Author: Steven Sahiounie

Iranian President Ebrahim Raisi said that economic exchange with Arab countries has increased between 4 and 5 times. In a press statement he made on Friday evening at the end of his visit to Khuzestan Province, southwestern Iran, Raisi considered it necessary to revitalize the tourism and agricultural economy in Khuzestan and continued: “Economic exchanges with Arab countries have increased from four to five times, and Khuzestan has the necessary capacity to develop trade.” foreign relations with the Arab countries in the Gulf. He said: The “Shalamcheh-Basra” railway line is a long-term desire of the people of Khuzestan and Iraq,…

The share price of the American First Republic Bank recorded a new low on the New York Stock Exchange, while rumors multiplied about a strategy or plan to rescue it that has not yet been realized. At the end of yesterday’s Friday session, the share price of the bank, which was the fourteenth largest among the largest US banks in terms of assets in 2022, fell by 43 percent on Wall Street and reached $ 3.51 after it suspended its trading several times during the session due to large fluctuations. Thus, the value of the bank is estimated at $654…

Russia has become India’s fifth largest trading partner over the past year, RIA Novosti reported on Thursday, citing calculations based on data from the Indian Ministry of Commerce and Industry. According to the report, Russia exported $41.6 billion worth of goods to India in the fiscal year beginning in April 2022 and ending in March 2023. The figure is more than four times the record set in the previous fiscal year. Trade turnover between the two countries reached $44.4 billion in the reporting period, with India shipping $2.8 billion worth of goods to Russia. Among India’s other major trading partners…

The Russian economy has proven to be more resilient to sanctions than anticipated, the International Monetary Fund (IMF) reported on Friday. According to the IMF, Moscow has managed to redirect its energy exports from sanctioning to non-sanctioning countries, and saw its oil and gas revenues hit record highs last year, driven by soaring energy prices. This helped the Russian economy bounce back strongly in the third and fourth quarters of 2022, limiting the overall drop in output to 2.1%, the IMF wrote, in its latest regional report. The momentum from the second half of last year will carry over into…

Kiev is preparing to significantly increase tariffs for transporting Russian crude oil to the EU through its territory via the Druzhba pipeline, business daily Kommersant reported on Friday. According to the report from the Russian outlet, which cites the consultancy Argus and market sources, Ukrainian pipeline operator Ukrtransnafta has applied for a two-step increase in transit prices, by 25% from the current $14.90 per ton to $18.70 on June 1, and by an additional 23.5% to $23 on August 1. Transneft, Russia’s state pipeline transport company, confirmed to Kommersant having received notification from Ukrtransnafta of the tariff hike but said…

The Russian government has been tasked with mounting a crackdown on undeclared unemployment, moscow business daily RBK reported on Friday, citing two participants of a strategic session chaired by Prime Minister Mikhail Mishustin earlier this week. Sources told the business daily that a set of measures is being considered at the federal level, including the use of big data to monitor companies, as well as inspections of organizations with signs of illegal employment by the Federal Tax Service. According to RBK sources, the monitoring is necessary despite the falling numbers of ‘cash under the table’ salaries, while some employees are…

Western sanctions, labor shortages and lagging supply could affect growth, Elvira Nabiullina has warned The Bank of Russia (CBR) held its key interest rate unchanged at 7.5% on Friday, saying the economy will recover this year and grow by as much as 2%. Commenting on the decision, CBR Governor Elvira Nabiullina said that some factors could threaten the regulator’s goal of returning inflation to its 4% target. “About the risks that could lead to a deviation of inflation from the baseline forecast. There are pro-inflationary factors, we expect some acceleration, an increase in core inflation, but we do not expect…

US officials are making urgent efforts to rescue the struggling First Republic Bank, as attempts by private-sector companies have thus far failed, Reuters reported on Friday, citing sources. People familiar with the matter told the outlet that the Federal Deposit Insurance Corporation (FDIC), Treasury Department, and Federal Reserve have arranged meetings with financial firms in recent days in an effort to hand the distressed lender a lifeline. Sources claimed that the step could pave the way for more parties, including banks and private equity companies, to become involved. However, they added it was unclear if the government was considering participating…

Several Eastern European countries introduced bans earlier this month after protests by farmers The European Commission on Friday struck an agreement with five EU member-states to help clear the supply glut caused by Ukrainian agricultural imports. The announcement was made on Twitter by EU trade chief Valdis Dombrovskis. “The European Commission has reached an agreement in principle with Bulgaria, Hungary, Poland, Romania & Slovakia regarding Ukraine agri-food products. We have acted to address concerns of both farmers in neighboring EU countries and Ukraine,” Dombrovskis wrote on the social media platform. According to the official, the key elements of the new deal include…

The move would help close the loophole that allows Moscow buy sanctioned goods through third parties Brussels may ban certain EU exports to countries that are believed to be re-exporting sanctioned goods to Russia, in a bid to enforce the existing sanctions against the country, the Financial Times reported on Friday, citing sources close to the discussions. According to the report, a legal mechanism would allow Brussels to identify sanctioned products that end up in Russia through third parties, and countries that resell them. The European Commission would then issue official warnings to these states. If those are not heeded,…