EUROPEAN UNION: ‘ Will NOT Cut Russia OFF from SWIFT Inter-Bank Transactions ‘

#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 '

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.

#AFN2014

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#european-union, #russias, #sochi, #swift, #vtb-group

` Visa International Payment System Stops Servicing Russia’s SMP Bank and Invest Capital Bank ‘

#AceFinanceNews – MOSCOW – April 29 – Visa international payment system stops servicing Russia’s SMP Bank and Invest Capital Bank.

“On April 28, 2014, several more Russian individuals and organizations, including SMP Bank and InvestCapitalBank, were added to the list of specially designated nationals, or SDN’s.

In compliance with the US legislation, Visa International Service Association stopped servicing the above mentioned financial institutions,” a spokesperson for Visa told ITAR-TASS.

#AFN2014

#moscow, #russias

` Russia Eyes up the ` Republic of South Africa ‘ as the `New Developing Market ‘ and Opens Gazprombank ‘

#AceFinanceNews – PRETORIA – April 25 – Gazprombank has become Russia’s first commercial bank to open its representative office in the Republic of South Africa (RSA).

South African Deputy Minister of Finance Nhlanhla Nene, said in remarks at the presentation ceremony on Thursday that after two years of negotiations, Gazprombank had chosen the RSA as its base in Africa. He wished the Bank every success and thanked it for the shown trust in the South African economy.

Oleg Vaksman, Gazprombank’s Deputy Chairma of the Management Board, told Itar-Tass that the Bank eyes many rapidly developing African economies. “We shall operate within the area of the Southern African Development Community and in the continent’s east.

We are interested in traditional sectors, such as oil and gas, energy, and infrastructure,” he said.

The emergence in Africa of Russia’s third-largest bank accords with its strategy for a direct access to developing markets. “Physical presence in a country is required for achieving that. Over here, we have strategic intentions.

We do not intend just to earn money on some project and quit. We want to have an order book,” Vaksman emphasized.

In Africa, it is possible to achieve a high profitability on credit-lending. However, political risks over here are higher than elsewhere. “One must take both these factors into consideration,” Vaksman said.

The representative office of Gaprombank expects to obtain a license in South Africa towards the end of the year.

Ndaba Ntslele, South African Co-Chairman of the RSA-Russia Business Council, welcomed the Russian bank’s coming.

“We have got sick and tired of endless memoranda of intent. It is time to move on to specific deals,” he said.

Russian Oil and News Media Sources.

#AFN2014

#gazprombank, #pretoria, #republic-of-south-africa-rsa, #russias, #south-africa-brics

` Standard and Poor’s Downgrades Russia’s Sovereign Credit Rating to BBB with Negative Outlook ‘

#AceFinanceNews – LONDON – April 25 – International rating agency S&P has downgraded Russia’s sovereign rating from BBB to BBB- with ‘negative’ outlook.

S&P has explained downgrading of Russia’s sovereign credit rating from BBB to BBB – with capital flight from the country in the first quarter of 2014 and reduced capabilities to attract funding on foreign financial markets due to current Ukrainian political crisis, the agency stated.

“We believe that the complex geopolitical situation between Russia and Ukraine may lead to additional substantial outflow of both foreign and local capital of the Russian economy, undermining the already weak growth prospects,” S&P said.

#AFN2014

#ans2014, #london, #russias, #russian, #sovereign-rating, #standard-and-poors, #ukraine

` Russia’s Aid for `Ukraine ‘ during Post-Soviet Period was Approximately Quarter of Trillion Dollar’s – Quoted ‘

#AceFinanceNews – MOSCOW – April 22 – Russia’s aid for Ukraine during the entire post-Soviet period was worth approximately a quarter of a trillion dollars, the Voice of Russia radio quoted Prime Minister Dmitry Medvedev as saying.

Commenting on the statements of Russian MPs in the State Duma on Tuesday, he said that about $250 billion was a fair figure.

“This is the size of the support that we may have provided to our Ukrainian friends and brothers during the entire post-Soviet period at the expense of all sorts of preferences, including the non-market conditions for gas trade,” Medvedev said.

Tass – RT – VoR

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#gas, #moscow, #russias, #russian, #soviet, #state-duma, #ukrainian

` Vladimir Putin has Said that Opportunities for the West to Hurt the Russian Economy are Limited ‘

#AceFinanceNews – MOSCOW – April 17 – Opportunities for the West to hurt the Russian economy are limited, President Vladimir Putin said Thursday.

Europe cannot stop buying Russian gas without inflicting pain on itself, and if the US tries to lower oil prices, the dollar will suffer.

If the West tries to damage Russia’s influence in the world energy market, efforts will likely backfire, the Russian President said during his twelfth annual televised question and answer session.

To really influence the world oil market a country would need to increase production and cut prices, which currently only Saudi Arabia could afford, Putin said.

The president added he did not expect Saudi Arabia, which has “very kind relations” with Russia, will choose to cut prices, that could also damage its own economy.

If world oil production increases, the price could go down to about $85 per barrel.

“For us the price fall from $90 to $85 per barrel is not critical,” Putin said, adding that for Saudi Arabia it would be more sensitive.

#AFN2014

#moscow, #russias, #russian, #russian-president-vladimir-putin, #saudi-arabia

` Ukraine will Protect its Right to `Free Trade by means of the `WTO ‘ says Arseniy Yatsenyuk ‘

#AceFinanceNews – KIEV – April 17 – Ukraine will protect its right for free trade with Russia, the parliament-appointed Ukrainian premier Arseniy Yatsenyuk has said.

“This right will be protected by all means, including through the WTO (World Trade Organization),” Yatsenyuk said on Thursday.

“You know the situation: Russia’s markets have long been closed to us despite bilateral agreements,” he said.

“We’ll defend our right to free trade with all countries, including Russia” Yatsenyuk said.

#AFN2014

#russias, #ukraine, #world-trade-organisation-wto

#AceFinanceNews KIEV April 16 Ukraine’s acting prosecutor general…

#AceFinanceNews – KIEV – April 16 – Ukraine’s acting prosecutor general, Oleg Makhnitsky, says that criminal proceedings have been launched against 14 banks – including Russia’s biggest bank, Sberbank, RIA Novosti reports.

#AFN2014

#russias, #sberbank, #ukraine

` China Development Bank plans to invest in the Russia’s Far East with an Allocation of $5 Billion ‘

#AceFinanceNews – KHABAROVSK – April 11 – State-owned China Development Bank has confirmed its plans to invest in the development of Russia’s Far East, Russia’s Far East Development Ministry said on Friday.

“Readiness of the bank to allocate $5 billion for Russia’s Far East development projects has been confirmed at a meeting between the Minister for the Development of the Russian Far East, Alexander Galushka, and the president of China Development Bank, Zheng Zhijie,” the ministry said.

The program’s investment priorities include creating zones of development, financing infrastructure projects and implementing long-term regional investment programs.

Russian and China Finance News

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#china-development-bank, #russias

#AceFinanceNews MOSCOW April 10 VTB one of Russia’s…

#AceFinanceNews – MOSCOW – April 10 – VTB, one of Russia’s biggest banks, is looking at winding up its business in Serbia, India and Vietnam, VTB CEO Andrei Kostin told a news conference on Thursday.

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“We are not planning to expand our activity at foreign subsidiaries, moreover, we are scaling down our presence in some countries,” he said. We do not plan to expand our activity in Western Europe either.”

#india, #moscow, #russias, #serbia, #vietnam, #vtb, #western-europe