BEIJING: ‘ Peoples Bank of China authorises Russian ruble to be used Yuan on China-Russia border ‘

#AceNewsReport – Aug.10: The People’s Bank of China (PBC) has officially authorized the Russian ruble to be used alongside the yuan in the north-eastern city of Suifenhe City on the China-Russia border.

 A 100 Yuan note is seen in this illustration picture in Beijing in this March 7, 2011 file photo
Jin Mei, deputy secretary general of the PBC’s monetary policy committee, made the announcement at the opening ceremony of a trade exposition in the city on Saturday.According to Mei, the decision came as a result of the “benign development” in switching bilateral trade operations from the US dollar to the yuan and ruble. Suifeihe City is a main trade hub of Heilongjiang Province. It accounts for 80 percent of Heilongjiang’s export to Russia.The ruble has already been widely circulated in the city, including shops and hotels targeting Russian customers, local sources said.
Local authorities said the authorized circulation of ruble will contribute to bilateral economic ties and tourism and will not pose a threat to the renminbi as the domestic currency.In the first half of 2015, cross-border yuan-denominated payments between Russia and China reached $1.32 billion, Mei said.

In 2014, the Russian Central Bank agreed to a 150 billion yuan (some $24.5 billion) three-year swap line with the PBC. According to the Russian side, the agreement was not a major precondition for switching payments to ruble and yuan.

It created an additional possibility for Russian and Chinese banks and their clients to acquire access to rubles and yuan resources.

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RUSSIA: ‘ Moscow & Tehran in Talks over Supply of Passenger Super-Jet’s to Iran

#AceFinanceNews – RUSSIA/TEHRAN:July.16: Moscow and Teheran are in the process of negotiations, which could see Russia supply Sukhoi Superjet passenger aircraft to Iran, Russia’s Transport Minister Maksim Sokolov said on Wednesday.

“Such talks are being held,” Sokolov said, as cited by Reuters. “And not only Superjets, but also other technology is being met with certain interest from our Iranian comrades.” The Sukhoi passenger aircraft commenced operations in 2011.

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ARGENTINA: ‘ Buy three Russian Mi-171E helicopters ‘

#AceFinanceReport – ARGENTINA:June.06: Argentinean government decided to buy three Russian Mi-171E helicopters, country’s Minister of Defense Agustin Rossi said Friday.

Argentina Purchase Two Mi-171E Helicopters '
‘ Argentina Purchase Two Mi-171E Helicopters ‘

“They will join the two [helicopters] that are already in service of the [Argentinean] Air Force,” Rossi said, as cited by La Segunda newspaper.

 The first two Mi-171E helicopters were bought by Argentina Defense Ministry in 2011 for participation in the Antarctic campaigns.

“Strong ties with Russia will be very beneficial for our defense policy as well as for development of our armed forces,” the minister added.

Buenos Aires expects to realize the deal on intergovernmental level, not engaging any commercial banks, according to Rossi.

On Thursday, Russia and Argentine signed 11 cooperation agreements, including the one between the defense ministries.

Ace Related News:

Serbia Plans to Buy Russian Transport Helicopters

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KIEV: ‘ AGREEMENT OVER PROVISIONAL GAS PRICE REACHED WITH RUSSIA ‘

#AceFinanceNews – UKRAINE (Kiev) – October 19 – Ukraine’s president confirmed that an agreement had been reached with Russia on a provisional price for gas deliveries during the winter months at Friday talks in Milan, AFP reports.

On the basis of consultations, I can say that Ukraine will have gas, will have heating,” Petro Poroshenko said in an interview to Ukrainian television on Saturday.

According to the president, the new price will be $385 dollars (300 euros) per 1,000 cubic meters, down from the current price of $485.

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SWIFT: ‘ No Authority to Cut Russia or Israel From the International Global Payment System ‘

#AceBreakingNews – October 06  – SWIFT will resist barring Russian and Israeli banks from the global payments system, as it has ‘no authority’ to make unilateral sanctions decisions, the Belgium-based group said Monday.

“As a utility with a systemic global character, it has no authority to make sanctions decisions,” the statement said, stressing that the group is a ‘’neutral global cooperative company” in a statement released on Monday

“SWIFT services are designed to facilitate its customers’ compliance with sanctions and other regulations, however SWIFT will not make unilateral decisions to disconnect institutions from its network as a result of political pressure,” the communique said.

The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, is currently one of Russia’s main connections to the international banking system, and if turned off, could hurt Russia’s economy, in the short-term.

