Author: Steven Sahiounie

President Putin has approved a framework for the “temporary management” of foreign property Russian President Vladimir Putin on Tuesday signed a decree establishing a mechanism for temporarily taking over foreign assets. In its first practical application, the Federal Property Management Agency was put in control of the Russian subsidiaries of Fortum and Uniper, energy companies based in Finland and Germany, respectively. The decree allows for the temporary state takeover of assets deemed to be “of paramount importance for the stable functioning of the Russian energy sector,” the agency said in a statement. Germany’s Uniper SE held a 83% stake in a Russia-based…

Companies continue to defy outside pressure, the head of an entrepreneurial association has said Italian companies will continue to operate in Russia despite “enormous” difficulties and pressure from the EU, the president of the Association of Italian Entrepreneurs in Russia, Vittorio Torrembini, told RBK on Tuesday.   Only two Italian companies have sold their businesses in Russia thus far, including state-owned energy giant Enel, Torrembini said without naming the second firm. “Except for the oil and gas sector, all others have stayed. Some [firms] have reduced the number of employees but nobody has left Russia,” he added.    Enel, Europe’s largest utility company, sold…

A Western ban on payments from the country undermined the company’s bottom line last year, according to an official report The Russian state postal service has reported massive losses for the first time in nine years, largely due to logistical disruptions caused by Western sanctions, annual results published on Monday have disclosed. Russian Post incurred total cumulative loss of 30.4 billion rubles ($373 million) in 2022 under international financial reporting standards (IFRS). The operating loss was 15 times larger than a 2.3 billion ($28.2 million) profit recorded in 2021, the figures showed. Sales revenue dropped by 3.1% last year to…

The proposal to increase personal income taxes for workers abroad has been postponed The Russian government has withdrawn a draft law that would more than double the tax rate for citizens who work outside the country, a day after the document was submitted to the State Duma. The press service for the Cabinet of Ministers announced on Tuesday that the bill requires “a number of technical clarifications” before it can be sent for approval to the Russian parliament. On Monday, the government submitted a draft law to the State Duma that would oblige companies to levy a 30% personal income tax…

Poland, Romania, and Hungary are now among the largest emerging-market borrowers, the outlet reports Countries in Eastern Europe have borrowed some $32 billion so far this year, three times more than during the same period a year ago, Bloomberg reported on Tuesday. Poland has tapped overseas markets for nearly $9 billion, putting it second among emerging-market economies in terms of overseas borrowing, trailing only Saudi Arabia. Meanwhile, Romania and Hungary, which have borrowed a respective $6 billion and $5 billion, are the fourth and fifth largest emerging-market borrowers. This marks the first time in a dozen years that three Eastern…

Minister of Foreign Affairs and Expatriates, Riyad al-Malki, met and briefed the President of the United Nations General Assembly, Csaba Kőrösi on the overall developments in the Palestinian arena. During the meeting, which was held on the sidelines of the Security Council meeting at the ministerial level devoted to the Middle East and the Palestinian cause, in New York, al-Maliki placed Kőrösi on the ongoing crimes of the Israeli occupation and settlers against Palestinian people and their sanctities. He said that the statements regarding the Palestinian cause are good, but without obtaining anything tangible or practical steps for the Security Council…

Israeli settlers Wednesday gathered at the Israeli Hamra military checkpoint in the northern Jordan Valley. Local sources said that dozens of extremist settlers gathered at the said checkpoint under protection from the Israeli soldiers, and chanted racist and anti-Arab slogans. Israeli forces have been imposing tight military restrictions at the checkpoint, making it difficult for Palestinians to move between West Bank cities and the Valleys. Source: wafa

Denis Shmygal arrived in Rome on Wednesday for a conference on Ukraine’s reconstruction, organized by the Italian government Ukraine hopes to be “fully prepared” for EU membership in two years, Prime Minister Denis Shmygal said in an address published in Italian economic newspaper Il Sole – 24 Ore on Wednesday. “We have an ambitious plan to be fully prepared for EU membership in two years,” the message reads. Shmygal arrived in Rome on Wednesday for a conference on Ukraine’s reconstruction, organized by the Italian government. The authorities and business representatives from the two countries will attend the event. More than…

Tens of thousands have fled their homes, Antonio Guterres said At least 400 people have been killed and over 3,700 injured in the clashes that broke out between the Rapid Support Forces and the armed forces of Sudan earlier this month, UN Secretary-General Antonio Guterres told a UN Security Council meeting on the issue. “At least 400 people have been killed – including four members of the United Nations family. More than 3700 people have been injured, and tens of thousands have fled their homes,” he said. The situation in Sudan escalated amid disagreements between the army chief, Abdel Fattah…

The Syrian-Iranian Business Forum discussed the difficulties facing economic and trade cooperation between businessmen in both countries in light of the unjust measures imposed on both countries, and proposals that would facilitate work of the private sector, increase investment and establish partnerships to promote the level of economic and trade relations between the two countries. During the forum held in Damascus, Chairman of Syrian-Iranian Commerce Chamber, Fahd Darwish reviewed a group of proposals that focused on the necessity of activating the signed Syrian-Iranian free trade agreement to take its role without obstacles and working to solve other problems regarding the…