Alpha oligarch Mikhail Fridman was unable to pay the £200 bill after a minor surgery, Times reports. Bank cards of Fridman are blocked.
Fridman and Petr Aven have previously stepped down from London-based investment group LetterOne after the EU imposed sanctions.
Their stakes will be frozen, with no rights as shareholders or dividends.
Fridman says that sanctions against oligarchs make no sense because they have zero influence on Putin’s decisions, and it’s true.
On the other hand, it’s also true that Russia is where it is not only because of Putin.
Fridman and Petr Aven have previously stepped down from London-based investment group LetterOne after the EU imposed sanctions.
Their stakes will be frozen, with no rights as shareholders or dividends.
Fridman says that sanctions against oligarchs make no sense because they have zero influence on Putin’s decisions, and it’s true.
On the other hand, it’s also true that Russia is where it is not only because of Putin.
Russia had paid $117 million in coupon payments on Wednesday on two dollar-denominated sovereign bonds.
The funds had yet to be received by holders of the bonds, but it looks like Russia will be given an opportunity to manage its sovereign debt in spite of severe financial sanctions.
This is a good sign actually. We strongly oppose any long-term Western plans to turn Russia into a pariah unless Kremlin chooses so.
If the military part of the Ukranian conflict is over by May, then there will be a possibility of restoring some Western businesses in Russia, too.
The vast majority of them are planning to return.
The funds had yet to be received by holders of the bonds, but it looks like Russia will be given an opportunity to manage its sovereign debt in spite of severe financial sanctions.
This is a good sign actually. We strongly oppose any long-term Western plans to turn Russia into a pariah unless Kremlin chooses so.
If the military part of the Ukranian conflict is over by May, then there will be a possibility of restoring some Western businesses in Russia, too.
The vast majority of them are planning to return.
Konstantin Ernst, CEO of state-owned First Channel, is leaving the Board of Directors of MTS, one of Russia's telecom giants. Ernst has been sanctioned by UK, EU and Canada.
We guess that a lot of poor Russians are happy with sanctions and their effect on some of the country's riches.
The West has done what they were expecting Kremlin to do for years.
We guess that a lot of poor Russians are happy with sanctions and their effect on some of the country's riches.
The West has done what they were expecting Kremlin to do for years.
Elvira Nabiullina will be the Head of Bank of Russia for another five years.
She is not happy with it, but there is a good Russian saying: enter is one rouble, exit is two. She just cannot leave, that’s it.
She is not happy with it, but there is a good Russian saying: enter is one rouble, exit is two. She just cannot leave, that’s it.
Returning to the calculations of Branco Milanovic on the amount of Russian private billions stacked in the West — there are also about $213bln in Switzerland.
So, there is no need for Putin or anyone else to look for “traitors” and “fifth column” elsewhere when about $1trln of money from Russia is in the US and Europe.
The problem is clear, it’s just about changing the model.
So, there is no need for Putin or anyone else to look for “traitors” and “fifth column” elsewhere when about $1trln of money from Russia is in the US and Europe.
The problem is clear, it’s just about changing the model.
Uzbekistan’s MFA totally disapproved Russia’s actions in Ukraine:
“The military actions and violence must be stopped right away. We do not recognize the Luhansk and Donetsk republics“.
China has greatly enhanced its positions in former Asian Soviet republics.
Russian analysts often fail to understand that China isn’t interested in a decisive Russian military victory in Ukraine.
Chinese strategy is to keep Russia weak, but not dead.
“The military actions and violence must be stopped right away. We do not recognize the Luhansk and Donetsk republics“.
China has greatly enhanced its positions in former Asian Soviet republics.
Russian analysts often fail to understand that China isn’t interested in a decisive Russian military victory in Ukraine.
Chinese strategy is to keep Russia weak, but not dead.
Russian crude oil in the US
Roughly half of the oil that the U.S. had been importing from Russia was going to the West Coast.
