#AceFinanceNews – MOSCOW – May 13 – Russia’s Gazprom demanded a $1.66 billion pre-payment from Ukraine for June gas deliveries on Tuesday, saying the neighbouring country had only half its requirements in storage to ensure a trouble-free winter.
Citing a preliminary bill, Moscow pressed ahead with its demand that Ukraine pay for June deliveries early next month, heightening a dispute over price that is pushing the two countries closer to another gas war that could cut supplies.
Previous disputes over gas have left Europe, which gets around a third of its gas needs from Russia, with limited supplies at the height of winter, spurring it to look for alternative producers. But so far it has been unable to break its dependence on Moscow.
State-controlled Gazprom said the bill was based on Ukraine taking up a contractual amount of 114 million cubic metres per day, or 3.4 billion cubic metres for the month in total.
“Taking into account non-working days, Naftogaz should pay this bill by June 2 and, starting from June 3, the company will be getting gas… only at the volumes paid for,” spokesman Sergei Kupriyanov said in a statement.
This means that Ukraine needs to pay $1.658 billion for June’s gas deliveries based on a price of $485 per 1,000 cubic meters, he added.
Naftogaz confirmed it had received the bill but declined to comment further.
#AceFinanceNews – MOSCOW – May 13 – Russia’s Foreign Ministry believes that the US decision to impose anti-Syrian restrictions against the Russian bank Tempbank is “absolutely unacceptable”, ministry spokesman Alexander Lukashevich said in a statement Tuesday.
“We would like to remind the American side once again that the language of sanctions is useless and counter-productive with Russia.
Should the administration keep following the vicious path, this will negatively affect our joint work on Syria and the general atmosphere of Russian-American relations that are not going through the best times now,” Lukashevich said.
WASHINGTON(VOA) May 08 – The United States on Thursday for the first time slapped sanctions on a Russian bank for its dealings with the Syrian government, which has been engaged in bloody three-year civil war with opposition forces.
The U.S. Treasury put Tempbank, a Moscow-based bank, on its list of sanctioned entities, which effectively cuts the bank off from the U.S. financial system.
The Treasury also put sanctions on an official in the bank, Mikhail Gagloev, six Syrian government officials and two Syrian refinery companies, Banias and Homs.
Syria’s President Bashar al-Assad has been using Russian banks to access world markets, but the United States had in the past resisted imposing sanctions on the banks, ……………. despite pressure to do so from U.S. lawmakers.
#AceFinanceNews – MOSCOW – May 13 – The Central Bank of Russia has ordered six Ukrainian banks to stop operations in Crimea and Sevastopol starting from May 13, the regulator said in a statement.
In passing the decision, the CBR referred to Article 7 of the federal law dated April 2, 2014, on specifics of the functioning of Crimea’s and Sevastopol’s financial system during the transitional period.
Among the banks are Kiev-based Terra Bank, Odessa-based Finrostbank, Kiev-based Bank “Finance and Credit”, Kiev’s Commercial Bank “Financial Initiative”, Dnipropetrovsk-based Accent-Bank and Kiev’s Avant-Bank.
According to the CBR statement, the banks have failed to fulfil their obligations.
Therefore, they were closed in compliance with the Russian legislation.
The decision was dictated by the task to protect the interests of depositors and clients, whose legitimate interests were violated as the above banks stopped operation in Crimea and Sevastopol with no prospects for resuming work.
There was no other opportunity to ensure effective protection of rights of the depositors and clients of these banks, except by stopping their operation, the CBR said.
The European Court of Human Rights ruled on Monday that Turkey must pay the damages to Cyprus for its 1974 invasion and its subsequent division.
Davutoglu said the “unfair” ruling was not binding because Turkey does not legally recognize the government of Cyprus.
We don’t consider it necessary to make this payment,” he said.
The ruling came as the Turkish and Greek Cypriot communities are making a new effort to reunite the island.
The Turkish invasion of Cyprus, launched on 20 July 1974, was a Turkish military invasion in response to the 1974 Cypriot coup d’état.
It is known in Turkey as the “Cyprus Peace Operation” (Turkish: Kıbrıs Barış Harekâtı), “Cyprus Operation” (Kıbrıs Harekâtı) or by its Turkish Armed Forcescode name Operation Atilla (Atilla Harekâtı).
The coup had been ordered by the military Junta in Greece and staged by the Cypriot National Guard in conjunction with EOKA-B.
It deposed the Cypriot president Archbishop Makarios IIIand installed Nikos Sampson, a leader in favour of Enosis, the union of Cyprus with Greece.
In July 1974, Turkish forces invaded and captured 3% of the island before a ceasefire was declared. The Greek military junta collapsed and was replaced by democratic government. In August 1974 further Turkish invasion resulted in the capture of 40% of the island.
The ceasefire line from August 1974 became the United Nations Buffer Zone in Cyprus and is commonly referred to as the Green Line.
More than one-quarter of the population of Cyprus was expelled from the occupied northern part of the island where Greek Cypriots constituted 80% of the population.
A little over a year later in 1975, there was also a flow of roughly 60,000 Turkish Cypriots from the south to the north after the conflict.
The Turkish invasion ended in the partition of Cyprus along the UN-monitored Green Line which still divides Cyprus.
In 1983 the Turkish Republic of Northern Cyprus (TRNC) declared independence, although Turkey is the only country which recognises it.