Author: Steven Sahiounie

German imports of refined oil products from India have surged by over 1,100 percent in the first seven months of the year. Official data released on Tuesday revealed a remarkable surge in Germany’s imports of refined oil products from India during the first seven months of the year, AFP reported. These imports, totaling 451 million euros ($480 million), are believed to be primarily derived from crude oil originating from sanctions-affected Russia. The astounding increase of over 1,100 percent, compared to the 37 million euros spent over the same period the previous year, was reported by Germany’s national statistics agency, Destatis. This twelve-fold rise in imports…

Financial Minister and Executive Vice-President Delcy Rodriguez has received the order from Maduro to speed up the process to formally apply and join the New Development Bank of the BRICS. During the “With Maduro +” (“Con Maduro +”) program, Venezuelan President Nicolas Maduro revealed that he issued orders on Tuesday to his government to expedite the procedures required to join BRICS’ New Development Bank (NBD). “We are going to start the process [of accession]. I have ordered Financial Minister and Executive Vice-President Delcy Rodriguez to take all necessary steps and measures to facilitate submission of Venezuela’s application to join the BRICS…

In the face of strong inflation, the European Commission predicts a 0.4% decline for Germany. According to the European Commission, Germany’s economy will contract this year as part of a larger eurozone recession caused by greater prices and the depressing effect of rising interest rates. In mid-August, Reuters reported that the German Economy Ministry revealed that a sustained recovery of the economy was unlikely to happen. German MP Uwe Schulz, a member of the AfD party, had warned that Germany was on a steady path of economic downfall and de-industrialization as a result of Europe’s anti-Russia policies and sanctions. According to Shulz, Europe’s anti-Russian sanctions,…

The 8th EEF is currently taking place on the campus of the Far Eastern Federal University in Vladivostok from September 10-13. Myanmar Minister of Investment and Foreign Economic Relations Kan Zaw revealed to Sputnik on Monday that Myanmar is paying for Russian petroleum products in yuan, after adding that both Myanmar and Russia are cooking up an agreement on the mutual conversion of national currencies. On the sidelines of the Eastern Economic Forum (EEF) in Vladivostok, Russia, Zaw said: “We are using yuan and not [paying] with rubles at this moment. But we are trying to make the kyat-ruble agreement [on the…

As a scientific arm of the Ministry of Energy, the Niroo Research Institute has inked a memorandum of understanding (MoU) with the United Nations, Majid Amidpour stated in a press briefing on Tuesday. He put the number of knowledge-based companies in the water and electricity sector at 170, adding that the NRI is responsible for carrying out marketing activities for these companies. The high potentials and capacities of knowledge-based companies will be applied in three pivots of ‘productivity’, ‘development of renewable energy’ and ‘smart-building’ using the capacities of science and technology parks, Amidpour emphasized. He further said 100 percent of…

The central bank has all the necessary instruments to support the currency, the Russian president has said Russia does not consider the recent devaluation of the ruble an “insurmountable” problem, because the factors affecting the currency are manageable and, for the most part, temporary, President Vladimir Putin stated on Tuesday. According to the Russian leader, one of these factors is the return of foreign currency earnings of major exporters, and another – the rise in imports. “When the ruble exchange rate was 60 to the dollar, we had not yet established logistical chains for imports. Now imports are coming to…

Sanctions have effectively denied Moscow the ability to make cross-border settlements in Western currencies Western sanctions on Russia have jeopardized trust in the dollar and the euro, forcing many global players to reevaluate the viability of relying on these currencies, President Vladimir Putin said at the plenary session of the Eastern Economic Forum on Tuesday. Witnessing the way both the US and EU use their currencies as political weapons pushed many countries towards creating alternative payment instruments, Putin stated. “Restrictions on, let’s say, settlements in dollars. Where do they lead? To the fact that all countries start thinking about creating…

The Global South should establish a new financial system to mitigate the risks posed by the West, the head of VTB Andrey Kostin says The dollar and the entire Western financial system built around it has been jeopardized by the sanctions on Russia, Andrey Kostin, CEO of Russia’s second-largest bank, VTB, told RT on the sidelines of the Eastern Economic Forum on Tuesday. Asked about Russia’s push toward switching trade to national currencies, Kostin responded that it is done out of necessity rather than a targeted attempt to undermine the greenback. “The dollar is illegally used as a weapon. It…

Developing the resource-rich Far East is among the most critical tasks, according to the president The role of the Far East in Russia’s economic future and the country’s position in a multipolar world is of utmost importance, President Vladimir Putin stated on Tuesday at the Eastern Economic Forum (EEF) in Vladivostok. According to Putin, the region’s development is Russia’s top priority for the 21st century. Addressing the plenary session of the EEF, he elaborated that the Far Eastern Federal District comprises 40% of the country’s landmass. In recent years, the government has launched several programs aimed at revitalizing the region…

The freezing of assets “undermines trust in those who did it,” the president has said   Russia has already earned double the amount of gold and foreign exchange reserves frozen by the West last year, President Vladimir Putin said at the Eastern Economic Forum in Vladivostok on Tuesday. The EU, US, and their allies have frozen hundreds of billions of dollars’ worth of Russian central bank holdings as part of sanctions related to the Ukraine conflict. “I know that our gold and foreign exchange reserves are frozen. Yes, we have already earned twice as much. But we’re not…