West Coast refiners had been taking Russian crude that is shipped out of the port of Kozmino on the country’s eastern side on the Pacific Ocean.
Another quarter of that oil, roughly 50,000 barrels a day, was going to the East Coast.
The remaining quarter often ended up in the Gulf Coast, it is mostly Urals.
There won’t be any disruption of operations in American fuel making because of the embargo implemented by Biden against Russian oil imports. Still, the prices are going up and will probably continue to do so.
Here’s why.
Roughly half of the oil that the U.S. had been importing from Russia was going to the West Coast.
West Coast refiners had been taking Russian crude that is shipped out of the port of Kozmino on the country’s eastern side on the Pacific Ocean.
Another quarter of that oil, roughly 50,000 barrels a day, was going to the East Coast.
The remaining quarter often ended up in the Gulf Coast, it is mostly Urals.
There won’t be any disruption of operations in American fuel making because of the embargo implemented by Biden against Russian oil imports. Still, the prices are going up and will probably continue to do so.
Here’s why.
Russian oil has been mostly imported by the US to keep its isolated coastal refineries running at optimal levels because of The Jones Act, passed a century ago.
It has limited the size of vessels that are allowed to transport goods between U.S. ports. It isn’t profitable to ship oil to the West Coast or elsewhere by small ships, imports make more sense.
American refineries need different grades of crude with a higher sulfur content to make fuel at top capacities.
They were designed decades ago to use heavier grades of crude, often with higher levels of sulfur.
You cannot replace Russian oil instantly with crude from Iran or Venezuela because the levels of sulfur and grades of crude differ. Refineries do not work that way.
So, for now the option is to replace Russian oil with similar grades of crude from Gulf of Mexico or other countries.
It is taking time, the prices of petroleum are going up. Nothing critical, but our hawks who want to instantly destroy Russian oil exports need to chill.
It has limited the size of vessels that are allowed to transport goods between U.S. ports. It isn’t profitable to ship oil to the West Coast or elsewhere by small ships, imports make more sense.
American refineries need different grades of crude with a higher sulfur content to make fuel at top capacities.
They were designed decades ago to use heavier grades of crude, often with higher levels of sulfur.
You cannot replace Russian oil instantly with crude from Iran or Venezuela because the levels of sulfur and grades of crude differ. Refineries do not work that way.
So, for now the option is to replace Russian oil with similar grades of crude from Gulf of Mexico or other countries.
It is taking time, the prices of petroleum are going up. Nothing critical, but our hawks who want to instantly destroy Russian oil exports need to chill.
France had frozen the assets of the Russian Central Bank worth 22bln euro.
Thirty Russian individuals owned in France property totally worth half a billion euro that have also been frozen.
This is indeed a transfer of wealth of unheard proportions.
Thirty Russian individuals owned in France property totally worth half a billion euro that have also been frozen.
This is indeed a transfer of wealth of unheard proportions.
Elizaveta Peskova, daughter of Putin's press-secretary Dmitry Peskov, is very upset with the sanctions imposed on her:
"For me, it's totally unfair and unfounded. I was really surprised because it's weird introducing sanctions on someone who is 24 years old and has nothing to do with the situation".
They are not able to think about changing the country for better even now.
Go to Grozny, Ms.Peskova. That's where you belong.
"For me, it's totally unfair and unfounded. I was really surprised because it's weird introducing sanctions on someone who is 24 years old and has nothing to do with the situation".
They are not able to think about changing the country for better even now.
Go to Grozny, Ms.Peskova. That's where you belong.
Russian oil has become quite toxic.
Some oil traders are avoiding doing business with Russia even though Russian oil exports have largely not been sanctioned yet.
Traders willing to buy Russian oil are having problems as banks are very reluctant to issue letters of credit or transfer money to Russia, and more difficulties are yet to come.
Urals has always traded at a small discount to Brent because of its higher sulphur content, but usually this discount was $2 per barrel.
