News

EBRD 2022: Board of governors walk out after Russians insist on speaking

Ben Aris in Marrakech May 11, 2022

The majority of the delegates at a closed session of the EBRD board of governors walked out of the hall when the EBRD’s Russian director Sergey Verkashanskiy insisted on speaking at the annual meeting in Marrakech on May 11.

EBRD 2022: Why Kosovo is one of the fastest growing economies in emerging Europe

Clare Nuttall in Marrakesh May 11, 2022

Kosovo is set to achieve the third-fastest growth in emerging Europe after gas-rich Eurasian countries Azerbaijan and Turkmenistan this year. Minister of Finance Hekuran Murati explains why.

EBRD 2022: Trade Commissioner hopeful for EU oil export ban deal to strike Russian war machine

Clare Nuttall in Marrakesh May 11, 2022

European Trade Commissioner Valdis Dombrovskis says sanctions on hydrocarbons will get "to the heart of the Kremlin war machine financing".

Russia gas flows to Europe via Ukraine disrupted by war for the first time

bne IntelliNews May 11, 2022

Part of Russian natural gas transit flows to Europe via Ukraine were halted due to the war on May 11, sending European gas prices spiking.

Poland plots relief for borrowers struggling under high interest rates

Wojciech Kosc in Warsaw May 11, 2022

Banks set to be forced to give four monthly credit holidays this year and four in 2023.

EBRD 2022: Living in a time of turbulence

Ben Aris in Marrakech May 11, 2022

The war in Ukraine is spilling out to affect the economies of the entire catchment area of the European Bank for Reconstruction and Development, which includes Emerging Europe, Central Asia and North Africa.

Persistent drought to make Iran big wheat importer for second straight year says grain union

bne IntelIiNews May 10, 2022

Cash-strapped government has, meanwhile, ended subsidies for imported wheat, sparking warnings impact on bread and pasta prices could lead to unrest.

Anti-war protesters stage die-in at Soviet War Memorial during Victory Day commemorations

Dominic Culverwell in Berlin May 10, 2022

Pro-Ukrainian activists staged a die-in protest during Russian Victory Day commemorations in Berlin on May 9.

Berlin police backtrack on flag ban during Victory Day celebrations

Dominic Culverwell in Berlin May 10, 2022

The Berlin police backtracked on their initial ban regarding the display of national flags and symbols during Victory Day celebrations on May 9.

Bulgaria considers vetoing EU’s embargo on Russian oil imports

Denitsa Koseva May 9, 2022

Bulgaria want to delay implementation of the ban on Russian oil imports planned by the EU so that its sole refinery, Lukoil Bulgaria, gets time to adjust to process other type of oil.

Consortium led by Hungary’s richest man wins 35-year motorway concession

bne IntelliNews May 9, 2022

Orban's favourite oligarch wins motorway management tender in which apparently no other bidders competed.

President says Moldova not under threat despite latest Transnistria blasts

Iulian Ernst in Bucharest May 9, 2022

Maia Sandu seeks to reassure population following unexplained explosions in separatist Transnistria and pro-Russian initiatives by lawmakers in the autonomous Gagauzia region.

Impairments and provisions on Russian and Ukraine operations puts Hungary's OTP in red in Q1

bne IntelliNews May 8, 2022

OTP booked a total of €190mn in provisions and €237mn in writedowns in Q1, largely due to exposure to Russia and Ukraine.

Former Bulgarian PM launches new party to woo pro-Russian voters

Denitsa Koseva in Sofia May 6, 2022

Sacked for his pro-Russian stance, Stefan Yanev says his Bulgarian Rise party will “defend Bulgaria’s dignity”.

Russia’s Ozon 2021 results show growing orders

bne IntelIiNews May 6, 2022

Meanwhile, the e-commerce company is in talks to re-structure its eurobonds.

Lithuania launches GIPL gas link with Poland

Linas Jegelevicius in Vilnius May 6, 2022

The €500mn pipeline will enable the Baltic states and Finland to receive pipeline gas from Western Europe for the first time.

Hungarian government weighs alternatives to Russian energy

bne IntelliNews May 6, 2022

The fundamental problem remains that the government has done little to lessen its dependence on Russian energy sources over the past 12 years; if anything, it has deepened its dependence.

Czech central bank hikes rates by 75bp to tame soaring inflation

bne IntelliNews May 6, 2022

Polish central bank, by also hiking 75bp, opted for a smaller hike than expected.

European banks take more provisions for Russian operations

bne IntelliNews May 6, 2022

Societe Generale is the first of the major European financial groups to have found a way to quit Russia, with Austria’s Raiffeisen Bank and Italy’s UniCredit still at the crossroads.

Masked saboteurs firebomb army recruitment centre in Russia as suspicious fires continue to rage across the country

Social media correspondent Dominic Culverwell May 6, 2022

Footage of a masked person firebombing a military recruitment centre in Russia on May 4 adds fuel to the theory that indignant anti-war saboteurs are taking a stand against the Kremlin’s invasion of Ukraine.

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