Revenue from energy fell to its lowest level in over two years in Russia as the country continues to be pressured under Western sanctions for its invasion of Ukraine, with Moscow’s federal budget revenues seen to be declining on an annual basis. “Oil and gas revenues amounted to 426 billion rubles ($6.02 billion) and decreased…
Russia Feels the Bite of Western Sanctions as Energy Revenues Plunge to Lowest in Two Years
February 7, 2023
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Business & Marketseconomyenergyenergy revenuesEuroperecessionRussiaRussia-Ukraine WarWestern sanctionsWorld
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Preserving Overseas Assets Causes Woe for the CCP
Since China opened its doors in the 1980s, the ruling Communist Party has been scrambling to grab resources worldwide and amass tremendous foreign exchange reserves by turning China into a global factory. However, the Western sanctions against Russia for its invasion of Ukraine put the Chinese Communist Party (CCP) on alert that its staggering wealth…
China’s UnionPay Reportedly Suspends Cooperation With Russian Banks Over Fear of Western Sanctions
China’s largest credit card brand UnionPay has reportedly suspended its negotiations with Russian banks on issuing new bank cards for their customers over fear of Western sanctions. According to The Moscow Times, the Chinese credit processor has recently halted talks with some major Russian lenders, including Sberbank, Russia’s largest bank by assets, due to concerns…
Russian Investors Find Short-Term Solution to Western Sanctions Against Moscow, Expert Says
March 14, 2022
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CCPChinaChina Business & EconomyChinese Yuaneconomic sanctionsEuropeforeign exchange reservesInternationalRussiaRussia-UkraineRussia-Ukraine WarRussian banksthe SWIFTUkraineWestern sanctionsWorld
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Converting foreign assets into Chinese yuan assets may be a short-term solution for Russian investors in the wake of Western sanctions against Moscow, according to experts. The exclusion of major Russian banks from the Society for Worldwide Interbank Financial Telecommunication, or SWIFT, shuts them out from the U.S.-dominated international fund transfer system. Although this severely…
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