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☆ India's central bank chief plays down fears of a deposit crunch
▼ + stars: | 2024-09-17 | by ( Matt Clinch | ) www.cnbc.com time to read: +3 min

Speaking to CNBC in an exclusive interview, Reserve Bank of India (RBI) Governor Shaktikanta Das discussed the issue of slowing growth in bank deposits underperforming an expansion in loans. "So there is a gap of 350 to 400 basis points," he said, referencing the difference between credit and deposit growth. Annual figures from August put loan growth at 13.6% with deposit growth at 10.8%, according to Reuters. When lending outpaces deposits, net interest margins — or the difference between what a bank earns on loans and pays out for deposits — take a hit. India's GDP slowed to 6.7% in the second quarter compared to last year's 8.2%, piling pressure on the central bank to reverse a recent hiking cycle.

Persons: Shaktikanta Das, Das, Ashish Gupta, CNBC's Organizations: CNBC, Reserve Bank of India, Reuters, Mutual Fund, Monetary, MPC Locations: India

☆ Russia's central bank and lenders tell each other to resolve the country's yuan supply squeeze
▼ + stars: | 2024-09-09 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Russian banks are urging the country's central bank to boost yuan liquidity amid shortages. But Russia's central bank is advising lenders to limit yuan-denominated loans. The Russian central bank said currency swaps are a short-term, not a long-term solution to yuan supply. But Russia's central bank is passing the buck back to the country's banks. In a report published on Friday, Russia's central bank advised lenders to limit the issuance of yuan-denominated loans.

Persons: — Organizations: Service, Central Bank of Russia, Business Locations: Russian, Russia's

☆ Western sanctions are so tight that Russia and China could soon use an ancient trading system. It's worked before.
▼ + stars: | 2024-08-13 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Read previewRussia and China are planning to revive the age-old practice of barter trade to get around Western sanctions, Reuters reported on Thursday. Since barter trade doesn't require monetary payments, it would allow Russia and China to skirt such issues. Russia has used barter trade beforeIt would not be Russia's first time using barter trade. Problems with barter tradeEven so, barter trade isn't widely practiced in modern society. Russian authorities are working on other ways to skirt Western payment sanctions.

Persons: —, Alexandra Prokopenko Organizations: Service, Reuters, Business, Russia, Kommersant, United Arab, RIA Novosti, Carnegie Russia Eurasia Center Locations: Russia, China, Russian, Ukraine, United Arab Emirates, Turkey, Austria, Afghanistan, Iran, Pakistan, India

☆ Russian banks are grappling with liquidity issues as US sanctions choke supply of yuan
▼ + stars: | 2024-08-13 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Russian banks are running low on yuan, Bloomberg reported. AdvertisementAn intensifying supply crunch in the Chinese yuan has pressured Russians to embrace a costlier method of securing the needed currency, Bloomberg reported. With the yuan liquidity shortfall doubling, Russian firms have grown increasingly dependent on yuan swaps provided by the Bank of Russia, Bloomberg said, but borrowing the yuan this way comes at a higher rate. This hasn't stopped yuan swap activity from ballooning. But even before the fresh sanctions package took effect this summer, Chinese banks were already halting yuan payments with Russia over fears of Western repercussions.

Persons: That's, —, Bloomberg, Jake Sullivan Organizations: Bloomberg, Service, Bank of Russia, US, Treasury Department, National, Carnegie Russia Eurasia Center Locations: Moscow, Beijing, Russia, Ukraine, China

☆ China's trade with Russia is getting so difficult that payments can take half a year and most bank transfers are returned
▼ + stars: | 2024-07-30 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Trade between Russia and China is getting ever more difficult, with some payments between partners taking up to half a year, the Kommersant business daily reported on Monday. AdvertisementThe troubles started in December when the US authorized secondary sanctions targeting financial institutions that help Russia skirt sanctions. This prompted global banks from China to the UAE, Turkey, and Austria to reduce transactions with Russia to avoid getting in the crosshairs. Related storiesTo force Russia to halt its war, West blocked some Russian banks from the widely used SWIFT messaging system for payments early in the conflict. The continued business activity between the two countries sent trade between Russia and China to a record $240 billion last year.

