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☆ UK PM Sunak says West should be bolder about seizing Russian assets
▼ + stars: | 2024-02-25 | by ( ) www.cnbc.com time to read: +2 min

(Photo by Alexey Kudenko - Host Photo Agency via Getty Images)Western nations should be bolder about confiscating Russian assets which they froze after the country's full-scale invasion of Ukraine in 2022, British Prime Minister Rishi Sunak said. "We must be bolder in hitting the Russian war economy .... And we must be bolder in seizing the hundreds of billions of frozen Russian assets," he said . Last month British Investment Minister Dominic Johnson met U.S. Deputy Treasury Secretary Wally Adeyemo to discuss the seizure of frozen Russian assets, but stressed this needed to be done in accordance with international law. The European Union, U.S., Japan and Canada froze some $300 billion of Russian central bank assets in 2022 when Russia invaded Ukraine. Sunak also urged the U.S. to continue to provide financial and military support for Ukraine.

Persons: Alexey Kudenko, Rishi Sunak, Sunak, Dominic Johnson, Wally Adeyemo Organizations: Red, Getty Images, British, Sunday Times, U.S, European Union, Ukraine Locations: MOSCOW, RUSSIA, Moscow, Russia, Soviet Union, Ukraine, U.S, Japan, Canada, Russian

☆ U.S. to Impose Sanctions on More Than 500 Russian Targets
▼ + stars: | 2024-02-22 | by ( Alan Rappeport | More About Alan Rappeport | ) www.nytimes.com time to read: +1 min

The United States plans to impose sanctions on more than 500 targets on Friday in its response to Russia over the death of the opposition leader Aleksei A. Navalny, the largest single package in a flurry of economic restrictions since the country’s invasion of Ukraine two years ago, according to a Treasury Department spokeswoman. It is not clear which sectors or individuals the Biden administration plans to target, a crucial variable in the sanctions’ ultimate expansiveness and effectiveness. The United States has been closely coordinating with Europe in its efforts to cut Russia off from the global economy. This week, the European Union unveiled its 13th tranche of sanctions on Russia, banning nearly 200 people and entities that have been helping Russia procure weapons from traveling or doing business within the bloc. Britain also announced sanctions this week on companies linked to Russia’s ammunition supply chain, as well as on six Russians accused of running the Arctic prison where Mr. Navalny died.

Persons: Aleksei A, Navalny, Biden Organizations: United, Treasury Department, Treasury, State, Biden, Europe, European Union Locations: United States, Russia, Ukraine, Russian, Britain

☆ Gold at $3,000 and oil at $100 by 2025? Citi analysts don't rule it out
▼ + stars: | 2024-02-20 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +4 min

That could double central bank's gold purchases, challenging jewelry consumption as the largest driver of gold demand, Doshi elaborated. China and Russian central banks are leading gold purchases, with India, Turkey, and Brazil, also increasing bullion buying. The world's central banks have sustained two successive years of more than 1,000 tons of net gold purchases, the World Gold Council reported in January. Another wildcard scenario highlighted in Citi's report was for oil prices to hit triple digits again. Stock Chart Icon Stock chart icon Oil prices in the past one year

Persons: Doshi, Stagflation Organizations: Citi, CNBC, Central, U.S ., Gold, U.S . Federal Reserves, Co, Bloomberg, Getty Locations: Citi's North America, China, Russian, India, Turkey, Brazil, U.S, Bangkok, Thailand, Israel, Yemen, Iraq, OPEC

☆ How Russia has avoided bankrupting itself after 2 years of waging war in Ukraine
▼ + stars: | 2024-02-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +9 min

1: By waging war outside its own bordersOne critical reason Russia's economy is still ticking is because of the location of the war. AdvertisementConsider the impact of the war on the economies of both Russia and Ukraine. In 2022, the first year of the war, Russia's economy contracted 1.2%, according to official statistics. Russia was facing a demographic crisis with a declining population and falling fertility rate even before its war with Ukraine. 4: By stimulating and steadying its economy with subsidies and policiesGovernment subsidies, spending, and policies are also propping up Russia's economy.

