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Global banking experts believe Russia's economy will shrink 15% by the end of the year – and a further 3% in 2023 – due to Western sanctions, a mass exodus of companies and a collapse in exports. The figures could be even worse if Europe fully weans itself off Russian
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The country's government has imposed new sanctions on the Russian oil, gas and chemical industry, with the companies banned from providing construction, transportation, consulting and accounting services. This was reported on the website of the Canadian government.
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The Chinese company Huawei has begun closing its official outlets in Russia. Currently, four of the 19 stores have stopped working, and more stores will be closed in the next few months, according to Russian media.
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> “As a result of the changes to the economic outlook and the impact on our business in Russia, we have made the decision to significantly scale down our operations in Russia,” the company said in an emailed statement, reported by Bloomberg. The company noted that more than 400 employees
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This was stated in a resolution on EU foreign and security policy and defence policy "following Russia's war of aggression against Ukraine," adopted by European MEPs at a plenary meeting in Strasbourg on Wednesday, 8 June. 438 parliamentarians voted in favor of the resolution, 65 voted
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New Zealand has imposed sanctions against Gazprom and more than 40 other companies in Russia and Belarus. > "Russia’s "largest company" (Gazprom – ed.) and dozens of military and industrial corporations that have been sanctioned have been "fuelling" the war in Ukraine," New Zealand
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IBM, one of the world’s largest hardware and software companies, has announced the cessation of its work in Russia. Arvind Krishna, the company’s CEO, said the company does not condone violence or acts of aggression and has therefore stopped selling technology to Russia and cooperating with the Russian
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The list of restrictions includes Rosselkhozbank and Moscow Credit Bank. The sanctions were also imposed on the Belarusian Bank for Development and Reconstruction. Ministry of Foreign Affairs reported that Japan would impose a ban on exports to Russia of goods that contribute to the strengthening of industrial infrastructure.
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Italian oil company Eni S.p.A. and Spanish Repsol S.A. will be able to start shipping oil from Venezuela as early as next month, Reuters reports, citing their own sources. The Biden administration hopes this will help Europe reduce its dependence on Russian oil.
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It is noted that without this information, banks risk being subjected to secondary sanctions and heavy fines. Earlier they also lost access to Refinitiv and Bloomberg servers.
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> "It will include 50 billion cubic meters of LNG imports from the US and Qatar, an additional 10 billion cubic meters on existing pipelines, acceleration of offshore wind turbines and photovoltaic panels representing 25 billion cubic meters," European Commissioner Thierry Breton told Europe 1.
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The International Trade Committee agreed on a one-year suspension of all EU import duties on Ukrainian exports to support the country’s economy amid Russia’s invasion of Ukraine. > “The measures adopted include the full removal of import duties on industrial products, of entry duties on fruit and vegetables,