The European Union (EU) extended for a further six months, until 31 July 2024, the economic sanctions it has imposed on Russia for the occupation of Ukraine.

The 27 began to implement punitive measures against Moscow since the annexation of Crimea in 2014, but increased them after the large-scale invasion of Ukraine on 24 February 2022, affecting various sectors of the economy, such as the financial, industrial, military and transport sectors.

The EU has thus excluded 10 Russian banks from the international SWIFT system, making it difficult for them to access foreign currencies and transfer assets abroad.

Among the main economic sanctions are also the agreement to set limits on the price of Russian diesel and other petroleum products sold by the bloc to third countries or the ban on imports of Russian diamonds into the EU, a measure that will be implemented gradually and will be fully in force by September this year.

The measures also prohibit the export to Russia of dual-use goods, particularly those that Moscow has used on the battlefield.

Since the start of the large-scale invasion, the bloc has also vetoed the EU broadcasting of Kremlin-affiliated Russian media such as RT and Sputnik.

“As long as the illegitimate actions of the Russian Federation continue to violate the prohibition on the use of force, which constitutes a serious breach of obligations under international law, all measures adopted by the EU should remain in force and additional measures should be taken if necessary”, the EU Council said in a statement.

Since February 2022, the EU has approved 12 packages of sanctions against Russia and is already preparing the 14th, focused mainly on preventing Moscow from evading punitive measures, according to EU sources.

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Source: Descifrado

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As the war between Russia and Ukraine continues, some rich Russians continue to transfer their money to Switzerland. This was revealed by an investigation made public on September 14.

Among the wealthy people who have been mentioned in this report by the Tamedia media group are “the daughter and partner of Alexander Ponomarenko, director of Mosvodokanal, the company that supplies drinking water to the Moscow agglomeration.”

These Russians have deposited millions in Switzerland, “even after the war started,” according to documents analyzed jointly with a “Zurich asset manager that appeared on the dark web after a cyberattack.”

It is important to note that in March 2022, Switzerland’s ban on its banks “from accepting deposits of more than 100,000 Swiss francs ($110,000) from Russian citizens” was in force.

However, Tramedia has published that in June 2022, in the midst of the UN complaint in Geneva about the atrocities against civilians in Mariupol, “Ponomarenko’s daughter opened an account at the Reyl bank in Zurich, where she later deposited USD 9.5 million. Five months later, in November, his partner had about USD 26 million deposited in Julius Baer, ​​in addition to USD 4.5 million in the Pictet bank.

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Ukraine will ask for between $12 billion and $14 billion from the United States in 2024 to cover expenses resulting from the Russian invasion and the slow progress of the Ukrainian counteroffensive.

“Talks have not yet been opened. There are many unknowns, and we are not sure that it can be taken for granted,” Ukrainian Finance Minister Serhiy Marchenko said this Monday in statements reported by Bloomberg.

In addition, Ukraine also hopes to obtain an additional credit line of $3.3 billion before the end of the year.

Last week, the Ministry of Defense announced that it would request an extra increase in funding of 251 billion hryvnia in the face of rising military costs.

Marchenko stated that they will meet as soon as possible to address this request, although he has not been “confident” that “all their needs” can be met.

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Source: Bloomberg

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The European Union fulfilled the last formal step to extend for one year, until June 6, 2024, the exemption of tariffs, quotas and other trade barriers planned for imports from Ukraine, a gesture with which the bloc wants to help Kiev to recover their trade routes abroad, weighed down by the Russian invasion.

The measure has been endorsed by the trade ministers of the European Union at a meeting in Brussels and will enter into force on June 6, once it is initialed by the EU institutions and published in the Official Journal of the EU.

“Russia’s unjustified war of aggression against Ukraine has had a devastating impact on the country’s economy,” said Swedish Trade Minister Johan Forssell, whose country holds the rotating EU presidency. while he stressed that the extension is proof of “unequivocal support” for Ukraine but also allows the EU “to protect, if necessary, the internal market from significant increases in agricultural imports.

The exemption that will be maintained for another year includes the total suspension of tariffs for industrial goods, the suspension of entry prices for fruits and vegetables and anti-dumping measures, and includes safeguard measures for steel imports for one year.

From the European Union, moreover, they insist that these measures, together with military, financial and humanitarian support, will help the invaded country in its recovery in the long term.

The EU and Ukraine have had a free trade association since 2016 to promote trade between the two regions, but it is a gradual application agreement and there are still sectors that do not benefit from the principle of “zero quotas and zero tariffs” that with this exemption the EU grants to Ukrainian trade.

Source: dpa

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The Permanent Court of Arbitration in The Hague issued a landmark ruling ordering Russia to pay a record $5 billion in damages to Naftogaz, the state-owned Ukrainian energy company. The ruling stems from the confiscation of Naftogaz’s assets on Ukraine’s Crimean peninsula, which has been occupied by Russia since 2014.

Despite the obstacles raised by Russia in the legal process, the Permanent Court of Arbitration ruled that the Russian Federation must compensate Naftogaz for the confiscation of its assets in Crimea in 2014, the company itself announced in a statement.

The compensation awarded by the court is the highest ever awarded by this international arbitration institution, which was established in 1899 by numerous governments to settle disputes and disagreements between states. More than 120 countries, including Russia, are part of this court, and the compensation was calculated based on the market value of the assets expropriated from Naftogaz at the time of Russia’s annexation of Crimea.

