Russians liquidating crypto in the UAE as they seek safe havens
Crypto firms in the United Arab Emirates (UAE) are being deluged with requests to liquidate billions of dollars of virtual currency as Russians seek a safe haven for their fortunes, ...
Russia’s attack on Ukraine halts half of world’s neon output for chips
Ukraine’s two leading suppliers of neon, which produce about half the world’s supply of the key ingredient for making chips, have halted their operations as Moscow has sharpened ...
Deutsche Bank bucks trend as it maintains ties to Russia
Deutsche Bank (DBKGn.DE) said it was not withdrawing completely from Russia, drawing anger from investors and contrasting with Wall Street banks which are severing ties with the country over ...
Petrides concerned over energy, grain prices and stagflation
The rise in energy and grain price levels due to the war in Ukraine, but also the possibility of stagflation are his main concerns Finance Minister Constantinos Petrides said on ...
Fallout of Ukraine war exposes Turkey’s vulnerable economy
President Tayyip Erdogan’s wager that Turkey could ride out an inflation and currency shock with low rates and reserves has all but collapsed, after the fallout from the war ...
Cyprus post-programme monitoring to focus on sanctions on Russia and their impact
The sanctions against Russia following its invasion in Ukraine and the potential impact on the Cypriot economy will be one of the main issues to be discussed in the context ...
Russia’s rich look to stash wealth in Dubai
Rich Russians are trying to shift some of their wealth from Europe to Dubai to shield assets from a tightening wave of Western sanctions on Russia over its invasion of ...
Seized or sailing away: What we know about oligarchs and their assets
The latest on Russia’s oligarchs and their assets:
ALISHER USMANOV
Alisher Usmanov, 68, metals and telecoms tycoon with an estimated $16.2 billion net worth has been sanctioned by the United States ...
Cyprus Business Now
Justice Minister Stefi Drakou on Thursday held a meeting with Institute of Certified Public Accountants (Selk) president Pieris Markou, with their discussion focusing on the implementation of the anti-corruption legal ...
EP calls for a revoke of golden passports
By George Pirishis
The EU sanctions against Russia do not exclude the “golden passport” and “golden visa” programmes since a legislative initiative report of the European Parliament calls on the ...
Chelsea sale halted after sanctions against owner Abramovich
European champions Chelsea are now effectively controlled by the British government after sanctions were imposed against Russian owner Roman Abramovich on Thursday.
Abramovich, who had been under scrutiny following Russia’...
Ukraine war damage tops $100 billion so far
kraine’s top government economic adviser Oleg Ustenko said on Thursday that invading Russian forces have so far destroyed at least $100 billion worth of infrastructure, buildings and other physical assets.
...
Russia, Belarus squarely in ‘default territory’ on billions in debt
Russia and Belarus are edging close to default given the massive sanctions imposed against their economies by the United States and its allies over the war in Ukraine, the World ...
The week inflation became entrenched
By Maria Demertzis
The events that have unfolded since 24 February have solved one dispute: inflation is no longer temporary.
There are four reasons to expect sustained inflationary pressures and one ...
Russian economy in ‘shock’ from unprecedented economic war – Kremlin
The Kremlin said on Thursday that Russia’s economy was experiencing a shock and that measures were being taken to soften the impact of what it described as an “absolutely ...
S&P downgrades RCB because of sanctions (updated)
Rating agency Standard & Poor’s on Thursday downgraded RCB Bank’s long-term issuer rating from BB- to B+ and placed the bank on negative watch, citing the lack of ...
Putin signs law on using rainy-day fund to buy OFZ bonds, stocks
Russia’s President Vladimir Putin has signed a law on using the country’s rainy-day National Wealth Fund to buy OFZ government bonds and stocks, the RIA news agency reported ...
Food crisis grows as spiralling prices spark export bans
A global food crisis sparked by Russia’s invasion of Ukraine escalated on Wednesday as Indonesia tightened curbs on palm oil exports, adding to a growing list of key producing ...
Hellenic Bank and Etyk talks end in deadlock
The discussion between Hellenic Bank and the Cyprus Union of Bank Employees (Etyk) have broken down, resulting in the bank now seeking mediation from the Department of Labour Relations.
“It ...
Cyprus Business Now
RCB Bank announced on Tuesday that it has donated €50,000 to the Cyprus Red Cross Society (CRCS) in support of the organisation’s relief and humanitarian efforts on the ground for ...
January fiscal surplus up on last year
The government posted a higher fiscal surplus this January compared to the same month last year, preliminary data show.
In January 2022 the general government’s surplus came to €227.7 million (or 0.9 ...
Russian rouble drops to record lows amid fresh sanctions
Russia’s rouble tumbled to record lows in onshore trading on Wednesday despite measures by Moscow to shore up its battered economy and safeguard hard currency availability amid fresh economic ...
Kremlin tells United States to await response to ‘economic war’
The Kremlin accused the United States on Wednesday of declaring an economic war on Russia that was sowing mayhem through energy markets, and it put Washington on notice it was ...
Makers of basic necessities face ‘tradeoff’ supplying Russia with cookies, soap
Makers of everyday staples from Pampers diapers to Dove soap are walking a fine line by continuing to sell their products in Russia, as pressure grows on multinational companies to ...