#AceFinanceNews – ROME – September 23 – The losses of the Italian agricultural sector as a result of Russian counter-sanctions in response to Western punitive measures against Moscow for developments in Ukraine will total €200 million annually, experts from the Coldiretti association uniting representatives of the sector said Tuesday.
“With the ban on imports to the territory of the Russian Federation of a number of food products — vegetables and fruits, cheeses, meat and sausage products, as well as fish, Italy will lose about €200 million a year,” Coldiretti said.
Besides direct losses, the industry will also sustain indirect losses, experts said.
In particular, the association is afraid that products imitating Italian will land on the Russian market, which will harm the reputation of Italian products.
Not to mention the fact that Italian suppliers will be ousted from the Russian market, which is considered one of the most promising and fast growing.
Italian Agriculture Minister Maurizio Martina is pushing for the unblocking of European Union funds due to be allocated to support farmers affected by Russia’s counter-sanctions.
Ways to overcome the crisis and compensate for the losses to European agriculture will be considered at an informal meeting of EU specialized ministers to be held in Milan on September 28-30 as part of Italy’s presidency of the European Union.
Reported by . /ITAR-TASS/.
#AceFinanceNews – EUROPEAN UNION – September 19 – The European Union will not cut Russia off the SWIFT inter-bank financial system, Andrei Kostin, the chief executive officer VTB Group, Russia’s second largest bank, said on Friday.
EU Seeks to Ban Russia from Using SWIFT ‘
“I think this is not going to happen. I would have called it an act of direct aggression against Russia’s financial system with all subsequent consequences. This is a very tough measure,” Kostin said at an international investment forum in Sochi.
What can blocking SWIFT lead to?
The Society for Worldwide Interbank Financial Telecommunications (SWIFT) transmits 1.8 billion communications a year, remitting payment orders worth $6 trillion a day.
The system comprises over 10,000 financial organizations from 210 countries.
#AceFinanceNews – BRUSSELS – July 29 – Germany’s constitutional court is once again to be a testing ground for the eurozone’s reponse to the financial crisis as a group of academics has filed a case arguing that the banking union is illegal reported EUobserver on the July 28 in Brussels.
The five academics argue that the Banking union – a new supervisory and bank resolution system for eurozone banks – breaches German law as it was not agreed with the right treaty changes, reports Die Welt am Sonntag.
Markus Kerber, a finance professor at Berlin Technical University (TUB), told the paper that the banking union had "no legal basis in the EU treaties and so represents a breach of constitutional rights."
The supervisory system – under which the European Central Bank will, from November, oversee the financial health of around 120 banks with the power to shut them down – is the "pinnacle of Brussels power-grabbing to date", says Kerber.
The complainants, who filed their papers last week, also find that a conflict of interest has arisen because the ECB council, which also makes interest rate decisions, has a veto right on banking supervision decisions.
The challenge also calls into question the Single Resolution Mechanism, which sets out to deal with failing banks, as well as the €55bn fund meant to cover the costs of the process.
#AceFinanceNews – PARIS – May 30 – France will go ahead with the sale of two Mistral helicopter carriers to Russia‘s navy despite US pressure to halt the deal, the French Defence Ministry told ITAR-TASS on Friday.
Contract liabilities will be honoured and finalised in October-November, the ministry’s press service said, confirming comment by President Francois Hollande visiting Berlin earlier this month.
Foreign Minister Laurent Fabius has also announced that the deal with go through, noting on a visit to Washington that Russia “had already paid more than half” of the contract cost and that “according to law, there is no possibility to say ‘no’ to the deal.”
He added, however, that France would take “a final decision” on this issue in October. “Let’s wait and see what the situation and legal regime will be like,” Fabius noted, referring to European Union sanctions on Russia over events in Ukraine.
The US has interfered with the France-Russia deal on the Mistral helicopter carrier: a group of democratic members of the Congress has sent a letter to NATO’s secretary general urging to persuade Paris to refuse from the deal with Moscow and to sell the warships to NATO. The initiative was supposed to become a “strong signal” to Russia concerning Ukraine.
The US has made several attempts to scuttle the contract, where the French authorities confirm the obligations are observed properly. France’s Foreign Minister Laurent Fabius said during his visit to Washington in May, Russia had paid over half the contract price and thus no legal grounds existed for saying “no.”
RT – TASS – Military News
#AceFinanceNews – MOSCOW – May 24 – The European countries should use a calculator to see whose natural gas is more beneficial for them to buy, Russian Prime Minister Dmitry Medvedev told the Vesti v Subbotu (News on Saturday) TV programme.
“They always come with new ideas” where they could buy gas, even ready to import liquefied natural gas from overseas, said Medvedev. But a simple calculation would show whether the European economy would endure that and how much such gas supplies would cost, he added.
Natural gas imports from the U.S., according to Medvedev, would cost Europe 40-50% more than Russian gas.
“But the main thing is that you need to arrange supplies,” Medvedev said. The U.S. search for new sales markets is comprehensible, but the Europeans behave strangely, he believes: “Why stand in their own light?”
Europe should appreciate long-term relations as Russia does it: “Our gas relations with Europe are imperishable. We appreciate them as this is a very large and important market for us.”
This, however, did not mean Russia would always do the same thing, and as it is developing and expanding, it could seek other markets seeing nothing shameful in that, he said.
Speaking of the EU plans to diversify gas supplies, Medvedev said it was also Russia’s aspiration, and negotiations with Asian partners had been held exactly for this purpose.
“Asia Pacific is the largest and the most briskly developing market… and could become the major market for Russia,” Medvedev said.
The long-expected deal with “the Chinese friends” is “a big success”, believes Medvedev. The contract with China ensured Russia’s stability given the present relations with Europe and the EU, and “we pivot both sides and stand on our own legs”, said the Prime Minister.
#AceFinanceNews – UNITED STATES – April 21 – US fund managers have warned of risks shareholders could face from current or future Western sanctions against Russia, as Washington move to impose more sanctions on Moscow over their dispute on Ukraine.
Since April 4, securities filings have outlined potential problems for funds including the $124.6 million ING Russia Fund, the $841.1 million SSgA Emerging Markets Fund and a number of iShares exchange-traded funds offered by BlackRock Inc.
The filing for the SSgA fund noted that sanctions by the US or the European Union could result in the depreciation of the Russian currency, Reuters reported Friday.
According to the report, US securities regulators contacted fund firms with holdings in Russia last month to make sure they were properly managing risk and disclosing the assets to investors.
US has however promised that if the situation does not get sorted in the Ukraine, they will consider further sanctions on funding and other financial institutions.
#AceFinanceNews – HUNGARY – March 28 – Hungary has voiced its opinion against the EU imposing a round of economic sanctions on Russia over Ukraine.
According to Prime Minister Viktor Orban has said. “Economic Sanctions are in the third round and it would be fortunate to avoid these because it is not in the interests of either Europe, or much less Hungary,” Orban was quoted as saying by the business daily Vilaggazdasag on Friday.
For a long time now Hungary has relied on Russia to supply around 80 percent of its natural gas requirement’s and to that end, Russia is also Hungary’s largest trading partner outside the European Union.
Ace News Services 2014