Persons: —, China's, Moscow's, Andrei Kostin, Russia's Organizations: Kommersant, Service, Business, Bloomberg, US Treasury, Russia, VTB Bank Locations: Russia, China, UAE, Turkey, Austria, Moscow, Ukraine, Beijing, Russian, Hong Kong

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Persons: you'll, USAA, You'll, Chase, It's, Chase isn't, We've, JP Morgan Chase, Jeffrey Epstein's, Banks, Laura Grace Tarpley, Penny Hoarder, Read, Pulliam, Kit Pulliam, They’ve, Kit, Evelyn Organizations: Bank, Credit Union Military, Banks, Credit, Service, Department of Defense, Service Credit Union, Service Credit, American Consumer, Navy Federal Credit Union, Federal Credit Union, Pentagon Federal Credit Union, DC, Security Service Federal Credit Union, Security, Security Service, UT, Stripes, Chase Bank Start, Chase Bank, Chase, Military, Apple, USAA Bank, Navy, PLUS, Navy Federal Free, Federal, Visa, Pentagon Federal Credit, Cross, . Security, Air Force, Army, Coast Guard, Marines, National Guard, Survivor, Credit Unions, Better, U.S . Virgin, SEC, Futures, Banking, Financial, Chevron, Business, Finance, National, Real, Business Insider, Tax, Vanderbilt University, Personal Finance Locations: United States, New Hampshire , North Dakota , Massachusetts, Germany, Europe, NY, Colorado , Maryland , New York, Texas, California , Florida, Georgia, Hawaii , Maryland , Nebraska , New Jersey, New Mexico , New York, North Carolina , Pennsylvania, Virginia, Guam , Puerto Rico, Japan, Colorado , Texas, Utah, Alaska, Hawaii, reimbursements, of New Hampshire, Massachusetts, England, Luxembourg, USAA, North America, Africa, Asia, Canada, States, Louisiana , New Mexico , Oklahoma, Chevron

☆ Ukraine's IT army is a 'world first' in cyberwarfare — but it's a major gamble for the government, experts say
▼ + stars: | 2024-07-27 | by ( Cameron Manley | ) www.businessinsider.com time to read: +7 min

AdvertisementIn Russia, however, "they have the expertise but not necessarily the service providers who sit in front of organisations to detect and deflect DDoS attacks," Woodward added. AdvertisementSuch attacks may also help "support defensive movements of the Ukrainian army," said Vasileios Karagiannopoulos, an associate professor in cybercrime and cybersecurity at the University of Portsmouth. Advertisement"The IT Army is managed by the SBU and the Ukrainian MoD," Soesanto said, adding that they receive support from Ukraine's Ministry of Digital Transformation. Ted told BI that "the MoD does not run the IT army, but there is collaboration to ensure efforts are synchronized." Ukraine's Ministry of Defense did not respond to a request for comment from BI on the nature of its relationship with the IT army.

Persons: —, Mykhailo Fedorov, Ukraine's, Eager, Ted, Ted said, Alan Woodward, Woodward, Ukraine's cyberdefense, Stefan Soesanto, Vasileios Karagiannopoulos, Karagiannopoulos, Soesanto Organizations: Service, Business, Transformation Ministry, IT Army, Surrey Centre, Cyber Security, University of Surrey, Visa, Mastercard, Center for Security Studies, ETH Zurich, Kommersant, University of Portsmouth, country's Ministry of Defense, Ukrainian MoD, Ukraine's Ministry of Digital, MoD, Ukraine's Ministry of Defense Locations: Russia, Ukraine, Ukraine's, cybercrime, Ukrainian

☆ UBS says it has a neutral view on Japan
▼ + stars: | 2024-07-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUBS says it has a neutral view on JapanHartmut Issel, head of Asia-Pacific equities at UBS Global Wealth Management, discusses the weak yen and why it likes Indonesian banks.

Persons: Japan Hartmut Issel Organizations: UBS, UBS Global Wealth Management Locations: Japan, Asia, Pacific

☆ Israel-Hamas War in Gaza: Latest News and Updates
▼ + stars: | 2024-06-28 | by ( Aaron Boxerman | Adam Rasgon | ) www.nytimes.com time to read: +7 min

Image Israel’s finance minister, Bezalel Smotrich, center, has threatened not to renew the provision, which makes it easier for Israeli banks to work with Palestinian banks. But many called the West Bank’s current economic predicament the most difficult yet. Before the war, Mahmoud Abu Issa, 53, was earning over $2,000 a month — an enviable salary in the impoverished West Bank — as a construction worker in Israel. If Palestinian banks want to offer shekel accounts, they must maintain links with Israeli banks and rely on them to process shekel transactions. Since 2017, Israel’s Finance Ministry has issued the waiver indemnifying the Israeli banks, according to Lilach Weissman, a spokeswoman for the ministry.

