 15% in 2022, followed by a decline of 3% in 2023, leaving gross domestic product where it was about fifteen years ago, economists Benjamin Hilgenstock and Elina Ribakova wrote in a preliminary …

Column: Here’s the ‘hall of shame’ of companies that haven’t left Russia
2 years, 9 months ago

Column: Here’s the ‘hall of shame’ of companies that haven’t left Russia

LA Times  

Russian President Vladimir Putin, seen giving a speech last September: Not yet on the ropes? The “hall of shame,” as Yale business professor Jeffrey Sonnenfeld and his colleague Steven Tian have labeled the roster of corporate responses to Russia’s invasion of Ukraine they’re maintaining, includes 24 companies that are “digging in, defying demands for exit or reduction of activities.” These …

Bank of England joins effort to safeguard Ukraine’s assets
2 years, 9 months ago

Bank of England joins effort to safeguard Ukraine’s assets

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The conversation forms part of a broader effort by …

UK sanctions Russian lawmakers who supported Ukraine breakaways
2 years, 10 months ago

UK sanctions Russian lawmakers who supported Ukraine breakaways

Al Jazeera  

The blacklisted Duma members will be banned from travelling to or doing business in the UK and accessing assets held there. Friday’s announcement is the latest in a series of punitive measures taken by the UK and other international allies to increase diplomatic pressure on Russian President Vladimir Putin. “We’re targeting those complicit in Putin’s illegal invasion of Ukraine and …

From McDonald’s to TikTok, why are big brands bailing on Russia?
2 years, 10 months ago

From McDonald’s to TikTok, why are big brands bailing on Russia?

Al Jazeera  

The rush of brands out of Russia stands in contrast to the response to controversies involving countries such as China. “There were public comments about it, there was concern about it, but there wasn’t a sort of announcement of ‘We’re out of Russia.’ You’ve seen a consistent groundswell globally every day, as more and more people are getting behind the …

Mastercard, Visa suspend operations in Russia after invasion
2 years, 10 months ago

Mastercard, Visa suspend operations in Russia after invasion

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

London Stock Exchange suspends trading in eight more Russian firms
2 years, 10 months ago

London Stock Exchange suspends trading in eight more Russian firms

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The London Stock Exchange has suspended trading in eight more …

Russia’s war spurs corporate exodus, exposes business risks
2 years, 10 months ago

Russia’s war spurs corporate exodus, exposes business risks

Associated Press  

LONDON — Car factories idled, beer stopped flowing, furniture and fashion orders ceased, and energy companies fled oil and gas projects. Volkswagen Group, which also owns Porsche and Audi, did the same, saying it believes a “sustainable solution to the conflict can only be found on the basis of international law.” Volvo Cars said it stopped deliveries because of “potential …

Russia-Ukraine conflict: From Apple to Amex, the exodus of Western brands from Moscow
2 years, 10 months ago

Russia-Ukraine conflict: From Apple to Amex, the exodus of Western brands from Moscow

Firstpost  

Russia’s currency, the ruble, has crashed to a record low against the US dollar, pushing authorities to scramble to avoid a financial meltdown Russia’s invasion of Ukraine is forcing Western companies to reassess their businesses in Russia, with some quitting the country and others suspending their operations there as sanctions intensify. “We cannot – and we will not – stand …

How Russia’s invasion of Ukraine changed the global economy in a week
2 years, 10 months ago

How Russia’s invasion of Ukraine changed the global economy in a week

CNN  

London CNN Business — A week of war in Ukraine has rocked the global economy, as quick-fire Western sanctions isolated Russia, collapsed its currency and financial assets and sent energy and food prices soaring. Now, a barrage of sanctions have made Russia’s biggest banks radioactive, traders are shunning barrels of Urals crude oil, and Western companies are fleeing the country …

UK businesses and fund managers scramble to cut ties with Russia
2 years, 10 months ago

UK businesses and fund managers scramble to cut ties with Russia

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Western businesses and fund managers …

