Eastern Europe / News

IMF backsliding on Ukraine’s reform pressure, confirms it won't insist on land reform for next tranche

bne IntelliNews July 21, 2017

The backsliding amongst Ukraine’s international partners to cut the government some slack ahead of presidential elections continues, with the IMF confirming rumours that it will not insist land reforms are made before it releases its next aid tranche

Ukraine withdraws PwC bank audit licence over $5.5bn hole at PrivatBank

bne IntelliNews July 21, 2017

Central bank says international accounting firm failed to highlight credit risk exposure of the country’s largest lender.

Russia's Aeroflot leasing an additional 20 Superjets from UAC

bne IntelliNews July 20, 2017

​Aeroflot will buy an additional 20 Russian-made and designed Superjet SSJ-100 jetliners in addition to its current 30, the state-owned United Aircraft Corporation manufacturer said.

Russian harvest set back by bad weather, but on course for 100mn tonnes

bne IntelliNews July 19, 2017

Cold weather and storms in May have set back the Russian harvest, but it is still on course to come in at the benchmark 100mn-tonne level this year.

Russia's Gazprom reportedly hurries the second stage of Turkish Stream unilaterally

bne IntelliNews July 19, 2017

Russian gas giant has reportedly started construction work on the second stage of the Turkish Stream pipeline before the final deal is approved by Ankara.

Russia’s $4bn eurobond swap this autumn could be postponed

bne IntelliNews July 19, 2017

Russia's finance ministry admits that its planned $4bn eurobond swap this autumn may fall foul of geopolitics.

Rising prices and falling savings are Russians’ biggest fears

bne IntelliNews July 19, 2017

Rising prices and falling savings are currently Russians’ biggest fears, according to the state owned pollster, the Russian Public Opinion Research Centre (VTsIOM).

Siemens considers quitting Russia

bne IntelliNews July 14, 2017

The CEO of German technology major Siemens Joe Kaeser is considering pulling out of projects and joint ventures in Russia, after the company got caught up in a sanctions-busting scandal involving the delivery of two power turbines to Crimea.

Turkey to buy Russian missile defence system the “SA-21 Growler" for $2.5bn

bne IntelliNews July 14, 2017

Two of Russia’s advanced S-400 surface-to-air missile system will be bought from Russia and another two will be produced in Turkey

Yandex.Taxi and Uber join forces in six CIS countries

bne IntelliNews July 13, 2017

Russia’s premier online taxi service Yandex.Taxi has joined forces with local rival Uber to jointly offer their service in six CIS countries

Dozens of Ukrainian banks face closure after missing new minimum capital requirements

Ben Aris in Berlin July 12, 2017

Dozens of Ukrainian banks face closure after missing new minimum capital requirements that came into force on July 11. The central bank passed a resolution requiring banks to have minimum capital of UAH200mn ($7.7mn) by this week.

Bellwether Russia hedge fund Prosperity posts 600% surge in profits

Jason Corcoran in London July 12, 2017

As Russia’s economy starts to grow again, equity portfolio investors are cherry picking amongst the best companies, as their share prices remain undervalued, while their earnings outlooks are improving.

Illicit cigarettes flood into EU from eastern neighbours

bne IntelliNews July 10, 2017

Ukraine has replaced Belarus as the top source of illegal cigarette imports to EU countries, as the countries on the EU’s eastern borders continue to be the main source of counterfeit and contraband cigarettes.

Putin and Trump discuss anti-terrorism, Ukraine and Syria crises

bne IntelliNews July 7, 2017

Cyber security also featured in 135-minute talks on sidelines of G20 summit in Hamburg.

Russian funding and junk bonds keep Belarus afloat

Sergei Kuznetsov in Kyiv July 7, 2017

Unwilling to adopt liberal reforms demanded by the IMF for further loans, Belarus turns as expected to its eastern neighbour for support.

Ireland repays loan to oligarch Fridman's Alfa Group

Jason Corcoran in London July 7, 2017

$18mn was paid out to Alfa to help fund the recovery of assets in Russia and Ukraine previously owned by Irish tycoon Sean Quinn.

Trump punches Poland’s happy buttons with first European speech

Wojciech Kosc and Nick Allen in Warsaw July 6, 2017

In a 40-minute address in central Warsaw the US president worked key themes from energy, Nato protection and standing up to Russia.

Russia and China to build cooperation with $11bn in new development funds

bne IntelliNews July 5, 2017

Xi and Putin hail cooperation as “a corner stone for maintaining peace and stability in the entire world”.

Ukraine prosecutors investigate former PrivatBank management over insolvency

bne IntelliNews July 4, 2017

Probe centres on €4.5bn in loans to borrowers that did not conduct economic activities and had negative credit, says central bank.

US state department slams forced labour in four ex-Soviet countries

bne IntelliNews July 4, 2017

Forced labour identified as a major problem across Russia, Belarus, Turkmenistan and Uzbekistan.