Business
Russia reveals the most ‘painful’ sanctions
Cross-border transactions and the freezing of Russian assets remain the most acute problems for the financial sector, Elvira Nabiullina says
Confiscating Russian assets would be ‘cataclysm’ for dollar – Nobel Prize winner
The dollar’s standing as a reserve currency would be shattered if the West confiscates frozen Russian assets, economist Robert Shiller says
Biden is destroying the dollar – Russia’s top MP
Washington is depriving itself of its last advantage by using the dollar as a political tool, Russian State Duma Speaker Volodin has said
Foreign firms freeze work on Russia’s Arctic gas project – media
French, Chinese, and Japanese firms have halted participation in Arctic LNG 2 due to US sanctions, Kommersant reports, citing sources
Russia to ignore Western sovereign credit ratings when lending
Moscow will not take Western credit ratings into account when lending funds to other countries
West ‘seriously underestimated’ Russia’s economic clout – report
Western sanctions on Russian exports have backfired, leading to a destabilization of global markets, researchers say
Russia may switch to rubles in trade with Italy
Italy and Russia may start using rubles in trade settlements by February 2024, the president of the Italian-Russian Chamber of Commerce says
Rosbank to buy Societe Generale’s assets in Russia
Russian lender Rosbank received permission to buy out local assets that belong to its former controlling shareholder Societe Generale
Oil producers stick with OPEC despite Angola’s exit
Iraq, Nigeria, and Congo have affirmed their commitments to OPEC after Angola quit amid a dispute over production quotas
Russia boosting oil exports to Asia – Transneft
This year, Russia exported a record amount of crude to China and India, Transneft’s CEO has revealed
German industry warns coal phase-out may take a while
Berlin’s plan to phase out coal-fired power plants by 2030 are likely to fail, lobby chief Siegfried Russwurm has warned
Workforce deficit in Russia reaches nearly five million – report
The Russian labor market is facing a shortage of skilled workers, which an economist says is stalling economic growth
Welsh shops and pubs facing higher taxes
Wales has announced a raft of cuts to public services to cope with surging inflation
Red Sea crisis runs risks of new inflation
Extended disruptions of shipping via the Suez Canal are expected to send prices for goods soaring and have a major impact on global trade
Germans spending less this Christmas – retail association
German consumer sentiment is dipping due to economic uncertainty, retail calculations show
Share of yuan in global payments rising – SWIFT
The Chinese yuan has surged past the Japanese yen as the fourth most used currency in global payments, statistics show