Persons: —, Hassan Malik, Loomis Sayles, it's, Malik, Vladimir Putin's, Sergei Guriev, Malik isn't, Alex Isakov, Putin, Alexandra Prokopenko Organizations: Service, Business, Reuters, US, Exchange, European Bank for Reconstruction, Bloomberg Economics, Vienna Institute for International Economic Studies Locations: Russia, Moscow, Boston, Crimea, Ukraine, Russian, China, India, Austrian

☆ The US is almost out of options to make Russia pay for Navalny's death
▼ + stars: | 2024-02-19 | by ( Tom Porter | ) www.businessinsider.com time to read: +5 min

Read previewWhen President Joe Biden addressed the sudden death of Russian dissident Alexey Navalny last week, he had no doubt where the blame lay. But where Biden sounded less certain, was on how the Russian president should pay for the alleged crime. For instance, the US has sought to cut off Russia's export of oil and gas, a trade that is at the heart of the Russian economy. Putin has placed the Russian economy on a war footing, with 6% of GDP spent on arms and ammunition production, meaning that US attempts to seriously constrict Russian weapons production have failed. And there remain options open to the US and other countries in the West if they choose to punish Russia even further.

Persons: —, Joe Biden, Alexey Navalny, Biden, Navalny, Putin, Donald Trump, Elisabeth Braw, Edward Lucas Organizations: Service, Business, Kremlin, New York Times, Munich Security, US, Republicans, Treasury, Atlantic Council, Observer, Times Radio Locations: Russian, Russia, Ukraine, India, China

☆ Russia may have to raise taxes to meet the spiraling cost of invading Ukraine: UK intel
▼ + stars: | 2024-02-05 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +4 min

The Kremlin has plans to hike Russia's spending by 26% in 2024, per the UK's Ministry of Defence. Russia's National Wealth Fund is "increasingly being used to fund its invasion of Ukraine," it said. AdvertisementThe Kremlin will likely need to impose austerity measures to resolve Russia's budget deficit amid the growing cost of its invasion of Ukraine, according to UK intelligence. Advertisement"It is likely that the government will need to reduce its contributions to the National Wealth Fund and increase domestic taxes and debt to fund its planned expenditure," the UK MOD said. Such policies will have negative medium-to-long-term impacts, the UK MOD said on Monday.

Persons: —, Alexandra Prokopenko, who's Organizations: Ministry of Defence, MOD, Wealth, Service, UK Ministry of Defence, National Wealth Fund, Carnegie Russia Eurasia Center, Center of Eastern European, International Studies, Foreign, Reuters, Bloomberg, International Monetary Fund, IMF Locations: Ukraine, Russia, Soviet Union, Russian

☆ Commission to Discuss New Russia Sanctions Proposal With EU Countries
▼ + stars: | 2024-01-31 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +1 min

By Julia PayneBRUSSELS (Reuters) - The European Commission will start informal high-level meetings with member states on Saturday on the details of a proposed new set of sanctions against Russia for its invasion of Ukraine, three diplomatic sources said on Wednesday. The EU is keen to put a 13th package of measures together to mark the second anniversary of the war on Feb. 24. The discussions that begin on Saturday are a final step before the Commission officially delivers a new package to be debated and voted on by EU countries in the Council. The Latest Photos From Ukraine View All 91 ImagesOne source added that some minor sectoral measures such as new import bans were also likely. Poland and the Baltic states have been calling for import bans on Russian aluminium and liquefied natural gas (LNG).

Persons: Julia Payne BRUSSELS, Julia Payne, Sandra Maler Organizations: European, Russia, EU, Ukraine Locations: Ukraine, Poland, Baltic

☆ Russia boasts it is beating sanctions, but its longer-term prospects are bleak
▼ + stars: | 2024-01-29 | by ( Tim Lister | ) edition.cnn.com time to read: +14 min

Far from buckling under their weight, the Russian economy is in fact 1% larger than it was on the eve of the invasion. India and China now account for 90% of Russian oil exports, according to Deputy Prime Minister Alexander Novak. Noemi Cassanelli/CNNThere’s little sign that ordinary Russians have been drastically impacted by Western sanctions. Sanctions will have a long-term impact on the Russian economy, according to the European Commission. Nabiullina said the Russian economy was like a car trying to go too fast.

