Category: sanctions on Russia

Foreign Brands Operating in Russia Face Backlash in Poland

Foreign businesses that have continued operating in Russia despite international sanctions and widespread condemnation are facing backlash in Poland as people increasingly boycott the brands. Store sales at such brands in Poland have declined, according to the country’s Prime Minister Mateusz Morawiecki, citing government data. “It shows that ordinary people, more than corporations, understand that…


Market Pulse: Oil Prices Spike After Kazakh Supply Disruption and Uncertainties in Europe, Dollar and Ruble Gain

Oil prices spiked 5 percent Wednesday after disruptions to Kazakh crude exports and growing apprehension regarding European Union sanctions on Russian energy imports as the U.S. president meets with counterparts on the continent amid worsening conflict in Ukraine. Brent has since stabilized after opening Thursday at $117.20 a barrel and trading at $117.58 as of…


Shell Oil Exiting Russia, Withdraws From Multiple Joint Ventures

Shell announced plans to pull out from Russia after the country launched an invasion into neighboring Ukraine, making the multinational oil and gas giant the latest in a series of companies and organizations to embrace decoupling. Shell will exit its joint ventures with Gazprom, the Russian state-owned energy corporation, and its related entities. This includes…


Kremlin to Ban Foreign Debt Service in Retaliation to EU, US Sanctions

Russian President Vladimir Putin announced new emergency measures intended to prop up the national currency, including a ban on Russian residents transferring foreign currency abroad and forcing exporters to use the national currency. The measures, which take effect March 1, include a ban on payments of hard currency from residents made to foreigners “in connection…


Top Russian Banks ‘Operating Normally,’ Downplay Impact of US Sanctions

Russian banks have shrugged off the impact of Washington’s sanctions, which were imposed following Russia’s invasion of Ukraine, insisting that they continue to function normally. Sberbank, Russia’s biggest bank, said it was studying the implication of American sanctions. “Sberbank and all its systems are operating normally, their funds and services are available to individuals and…