#AceFinanceNews – HAGUE – July 29 – The Permanent Court of Arbitration in the Hague is set to announce a $50bn fine against Russia for expropriating the assets of former oil giant Yukos, reports Reuters.
Russia must pay the compensation to the shareholders in a legal commercial case that has lasted almost a decade.
#AceFinanceNews – MOSCOW – July 10 – BRICS bank will be head-quartered in Shanghai, Russian presidential aide Yury Ushakov told journalists on Thursday.
President of the Federative Republic of Brazil Dilma Vana Rousseff, Prime Minister of the Republic of India Manmohan Singh, second left, President of the Russian Federation Vladimir Putin, President of the People’s Republic of China Xi Jinping and President of the Republic of South Africa Jacob Zuma, from left, pose for group photographs. (RIA Novosti)
This was recorded in the documents, he added and reported by Itar-tass as follows:
Russian Finance Minister Anton Siluanov earlier said the short-list of cities for the bank’s headquarters included Shanghai and New Delhi.
According to Ushakov, the agreement on founding the New Development Bank of BRICS and on creation of an exchange reserves’ pool will be signed at the next summit of the organization to take place in Brazil’s Fortaleza July 15-16.
“Thus, the basis for the macroeconomic coordination of the five states will be laid,” the presidential aide noted. “The new institutions will allow enforcing the global finance system, which is particularly important amid the IMF reform that reached a deadlock.”
The authorized stock of the bank amounts to $100 billion, the dedicated capital — $50 billion, the paid-in capital — $10 billion (paid upon request — $40 billion).
The paid-in capital will be formed within 7 years.
“Russia’s stake is $2 billion, that means the capital is proportionally distributed among the bank’s participants,” Siluanov noted earlier.
There is an agreement between the countries that the stake of BRICS members in the capital will not be lower than 55%.
The bank will engage in infrastructure projects mainly in the BRICS countries.
#AceFinanceNews – MOSCOW – June 03 – /ITAR-TASS/. Russia is interested in closer economic cooperation with Pakistan, especially in the energy sector, Sergei Shatirov, a deputy chairman of the economic policy committee of Russia’s Federation Council upper parliament house, said on Tuesday at a meeting with Russian Honorary Consul in Lahore Habib Ahmed.
According to Shatirov, the Russian side is interested in possible participation in the CASA-1000 project, which provides for the construction of three high-voltage electricity transmission lines from Kyrgyzstan and Tajikistan to Afghanistan and Pakistan. “Russia’s joining this project as an equal participant would help solve financing problems. Moreover, it would make it possible to hook up CASA-1000 with Russia’s energy system via Kazakhstan,” he said.
“Russia’s participation in the CASA-1000 project would be a guarantee of uninterrupted electricity supplies to South Asian countries, first, to Pakistan.”
He expressed the hope that Islamabad will support Russia’s initiatives.
Apart from that, Shatirov reassured partners that Russian companies, including Telhnopromexport and Inter RAO were ready to take part in the modernization of Pakistan’s energy sector.
The most promising facilities from this point of view, in his words, were heat power plants in Muzaffargarh and Jamshoro.
Habib Ahmed, in turn, stressed that regular meeting and exchange of views were very useful for the development of cooperation between the two countries. “Our business wants to cooperate with Russia as a country of big opportunities.
And it is important for Pakistan to develop our relations more actively,” he said.
#AceFinanceNews – UNITED STATES – June 03 – It will soon get a lot harder to use overseas accounts to hide income and assets from the Internal Revenue Service.
More than 77,000 foreign banks, investment funds and other financial institutions have agreed to share information about U.S. account holders with the IRS as part of a crackdown on offshore tax evasion, the Treasury Department announced Monday.
The list includes 515 Russian financial institutions. Russian banks had to apply directly to the IRS because the U.S. broke off negotiations with the Russian government over an information-sharing agreement because of Russia’s actions in Ukraine.
Nearly 70 countries have agreed to share information from their banks as part of a U.S. law that targets Americans hiding assets overseas. Participating countries include the world’s financial giants, as well as many places where Americans have traditionally hid assets, including Switzerland, the Cayman Islands and the Bahamas.
Starting in March 2015, these financial institutions have agreed to supply the IRS with names, account numbers and balances for accounts controlled by U.S. taxpayers.
#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 28 – Russian President Vladimir Putin has voiced hope for settling a dispute with Ukraine that could cut off Russian gas supplies to Europe.
In televised remarks at Wednesday’s Cabinet session, Putin signalled that Russia could negotiate new terms for gas shipments to Ukraine if it pays off part of its debt.
Energy Minister Alexander Novak reported at the session that Ukraine must pay $2 billion before Friday and another $500 million before June 7. Once Ukraine makes the first payment, Russia could negotiate a price discount for future supplies, he said.
Moscow has ratcheted up pressure on Ukraine after its pro-Russian president was chased from power in February after months of protests. Since then, Russia annexed Ukraine’s Crimean peninsula and a pro-Russia insurgency has engulfed eastern Ukraine.
#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.