Persons: Bezalel Smotrich, Smotrich, Israel, Biden, Mr, Smotrich —, —, Menahem Kahana, Mahmoud Abu Issa, “, Abu Issa, Mohammad Rabee, Shadi Abu Afifa, ”, Abu Afifa, Jake Sullivan, Lilach Weissman, Akram Jerab, Eytan Fuld, Azzam, Shawwa, Rawan Sheikh Ahmad Organizations: West Bank, Palestinian Authority, Palestinian, Agence France, Mr, Palestinian Authority’s Finance Ministry, Israel’s Finance, Quds Bank Locations: Gaza, Bank, U.S, Israel, Hebron, ”, Palestinian, Palestine

☆ CNBC's Inside India newsletter: India Inc might not even need a Fed rate cut — but it wants one
▼ + stars: | 2024-06-20 | by ( Ganesh Rao | ) www.cnbc.com time to read: +7 min

The big storyEmerging markets have been on tenterhooks for the better part of this year as the Federal Reserve has been dangling the prospect of an interest rate cut. Historically, as U.S. interest rates fall, the allure of the mighty dollar fades to the benefit of other currencies. Indeed, unlike most developed economies, India's interest rate regime in 2024 isn't any different from that of 2018. There lies the disconnect between the economy, the stock market, and a single stock. Non-bank lender Akme Fintrade India and engineering firm DEE Development Engineers will debut on the stock market on Wednesday.

Persons: Sumant Sinha, we've, Sinha, It's, Fitch, Rahul Jain, Goldman Sachs, Jake Sullivan, Modi, Narendra Modi, CNBC's Charmaine Jacob, Raamdeo Agrawal, CNBC's Tanvir Gill, Jain Organizations: Bloomberg, Getty, Federal Reserve, India Inc, Nasdaq, Reserve Bank of, U.S, Societe Generale, Goldman, Clean Energy, CNBC, Motilal Oswal Financial Services, of India, Bangladesh, Australia, DEE Development Engineers Locations: Tuticorin, India, Reserve Bank of India, Japan, Britain, Delhi

☆ Alfa Bank: US-sanctioned Russian banking giant expands in China
▼ + stars: | 2024-06-20 | by ( Laura He | Olesya Dmitracova | ) edition.cnn.com time to read: +3 min

Hong Kong/London CNN —Battered by Western sanctions, Russia’s largest privately owned bank is expanding its business in the world’s second-largest economy. That would make the lender the first private Russian bank to open full-service branches in the two major Chinese cities. The bank is part of Alfa Group, one of Russia’s largest financial and investment conglomerates, which was founded by Fridman. Alfa Bank made a loss of 117.1 billion rubles ($1.44 billion) in 2022, according to its annual report for that year. A year later, it seemed to bounce back, reporting profit of 120.9 billion rubles ($1.4 billion) for 2023.

Persons: Mikhail Fridman, hasn’t, Fridman Organizations: London CNN, Alfa Bank, CNN, Alfa Group, European, Moscow, Hong Kong Equity Investment Association Locations: China, Hong Kong, London, Russian, Beijing, Shanghai, Ukraine, United States, Russia, Italy, Western

☆ Russia shuts down dollar and euro trading after sweeping US sanctions take aim at Moscow's financial lifelines
▼ + stars: | 2024-06-13 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Russia's Moscow Exchange halted dollar and euro trading on Thursday. AdvertisementRussia's central exchange has barred dollar and euro trading, spelling an end to a market that's been open since the Cold War. Trades were halted Thursday on the Moscow Exchange after it became one of many targets of an expansive new US sanctions package. The latest sanctions are part of a US effort to sever Russia from foreign financial support, taking aim at virtually any global lender that transacts with Moscow. Last month, the yuan made up over half of foreign currency trades in Russia, the FT reported.

