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☆ Ukraine latest: Bad news mounts for Ukraine across the frontlines. But Russia is under pressure too
▼ + stars: | 2024-11-16 | by ( Ivana Kottasová | ) edition.cnn.com time to read: +7 min

Russia is making gains at key spots along the frontlines of eastern and southeastern Ukraine, while unleashing wave after wave of aerial terror against Ukrainian cities. … You just get boxed into a corner and you have to choose from a buffet of bad options,” Barros added. Taking over Kupiansk would make it a lot easier for Russia to push further into the Kharkiv region. Ukraine has put up a fierce fight in the area in recent months, even though it has lost some ground. Pokrovsk has been a target of Russia for months as it seeks to capture eastern Ukraine.

Persons: Volodymyr Zelensky, “, ” George Barros, Barros, That’s, …, ” Barros, Kupiansk, Zelensky, Pokrovsk, Diego Fedele, they’ve, “ It’s, ”, that’s, Vladimir Putin’s, Putin, Donald Trump, Trump Organizations: CNN, Institute for, Geospatial Intelligence, Kyiv, Ukrainian, Russian Central Bank, Western Locations: Moscow, Russia, Ukraine, Russian, Kursk, Ukrainian, Kupiansk, Kharkiv, Ukraine’s, Kurakhove, Pokrovsk, crosshairs, Avdiivka, North, United States

☆ Under strain from war, Russia plans a massive layoff in its public sector: report
▼ + stars: | 2024-11-12 | by ( Hannah Abraham | ) www.businessinsider.com time to read: +3 min

Russia will resume public sector layoffs, affecting up to at least 40,000 workers, per Kommersant. Layoffs were paused due to COVID-19 and Russia's invasion of Ukraine. The cuts would also allow more people to enter Russia's labor market which is experiencing a worker shortage. The cuts would also allow more people to enter Russia's labor market which is experiencing a widespread shortage of workers amid Russia's invasion of Ukraine. Workers have been pulled into the Ukraine war or forced to flee after Putin enacted a major mobilization to increase wartime recruitment.

Persons: —, Vladimir Putin, Putin, Harley Balzer, Russian Central Bank Governor Elvira Nabiullina Organizations: Service, Russian Kommersant, Kommersant, Russian Academy of Science's Institute of Economics, Workers, Georgetown University, Russian Central Bank Governor Locations: Russia, Ukraine, Russian

☆ Russian forces suffered an average of over 1,500 casualties a day in October for 'tiny increments of land,' UK official says
▼ + stars: | 2024-11-10 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +3 min

October saw Russia hit with its highest average daily casualties since the war in Ukraine began, a UK offical said. The UK's Chief of Defence Staff said Russia suffered around 1,500 killed or injured each day. Thousands of North Korean troops are now bolstering Russian President Vladimir Putin's forces. Russian forces were bolstered by the arrival of thousands of North Korean soldiers in October, Western officials have said. AdvertisementReports of Ukrainian and North Korean troops' first clashes in Russia's Kursk region emerged earlier this week.

Persons: offical, Vladimir Putin's, —, Tony Radakin, Laura Kuenssberg, Mark Rutte, Vladimir Putin, Kim Jong, Gavriil, Kuenssberg, Radakin, Alexandra Prokopenko, Prokopenko, Donald Trump's Organizations: Defence Staff, Service, Ukraine's Ministry of Defense, General Staff, Ukrainian Armed Forces, NATO, North, AFP, Carnegie Russia Eurasia Center, Financial Locations: Russia, Ukraine, Russia's Kursk, Russian, Europe

☆ The U.S. election is a make-or-break moment for aid to Ukraine
▼ + stars: | 2024-11-05 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +10 min

Kevin Lamarque | ReutersTensions are likely running high in Kyiv ahead of Tuesday's presidential election in the U.S. — a vote that could make or break ongoing aid for Ukraine. Officials in Kyiv say the election is being watched closely, amid concerns that future aid could be cut. In the week before the presidential election, Western officials were reported as saying that a Harris administration would likely struggle to push significant aid for Ukraine through Congress. A win by Donald Trump could see him placing a phone call to Russian President Vladimir Putin as early as 6 November. Then President Donald Trump and Russian President Vladimir Putin at a joint press conference after their summit on July 16, 2018, in Helsinki, Finland.