Persons: Vladimir Putin, Putin, Sergei Chemezov, ” Chemezov, Scott Peterson, Alexander Novak, Christine Abely, “, ”, SWIFT, Alexei Mordashov, Noemi Cassanelli, Geoffrey Pyatt, Rachel Lyngaas, —, Alexander Nemenov, Elvira Nabiullina, Nabiullina, Natalia Kolesnikova, ” Abely Organizations: CNN, Atlantic Council, Russia, West ., Shipping, Windward, Reuters, US Treasury Department, United Arab Emirates, Crime Agency, US Treasury, “, Bank of, European, US, Financial Times, Russian Central Bank, Getty, Producers, International Energy Agency Locations: United States, Ukraine, Russian, Russia, Western, Sviatohirsk, Donetsk region, Asia, West, West . India, China, India, Volgograd, Turkey, UAE, Bank of Finland, Hong Kong, Europe, Egypt, Thailand, Moscow, Kazakhstan, Soviet Russia, AFP, Beijing

☆ The Russian government and its central bank are publicly disagreeing on how to handle the economy
▼ + stars: | 2024-01-25 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

On the same day, Russia's central bank said the impact of the measures is moderate, and they shouldn't be extended. AdvertisementRussian officials are publicly arguing about capital controls, highlighting disagreement in the country's elite class about how to handle its sanctions-stressed economy. AdvertisementIt's not the first time Russian government officials and the country's central bank have aired their disagreements in public. Elvira Nabiullina, Russia's central bank governor and Putin's top technocrat for the economy, pushed back against the criticism, saying the ruble's slide was due to changing trade flows in and out of Russia amid sanctions. Advertisement"Blaming the central bank is like a drunkard's search — looking for the guilty where the light is," she said at the time.

Persons: Putin, —, Vladimir Putin, Andrei Belousov, Elvira Nabiullina Organizations: Service, Telegram Locations: Russia, Russia's, Russian

☆ Russia is threatening to retaliate against the West in equal measure if it confiscates Moscow's frozen assets to help Ukraine
▼ + stars: | 2024-01-23 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Read previewRussian state RIA news agency reported on Sunday the country would retaliate against the West in equal measure if it confiscates Moscow's frozen assets to help Ukraine. This story is available exclusively to Business Insider subscribers. Kremlin spokesperson Dmitry Peskov told reporters on December 29 that Russia has a list of foreign assets that it would seize in retaliation if the West were to move on Russia's frozen assets. It has called the notion of seizing Russian assets "outright theft." Meanwhile, there are international concerns about the legality of seizing the frozen Russian assets.

Persons: —, Moscow, Dmitry Peskov Organizations: Service, West, Business, European Union, RIA, Kremlin Locations: Ukraine, Russian, Australia, Switzerland, Russia

Lawmakers have conveyed as much directly to the White House, a US official told CNN. Biden met with House and Senate lawmakers at the White House on Wednesday to outline what is at stake for Ukraine. House Speaker Mike Johnson makes a statement alongside Reps. Mike Turner, Mike Rogers and Mike McCaul on January 17, outside the White House. Privately, some US and Western officials say there could be as many as five more years of fighting. In the near term, Ukraine may be able to hang on, albeit in a stalemate, without US support, a Western intelligence source said.

Persons: Joe Biden, Biden, Jake Sullivan, National Intelligence Avril Haines, Mike Johnson, I’ve, ‘, ’ ” Johnson, CNN’s Kaitlan Collins, ”, ” Biden, Mike Turner, Mike Rogers, Mike McCaul, Samuel Corum, Donald Trump, Trump, Mike Quigley, CNN Max, “ He’s, Putin, outlast, “, Sen, Lindsey Graham, Michael McCaul, ” Said, Kostiantyn, don’t, Volodymyr Zelensky, Gitanas Nauseda, Volodymyr Zelenskiy, Ints Kalnins, ” Zelenskyy, ” Trump, Alexi J . Rosenfeld, frontloading Organizations: CNN, Ukraine, White, Pentagon, Defense, National Intelligence, White House, NATO, Republicans, Getty, Kyiv, ” Democratic, Administration, Trump, Republican, Biden, Ukrainian National Guard, Army Tactical Missile Systems, Reuters, Russian Central Bank Locations: Ukraine, Russia, Afghanistan, Kyiv, Europe, Ukrainian, Kreminna, Donetsk Oblast, Moscow, Iran, North Korea, Crimea, Sevastopol, Melitopol, Vilnius, Lithuania, New York City, West