Persons: That's, —, Moex Organizations: Russia's, Russia's Moscow Exchange, US, Service, Clearing Center, Settlement Depository, Financial Times, Bloomberg Locations: Russia's Moscow, Moscow, Russia, Ukraine, Russian, Beijing

☆ New US sanctions against Russia force end of dollar and euro trading on Moscow Exchange
▼ + stars: | 2024-06-13 | by ( ) edition.cnn.com time to read: +3 min

New US sanctions against Russia have caused an immediate suspension of trading in dollars and euros on the country’s leading financial marketplace, the Moscow Exchange. “Due to the introduction of restrictive measures by the United States against the Moscow Exchange Group, exchange trading and settlements of deliverable instruments in US dollars and euros are suspended,” the central bank said. The move means banks, companies and investors will no longer be able to trade either currency via a central exchange, which offers advantages such as better liquidity and oversight. The central bank said it would use data from those trades to set official exchange rates. The central bank reassured people these deposits were secure.

Persons: MOEX Organizations: Moscow Exchange, Moscow Exchange Group, “, Reuters, Moscow, Norvik Bank, Tsifra Bank, US Treasury, Investments, Forbes Russia, MOEX, Clearing Locations: Russia, Moscow, Russian, Washington, Ukraine, United States, Beijing, ”

☆ European banks in Russia face 'awful lot of risk', Yellen says
▼ + stars: | 2024-05-25 | by ( ) www.cnbc.com time to read: +2 min

Kent Nishimura | Getty ImagesU.S. Treasury Secretary Janet Yellen told Reuters that European banks face growing risks operating in Russia and the U.S. is looking at strengthening its secondary sanctions on banks found to be aiding transactions for Russia's war effort. "We are looking at potentially a tougher stepping-up of our sanctions on banks that do business in Russia," Yellen told Reuters in an interview, declining to provide specifics and not identifying any banks at which they could be aimed. Speaking on the sidelines of a G7 finance leaders meeting in northern Italy, Yellen said that sanctions related to banks' dealings in Russia would only be imposed "if there was a reason to do so, but operating in Russia creates an awful lot of risk," she added. European Central Bank policymaker Fabio Panetta had clear instructions for Italian banks on Saturday telling reporters that lenders must "get out" of Russia because staying in the country brings a "reputational problem." Raiffeisen is the largest European lender doing business in Russia, followed by UniCredit.

Persons: Janet Yellen, Kent Nishimura, Yellen, Central Bank policymaker Fabio Panetta, Joe Biden's Organizations: Treasury Department, Getty, Treasury, Reuters, Bank International, Central Bank, UniCredit, United Arab Locations: Washington , DC, Russia, U.S, Italy, Ukraine, China, United Arab Emirates, Turkey

☆ Yellen Warns Israel Against Cutting off Palestinian Banks
▼ + stars: | 2024-05-23 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

Treasury Secretary Janet L. Yellen warned Israel on Thursday against cutting off ties between Palestinian and Israeli banks, arguing that such a move would further destabilize the economy of the West Bank at a time when Palestinians are already facing dire economic conditions. Ms. Yellen’s comments came in the wake of Israel’s decision on Wednesday to withhold tax revenue from the Palestinian Authority in retaliation for three European countries unilaterally agreeing to recognize a Palestinian state. Ms. Yellen and other top economic officials from the Group of 7 nations are expected to discuss the matter and the humanitarian situation in Gaza during their summit in Stresa, Italy, which begins on Thursday. “I’m particularly concerned by Israel’s threats to take action that would lead to Palestinian banks being cut off from their Israeli correspondent banks,” Ms. Yellen said during remarks ahead of a news conference. Ms. Yellen added that the banking channels were critical for processing transactions that allow $8 billion a year of imports of food, fuel and electricity from Israel and $2 billion of Palestinian exports.

Persons: Janet L, Yellen, Israel, Yellen’s, “ I’m, Ms Organizations: West Bank, Palestinian Authority Locations: Palestinian, Gaza, Stresa, Italy, Israel

☆ Elon Musk says AI will take all our jobs
▼ + stars: | 2024-05-23 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +2 min

CNN —Elon Musk says artificial intelligence will take all our jobs and that’s not necessarily a bad thing. “Probably none of us will have a job,” Musk said about AI at a tech conference on Thursday. While speaking remotely via webcam at VivaTech 2024 in Paris, Musk described a future where jobs would be “optional.”“If you want to do a job that’s kinda like a hobby, you can do a job,” Musk said. Concerns also continue to mount over how various industries and jobs will change as AI proliferates in the market. The report also said the majority of jobs previously identified as vulnerable to AI were not economically beneficial for employers to automate at that time.