Persons: Volodymyr Zelenskiy, Kamala Harris, Kevin Lamarque, —, Donald Trump, Joe Biden, It's, Trump, it's, Yuriy Sak, J.D, Vance, JD Vance, Carlos Osorio, Putin, Harris, Timothy Ash, Reuters Ash, Ash, Tim Willasey, Vladimir Putin, Chris McGrath Organizations: U.S, White, Reuters, NBC News, Republican, Democrats, NATO, Russia, Ukrainian, CNBC, Anadolu, Getty, Kiel Institute of, European Investment Bank, European Commission, Republicans, Kyiv, Reuters Trump, Berenberg Bank, Berenberg, Washington, Congress, Trump, Ukraine, BlueBay Asset Management, Democratic, Royal United Services Institute Locations: Washington , U.S, Kyiv, U.S, Ukraine, United States of America, United States, America, Russia, Toretsk, Donetsk, Donbas, Moscow, St, Cloud , Minnesota, Europe, Belgian, Helsinki, Finland

☆ Russia's central bank hikes interest rate to 21% to fight stubborn inflation
▼ + stars: | 2024-10-25 | by ( Nathan Rennolds | ) www.businessinsider.com time to read: +2 min

The Russian central bank raised its key interest rate to 21% on Friday. Inflation in Russia hit 8.6% year-on-year in September, well above the central bank's 4% target. It has largely been driven by heavy defense spending amid the ongoing war in Ukraine. AdvertisementRussia's central bank raised its key interest rate to a record high on Friday as inflationary pressure continues in the country. The Bank of Russia raised the benchmark rate by 200 basis points to 21%, saying inflation was "running considerably above" its July forecast.

Persons: —, Alexandra Prokopenko, Prokopenko Organizations: Service, Bank of Russia, Carnegie Russia Eurasia Center, Financial Times Locations: Russian, Russia, Ukraine, Moscow, Europe

☆ 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

☆ Sanctions-hit Russia is rushing to set up payment systems, including crypto, to make trading easier
▼ + stars: | 2024-07-31 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

Read previewRussia is stepping up sanctions-evading measures to keep its international trade flowing. Russian central bank governor Elvira Nabiullina said the first transactions are expected by the end of this year, per Reuters. An existing ban on crypto payments in Russia remains, but Moscow's greenlighting crypto for international trade marks a significant shift. Russia could be eying a digital-currency-based settlement systemIt isn't clear how Russia's crypto and digital currency regimes will shape up. Even China, which has one of the world's most advanced digital currencies, relies on a "two-tier" system involving banks as wallet-holding agents.

Persons: —, Elvira Nabiullina, Nabiullina, Vladimir Putin, Moscow hasn't, Christopher Granville, Granville Organizations: Service, Russia's, Duma —, Reuters, Business, Bloomberg, US Treasury, GlobalData, Lombard, Russia Locations: Russian, Russia, Ukraine, cryptocurrencies, Hong Kong, Moscow, China, UAE, Turkey, Austria, India

☆ Russia considers legalizing crypto for global payments as it faces ongoing sanctions
▼ + stars: | 2024-07-30 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Illustrative image of two commemorative bitcoins seen in front of the national flag of Russia displayed on a computer screen. Russia is considering legalizing the use of cryptocurrency for international payments as the country faces ongoing financial pressure from Western sanctions. The State Duma, which is the lower house of the Russian Parliament, will on Tuesday consider a law that permits making international payments via cryptocurrencies, Elvira Nabiullina, the governor of Russia's central bank, said Tuesday. Russia's central bank is also itself looking to move money across borders using crypto, with its chief saying crypto-based payments will take place before the end of 2024. In January 2022, the Russian central bank proposed banning the use of crypto for transactions, as well as the mining of digital currencies, citing threats to financial stability, citizens' wellbeing and monetary policy sovereignty.

