Author: Steven Sahiounie

Belgium’s decision to abandon its push for sanctions on Russian diamonds has sparked controversy within the diamond industry, notably upsetting De Beers, the world’s largest diamond producer. Belgium has decided to abandon its stance of imposing sanctions on Russian diamonds. However, a suggestion to lift the sanctions with its own conditions has angered the diamond industry, including De Beers, the world’s largest diamond producer. This controversy arises just weeks before a G7 decision is expected to be revealed, according to a report by Harry Dempsey, commodities correspondent for the Financial Times. As of now, the European Union has not imposed…

TOKYO: Oil prices rose on Friday as concerns that a Russian ban on fuel exports could tighten global supply outweighed fears that further US interest rate hikes could dent demand, but they were still headed for their first weekly loss in four weeks, according to Reuters. Brent futures climbed 50 cents, or 0.5 percent, to $93.80 a barrel by 6:50 a.m. Saudi time, while US West Texas Intermediate crude futures gained 63 cents, or 0.7 percent, to $90.26 a barrel. Both benchmarks were on track for a small weekly drop after gaining more than 10 percent in the previous three weeks…

The government has approved a list of states whose bankers and brokers can now take part in currency trading in Russia Russia has unveiled a list of “friendly and neutral” countries allowed to trade on the country’s currency exchange market, which was previously closed to foreigners. The order was signed by Prime Minister Mikhail Mishustin and published on the Cabinet website on Thursday. “Friendly and neutral” refers to states have not signed up to Western sanctions on Russia over the conflict in Ukraine. Under the new regulation, banks and brokers from 32 states will be able to participate in foreign…

The suspension is temporary and covers cross-border sales of gasoline and diesel The Russian government has temporarily restricted certain fuel exports to stabilize the domestic market, the press service of the Council of Ministers announced on Thursday. According to a government decree published on the same day, the legislation goes into effect immediately and covers exports of “commercial gasoline and diesel fuel.” The timeframe for the measure has not been specified. In recent months, market prices for gasoline and diesel fuel in Russia have reached record levels. Last week, TASS news agency reported that the government was weighing two potential…

The country plans to extract 45,000 tons of lithium annually, a Rosatom representative has revealed Russia is focusing on lithium production and is gearing up to commence extraction of the valuable mineral at a major deposit located on the Kola Peninsula in the Arctic region, according to the head of the business department at Rosatom subsidiary TVEL. Mikhail Metyolkin told reporters on Thursday that the strategic move reflects Russia’s ambition to join the ranks of the world’s leading producers of the sought-after ‘white gold.’ The country plans to extract 45,000 tons of lithium annually from the Kola deposit, which will be…

Foreign banks are withholding money transfers from Russia, the news outlet reports Russian pensioners living abroad are unable to withdraw their retirement payments due to Western sanctions imposed on Russia’s banking system, RBK daily reported on Thursday. Corresponding banks in other countries are withholding funds transferred from Russia that are intended for the accounts of Russian retirees living abroad, the outlet reported, citing an explanatory note to the bill “On Amendments to Certain Legislative Acts of the Russian Federation.” Last year, Western restrictions on Russia cut off the country’s key banks from the Belgium-based financial messaging system SWIFT, which facilitates banking…

Real incomes in the country rose 10.5% year-on-year in July, according to the president The growth rate of real wages for workers in Russia must be maintained, President Vladimir Putin said on Thursday, stressing that in July the measure of workers’ income saw a year-on-year growth of more than 10%. “We need to support this trend and make it sustainable,” he urged a meeting of the Presidium of the State Council on the development of the labor market in Russia. “To achieve this goal, the state must help people of all ages to become more professional, qualified and, consequently, more competitive in…

Moscow has banned exports of gasoline and diesel to stabilize the domestic fuel market Global oil prices climbed higher on Friday as Russia’s ban on diesel and gasoline exports raised concerns about tightening supplies. Brent futures had climbed above $94 per barrel by 11:30 GMT, while US West Texas Intermediate crude (WTI) gained roughly 1% to trade over $90 per barrel. Both benchmarks were expected to see an insignificant weekly drop after gaining over 10% in the previous three weeks. On Thursday, the Russian government introduced a temporary ban on foreign sales of diesel and gasoline in order to stabilize…

Restrictions meant to weaken Russia are propelling economic growth, according to the president Russia has withstood Western pressure intended to cripple its economic growth and has become stronger, President Vladimir Putin said on Thursday at an extended meeting of the Presidium of the State Council. The US and its allies first introduced sanctions against the country in 2014 in response to events in Crimea. The peninsula became part of Russia following a referendum, after the region refused to support the coup that overthrew Ukraine’s elected government. The Western countries have significantly raised the pressure since February 2022, imposing harsh restrictions…

The leaders also touched upon the issue of corruption in Ukraine, with the US president underscoring “the importance of strong, politically independent anti-corruption institutions” US President Joe Biden and his Ukrainian counterpart Vladimir Zelensky discussed the restoration of Ukraine’s energy and economic sectors, Kiev’s fight against corruption, as well as cooperation between the US and Ukrainian military-industrial complexes during talks at the White House, the press service of the US president reported. “The United States is committed to bolstering Ukraine’s defensive capabilities in the long term, including through partnerships with Ukraine’s defense industrial base. To that end, the United States…