The idea of using Russia's frozen assets is gaining new traction lately as continued allied funding for Ukraine becomes more uncertain and the U.S. Congress is in a stalemate over providing more support. Bipartisan legislation circulating in Washington called the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act would use assets confiscated from the Russian Central Bank and other sovereign assets for Ukraine. Belgium, which is holding the rotating presidency of the European Union bloc for the next six months, is now leading the talks on whether to seize Russia's assets. Belgium is also the country where most frozen Russian assets under sanctions are being held. Maria Snegovaya, a senior fellow at the Center for Strategic and International Studies, cautioned that if Ukraine's immediate needs aren't met, “no amount of seized Russian assets is unfortunately going to compensate for what may happen."

Persons: — It's, Volodymyr Zelenskyy, “ Putin, ”, ” Biden, Penny Pritzker, “, Nicholas Mulder, Vladimir Putin, Shalanda Young, ” Young, ” Sergey Aleksashenko, Treasuries —, Konstantin Malofeyev, Alexander De Croo, De Croo, Maria Snegovaya, aren't, Ellen Knickmeyer, Lisa Mascaro, Seung Min Kim, Zeke Miller, Aamer, Sam Petrequin, Jamey Keaton Organizations: WASHINGTON, Russian Central Bank, U.S ., U.S, ., ”, Ukraine, Russia, Cornell University, Washington, Russia's Central Bank, White, Management, Russian Central Banker, Russian, Justice Department, State Department, European Union, Belgian, Center for Strategic, International Studies, Associated Press Locations: United States, Ukraine, Davos, Switzerland, Ukrainian, Washington, “, America, Russia, Russian, U.S, China, Frankfurt, Belgium, Brussels

☆ Gold prices have never been this high
▼ + stars: | 2023-12-04 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —Gold prices hit an all-time high Monday, buoyed by growing expectations of interest rate cuts among investors, a weaker dollar and geopolitical tensions. “This has created a more favorable environment for gold as a non-yielding asset.”John Reade, a market strategist at the World Gold Council, an association of gold producers, told CNN that, with investors predicting several rate cuts over the next year, gold prices could “quite possibly” shoot above Monday’s record high. Since gold is priced in US dollars, the fall in the greenback’s value has made it less expensive for investors outside the United States to buy the metal, which should have boosted demand and, in turn, lifted gold prices. Gold prices have risen 10% so far this year. According to the World Gold Council, central banks in emerging markets bought 473 metric tons (521 tons) of gold a year on average between 2010 and 2021.

Persons: ebbs, Daria Efanova, ” John Reade, Jamie Dimon, ” Reade, “, Reade, ” Organizations: London CNN —, US Federal Reserve, Treasury, Sucden, World Gold Council, CNN, Interactive Investor Locations: United States, Russia, Ukraine, Israel, Gaza, China, South China, Taiwan, Russian

☆ Swiss have frozen $8.8 billion of Russian assets
▼ + stars: | 2023-12-01 | by ( John Revill | ) www.reuters.com time to read: +2 min

BERN, Dec 1 (Reuters) - Switzerland has frozen an estimated 7.7 billion Swiss francs ($8.81 billion) in financial assets belonging to Russians, the government said on Friday, under sanctions designed to punish Moscow for its invasion of Ukraine. The State Secretariat for Economic Affairs (SECO), the agency overseeing sanctions, said the 7.7 billion francs figure was only its latest estimate and was subject to change. Bern has also blocked the movement of 7.4 billion francs in foreign currency assets belonging to the Russian central bank. SECO declined to comment on which individuals have had their assets frozen. Still, the frozen assets are only a fraction of the total wealth held by Russians in Switzerland, with the country's banks holding 150 billion francs, according to estimates by the Swiss Bankers Association.