In case Russia does not comply with the court decision, Naftogaz has the option to initiate another procedure to request the embargo of Russian assets in countries that respect the court rulings. This ruling represents an important milestone in the resolution of the dispute between Ukraine and Russia, and highlights the importance of international arbitration as a mechanism to resolve conflicts between States.

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Source: Descifrado

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The president of Russia, Vladimir Putin, admitted that the sanctions received as a result of the military offensive launched against Ukraine “may negatively affect” the evolution of the Russian economy, although he defended that in general terms there is a “positive” trend.

Putin, who met with members of his government, taking stock of the economic situation to emphasize generally positive aspects, even defending that the exit of Western companies from the Russian market has opened up new local “niches” that firms are now trying to take advantage of.

Likewise, the president highlighted the increase in domestic demand as the “main growth factor,” while defending the importance of opening new avenues of trade relations outside the West, according to the TASS news agency.

“Returning to the path of growth should not relax us,” he warned, in a speech in which he pointed out that the “illegitimate restrictions” imposed in the last year could have negative effects “in the medium term.”

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Russian government-backed cybercriminals increased the launch of phishing campaigns targeting Ukraine by 250% and increased the spread of phishing attacks to NATO countries by 300 % by 2022, compared to attacks registered in 2020.

One of the challenges facing Ukraine in the war caused by the Russian invasion is that its government is under constant pressure from various types of cyber-attacks, to gain a “decisive advantage” in wartime in cyberspace.

In this sense, during the course of the war that began on February 24 of last year, Google provided assistance in the field of cybersecurity to Ukraine, which the company itself defines as one of its “most important contributions to date.” “to help this country.

Despite these efforts, however, the tech giant has identified Russian government-sponsored attacks against Ukraine, as well as disinformation operations and findings related to the cybercrime ecosystem.

This was presented by Google in its report entitled “The fog of war: the conflict in Ukraine and the transformation of the cyber threat environment“, where it highlights how Russia has launched “very aggressive” attacks and “in several directions” to obtain advantages in war through cyberspace.

These efforts include campaigns designed to improve intelligence gathering, deploy destructive attacks against victim networks, and take active steps to “shape the information environment” in Moscow’s favor.

Source: dpa

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The Estonian financial control authorities reported on Wednesday the freezing of Russian assets worth 20.1 million euros, more than 90 percent of which belong to two well-known oligarchs, Andrei Melnichenko and Viatcheslav Kantor.

“Frozen funds in credit institutions, financial institutions, bank accounts are about 11.7 million euros,” said one of the heads of the Estonian Financial Intelligence Agency, Laura Aus, who has estimated the funds for taxes and customs frozen on 8.4 million euros.

Melnichenko owns the Eurochem fertilizer company, which operates mainly in the city of Sillamae, near the Russian border, while Kantor owns the DBT company, details the Estonian chain ERR.

Estonian authorities have also reported that high-end electronic equipment has been seized at the border, as well as other luxury goods, such as yachts. The objective, they explain, is to prevent the transfer of goods to Russia that could be used in the military industry, as the sanctions make this type of technology scarce on the other side of the border.

At the moment, no consensus has been reached on how all these frozen funds should be allocated, although there is a part of the international community that defends investing to compensate Ukraine for war damage, valued at 350,000 million euros, according to a recent estimate by the World Bank, the European Commission and the Government of Ukraine.

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Source: dpa

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The United States government announced the imposition of sanctions against Iranian entities for the alleged delivery of drones to Russia and Tehran’s “support” for the “unprovoked war” launched in February by Moscow against Ukraine.

The US Secretary of State, Antony Blinken, indicated that the alleged drones delivered by Iran “are being used by Moscow to attack civilian infrastructure and cities” and stressed that among those sanctioned are “manufacturers” and those responsible for sending these devices.

Thus, he has indicated that among those sanctioned is the Iranian Revolutionary Guard Aerospace Force, which he says “probably helped facilitate the supply of military drones by Iran to Russia,” according to a statement published by the State Department. .

“Qods Aviation Industries, which produces the Mohajer-6, is also designated,” Blinken said, detailing that the third affected entity is “Shahed Aviation Industries Research Center, which produces Shahed drone variants.”

In this sense, the secretary indicated that the latter company produces, among others, the Shahed-136 drone, “used by Russian forces in their recent attacks against kyiv, Odesa and the Kharkov region.” The European Union (EU) and the United Kingdom announced sanctions against the company in October.

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Source: dpa

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The Russian Government estimates that its economy will register a contraction of less than 3% during 2022, while the fall for next year will be less than 1%, according to the latest perspectives released by the country’s deputy prime minister, Andrey Belousov this Monday in the Executive commission in charge of the country’s economy.

The deputy prime minister has indicated that these figures are better than expected and create “good conditions” for the real income of citizens and the tax revenue of the State to grow.

The figures are better than expected despite the context of the war with Ukraine and the sanctions applied by a large part of the developed countries against Moscow. At the end of July, the International Monetary Fund estimated a 6% drop in Russia’s gross domestic product (GDP) this year, while in 2023 the decline would be 3.5%.

In its latest monthly report, released earlier this month, the International Energy Agency explained that through July, Russian crude production had only fallen by 310,000 barrels per day compared to pre-war levels. The country’s production is over 11 million barrels per day.

The Russian economy experienced a year-on-year growth of 3.5% in the first quarter of this year, while in the second quarter it registered a contraction of 4%, according to the latest data released by the Russian statistical agency, Rosstat.

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Source: dpa

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