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UKRAINE: ‘ Taps into the European Trade Market to Mitigate Financial Losses on Russian Markets ‘

#AceFinanceNews – UKRAINE (Kiev) – October 2 – Ukraine will compensate almost fully for its financial losses on Russian market thanks to growing trade with Europe, acting Ukrainian Minister of Economic Development and Trade Anatoly Maksyuta told reporters on Thursday Tass reported.  

“I will open a secret which has not been made public yet. Our analysts have conducted a survey and have found that as for monetary flows we will make up seriously for losses on Russian market thanks to achievements on that in Europe. Almost fully,” he said.

Trade structure that Kiev had with Russia and the structure Kiev currently has with the European Union are different, Maksyuta added.

“I do not say that we started exporting to Europe the things we used to export to Russia,” he said. Maksyuta said that Ukraine used to deliver ultimate products to Russia, but now several companies have increased their export of component parts for car manufacturers in the EU.

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‘ EU Countries Planning to Tell Russia They Will Not Rewrite Ukraine Trade-Pact ‘

#AceFinanceNews BRUSSELS September 27 EU countries are planning to tell Russia it has no say on changing the Ukraine trade treaty despite its demand to rewrite the text.

The joint declaration, by the EU Council and European Commission, is to say the trade pact: “is a bilateral [EU-Ukraine] agreement and any adaptations to it can only be made at the request of one of the parties and with the agreement of the other”.

It notes Ukraine should “continue the process of envisaged reforms and economic modernisation” related to Titles III, V, VI and VII, of the pact.

It also says Ukraine should go ahead with “adequate preparation for the implementation of Title IV”.

Titles III, V, VI, and VII of the pact spell out reforms in the areas of justice and security, economic affairs, financial and anti-fraud matters, and institution-building.

Title IV deals with trade and the mutual lifting of tariffs on EU and Ukrainian exports.

The EU declaration is to be published in Brussels on Monday (29 September) by ministers at general affairs council.

Ministers will the same day adopt a legal act saying the bulk of the treaty is to be implemented “without delay”, but that article IV is to be implemented on 1 January 2016.

EU countries are also planning to extend “autonomous trade measures” – low or zero-rate tariffs for exports of most Ukrainian goods to Europe – from November until January 2016. But the legal text is not yet ready for adoption.

The delay of Title IV is in line with an EU-Russia-Ukraine deal on 12 September.

It comes after Russia threatened to impose trade sanctions on Ukraine on grounds it will be flooded by cheap EU goods re-exported from Ukraine.

The declaration on the “bilateral” mechanism for altering the treaty comes after Russia also demanded a role in altering the content of the text in the run-up to 2016.

Source:

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‘ Agricultural Sector Losses Due to Russian Sanctions Will Reach 200 Million Euro’s ‘

#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/.

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SOCHI: ‘ Russia and China Discuss $100 Billion of Joint Contracts ‘

#AceFinanceNews – SOCHI – September 19 – Russia and China are discussing over 30 joint projects worth over $100 billion with the frames of the mutual economic cooperation, Kirill Dmitriev, the CEO of the Russian Direct Investment Fund, said on Friday and /ITAR-TASS/ reported. 

' Invest in Russia (RDIF) '

‘ Invest in Russia (RDIF) ‘

We have set up an intergovernmental Russian-Chinese commission and recently discussed over 30 projects worth over $100 billion,” Dmitriev said addressing the International Investment Forum Sochi-2014.

' Investors Part One '

‘ Investors Part One ‘

Investors Part Two

‘ Investors Part Two’

The bilateral investment commission comprising both private and state-run companies gathered for its very first session in China last week.

Asian investors are interested in Russia, however, it takes little longer than usual to establish relations with them and it is important that the relations are organized in a more system-like manner,” Dmitriev added.

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MOSCOW: ‘ Russia and China Sign Contract in October for Airliner Design’

#AceFinanceNews – MOSCOW (Gorki) – September 08. /ITAR-TASS/. Russia and China will sign a contract in October for drawing up an engineering design for a long-haul wide-bodied airliner, Russia’s Vice Premier Dmitry Rogozin announced on Monday.

When speaking at a Vice-Premiers’ meeting held by Head of Government Dmitry Medvedev, Rogozin said, “In October, we must reach out to signing already an engineering design together with our Chinese counterparts through the channels of the United Aircraft-building Corporation for a long-haul wide-bodied passenger airliner. The market in China (in this respect) is rather vast, and this renders this kind of production profitable in principle”.

Considering that almost 80% of long-haul civil airliners in Russia are imported, the implementation of a joint project with China must be started immediately, Rogozin pointed out.

“On the whole, the potential of Russia’s aircraft building industry is considerable enough,” the Vice-Premier said.

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