Persons: Elvira Nabiullina, Nabiullina Organizations: Duma, State Duma, Russian Federation Council, RIA Novosti, Reuters, Russian Embassy, CNBC Tuesday Locations: Russia, Russian, Russia's, State, cryptocurrencies, London

☆ Some Russians are spending like no tomorrow with 'considerable' overheating in the economy
▼ + stars: | 2024-07-29 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

On Friday, the Russian central bank warned — yet again — of an overheating economy when it hiked rates from 16% to 18% in an attempt to rein in price gains. This suggests that overheating in the economy has remained considerable," said Elvira Nabiullina, Russia's central bank governor, on Friday during her rate hike announcement. Russians are traveling and spending on culture and hotelsThe rate hike from Russia's central bank comes amid a spending boom in the country where many appear to be spending very freely, even amid the war and Western sanctions, as the Financial Times reported on Friday. Russia's central bank may hike rates again if necessaryNabiullina said on Friday that Russia's GDP will grow 3.5% to 4% this year from a year ago. The central bank next meets on September 13.

Persons: —, Elvira Nabiullina, they're, Sergei Ishkov, Sawicki, Nabiullina, it's Organizations: Service, Business, Financial Times, Labour Locations: Russia, Russian, Russia's, Ukraine, Moscow, stoke

☆ Russia's business elites signal they are tired of propping up the wartime economy
▼ + stars: | 2024-07-26 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Some Russian elites are challenging the central bank's potential interest rate hike to 18%. Russia's key interest rate is at 16% after a series of hikes to tame elevated inflation and a hot wartime economy. AdvertisementSome of Russia's business elites appear to be getting impatient with the country's wartime economy. Several influential individuals have come out to publicly challenge the Russian central bank's signal that it's likely to hike interest rates on Friday. Russia's key interest rate already stands at 16%.

Persons: — Organizations: Service, Reuters, Business Locations: Russian, Ukraine

☆ Why loosening sanctions would put more pressure on Russia, according to a think tank
▼ + stars: | 2024-07-17 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

The West could spur Russian inflation by easing sanctions on capital flows, Sergey Aleksashenko says. "Make it easier to depress the value of the ruble, make imports more expensive, and put pressure on Russian bank balance sheets." Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In a collection of policy briefs the think tank put out this month, author Sergey Aleksashenko argued that the West should ease restrictions on Russian capital outflows.

Persons: Sergey Aleksashenko, — Organizations: Service, Kremlin, Brookings, outflows, Business Locations: depreciating, Russian, Russia

A simple principle underpins a contentious Thursday decision by the U.S. and key allies to tap profits from Russian sovereign assets in support of Ukraine: Moscow must make reparations. Questions have also been raised over the legality of setting such a precedent: Russia has been cut off from its frozen assets, but retains their ownership. The proposal must now pass various legal hurdles and be backed by European states, where the majority of frozen Russian assets are held. Further loans secured against the interest accrued by Russian frozen assets could be forthcoming, U.S. Treasury Secretary Janet Yellen signaled on Thursday. The annual summit comes as most of the G7 leaders face their own domestic upheavals including national elections and falling approval ratings.

Persons: Charles Michel, CNBC's Steve Sedgwick, Joe Biden, Volodymyr Zelenskyy, Putin, we're, Biden, Michel, Janet Yellen, Yellen, We're, Russia's, Ursula von der Leyen, Georgia Meloni Organizations: U.S, West, . Security, Kyiv, Treasury, Bank, European Commission Locations: Ukraine, Moscow, Russia, Russian, Canada, France, Germany, Italy, Japan . U.S, Kuwait, U.S, Borgo Egnazia, Puglia

☆ Live Updates: U.S. to Sign 10-Year Pact With Ukraine as G7 Leaders Meet
▼ + stars: | 2024-06-13 | by ( David E. Sanger | Steven Erlanger | ) www.nytimes.com time to read: +8 min

Mr. Biden and Mr. Zelensky will meet on Thursday and sign a security agreement, said Jake Sullivan, Mr. Biden’s national security adviser. Mr. Biden faces the hurdle of convincing his allies, starting with Mr. Zelensky, that the United States plans to stay in the fight with Ukraine, no matter what happens in November. Mr. Biden told Mr. Zelensky last week, in France, that “I apologize for the weeks of not knowing what was going to pass,” and put the onus on Republicans in Congress. During a trip to Normandy last week, Mr. Biden appeared to have persuaded France, one of the last holdouts, to support the deal. “The administration has been quick to get aid to Ukraine once Congress moved, and that’s to its credit,” he said.

