Economy

Worldwide

Ukraine to Join EU Sanctions Over Destabilization of Moldova

Ukraine, along with several other states aspiring to become members of the European Union, has informed the EU Council of its intention to join the sanction regime related to the destabilization of Moldova [https://www.consilium.europa.eu/en/press/press-releases/2023/06/29/statement-by-the-high-representative-on-behalf-of-the-eu-on-the-alignment-of-certain-countries-concerning-restrictive-measures-in-view-of-actions-destabilising-the-republic-of-moldova/] . The announcement was made by

Worldwide

Carlsberg Signed an Agreement to Sell its Russian Business

Beer giant Carlsberg Group has signed an agreement for the sale of its Russian business, the company announced in a statement [https://www.carlsberggroup.com/newsroom/carlsberg-sells-its-russian-business-subject-to-regulatory-approvals/] . The company does not disclose the buyer or the price of the deal yet. At the same time, the company added that the

Worldwide

General Electric to Stop Servicing Gas Turbines at Russian Thermal Power Plants

General Electric (GE) will not be able to continue servicing gas turbines at TPPs with a total capacity of 5 GW in Russia because of sanctions, Kommersant reports. Extended U.S. sanctions came into force on June 18, banning U.S. companies from providing engineering services in Russia. A service

Worldwide

Russia Takes Over the Bosch Plant

The Russian plant of Bosch was taken over by the state entity NAMI, which has acquired a 100% stake in a factory producing antilock brakes and other systems for cars, which previously belonged to German technology group Robert Bosch. NAMI is actively buying up assets of global automakers that left

Worldwide

Mondelez to Have the Russia Business Stand-Alone

Mondelez, which produces such sweets as Milka and Oreo, has announced that it will have the Russian business stand-alone by the end of the year, the company announced in a statement [https://www.mondelezinternational.com/News/Statement-on-our-Operations-in-Russia] . Mondelez emphasized that it has been condemning Russia's brutal aggression against

Worldwide

Nordic Countries Boycott Mondelez, the Manufacturer of Oreo and Milka

Scandinavian countries are boycotting the products of Mondelez International, the manufacturer of snacks and chocolate, because of its presence in Russia. SAS and Norwegian Air, railway group SJ, hotel chain Strawberry, retail chain Elkjop, shipping group Fjord Line and the Norwegian Football Association have recently announced that they would stop

Worldwide

European Central Bank Urged Raiffeisen and UniCredit to Withdraw from Russia

The European Central Bank continues to put pressure on banks in the eurozone, urging them to curtail business in Russia as soon as possible. More than a year after Russia began invading Ukraine, several European banks, including Austria's Raiffeisen Bank International and Italy's UniCredit, are still

Worldwide

SAS Airlines Suspends the Sale of All Mondelez Products

Scandinavian Airlines (SAS) has suspended the sale of all products of food giant Mondelez due to the fact that the company is on the Ukrainian list of "sponsors of war," Borsen reports. Mondelez owns such brands as Freia, Toblerone, and Daim. It has three plants in Russia, and

Worldwide

EU Ambassadors Agreed on the 11th Package of Sanctions Against Russia

European Union ambassadors agreed on the 11th package of sanctions against Russia, which includes measures aimed at counteracting the circumvention of existing restrictions and individual listings. > #COREPER [https://twitter.com/hashtag/COREPER?src=hash&ref_src=twsrc%5Etfw] II | Today, the EU Ambassadors agreed on the 11th package

Worldwide

The UK Extends Sanctions Against Belarus for Supporting Russia

The British government has announced the expansion of sanctions against Belarus for its support of Russia. The decision underscores the active role played by Lukashenko's regime in aiding Russian military efforts and disregarding the territorial integrity of Ukraine. The new package of measures is aimed at intensifying economic

Worldwide

Swedish Hygiene Product Manufacturer Essity Ceases Operations in Russia

Swedish company Essity, known for its personal hygiene products and the brands Zewa and Libresse, has announced the complete cessation of its operations in Russia. Consequently, these brands will no longer appear on the shelves of Russian supermarkets. Essity made the decision to exit the Russian market and sell its

Worldwide

Canada Confiscates Russian An-124 Cargo Aircraft in Favor of Ukraine

Canada has confiscated a transport aircraft, the An-124, owned by the Russian company Volga-Dnepr, which has been stationed in Toronto since last year. The Canadian government intends to transfer the aircraft to Ukraine. Prime Minister Justin Trudeau made this announcement during his visit to Kyiv on Saturday, June 10. The