Persons: Alain Berset, John Revill, Gareth Jones, Alison Williams Organizations: Secretariat, Economic Affairs, Swiss Bankers Association, Ukraine, European, Thomson Locations: BERN, Switzerland, Moscow, Ukraine, European, Swiss, Bern, Russian

One Russian banking source close to the Russian central bank said receiving revenue in a non-convertible currency with little value outside India was "pointless". They said, however, the problem remained of finding a viable alternative to the dollar, and that the problems affect buyers in Africa, China and Turkey which have become top buyers of Russian oil. The biggest issue, however, concerns India, which has been buying more than 60% of Russian seaborne oil, according to LSEG data and Reuters calculations. India's top refiner Indian Oil Corp (IOC.NS) is struggling to settle some payments, mainly for the purchase of Russia's light, sweet Sokol grade from the Sakhalin 1 project. From October, several UAE banks have tightened control over Russia-focused clients to ensure compliance with the price cap, according to five oil trading and bank sources.

Persons: Yang Mei Hu, Tatiana Meel, Ivan Nosov, Sokol, YUAN, Barbara Lewis Organizations: COSCO Shipping, REUTERS, U.S ., UAE, Reuters, Indian Oil Corp, Sokol, IOC, UAE dirhams, Thomson Locations: Nakhodka, Russia, Ukraine Russian, MOSCOW, DELHI, Ukraine, India, Russian, Hong, Africa, China, Turkey, Washington, Moscow, United States, Russia's, Sakhalin, UAE

☆ Russian central bank to resume domestic FX market interventions from January
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

The central bank in August stopped buying foreign currency until the end of the year to avoid aggravating pressure on the rouble, which tumbled past 100 to the dollar in August and September. "From January 2024, the Bank of Russia is resuming operations on the domestic foreign currency market connected to replenishing and using National Wealth Fund (NWF) funds, including taking into account all operations carried out with NWF funds in 2023," the central bank said in a statement. "Therefore, from the start of 2024, the central bank will not buy foreign currency (what it did not buy in August-December), but will increase its sales," Suvorov said. The rouble did not react on Monday, continuing to hover near the more than five-month high it hit last week. The central bank conducts those operations on behalf of the finance ministry, which resumed its interventions in January after a hiatus of several months, shunning what it terms "unfriendly" Western currencies in favour of China's yuan.

Persons: Yevgeny Suvorov, Suvorov, Elena Fabrichnaya, Alexander Marrow, Mark Trevelyan Organizations: Bank of Russia, Wealth Fund, Thomson Locations: Russia, Ukraine MOSCOW, Russian

☆ The ruble is gaining and is the world's best performing currency versus the dollar in recent weeks amid rate hikes and energy costs
▼ + stars: | 2023-11-21 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Russia's ruble is the world's top-performing currency against the dollar in recent weeks. The ruble has jumped more than 10% since hitting a trough of around 100 against the greenback early last month. Still, the ruble is down 17% against the dollar year to date as Russia's economy battles a host of problems. The ruble has jumped more than 10% since hitting a trough of around 100 against the greenback last month, making it the world's best-performing currency versus the dollar in that span. Still, Russia's currency has fallen 17% against the dollar so far this year, attesting to the host of problems facing the nation's economy.

Persons: — Organizations: greenback, Service, Bank of Russia Locations: Russia, Russia's, Russian, Ukraine

LONDON (AP) — Russia's State Duma took a step forward Wednesday towards approving its biggest-ever federal budget which will increase spending by around 25% in 2024, with record amounts going on defense. Part of the Russian budget is secret as the Kremlin tries to conceal its military plans and sidestep scrutiny of its war in Ukraine. Analysts suggest Russia is in third place globally for defense spending behind China and the United States, which spends around $850 billion a year. The main driver of that growth is Russia's war in Ukraine, which is now as important to the Kremlin economically as it is politically. If there is a reduction in military spending, or a need to reduce spending which impacts living standards, it could send shockwaves through the Russian economy and significantly impact ordinary people.

