Business
West eyeing ‘Russian SWIFT’ as sanctions target – Bloomberg
The G7 and EU are studying ways to sanction lenders using the Bank of Russia’s financial messaging system, Bloomberg reports
EU eyes stronger tariffs on Russia – FT
An EU plan to target $46 billion worth of Russian imports could cover food, medicines, and nuclear fuel, according to a report
Macron pressed Canada to ease Russia sanctions – Reuters
The French leader reportedly asked the Canadian PM to allow Airbus to use Russian-produced titanium in manufacturing
Sanctions on Russia ineffective, says Dubai trade-hub chief
Western restrictions have made trade more complex but are largely ineffective, according to Hamad Buamim, chair of Dubai’s main trade hub
EU facing cod shortage due to Russia sanctions – industry leaders
The EU is facing a shortage of cod due to declining stocks and to trade restrictions, according to the Russian fishing industry
Russia’s grain union sharply reduces 2024 harvest forecast
Russia’s grain harvest will amount to 129 million tons due to damage wrought by May frosts
ECB tells banks to ‘get out of Russia’
Italian banks must halt operations in Russia as doing business in the country is causing a “reputational problem,” the ECB has said
G7 fails to finalize plans for tapping Russian assets
The G7 has not reached a consensus on how to get the revenue from frozen Russian central bank assets to Ukraine, Italy has said
Musk blasts US tariffs on China
The Tesla chief executive had previously supported trade barriers on the Asian country’s EVs
China can’t be ignored – JPMorgan
China’s influence on the global economy should not be underestimated, JPMorgan’s regional head has said
EU to target luxury car influx into Russia – FT
The EU is preparing sanctions against Belarus to target the import of luxury cars that are later sold to Russia, the Financial Times reports
Putin orders American Express bank to liquidate
The US credit institution suspended all operations in Russia in 2022 due to Western sanctions
Number of Russian millionaires jumps – data
The number of high-net-worth individuals in Russia jumped by 50% last year compared to 2022, research shows
Davos forum chief quits – media
Klaus Schwab, the founder of ‘Davos’ World Economic Forum, has reportedly quit and is to transition to role of non-executive chairman
ECB rushing banks to quit Russia – FT
The EU regulator has demanded that Eurozone banks still in Russia should speed up their exits due to looming US sanctions, the FT reports
Study finds which countries are most vulnerable to sanctions
The US, Russian and Chinese economies could weather a full trade blockade, while Germany, France and the UK would be badly hurt, study finds