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☆ Global powers are helping Ukraine by giving it money frozen from Russia. That spells bad news for companies still doing business there.
▼ + stars: | 2024-06-03 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Western firms in Russia risk losing their assets if the US touches Russia's frozen reserves, a think tank expert wrote. Instead, Moscow could target foreign holdings that remain in Russia, making Western companies vulnerable to costly expropriation risk. That's on top of previous measures Russia introduced in retaliation to Western sanctions, such as the freezing of bank accounts owned by "unfriendly" non-residents. Taking the Kremlin at its word, $290 billion worth of Western assets are liable for seizure. "Earlier this month, Russia seized more than €700m ($757m) from three Western banks after a construction project fell apart as a result of Western sanctions.

Persons: Elisabeth Braw, —, Braw, That's, David O'Sullivan Organizations: Service, Atlantic, Center for, West, Reuters, Carlsberg, Danone, European, RBC Ukraine Locations: Russia, West, Moscow, Russian, Ukraine

☆ Ukraine war live updates: Russia says it isn’t bluffing over threats to use nuclear weapons; ‘difficult night’ for Kharkiv
▼ + stars: | 2024-05-31 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

The European Union's upcoming 14th sanctions package against Russia must do more to choke off energy exports and clamp down on circumvention by third parties, an advisor to the office of Ukraine President Volodymyr Zelenskyy told CNBC. Vladyslav Vlasiuk said it was also vital to tighten export controls on critical technologies used within Moscow's military equipment. However, he noted that EU states would need to work more cohesively for sanctions to stand a chance of crossing the line by the end of next month as planned. The EU's special envoy for the implementation of sanctions, David O'Sullivan, was in Kyiv Thursday to discuss the latest sanctions package amid ongoing pushback from member states such as Hungary. Shapoval noted, however, that gas supplies were much more difficult to direct without European infrastructure than, for example, oil.

Persons: Volodymyr Zelenskyy, Vladyslav Vlasiuk, Vlasiuk, David O'Sullivan, Nataliia, Shapoval, — Karen Gilchrist Organizations: CNBC, Kremlin, Russian Sanctions, EU Locations: Russia, Kyiv, Hungary, Belarus, China, India

☆ EU's 14th sanctions package must target circumvention, energy exports, Zelenskyy advisor says
▼ + stars: | 2024-05-31 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

The European Union's upcoming 14th sanctions package against Russia must do more to choke off energy exports and clamp down on circumvention by third parties, an advisor to the office of Ukrainian President Volodymyr Zelenskyy told CNBC. He noted that EU states would need to work more cohesively for sanctions to stand a chance of crossing the line by the end of next month as planned. "The most critical aspect of the 14th sanctions package is its adoption by the end of June, but some member states currently pose a challenge to this," Vlasiuk said via email Thursday. The EU's special envoy for the implementation of sanctions, David O'Sullivan, was in Kyiv on Thursday to discuss the latest sanctions package amid ongoing pushback from member states such as Hungary. Among the proposed measures is a ban on Russian liquified natural gas, or LNG, exports and a crackdown on sanctions circumvention via countries including Kremlin ally Belarus.

Persons: Volodymyr Zelenskyy, Vladyslav Vlasiuk, Vlasiuk, David O'Sullivan, Nataliia, Shapoval, Dmitry Birichevsky Organizations: CNBC, Kremlin, Russian Sanctions, EU, KSE Institute, Russian Foreign Ministry, Ria Locations: Wilhelmshaven, Germany, Russia, Kyiv, Hungary, Belarus, China, India, Ria Novosti, Ports, France, Belgium, Spain, Asia

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