Persons: Vladimir Putin, ”, Richard Connolly, Farida Rustamova, Maksim Tovkaylo, Alexandra Prokopenko, Anton Siluanov, “, Connolly, they’ve, ” Prokopenko, Prokopenko, — — David McHugh Organizations: —, Duma, Kremlin, Royal United Services Institute, Independent, Carnegie Russia Eurasia Center, Russian Central Bank, Finance, Defense, Central Bank Locations: — Russia's, Russia, Ukraine, London, China, United States, Russian, West, India, Berlin, Frankfurt

☆ Speaker Mike Johnson floats confiscating Russian assets to fund Ukraine war aid: 'It would be pure poetry'
▼ + stars: | 2023-11-10 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +3 min

Speaker Johnson continues to signal openness to more Ukraine aid, despite past opposition. AdvertisementAdvertisementHouse Speaker Mike Johnson is suggesting that the US should confiscate assets owned by the Russian government to pay for more aid to Ukraine. "It would be pure poetry to fund the Ukrainian war effort with Russian assets," Johnson told the New York Post. AdvertisementAdvertisementDespite consistently voting against Ukraine aid in the past two years as a rank-and-file lawmaker, Johnson has signaled openness to allowing more Ukraine aid to be approved since becoming speaker. That's been encouraging news for supporters of Ukraine aid — and cause for concern among long-time opponents.

Persons: Johnson, He's, —, Mike Johnson, that's, Biden, That's Organizations: Service, New York, Republican, Opportunity, Russian Central Bank, Internal Revenue Service, Democratic, House Republicans, Republicans, Ukraine Locations: Ukraine, Russian, Russia, Israel

☆ Russian cenbank: capital controls may have reverse effect long-term, make rouble weaker
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, Nov 7 (Reuters) - Capital controls on certain Russian exporters that went into force last month may have the opposite of their intended effect in the long term, leading to a weaker and more volatile rouble, the Russian central bank said in a report on Tuesday. The rouble has strengthened from beyond 100 to the dollar since that decree was announced. The central bank's higher-than-expected hike in its main interest rate, to 15%, in late October has also helped. The bank also said in its report that it expected annual inflation to start coming down next spring due to Russians' increased savings and higher interest rates. Annual inflation in Russia is seen at 7.25% in the fourth quarter, compared to 6.00% in the third quarter, according to the bank's assessment.

Persons: Alexander Marrow, Elena Fabrichnaya, Marina Bobrova, Gareth Jones Organizations: Thomson Locations: MOSCOW, Russian, Russia

The sanctions imposed by Treasury Department's Office of Foreign Assets Control target third-party firms and people alleged to assist Moscow in procuring equipment needed on the battlefield, including suppliers and shippers. In addition, the State Department imposed diplomatic sanctions targeting Russian energy production and its metals and mining sector. Thursday's sanctions targets include Turkish national Berk Turken and his firms, which are alleged to have ties to Russian intelligence. The latest sanctions build on the thousands of financial penalties imposed on Russian infrastructure and its officials, banks and oligarchs. He accused the U.S. and its allies of ignoring Russia’s demand to prevent Ukraine from joining NATO and offer Moscow security guarantees.

Persons: Berk Turken, Janet Yellen, Russia “, ”, SWIFT, Vladimir Putin Organizations: WASHINGTON, United Arab, Treasury Department's, Foreign, State Department, Treasury Department, United Arab Emirates, Financial Engineering, VTB Bank, Central Bank, NATO Locations: United States, Turkey, China, United Arab Emirates, Ukraine, Turkish, Russian, Russia, UAE, ARX, U.S, Moscow

☆ Russian war economy is overheating on a powder keg
▼ + stars: | 2023-10-25 | by ( Pierre Briancon | ) www.reuters.com time to read: +8 min

LONDON, Oct 25 (Reuters Breakingviews) - His war on Ukraine may not be unfolding according to plan, but President Vladimir Putin can still claim that the Russian economy is performing, as he says, “better than previously expected”. This kind of understatement is unusual for the Kremlin leader: with a tight labour market and inflation showing no signs of abating, the Russian economy is in fact overheating. And these are conservative numbers, because other types of war spending – such as new construction in the occupied territories – are hidden in other sections of the budget. The Russian currency is down 30% since its January high. Follow @pierrebri on XCONTEXT NEWSThe Russian economy will grow by 2.2% in 2023, the International Monetary Fund said in its October World Economic Outlook.

