Oil embargo, SWIFT, Yandex CEO and National Depository part of EU’s sixth sanction package

bne IntelliNews June 3, 2022

The European Council has officially adopted the EU sixth sanction package for Russia’s military invasion of Ukraine, according to the June 3 announcement and the official EU journal entry.

Russia's invasion of Ukraine pushes Eastern Europe further towards the West

Robert Anderson in Prague June 3, 2022

But close to half of Globsec Trends 2022 poll respondents in Hungary, Bulgaria and Slovakia do not place primary responsibility on Russia for the war in Ukraine.

PROFILE: Dmitry Konov, the Russian executive appealing against sanctions

bne IntelIiNews June 3, 2022

Konov is part of a group of executive innovators who have reformed post-Soviet private companies into high-performing players but who have found themselves sanctioned by the EU.

EU agrees to delist Russian orthodox leader from sanctions list after Hungarian pressure

bne IntelliNews June 3, 2022

The EU’s sixth sanction package against Russia can finally come into force, a month after it was first proposed.

bneGREEN: G7 sets decarbonisation goal for 2035

Richard Lockhart in Edinburgh June 2, 2022

The G7 has agreed to “predominantly decarbonise electricity sectors by 2035,” and to end government financing for international coal-fired power generation and speed up the phase-out of unabated coal plants by the same year.

Austria and Switzerland combined: Viral maps show true size of Russia's occupation of Ukraine

Social media correspondent Dominic Culverwell June 2, 2022

Several maps showing the true size of Russia’s occupation in Ukraine have gone viral, with many Europeans left shocked when comparing the total area with their own country.

Orban wants Russian Patriach removed from EU's sanctions list

bne IntelliNews June 2, 2022

Hungary has continued to block approval of the sixth package of sanctions against Russia, this time over the inclusion of the head of the Russian Orthodox Church, Patriarch Kirill.

Russia edges closer to bond default

bne IntelliNews June 2, 2022

Missed $1.9mn interest payment triggers first default event on Russian sovereign debt for a century.

Russian focus on Severodonetsk leaves Kherson susceptible to Ukrainian counter-offensives

Dominic Culverwell in Berlin June 2, 2022

Russia’s intense focus on capturing cities in Eastern Ukraine, particularly the major assault on Severodonetsk, has left Russian troops vulnerable to Ukrainian counter-offensives in the Kherson region.

INTERVIEW: Ukraine calls for a total ban on all Russians travelling overseas

Jason Corcoran in Dublin June 1, 2022

Oleksii Makeiev, Ukraine’s Ambassador and Special Envoy for Sanctions, has called for a total ban on all Russian passport holders from travelling overseas in a potential major escalation of punitive measures imposed since the invasion in February.

Russia’s manufacturing PMI back in the black, despite the war shocks

bne IntelliNews June 1, 2022

The S&P Russian manufacturing PMI was back in positive territory in May, posting an expansion of 50.8, up from 48.2 in April as the chart shows. Any number above the no-change 50 indicates an expansion.

MACRO ADVISORY: Russia-Ukraine Conflict – Food for Thought (and sanctions relief)

Chris Weafer of Macro-Advisory in Moscow May 31, 2022

The Kremlin’s priority is to get full control of Donbas. The military action and statements by senior Russian officials suggest that Moscow is now entirely focused on gaining full control of the Donbas region as quickly as possible.

RenCap may face closure amidst an eleventh-hour MBO bid

Jason Corcoran in Dublin May 31, 2022

Renaissance Capital, the Moscow-based investment bank controlled by billionaire oligarch Mikhail Prokhorov, may face closure unless an eleventh-hour deal can be struck by managers to buy out the business, bne IntelliNews can reveal.

Hungary receives exemption from EU oil embargo

bne IntelliNews May 31, 2022

EU leaders have reached a compromise deal to ban Russian oil exports to the block's countries, putting maximum pressure on Russia to end its war against Ukraine, Charles Michel, President of the European Council, announced in the early hours of May 3

Russian forces in Donbas push Ukraine troops to the limit

Neil Hauer southeast of Bakhmut May 30, 2022

Moscow is now making steady progress in Donbas, bne IntelliNews’ correspondent reports from outside Bakhmut, the latest target of the Russian offensive.

Serbian president says new gas deal agreed with Russia

bne IntelliNews May 30, 2022

President Aleksandar Vucic says he agreed gas supplies on terms “very favourable for Serbia” in call with Russian President Vladimir Putin.

Which agricultural powerhouses can shore up world food supplies?

bne IntelIiNews May 29, 2022

The war in Ukraine and a chain of unusual weather events may combine to create a global food catastrophe. New data shows which countries are the biggest agricultural exporters. These agricultural superpowers must work together to mitigate the crisis.

Russian banking business starts to return to normal but sanctions headaches persist

Ben Aris in Berlin May 29, 2022

By the end of April the acute phase of the crisis induced by the start of the war in Ukraine was clearly coming to an end. The financial system had a shock but fast action by the CBR prevented a crisis.

Russia’s net debt position goes into deficit in 1Q22, but it still has healthy reserves despite sanctions and heavy spending

bne IntelliNews May 29, 2022

Russia’s external debt is 15% of GDP – one of the lowest levels in the world – and with the concurrent relentless rise in hard currency reserves had created a net surplus position of some $153bn. Not any more.

G7 considers letting Russian oligarchs buy back sanctioned assets

Theo Normanton May 28, 2022

Finance ministers of G7 countries reportedly are considering allowing oligarchs to buy their way out of sanctions. The measure would enable western governments to raise money to help rebuild Ukraine while avoiding complicated legal disputes.