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Serbia Will Stop Importing Russian Oil from November
Starting from November, Serbia will not be able to receive Russian oil due to EU sanctions against oil tanker deliveries from Russia, the President of Serbia Oleksandr Vučić stated.
Economy
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Bosch Plans to Sell Its Plants in Russia
German household appliance manufacturer Bosch plans to sell two plants in Russia, Russian media report. The two plants are located near St. Petersburg. The Russian structure of Bosch is looking for buyers for its businesses located in the village of Strelna. The enterprises received most of the components from the
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Volga-Dnepr to Lay Off Over 200 Boeing Pilots
Volga-Dnepr Group, Russia's largest group of cargo airlines, will fire more than 200 Boeing pilots of its subsidiary airlines AirBridgeCargo and Atran. The cargo carrier can no longer maintain the Western-made Boeing fleet as international sanctions remain in place. The company retained only a few crews in case
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E.ON Has Slashed Its Stake in Nord Stream 1 by €700m
Europe's largest operator of energy networks E.ON has reduced the value of its stake in the Nord Stream 1 pipeline by around 700 million euros due to uncertainty over the impact of Russia's war in Ukraine, Reuters reports. E.ON Chief Executive Leonhard Birnbaum told
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Yandex Shuts Down Food Delivery Services in Europe
Yandex has shut down its food delivery services in Europe, Forbes says. The company is already liquidating its French division. The London business is also closing because Yandex could not find a buyer for the asset. Yandex changed its business model on the French and British markets and is now
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Latvia Suspends Economic Cooperation Agreement with Russia
The Latvian government has suspended a number of intergovernmental agreements with Russia as of August 1, in particular, on economic cooperation. This is indicated in a statement by the country's Foreign Ministry in Latvijas Vēstnesis. Moreover, the Latvian-Russian intergovernmental agreement on the establishment of a commission for economic,
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Sales of New Cars in Russia Dropped by 75% in July 2022
Sales of new cars in Russia dropped by 75% in July compared with the same month last year, the Association of European Businesses (AEB) has reported. In July, sales of new cars and new commercial vehicles in Russia fell by 75% compared to July last year – up to 32,412
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Finnish Energy Company Tampereen Sähkölaitos Stops Buying Russian Oil
Finnish energy company Tampereen Sähkölaitos announced that it had stopped purchasing fuel from the Russian-owned petroleum firm Teboil. Teboil is owned by the Russian company Lukoil.
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Elevator Production in Russia Decreased by 40%
In the first half of 2022, production of elevators in Russia decreased by 41% compared to the same period in 2021. One of the reasons for this is the suspension of businesses or withdrawal of foreign manufacturers from Russia. Another reason is the reduction in the volume of construction in
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Siemens Energy to Withdraw from Russia This Fall
Energy company Siemens Energy has started restructuring its business activities in Russia and intends to finish exiting its assets in Russia by the end of September. At the same time, Siemens Energy may continue to service equipment for the Nord Stream-1 pipeline.
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Purina Stops Production and Sales of Certain Cat and Dog Food in Russia
Pet food manufacturer Purina (part of Nestle) has stopped the production and supply of pet food Gourmet, Darling Dog, Cat Chow, Dog Chow, and Friskies in Russia. The company explained that it had to stop production due to logistical difficulties with the supply of raw materials. However, the Purina One,
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Coffee Producer Tchibo GmbH Exits Russian Business
The German company Tchibo GmbH, which is the fourth coffee producer in the world, has exited the Russian business. The company, which has moved to the local top management, may continue supplying Tchibo and Davidoff brands of coffee until the end of the year, but then it should start supplying