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☆ Rouble steadies near 61 vs dollar with upcoming rate decision in focus
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

At 0806 GMT, the rouble was unchanged against the dollar at 61.29 . It had gained 0.1% to trade at 60.17 versus the euro and shed 0.5% against the yuan to 8.35 . The rouble is buttressed by a month-end tax period that usually sees export-focused firms convert foreign exchange revenues into roubles to pay domestic tax liabilities. Last month the bank cut rates to 7.5%, but omitted guidance about studying the need for future reductions. Brent crude oil , a global benchmark for Russia's main export, was down 1.3% at $92.3 a barrel.

☆ Rouble hits multi-month low on Ukraine escalation fears
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +2 min

By 1201 GMT the rouble was down 1.2% against the dollar at 63.44 after touching 63.9975 for its weakest since July 7. The rouble has been supported by capital controls and a collapse in imports since Western sanctions were imposed over Russia's actions in Ukraine and companies left the market in droves. Promsvyazbank analyst Yevgeny Loktyukhov pointed to escalation in Ukraine and a pullback in oil prices as a reason for the rouble's slide. Brent crude oil , a global benchmark for Russia's main export, was down 1.7% at $94.58 a barrel at 1200 GMT. Russian stock indexes, which were dragged sharply lower by Gazprom (GAZP.MM) in the previous session, were regaining some ground.

☆ Russian c.bank gives legal entities green light to trade foreign shares
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: 1 min

MOSCOW, Sept 29 (Reuters) - The Bank of Russia on Thursday said legal entities will be permitted to buy the securities of "unfriendly" issuers, those from countries that have imposed sanctions against Moscow, without restrictions. For individuals, from Jan. 1, 2023, brokerages will be prohibited from executing any order from a non-qualified investor to increase a position in securities of foreign issuers from unfriendly countries, the bank said earlier this month. For legal entities, including those without qualified investor status, there are no such restrictions, the bank said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Elena Fabrichnaya and Alexander Marrow; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

☆ Russia plans to build 1,000 planes by 2030 by using local parts as aircraft imports into the country have collapsed under sanctions
▼ + stars: | 2022-09-29 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Russia relies heavily on tech imports, which have been hit by sanctions over the Ukraine war. However, given the sanctions against the country, imports into Russia — especially those of aircraft — have collapsed, creating a huge problem for the country, which relies on tech imports. "From this year, we don't rely on international cooperation with Western countries," Rostec told Reuters. "Foreign aircraft will drop out of the fleet," Rostec told Reuters. Russia has tried to counter the sanctions by substituting Western imports with those from non-sanctioning countries or looking to homegrown options.

☆ Russia will be using second-grade tech for years and spending 'huge resources' to recreate what already exists, says a former top Russian finance official
▼ + stars: | 2022-09-22 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Sanctions against Russia will hit tech goods, former finance official Oleg Vyugin told Reuters. Russia's tech industry relies on imports, so it will have to recreate those goods domestically. Russia's tech development will decline if the situation doesn't improve, said Vyugin. That's because when it comes to tech, Russia relies on imports, and imports have been hit by sanctions and boycotts. "If the situation doesn't change, Russia will see a gradual decline in the level of technological development," said Vyugin.

☆ A former top Russian finance official says Western sanctions have been at most 40% effective — but says economic growth will be interrupted for years
▼ + stars: | 2022-09-21 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Sanctions against Russia have been 30% to 40% effective, a former finance official told Reuters. His comments come as Russia's economy continues to appear resilient almost seven months into trade restrictions. While sanctions have not been entirely effectively, Vyugin told Reuters that "the main result of sanctions is that the economic growth process in Russia has been interrupted for several years." Russia's economy ministry expects GDP to contract by 2.9% in 2022, a government official said earlier in September, per Reuters. This will apply to the tech sector, where Russia is reliant on imports, Vyugin told the news agency.

REUTERS/Murad SezerISTANBUL, Sept 19 (Reuters) - Turkish lenders Isbank and Denizbank have suspended use of Russian payment system Mir, the banks said on Monday, following a U.S. crackdown on those accused of helping Moscow skirt sanctions over the war in Ukraine. The suspensions by two of the five Turkish banks that had been using Mir reflect their effort to avoid the financial cross-fire between the West and Russia, as the Turkish government takes a balanced diplomatic stance. In April, he said Russian tourists - critical to Turkey's beleaguered economy - could easily make payments since the Mir system was growing among Turkey's banks. One banker said worries that so-called secondary sanctions could target Turkish banks or firms affected markets. The expanded U.S. sanctions last week targeted the chief executive of the Bank of Russia's National Card Payment System (NSPK), which runs Mir.

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