Persons: Biden, Volodymyr Zelensky, Mr, Zelensky, Jake Sullivan, “, ” Mr, Sullivan, we’ll, ”, Vladimir Putin, Pope Francis, Donald J, Trump, Rishi Sunak, Emmanuel Macron, Biden’s, Vladimir V, Putin, Claudia Greco, John E . Herbst, Evelyn Farkas, Barack Obama, Ms, Farkas, ” Alan Rappeport Organizations: Ukraine, U.S, Kremlin, Group, Air Force, “, hobble, NATO, Mr, Reuters, European, World Bank, Eurasia Center, Atlantic Council, United, McCain Institute, Arizona State University Locations: Ukraine, United States, Italy, Israel, Russia, hobble Russia, Europe, France, Congress, Savelletri, Normandy, Belgium’s, U.S, Eurasia

☆ Yellen: More Ukraine aid can be backed by frozen Russian assets after initial $50 billion loan
▼ + stars: | 2024-06-13 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

U.S. Treasury Secretary Janet Yellen said Thursday that the $50 billion loan to Ukraine that President Joe Biden and other leaders of Group of Seven highly developed nations have agreed to could be the first of multiple loans backed by frozen Russian assets. The $50 billion loan will be backed with at least $260 billion worth of frozen Russian central bank assets as collateral. "While we're trying to move quickly on this, I can't give any type of timeline as to when money would actually start flowing to Ukraine," Yellen said. If necessary, the U.S. will commit the entire $50 billion, a senior administration official told reporters Thursday on a press call. "I think it's important for Putin to realize that we remain completely united in support of Ukraine," Yellen said.

Persons: Janet Yellen, Joe Biden, Yellen, We're, Biden, Putin Organizations: Treasury, Economic, of New, Union, Washington, Russia Locations: of New York, New York City, U.S, Ukraine

☆ 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, ”

☆ It's not just convicts. Russia is forcing its African migrants and students to fight for them in Ukraine.
▼ + stars: | 2024-06-10 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +2 min

Read previewRussia is forcing thousands of African migrants and students to join in their war efforts against Ukraine, Bloomberg reported on Sunday, citing assessments from European officials. According to Bloomberg's report, Russian officials have threatened not to renew the visas of African migrant workers and students if they didn't join the Russian Armed Forces. Some African workers have even been threatened with deportation if they do not agree to fight in Ukraine, one European official told Bloomberg. Russia's reliance on attrition warfare has seen it continually drawing on its prison population to fuel its war effort. Russia's prison population stood at 420,000 before the war.

Persons: —, Vsevolod Vukolov, Elvira Nabiullina Organizations: Service, Ukraine, Bloomberg, Russian Armed Forces, Business, Washington Post, Russian, Kommersant, Central Bank Gov, BI Locations: Russia, Ukraine, Russia's

☆ U.S. and Europe Move Closer to Using Russian Assets to Help Ukraine
▼ + stars: | 2024-05-19 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

The United States and Europe are coalescing around a plan to use interest earned on frozen Russian central bank assets to provide Ukraine with a loan to be used for military and economic assistance, potentially providing the country with a multibillion-dollar lifeline as Russia’s war effort intensifies. Treasury Secretary Janet L. Yellen said in an interview on Sunday that several options for using $300 billion in immobilized Russian assets remained on the table. But she said the most promising idea was for Group of 7 nations to issue a loan to Ukraine that would be backed by profits and interest income that is being earned on Russian assets held in Europe. The urgency to find a way to deliver more financial support to Ukraine has been mounting as the country’s efforts to fend off Russia have shown signs of faltering. “It would generate a significant up-front amount that would help meet needs we anticipate Ukraine is going to have both militarily and through reconstruction.”

Persons: Janet L, Yellen, “, Ms, ” Organizations: Finance Locations: States, Europe, Ukraine, Italy, Russia, Germany

☆ The US and the West are facing the blowback of sanctions against Russia, economist says
▼ + stars: | 2024-05-10 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Read previewThe US miscalculated when it imposed harsh sanctions on Russia, and not only has Vladimir Putin's economy weathered the impact, but the West is facing the negative effects of the economic restrictions it imposed. Food and energy prices have soared since the West imposed sanctions on Russia, he noted partly because Russia is one of the world's largest exporters of oil and grain. Even the US dollar may end up worse off due to sanctions, Rubin said. Russia's trade with China, for instance, has nearly completely phased out the dollar, Russian officials said last year. "Sanctioning the ruble and confiscating a third of the Russian central bank's foreign reserves was supposed to cripple the Russian economy.