Persons: Vladimir Putin, “, Putin, Alexandra Prokopenko, Yevgeny Prigozhin, Wagner, Francesco Guerrera, Streisand Neto, Thomas Shum Organizations: Reuters, Kremlin, International Monetary, Bank of Russia, Reuters Graphics Reuters, Bank of, Danone, Carlsberg, International Monetary Fund, Thomson Locations: Ukraine, Russian, Russia, –, Moscow, Europe, Lithuania, microchips, Kazakhstan, Bank of Russia, United States, China, U.S, Beijing

☆ China weighs options to blunt U.S. sanctions in a Taiwan conflict
▼ + stars: | 2023-10-20 | by ( Eduardo Baptista | ) www.reuters.com time to read: +10 min

"In the context of intensified Sino-U.S. strategic competition and the Taiwan Strait conflict, we should be wary of the U.S. replicating this financial sanction model against China," wrote Chen Hongxiang, a researcher at a branch of the People's Bank of China (PBOC) in eastern Jiangsu province. Wang and several PBOC researchers wrote in articles that if the U.S. implemented Russia-style sanctions on China, Beijing should freeze U.S. investment and pension funds and seize the assets of U.S. companies. ENERGY AND ALLIANCESBesides financial sanctions, Russia's response to Western pressure on its oil, gas, metals, and chips industry has given food for thought to Chinese researchers. Chinese researchers also suggested Beijing exploit cracks within the European Union and between the U.S. and its allies. "The mutual penetration of the Chinese and American economies will inevitably weaken the willingness to impose financial sanctions," he wrote.

Persons: Thomas Peter, Chen Hongxiang, Xi Jinping, Yu Yongding, Yu, PBOC, Wang Yongli, Wang, Sun, Mou Lingzhi, Xia Fan, Ye Yan, Martin Chorzempa, Chorzempa, Chen, Eduardo Baptista, David Crawshaw Organizations: REUTERS, Rights, U.S, Moscow, China, People's Bank of China, Reuters, Senior U.S, People's Liberation Army, China National Knowledge Infrastructure, China International Futures, U.S ., China Center for International Economic, Shanghai Academy of Social Sciences, China Minmetals Corporation, London Metals Exchange, Oil and Gas Exploration, Development Company, European Union, Peterson Institute for International Economics, EU, Thomson Locations: Fuzhou, Taiwan, Matsu, China, Rights BEIJING, Russia, Ukraine, Jiangsu, Beijing, Russian, U.S, Hainan, Washington, United States

Word "Sanctions" is displayed on EU and Russian flags in this illustration taken, February 27, 2022. The United States and Britain last month signalled support for an EU plan to tax windfall profits generated by frozen Russian sovereign assets to finance Ukraine as Kyiv battles a full-scale Russian invasion that started in February 2022. EU members Germany and France are part of the G7 club, where the EU executive European Commission is also represented. The EU's own work among its 27 member states on harnessing frozen Russian state assets for Ukraine has been repeatedly delayed due to legal concerns, among others, after the bloc's sanctions on private Russian wealth were challenged in courts. Belgian clearing house Euroclear manages some 125 billion euros of frozen Russian central bank assets.

Persons: Dado Ruvic, Thomson, Gabriela Baczynska, Mark Potter Organizations: REUTERS, Rights, Union, European, Reuters, Friday, Diplomats, European Commission, EU, Deutsche Boerse's Eurex, London Stock Exchange, Thomson Reuters, Thomson Locations: Rights BRUSSELS, Ukraine, United States, Britain, Kyiv, Morocco, Germany, France, Brussels, Belgium, EU, Belgian, Euroclear, Europe, Frankfurt, London, LSEG

☆ Ruble gains as Russia reintroduces capital controls
▼ + stars: | 2023-10-12 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

At the time, Russia ordered exporters to swap 80% of their foreign currency revenues for rubles, rather than hold onto US dollars or euros. The government also banned residents from making bank transfers outside Russia, and Russian brokers from selling securities held by foreigners. Russia’s defense spending has ballooned since its invasion of Ukraine last year. That’s compared with a surplus of 203 billion rubles ($2 billion) during the same period in 2022. In August, the central bank implemented an emergency hike to its main interest rate in a bid to buttress the tanking ruble.

Persons: ” Russia’s, Andrei Belousov, — Organizations: London CNN —, Reuters Locations: London CNN — Russia, Ukraine, Moscow, Russia, Russia’s, Russian

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