Persons: CNN — Elon, ” Musk, Musk, ”, Ian Banks, “ Organizations: CNN, MIT’s Computer, Artificial Intelligence Locations: Paris

☆ The West can't completely isolate Russian banks because it would be disastrous beyond Russia
▼ + stars: | 2024-05-20 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

There's one major thing the West could, but won't, do: kill all Russian banks' access to the Society for Worldwide Interbank Financial Telecommunications, or SWIFT. 'Russia's economy is in deep, deep trouble'Despite the West's frustration with how Russia's economy still appears to be holding up, the sanctions appear to be finally working. "In five years, you're going see a really disastrous slowdown in the Russian economy," said Portes, who called for stronger sanctions enforcement. AdvertisementIn April 2022, Russia's central bank governor Elvira Nabiullina warned Russia's reserves can't last forever. "A significant problem is that they are running out of foreign exchange reserves, and you can't create foreign reserves," Portes added.

Persons: —, hasn't, SWIFT, Alex Capri, Richard Portes, Portes, Alexander Kolyandr, Elvira Nabiullina, Russia's Organizations: Service, West, Society, Worldwide Interbank Financial Telecommunications, Business, SWIFT, European Union, National University of Singapore, US Customs Service, London Business School, Carnegie Endowment, International Peace, Central Bank of Locations: Russia, Ukraine, Moscow, Russian, SWIFT, Capri, Asia Pacific, Europe, India, China, Central Bank of Russia, Russia's

☆ CNBC's Inside India newsletter: A disconnected stock market
▼ + stars: | 2024-05-10 | by ( Ganesh Rao | ) www.cnbc.com time to read: +5 min

CNBCThis report is from this week's CNBC's "Inside India" newsletter which brings you timely, insightful news and market commentary on the emerging powerhouse and the big businesses behind its meteoric rise. For local investors, Indian stocks would have underperformed the U.S. benchmark by more than 45 percentage points since Buffett's 2008 bet. It appears that India's near 8% GDP growth isn't transforming into stock market returns. But that has also meant significant competition for the incumbents, many of which are listed on the stock market. This year has also been particularly unlucky for Indian stock market investors thanks to the uncertainty added by politics.

Persons: Warren Buffett, it's, Jonathan Pines, Federated Hermes, Rajeev Agrawal, Agrawal, Narendra Modi's, Kevin Carter, Buffett, Carter, Modi, Narendra Modi, Amit Shah, Virat Kohli, Rajat Patidar Organizations: Berkshire, CNBC, BSE, Federated, DoorDarshi Advisors, Narendra Modi's BJP, India, Ecommerce, One97 Communications, Ujjivan Financial, BJP, Russia, Indian, Ukraine, India's Central Bureau of Investigation, Indian Premier League, Wednesday, Royal Challengers Bengaluru Locations: Omaha , Nebraska, Omaha, BSE India, India, United States, Gandhinagar Lok Sabha, Russia, Mumbai, Punjab Kings

☆ Australia’s Qantas to pay $79 million to settle ‘ghost flights’ case
▼ + stars: | 2024-05-06 | by ( ) edition.cnn.com time to read: +2 min

Sydney — Qantas Airways has agreed to pay 120 million Australian dollars ($79 million) to settle a lawsuit over the sale of thousands of tickets on already canceled flights, in an attempt to end a reputational crisis that has engulfed the airline. The fine is the biggest ever for an Australian airline and among the largest globally in the sector, although some Australian banks and casino operators have faced higher penalties. “We recognize Qantas let down customers and fell short of our own standards,” CEO Vanessa Hudson said in a statement. It had said the airline sometimes sold tickets to flights weeks after they were canceled. The ACCC’s Cass-Gottlieb noted that the settlement included a promise from Qantas not to repeat the conduct.

Persons: Vanessa Hudson, ”, Hudson’s, Alan Joyce, Hudson, Gina Cass, Gottlieb, ACCC’s Cass Organizations: Sydney, Qantas Airways, Qantas, Australian Competition, Consumer Commission, Federal Court, ACCC Locations: Hudson

☆ Asset quality of Indian banks 'one of the cleanest' in Asia-Pacific, says JPMorgan
▼ + stars: | 2024-04-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAsset quality of Indian banks 'one of the cleanest' in Asia-Pacific, says JPMorganHarsh Modi of the investment bank discusses the opportunities in India's banking sector.