It now stands at close to $30.
Some oil traders are avoiding doing business with Russia even though Russian oil exports have largely not been sanctioned yet.
Traders willing to buy Russian oil are having problems as banks are very reluctant to issue letters of credit or transfer money to Russia, and more difficulties are yet to come.
Urals has always traded at a small discount to Brent because of its higher sulphur content, but usually this discount was $2 per barrel.
It now stands at close to $30.
As Russian push for self-sufficient economy fails before Western sanctions, some of the country’s industries are going through hard times.
Material inflation and dramatic raise of the key rate by the Bank of Russia from 9.5% to 20% have created immediate problems for Russia’s construction industry.
A lot of people have already lost their jobs, new projects are being canceled or postponed. Most definitely the construction moguls will look for money from the state.
This might also be an interesting case because of the massive use of Tajik and Uzbek migrants on constructions sites in Russia.
Material inflation and dramatic raise of the key rate by the Bank of Russia from 9.5% to 20% have created immediate problems for Russia’s construction industry.
A lot of people have already lost their jobs, new projects are being canceled or postponed. Most definitely the construction moguls will look for money from the state.
This might also be an interesting case because of the massive use of Tajik and Uzbek migrants on constructions sites in Russia.
The IT-sector in Russia faces, perhaps, its worst crisis ever.
Our sources in American agencies believe the exodus of major IT-providers and Russia’s own skilled workers will set the industry years, if not decades back.
Russian government has taken measures like provision of tax advantages and soft loans for employees in IT-sector, including preferential mortgages. They won’t stop the deterioration of the sector.
The majority of Western IT-products do not have Russian analogues, so even the use of pirated software will not enable upgrades of the majority of crucial IT systems.
IT-sector could be one of the few competitive industries in the country.
Our sources in American agencies believe the exodus of major IT-providers and Russia’s own skilled workers will set the industry years, if not decades back.
Russian government has taken measures like provision of tax advantages and soft loans for employees in IT-sector, including preferential mortgages. They won’t stop the deterioration of the sector.
The majority of Western IT-products do not have Russian analogues, so even the use of pirated software will not enable upgrades of the majority of crucial IT systems.
IT-sector could be one of the few competitive industries in the country.
The lasting Russian operation in Ukraine is slowly becoming a liability to Beijing both politically and economically.
Sanctions on Russia are disrupting Silk Road Rail Corridor. Rail traffic running from China to the Europe through Kazakhstan, Russia and Belarus is a key element in the Belt and Road Initiative.
BRI is also a matter of personal prestige to Xi Jingping.
The disruption of freight traffic is causing significant financial losses for Kazakhstan which is an important hub in BRI.
Beijing welcomes the further weakening of Russia, but the symbolic, economic and geopolitical consequences of the operation in Ukraine would take their toll on China, too.
Sanctions on Russia are disrupting Silk Road Rail Corridor. Rail traffic running from China to the Europe through Kazakhstan, Russia and Belarus is a key element in the Belt and Road Initiative.
BRI is also a matter of personal prestige to Xi Jingping.
The disruption of freight traffic is causing significant financial losses for Kazakhstan which is an important hub in BRI.
Beijing welcomes the further weakening of Russia, but the symbolic, economic and geopolitical consequences of the operation in Ukraine would take their toll on China, too.
Vladimir Putin replaced about 1,000 personal staff members in February over fears that they would poison him, according to the report of Daily Beast.
Our sources couldn't confirm it, but it makes a perfect sense considering where Putin mentally is.
Our sources couldn't confirm it, but it makes a perfect sense considering where Putin mentally is.
While the initial Russian campaign in Ukraine is slowly culminating without achieving its objectives, Sergei Shoigu hasn't been seen in public for almost two weeks. This is certainly not normal in current situation.
Who will bear more responsibility - Army or FSB?
Who will bear more responsibility - Army or FSB?