Putin bans asset sales by foreign investors in bid to shore up Russian economy
2 years, 10 months ago

Putin bans asset sales by foreign investors in bid to shore up Russian economy

The Telegraph  

Vladimir Putin is to roll out a temporary ban on foreign investors selling their assets in Russia in a move that risks derailing plans by BP and Shell to cut ties with the country. Prime Minister Mikhail Mishustin insisted companies were being driven by political pressure and that new rules were needed to ensure they took a considered decision before …

Ukraine war: Shell ends Russian investments as Britain sanctions Moscow banks
2 years, 10 months ago

Ukraine war: Shell ends Russian investments as Britain sanctions Moscow banks

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “We are shocked by the loss of life in …

Russia-Ukraine Crisis: UK imposes more banking sanctions on Moscow
2 years, 10 months ago

Russia-Ukraine Crisis: UK imposes more banking sanctions on Moscow

Firstpost  

Under the plans, British people and businesses will be banned from making transactions with the Russian central bank, its finance ministry and its wealth fund London: The UK’s Chancellor of the Exchequer, Rishi Sunak, alongside the Bank of England on Monday announced the UK government’s plans to impose further economic sanctions in response to the invasion of Ukraine by Russia …

Government puts pressure on BP over Russian interests
2 years, 10 months ago

Government puts pressure on BP over Russian interests

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. A Whitehall source told the PA news agency: “BP …

The global economy is 'staring into the abyss' as Ukraine invasion hits the Australian stock market
2 years, 10 months ago

The global economy is 'staring into the abyss' as Ukraine invasion hits the Australian stock market

ABC  

The men and women who participate in Australian financial markets stare at screens all day — and many well into the night. Global financial markets are worried the conflict will lead to an oil supply shock and serious damage to the global economy — an economy still recovering from a once-in-a-generation pandemic. Oil price shock But it's the price of …

Stocks are in turmoil as Russia invades Ukraine. Here are 4 things to know
2 years, 10 months ago

Stocks are in turmoil as Russia invades Ukraine. Here are 4 things to know

NPR  

Stocks are in turmoil as Russia invades Ukraine. Here are 4 things to know Enlarge this image toggle caption Timothy A. Clary/AFP via Getty Images Timothy A. Clary/AFP via Getty Images Stocks staged a remarkable recovery on Thursday, bouncing back from a steep plunge earlier in the day after Russia's invasion of Ukraine spooked markets, underlining just how volatile conditions …

Putin may be 'irrational' on Ukraine, says British PM Boris Johnson
2 years, 10 months ago

Putin may be 'irrational' on Ukraine, says British PM Boris Johnson

India Today  

British Prime Minister Boris Johnson said on Sunday that Kremlin chief Vladimir Putin might not be thinking logically, so the threat of sanctions may not be enough to deter a Russian invasion of Ukraine. The United States and Britain would seek to cut off Russian companies’ access to US dollars and British pounds if the Kremlin orders an invasion of …

European companies’ Russian ties could make sanctions tough
2 years, 10 months ago

European companies’ Russian ties could make sanctions tough

Associated Press  

FRANKFURT, Germany — Europe is contemplating sanctions against Russia if it invades Ukraine — and the work is far from simple. Sanctions would seek to maximize the pain for the Kremlin, its key banks and energy companies but also avoid jeopardizing the continent’s Russian-dependent energy supplies or inflicting too much damage on European companies with strong ties to Russia, including …

Why does so much dodgy Russian money end up in Britain?
2 years, 11 months ago

Why does so much dodgy Russian money end up in Britain?

The Economist  

T HE UKRAINE crisis has brought the threat of wide-ranging Western sanctions against Russia’s President Vladimir Putin, his cronies and companies linked to them. It has also, in Britain, brought renewed vows to crack down on dodgy Russian money sloshing through its economy. The number flocking to the city climbed after the global financial crisis, as Britain courted foreign capital, …

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