Persons: —, Vladimir, Jeff Rubin, " Rubin, crimp, Rubin, Putin Organizations: Service, Business, The Globe, Federal Reserve Board, Bank of Canada Locations: Russia, Ukraine, China, Russian

☆ House Speaker Mike Johnson says he will push for aid to Israel and Ukraine this week
▼ + stars: | 2024-04-14 | by ( ) www.cnbc.com time to read: +6 min

US Speaker of the House Mike Johnson, Republican of Louisiana, waits to speak during a news conference after a closed-door House Republican caucus meeting on Capitol Hill in Washington, DC on February 29, 2024. House Speaker Mike Johnson said Sunday he will try to advance wartime aid for Israel this week as he attempts the difficult task of winning House approval for a national security package that also includes funding for Ukraine and allies in Asia. Johnson told Fox News Channel's "Sunday Morning Futures" that he and Republicans "understand the necessity of standing with Israel" and he would try this week to advance the aid. Meanwhile, senior GOP lawmakers who support aid to Ukraine are growing frustrated with the months-long wait to bring it to the House floor. "We pass the Senate bill, it goes straight to the president's desk and you start getting the aid to Ukraine immediately.

Persons: Mike Johnson, Johnson, Israel, Mike Turner of Ohio, Biden, John Kirby, Kirby, Donald Trump, Trump, he's, Marjorie Taylor Greene, Greene, Turner, Gregory Meeks, Henry Cuellar Organizations: Republican, Capitol, Sunday, Fox, GOP, House Intelligence, Natural Gas, White House, NBC, Ukraine, White, Trump, Republicans, Washington, Senate, Democrats, House Foreign Affairs, Texas Democrat Locations: Louisiana, Washington , DC, Israel, Ukraine, Asia, U.S, Gaza, Taiwan, Iran, Mexico, White, Florida, Georgia, Russia, United States, Texas

☆ European diplomats in DC scramble to gain access to Trump allies for insights
▼ + stars: | 2024-04-11 | by ( Kylie Atwood | ) edition.cnn.com time to read: +12 min

“We are not that nervous because we know that with Trump it is all about relationships,” said one veteran European diplomat who has been in DC since the Trump administration. “The logic of doing it at Heritage was not lost on us,” said Victoria Coates, a deputy national security advisor to former President Trump who is now a vice president at the think tank. The comments sent European diplomats into over-drive, eager to understand exactly what Trump meant. “If they are worried about how President Trump is going to react to them, they hold it in their hands to do something about it,” Coates said. But European diplomats are not only worried about NATO.

Persons: Donald Trump, jostle, Trump, of National Intelligence John Ratcliffe, Mike Pompeo, Robert O’Brien, Keith Kellogg, Mike Pence’s, Hillary Clinton, they’ve, ”, –, David Cameron, Antony Blinken, Cameron, Jens Stoltenberg, Jim Lo Scalzo, Stoltenberg’s, Victoria Coates, Stoltenberg, ” Coates, nodded, James Carafano, “, it’s, “ He’s, Mike Johnson, Vladimir Putin, Volodymyr Zelensky Organizations: CNN, White, NATO, Ukraine, Trump, of National Intelligence, National, European Union, Republican, Russian Central Bank, EU, British, Heritage Foundation, Heritage, GOP, Putin Locations: Washington, Russia, European, Europe, Ukraine, Brussels, West, Russian, South Florida, Brexit, ”, Washington ,, “

☆ Meet the woman who engineered Russia's wartime economy and helped secure another term for Putin
▼ + stars: | 2024-04-02 | by ( Huileng Tan | ) www.businessinsider.com time to read: +12 min

Russian central bank governor Elvira Nabiullina has played a key role in stabilizing Russia's sanctions-hit economy. It's also aimed at the woman behind him: Elvira Nabiullina, the country's central bank governor, who plays a chief role in keeping Russia's wartime economy ticking. At the time, she was the first woman to lead a Group of Eight, or G8, central bank. In 2015, Euromoney, a finance trade publication, named Nabiullina Central Bank Governor of the Year. In December, she issued a warning that Russia's economy was at risk of overheating.

