U.S. Fines Amazon for Crimea Orders
Post

U.S. Fines Amazon for Crimea Orders

The U.S. has fined Amazon for providing goods and services to individuals in Crimea, in violation of U.S. sanctions which prohibit firms from operating on the annexed peninsula. The technology giant was also found to have sold goods to customers based in Iran and Syria, processed orders to people located or employed by embassies of...

Russian Mining Giant Disputes $2Bln Arctic Oil Spill Fine
Post

Russian Mining Giant Disputes $2Bln Arctic Oil Spill Fine

Mining giant Nornickel on Wednesday said it was contesting a fine imposed by the Russian authorities over a massive oil spill in the Arctic that sparked a state of emergency. Nornickel “disputes the amount of environmental damage caused by the diesel leak” calculated by the Russian environmental watchdog, Rosprirodnadzor, the company said in a statement. ...

Central Asian Migrants Worst Hit by Coronavirus Job Losses in Russia
Post

Central Asian Migrants Worst Hit by Coronavirus Job Losses in Russia

Migrant workers were almost twice as likely as Russians to lose their jobs during the coronavirus pandemic, new research has found. Some 40% of Central Asian migrant workers in Russia reported that they were permanently laid off during the quarantine period, according to a survey conducted by the Russian Presidential Academy of National Economy and...

EU Carbon Tax Could Cost Russia 33Bln Euros – RBC
Post

EU Carbon Tax Could Cost Russia 33Bln Euros – RBC

An EU carbon border tax would cost Russian exporters more than five billion euros a year in tariffs, consultants KPMG have told Russia’s leading businesses. At a meeting of the Russian Union of Industrialists and Entrepreneurs — a powerful lobbying business lobbying group — on Monday, KPMG added that the costs could hit 50 billion...

Idle Moscow Stores Reveal Emerging Economic Scars
Post

Idle Moscow Stores Reveal Emerging Economic Scars

A jump in the number of vacated shops and retail spaces in central Moscow following the end of the coronavirus lockdown is the latest sign of the economic damage the pandemic has inflicted on Russia’s businesses. Vacancy rates on some of Moscow’s prime shopping streets have risen to their highest levels in three years, research...

U.K. Designates 25 Russian Individuals in New Rights Sanctions
Post

U.K. Designates 25 Russian Individuals in New Rights Sanctions

Britain on Monday identified 49 individuals and organizations to be sanctioned under a new regime targeting people who violate human rights, 25 of them Russian and 20 Saudis. The Russians are targeted for involvement in the death of lawyer Sergei Magnitsky and the Saudis for the death of the journalist Jamal Khashoggi, the Foreign Office...

Russia Demands $2Bln From Mining Giant Over Arctic Oil Spill
Post

Russia Demands $2Bln From Mining Giant Over Arctic Oil Spill

Russian authorities have demanded mining giant Nornickel make a “voluntary” $2 billion contribution to cover the environmental damage caused by the Arctic’s biggest ever oil spill. In a statement issued Monday, Russia’s environmental agency Rosprirodnadzor assessed the cost of the spillage of 21,000 tons of diesel at 148 billion rubles ($2.1 billion). The agency added...

Yandex and Sberbank Finalize Divorce
Post

Yandex and Sberbank Finalize Divorce

Russian corporate giants Yandex and Sberbank finalized the terms of their long-awaited ‘divorce’ late June, in a major shake-up for the country’s technology, e-commerce and online payments scenes. The breakup came with tech goliath Yandex and Russia’s largest bank, state-controlled Sberbank, announcing an agreement “to reorganize their two joint ventures” — Yandex Market and Yandex...

Denmark Paves Way for Russia’s Nord Stream 2 Restart
Post

Denmark Paves Way for Russia’s Nord Stream 2 Restart

Gazprom’s controversial Nord Stream 2 pipeline overcame another major obstacle to completion Monday, as Denmark granted permission for the pipeline to continue being laid with the use of less technologically advanced ships, potentially negating the impact of U.S. sanctions against the project. The decision could allow Russia to complete the final 120 kilometer stretch of...

Russia’s Top Firms Criticize Government’s Coronavirus Support Package
Post

Russia’s Top Firms Criticize Government’s Coronavirus Support Package

Via The Moscow Times Some of Russia’s largest companies have complained about excessive bureaucracy and administrative hurdles in their attempts to access emergency financial support to deal with business losses from the coronavirus, Russian daily Kommersant reported Thursday. Frustrations are running so high, the paper said, that many businesses are trying to leave the government’s...

Russia Steps Up Hunt To Seize Foreign Assets of ‘Putin’s Banker’
Post

Russia Steps Up Hunt To Seize Foreign Assets of ‘Putin’s Banker’

Via The Moscow Times Mikhail Fridman’s Alfa Group has been hired to recoup millions of dollars in foreign assets from fallen oligarch Sergei Pugachev — a former Russian financier, billionaire and politician dubbed “Putin’s Banker.” Russia’s Deposit Insurance Agency (DIA), an organization tasked with recovering lost deposits from owners of banks which have gone bust,...

Moscow’s Tour Guides Pray for Miracle as Summer Season Ebbs Away
Post

Moscow’s Tour Guides Pray for Miracle as Summer Season Ebbs Away

Via The Moscow Times As countries across Europe gradually ease their coronavirus restrictions, photos of near empty city centers usually awash with tourists at this time of year have flashed across social media.  While not as prone to summer influxes as the likes of Rome, Prague or Barcelona, Moscow is still being affected by the...

Investor Breathes New Life in Major Arctic Coal Project
Post

Investor Breathes New Life in Major Arctic Coal Project

Via The Moscow Times Roman Trotsenko, one of Russia’s richest businessmen, plans to invest 33 billion rubles ($476 million) into a major Arctic coal extraction project, Forbes Russia reported. Trotsenko on June 18 formalized the acquisition of 75% of shares in the Arctic Mining Company and intends to forge ahead with big plans for coal production on the...

Russians Rushing Back to Work as Pre-Virus Life Returns
Post

Russians Rushing Back to Work as Pre-Virus Life Returns

Via The Moscow Times The majority of Russians have stopped working from home and almost immediately returned to offices and workplaces across the country following the relaxation of quarantine measures. Three in four workers who had switched to working from home have now returned, a survey by Work.Ru, cited by business daily RBC, reported Thursday....

Russia Will Raise Taxes on Top Earners, Putin Announces
Post

Russia Will Raise Taxes on Top Earners, Putin Announces

Via The Moscow Times Russia will hike taxes for the country’s top earners from next year, President Vladimir Putin announced in a speech to the nation Tuesday afternoon. In a lengthy address in which Putin discussed Russia’s fight with the coronavirus and hailed the success of the country’s health system in mobilizing for the epidemic,...

Russia Slashes Interest Rates to Record Low
Post

Russia Slashes Interest Rates to Record Low

Via The Moscow Times Russia’s Central Bank has slashed interest rates to their lowest-ever level in a bid to support the economy as it emerges from the coronavirus pandemic. In a move widely expected by financial markets, the Central Bank cut a full percentage point off Russia’s key rate to bring it down to 4.5%....