Persons: Harsh Modi Locations: Asia, Pacific

☆ Russia's economy is now so isolated that it has few options other than the Chinese yuan for its reserves
▼ + stars: | 2024-04-01 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Russia's central bank says it has few alternatives other than the Chinese yuan as a key reserve asset. "These factors predetermine the key role of the Chinese yuan in the formation of reserve assets," it said. AdvertisementA state of increasing isolationRussia's increasing reliance on the yuan shows its economy is becoming increasingly isolated in the international trade and finance system. Moscow's reliance on the Chinese yuan comes with risks. Russian companies that borrow in the Chinese yuan are facing increased lending costs, Bloomberg reported last month.

Persons: —, Vladimir Putin, SWIFT Organizations: Service, Central Bank of Russia, Bloomberg Locations: Russia, Russian, Ukraine, India, China, Moscow, EU

☆ Russia has finally admitted Western sanctions are hitting its oil exports
▼ + stars: | 2024-03-25 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Russia's oil industry is facing challenges due to intensified Western sanctions. Secondary sanctions are spooking global banks, some of which are turning away from doing business with Russia. AdvertisementRussia's oil industry may finally be meeting its reckoning as the West intensifies its sanctions regime. "After the decline at the beginning of the year, exports have been rebounding, driven by the increase in oil prices," said Nabiullina, according to an official transcript. International crude oil prices are up over 10% so far this year.

Persons: —, Elvira Nabiullina Organizations: Service, Bank of, Business Locations: Russia, Bank of Russia

☆ China's biggest banks are finally getting scared by the West's sanctions against Russia
▼ + stars: | 2024-02-21 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The Industrial and Commercial Bank of China, China Construction Bank, and Bank of China have stopped the transactions since the start of 2024, Alexey Poroshin, the general director of investment and consulting firm First Group, told Izvestia. In December, the US also authorized secondary sanctions targeting financial institutions that help Russia skirt sanctions. Chinese banks are tightening compliance checks with Russian businesses because they fear getting caught up in the West's increasingly restrictive sanctions regime against Russia over its invasion of Ukraine. Industrial and Commercial Bank of China, China Construction Bank, and Bank of China did not immediately respond to a request for comment from Business Insider. In particular, Russian firms trading internationally have become more dependent on Chinese institutions and the Chinese yuan since some Russian banks withdrew from the SWIFT global financial-messaging system .

Persons: —, Alexey Poroshin, Poroshin, Dmitry Peskov Organizations: Russia, Service, Commercial Bank of, China Construction Bank, Bank of, First Group, Union, Industrial, Bank of China, Business, SWIFT Locations: Russia, Commercial Bank of China, China, Bank of China, —, Ukraine, India, West, Beijing

☆ Chinese banks are getting cold feet dealing with Russia
▼ + stars: | 2024-02-08 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

One key Chinese bank used by Russian importers for transactions has halted all transactions with Russian firms, per Vedomosti. AdvertisementChina's banks appear to be having cold feet about dealing with Russian firms. AdvertisementOther Chinese banks are also tightening compliance checks when dealing with Russian businesses, per the media outlet. However, with the West ramping up sanctions against Russia, even Chinese firms are trying to stay out of trouble. In June, at least one major Chinese bank — Bank of China — started restricting transfers from Russia.

Persons: —, Dmitry Peskov, Peskov, — Bank of China — Organizations: Service, Commercial, Bank, SWIFT, Russia, Bloomberg, — Bank of, Zhejiang Chouzhou Commercial Bank, Business Locations: Ukraine, Beijing, Zhejiang, Russian, AFP, Russia, — Bank of China, Zhejiang Chouzhou

☆ Russian banks made a record $36.8 billion in profit last year, and even the central bank is surprised by it
▼ + stars: | 2024-01-31 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Russian banks made a record 3.3 trillion rubles, or $36.8 billion, in profits last year. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementEven Russia's central bank is surprised by how well Russian banks did last year. Russian banks made 3.3 trillion rubles, or $36.8 billion, last year, marking a record high, the country's central bank announced on Tuesday. The performance came as “somewhat of a surprise,” said Alexander Danilov, the head of Russia's central bank's banking regulation department, according to the Financial Times.

Persons: —, ”, Alexander Danilov Organizations: Service, Financial Times, Business Locations: Russia

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