Persons: Elvira Nabiullina, —, Putin, It's, Nabiullina, Daniel McDowell, McDowell, wined, Christine Lagarde, Nabiullina —, Richard Portes, Portes —, Portes, Anders Åslund, Åslund, Leo Tolstoy, Fyodor Dostoevsky, Franz Kafka, Yaroslav Kuzminov, Kuzminov, Nabiullina's, Alan Harvey, Herman Gref —, Central Bank Governor Elvira Nabiullina, Maxim Shemetov, Michel Camdessus, she's, isn't, Sergei Aleksashenko, Alexei Makarkin, Vladimir Pesnya, Nabiulina, let's Organizations: Ukraine, Service, Russian, KGB, Syracuse University, Kremlin, International Monetary Fund, US, London Business School, Moscow Times, Bloomberg, Higher School of Economics, —, Moscow State University, SNS, USSR, Industrial Union Board, Gref, Central Bank Governor, Nabiullina Central Bank Governor, Banker, Central Banker, IMF, Monetary Fund, Financial Times, Government, Political Technologies, Wall Street Journal, RBC, Politico Europe Locations: Russian, Ukraine, Russia, Brussels, Nabiullina, Swedish, Moscow, Ufa, Central Russia, Tatars, Crimea, Euromoney, Europe, steadying

☆ Russia says its economy is off to a — mostly — roaring 2024
▼ + stars: | 2024-04-02 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

The Central Bank of Russia is maintaining a 16% interest rate due to a thriving economy. AdvertisementRussia's economy is running so hot the Central Bank of Russia is holding rates at 16% to keep inflation in check. Even the Russian central bank appeared to be taken aback by how well the economy was doing. Consumer sentiment is also positive and people are increasingly inclined to make large purchases, according to the Russian central bank. On Friday, Russia's central bank said it sees limited options other than the Chinese yuan for its reserves.

Persons: —, Elvira Nabiullina Organizations: Central Bank of Russia, Service, International Monetary Fund Locations: Russian, Ukraine, Russia, Russia's

☆ 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

WASHINGTON (AP) — For over a month, House Speaker Mike Johnson has sat on a funding package that would send desperately needed ammunition and weaponry to Ukraine, mulling how best to gain a grasp of what is expected to be a difficult lift in the House. The Republican speaker has indicated he will attempt to push for approval of tens of billions in wartime funding for Ukraine, as well as Israel, once the House returns in April. “We'll turn our attention to it and we won't delay on that,” the Louisiana representative said of the Ukraine package at a news conference last week. Rep. Marjorie Taylor Greene, a far-right Republican from Georgia, has filed a motion to vacate Johnson as speaker and warned him not to put Ukraine funding on the House floor. Before becoming speaker, Johnson was deeply skeptical of approving funding for Ukraine and voted repeatedly against it.

Persons: Mike Johnson, “, Johnson, Gregory Meeks, Marjorie Taylor Greene, ” Greene, ” Johnson, Ronald Reagan, ”, Michael McCaul, Greene, Don Bacon, Shelby Magid Organizations: WASHINGTON, Republican, Ukraine, NATO, Rep, House Foreign Affairs Committee, Capitol, Senate, Kyiv, Republicans, Democrats, Senior Republicans, House Foreign Relations, CBS, House, Eurasia Center, Atlantic Council Locations: Ukraine, Israel, Louisiana, Russia, Kyiv, Georgia, Gaza, Washington, “, Europe

☆ 3 ways Russia's war-time economy is set to weaken after a surprisingly strong 2023
▼ + stars: | 2024-03-25 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

Read previewRussia's economy is set to weaken this year, according to researchers from Finland's central bank. Russia won't be able to maintain the surprisingly strong growth it saw, the Bank of Finland's Institute for Emerging Economies said in a recent report. That's a stark contrast from what Russia saw last year, with its economy growing 3.6%, according to Russia's federal statistics service. Russia's long-term potential growth rate, in particular, has been reduced by the shift to a wartime economy," the report said. AdvertisementThe report pointed to three areas of the Russian economy that could take a hit.

Persons: — Organizations: Service, Bank of Finland's Institute, Emerging Economies, Business, Russia, Ukraine, United Nations, Russian Academy of Science's Institute of Economics Locations: Russia, Russian, Ukraine, Moscow

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