#AceFinanceNews – BERLIN – March 27 – German Chancellor Angela Merkel has said the crisis around Ukraine should be resolved by political means without imposing economic sanctions on Russia.
Merkel said in Berlin on Wednesday after talks with South Korean President Park Geun-hye that the West “has not reached a stage that implies the imposition of economic sanctions” on Moscow.
“And I hope we will be able to avoid it,” she said. “I am not interested in escalation. On the contrary, I am working on de-escalation of the situation.”
German experts say economic sanctions against Russia that Western countries could impose for Russia’s position on the situation in Ukraine and Crimea would negatively affect Germany’s economy.
The German-Russian trade in 2013 totalled 76 billion euros; some 6,000 German companies do business with Russian enterprises; the overall volume of their investment totals 20 billion euros. Some 300,000 jobs in Germany depend on the country’s economic relations with Russia.
Earlier Wednesday, Russian Finance Minister Anton Siluanov commented on ratings agencies’ actions to revise the outlook on Russia’s sovereign rating.
“At present, the investors’ worries are connected with the consequences of sanctions. We see ratings agencies lower the outlook on Russia’s ratings.
It certainly puts us on alert. There are no basic grounds for changing the general stability of Russia’s economy,” Siluanov told the Rossiya 24 TV channel.
#AceFinanceNews – SIMFEROPOL,- March 26 – Andrei Belyaninov, the head of the Russian Federal Customs Service, said on Wednesday that the geography of Russia’s foreign trade could change thanks to Crimean ports.
“I am sure that Russia will have new partners because it has obtained a great number of ports together with Crimea’s incorporation.
They include two deep-water ports like Sevastopol and Yevpatoriya,” Belyaninov said in an interview with Itar-Tass and CrimeaInform news agencies after his visit to the Crimean peninsula.
Belyaninov said the trade with Russia accounted for a huge share in Crimea’s foreign trade.
Those figures automatically fell out of Crimea’s foreign trade statistics after the peninsula’s incorporation into Russia.
The Federal Customs Service chief noted a temporary decline in Crimea’s trade with other foreign partners who were watching how the political situation was unfolding on the peninsula.
“It is absolutely clear that Crimea is Russian and will remain such forever.
So the question when trade is going to reach its former volumes is just a matter of time,” Belyaninov said.
He found it hard to say what trade volumes could go through the Crimean customs in a short-term perspective.
#AceFinanceNews – WASHINGTON – March 26 – A campaign finance scandal in the District of Columbia has made next week’s Washington Democratic mayoral primary a dead heat, dissolving embattled incumbent Vincent Gray’s lead, a poll showed on Wednesday
Gray, who federal prosecutors have linked to corruption charges, trails city council member Muriel Bowser, with polls showing the challenger having the support of 30 percent of likely Democratic primary voters and the incumbent just 27 percent, the Washington Post survey showed.
Support for Bowser has more than doubled since a January Post poll, while Gray’s backing is unchanged. Eight candidates are running in the mayoral primary and winning that contest is seen as tantamount to winning the general election in the heavily Democratic U.S. capital.
Gray’s reputation was tarnished this month when D.C. businessman Jeffrey Thompson, a former government contractor, pleaded guilty to violating campaign finance laws. Federal prosecutors had accused him of funnelling more than $660,000 through friends and relatives to Gray’s successful 2010 campaign.
Prosecutors say Gray agreed to refer to Thompson as “Uncle Earl” in fundraising conversations to conceal the activities.
Washington Post – Reuters – Survey and Poll News
#AceFinanceNews – UNITED STATES – March 26 – (Reuters) – The United States and the European Union agreed on Wednesday to work together to prepare possible tougher economic sanctions in response to Russia’s behaviour in Ukraine, including on the energy sector, and to make Europe less dependent on Russian Gas Society.
U.S. President Barack Obama said after a summit with top EU officials that Russian President Vladimir Putin had miscalculated if he thought he could divide the West or count on its indifference over his annexation of Crimea.
Leaders of the Group of Seven major industrial powers decided this week to hold off on sanctions targeting Moscow’s economy unless Putin took further action to destabilize Ukraine or other former Soviet republics.
#AceFinanceNews – WINDSOR – March 26 – Boris Berezovsky had been a bankrupt and had debts in the last months of his life. Oligarchs’ bodyguard Avi Navama said it at the opening inquest Coroner’s Court.
“Boris said that he was a bankrupt, that his debts amounted to 200 million pounds, and he cannot repay it. Berezovsky said that he was the poorest man in the world,” Navama noted.
“Berezovsky was distressed for the defeat in a London court case against Roman Abramovich.
For the last four months he was depressed and he was taking anti-depressant medicine.
He discussed with me the best ways to commit suicide,” Navama emphasized.
The inquest began with a statement of the Majesty’s Coroner for Berkshire Peter Bedford. “There is no doubt that Berezovsky died,” he said.
The aim of the two-day hearing is to clarify the circumstances and causes of the ensuing death.
The business tycoon, who has been put on the wanted list in Russia since April 1999, was found dead at the age of 67 years in the bathroom of his countryside house in the town of Ascot not far from London on March 23, 2013.
According to unofficial unconfirmed theory, the businessman could have committed suicide.
Trial continues ………………………………………
Ace News Services 2014
#AceFinanceNews – MOSCOW- March 26 – Russia’s Central Bank(CBR) has revoked licenses from three banks.
“According to order #OD-406 of the Bank of Russia dated March 26, 2014, the license for banking transactions has been revoked from crediting organization Sberinvestbank, CJSC (registration #1743, Yekaterinburg) as of March 26, 2014,” the regulator’s message says.
This measure has been applied due to “crediting organization’s non-compliance with federal legislation regulating banking activity, as well as with standard act of the Bank of Russia”.
A similar measure has been applied to My Bank — Ipoteka and Sovincom commercial bank.
According to the Central Bank of Russia, Sovincom commercial bank did not accumulate reserves adequate to risks of possible credit losses, and did not fulfil the requirements of the watchdog’s instructions. In addition, the crediting organization was involved in ambiguous transactions, the watchdog noted in its statement. In 2013, the volume of clients’ transactions with signs of ambiguous operations exceeded 6.8 billion rubles ($191.3 million).
Non-banking crediting organization EnergoBusiness was also stripped from license.
The Bank of Russia said EnergoBusiness violated the procedure of keeping accounting records, did not provide proper internal controls, “committed violations of Central Bank orders on countering legalization of criminally received incomes and funding terrorism”.
In terms of assets volume, the crediting organization ranked 875th in Russia’s banking system as of March 1, 2014.
The main reason for large-scale and detailed inspections of Russian banking system is to fight suspicious financial transactions, CBR Chair Elvira Nabiullina said earlier.
Russian Finance News