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Russian officials have estimated that the economy will decline by the end of 2022 by 8.8 percent, according to the Defence Intelligence of Ukraine. Under the most optimistic scenarios for Russia, oil production would decline by 9.3% and gas production by 5.5%. Exports would also fall by
Economy
Because of the sanctions, Russian textile processors were left almost without raw materials. Now it is necessary to increase the collection of old clothes by seven times, similar to the system of collection of waste paper, but it will take years, say market participants.
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Hungarian energy group MOL, which is one of the largest in Eastern Europe, began preparations for the modernization, allowing its three refineries to process exclusively non-Russian oil, Financial Times reports. Hungary is currently the country blocking the sixth package of EU sanctions against Russia for its invasion of Ukraine that
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President of the European Commission, Ursula von der Leyen, posted a picture on Twitter of her wearing a traditional Ukrainian vyshyvanka on Vyshyvanka Day as a sign of support and solidarity with the Ukrainian people.
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On May 18, American pharmaceutical company Bristol-Myers Squibb (BMS) began the process of transferring the Russian business to its partner in Central and Eastern Europe – Swixx BioPharma. BMS will also suspend all clinical trials in Ukraine, Belarus, and Russia. Employees of the Russian division of BMS were offered to transfer
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The British Government has introduced new sanctions against the Russian airline industry. The list includes state-owned "Aeroflot", as well as "Ural Airlines" and "Russia". Russian air carriers will now not be able to sell their unused seats at UK airports.
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India seeks alternative suppliers of military gear and ammunition including domestic firms and eastern European nations, as Moscow is fighting a war with Ukraine and facing sanctions, Reuters reports. New Delhi has long talked of diversifying the suppliers to its huge armed forces, and even making more equipment at home,
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The International Basketball Federation (FIBA) has decided: * No FIBA Official Basketball Competitions are to be held in Russia or Belarus; * Russian and Belarus teams to be withdrawn from FIBA competitions including World Cup competitions; * Teams representing Russian or Belarusian clubs or cities, as well as Russian and Belarusian players, are
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The arrest of the bank account by the authorities does not allow the company to pay its staff or fulfill its financial obligations, WSJ reports. Most of Google’s Russian employees opted to leave the country and continue to work for Google outside Russia, with a large number ending up
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The Finnish gas company Gasum, contrary to the demands of Russia, refused to pay for Russian gas in rubles.
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PPF Investment Group which owns Home Credit Bank is selling its Russian assets and subsidiaries to a group of investors led by Ivan Tyryshkin. This is indicated in a statement of the financial group. In addition to the sale of Home Credit's Russian operations, the investment group'
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The discussion focused on the situation at the frontline, the continuation of pressure on Russia, the strengthening of sanctions and the prospects for peace, Zelenskyy wrote in his Twitter. Earlier Ukrainian Foreign Minister Kuleba said that Germany could make the right decision and lead Ukraine's accession to the