Category: Business & Economy

Ukraine extends sanctions against banks with Russian capital

Ukraine extends sanctions against banks with Russian capital

KIEV, March 20. /TASS/. President of Ukraine Pyotr Poroshenko approved the decision of the Ukrainian national security council on extension of sanctions against four banks with the Russian capital. Sanctions against four banks were extended “on the basis of proposals of the National Bank of Ukraine,” says the presidential decree, posted on the website of the security council on Wednesday. In May 2017, Poroshenko approved the decision on sanctions against five Russian banks – Sberbank, VTB, Prominvestbank, BM Bank (owned by VTB) and VS Bank. They were banned from any financial transactions in favor of persons linked with them, in particular, with their parent companies.…

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European Commission fines Google 1.49 bln euro for violating EU antitrust laws

European Commission fines Google 1.49 bln euro for violating EU antitrust laws

© REUTERS/Hannah McKay BRUSSELS, March 20. /TASS/. The European Commission has imposed a fine of 1.49 bln euros on Google for violating the EU antitrust rules in the market for the brokering of online search adverts, European Commissioner for Competition Margrethe Vestagaer said at a briefing in Brussels on Wednesday. “Today the Commission has fined Google 1.49 bln euros for illegal misuse of its dominant position in the market for the brokering of online search adverts,” Vetsgaer said. According to her, “Google has cemented its dominance in online search adverts and shielded itself from competitive pressure by imposing anti-competitive contractual restrictions on third-party websites.” Vestager noted…

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Putin says UK business community can take part in carrying out Russia’s National Projects

Putin says UK business community can take part in carrying out Russia’s National Projects

© Mikhail Tereschenko/TASS MOSCOW, March 20. /TASS/. Russian President Vladimir Putin has invited British entrepreneurs to take part in implementing the National Projects at a meeting with representatives of the UK business community working in Russia. “Hundreds of billions of dollars are planned to be invested into developing the most important sectors of the economy and the social sphere within the framework of the National Projects in Russia. I did not make a slip in speaking, what we’re talking about here is namely investments of hundreds of billions of dollars. I am confident your companies could take part in this work also. The market is fairly…

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European Commission fines Google for 1.49 bln euros for violating EU antitrust rules

European Commission fines Google for 1.49 bln euros for violating EU antitrust rules

© REUTERS/Hannah McKay BRUSSELS, March 20. /TASS/. The European Commission has imposed a fine of 1.49 bln euros on Google for violating the EU antitrust rules in the market for the brokering of online search adverts, European Commissioner for Competition Margrethe Vestagaer said at a briefing in Brussels on Wednesday. “Today the Commission has fined Google 1.49 bln euros for illegal misuse of its dominant position in the market for the brokering of online search adverts,” Vetsgaer said. According to her, “Google has cemented its dominance in online search adverts and shielded itself from competitive pressure by imposing anti-competitive contractual restrictions on third-party websites.” Vestager noted…

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Putin says UK business can participate in implementing National Projects in Russia

Putin says UK business can participate in implementing National Projects in Russia

© Mikhail Tereschenko/TASS MOSCOW, March 20. /TASS/. Russian President Vladimir Putin invited the UK business to take part in implementation of National Projects at a meeting with representatives of the UK business community working in Russian. “Hundreds of billions of dollars are planned to be invested into development of the most important sectors of the economy and the social sphere within the framework of National Projects in Russia. I do not misspoke, investments of hundreds of billions of dollars are exactly meant. I am confident your companies could take part in this work also. The market is fairly large,” Putin noted. Implementation of national projects will…

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Putin gives start to full-scale development of Kharasaveyskoye at Yamal peninsula

Putin gives start to full-scale development of Kharasaveyskoye at Yamal peninsula

© Mikhail Klimentyev/Russian Presidential Press and Information Office/TASS MOSCOW, March 20. /TASS/. Russian President Vladimir Putin gave start to the full-scale development of the Kharasaveyskoye field by Gazprom at the Yamal peninsula on Wednesday. He took part in the ceremony in a video conference mode. In the summer of 2018, Gazprom made a decision to start full-scale development of the Kharasaveyskoye field in 2019. The field is located on the Yamal Peninsula, Russia’s Arctic region, north of the Bovanenkovskoye field, mainly on the land of the peninsula and partially in the waters of the Kara Sea. The field’s gas reserves amount to 2 trillion cubic meters…

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Nuclear-powered container ship may deliver export consignments to China

Nuclear-powered container ship may deliver export consignments to China

© Lev Fedoseyev/TASS TASS, March 20. The Sevmorput container carrier, owned by Russia’s nuclear fleet authority, Atomflot, is the only nuclear-powered cargo vessel, which may be used to deliver export consignments from the Arkhangelsk port to China and to bring fish from the Far East to Russia’s European part, press service of the Arkhangelsk Region’s governor said following a meeting between Governor Igor Orlov and Atomflot’s Director General Mustafa Kashka on Tuesday. “Specialists collect applications from producers, including on fish deliveries from the Far East,” the press service said. “On return voyages, the ship could deliver products, which the Arkhangelsk Region exports to China.” According to…

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Asian businesses start outpacing Europe on Eurasian Economic Union markets, official says

Asian businesses start outpacing Europe on Eurasian Economic Union markets, official says

WASHINGTON, March 20. /TASS/. The European Union is no longer a key trade partner in export and import with the Eurasian Economic Union, and Asian countries have outshined it, Assistant Minister in charge of Integration and Macroeconomics of the Eurasian Economic Commission (EEC) Fedor Chernitsyn said. “The anti-Russian sanctions have been affecting [trade relations]. According to our estimates, since introducing sanctions the European Union has lost nearly $300 bln. Since 2016, we have seen a tendency that if earlier the EU was our number one trade partner in terms of export and import, now Asian countries hold the top spot,” the official told the annual…

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Arctic: Territory of Dialogue forum to focus on municipalities’ development

Arctic: Territory of Dialogue forum to focus on municipalities’ development

ST. PETERSBURG, March 20. /TASS/. Development of municipalities in the Russian Arctic zone, higher living standards and infrastructure projects will be on agenda of the Arctic: Territory of Dialogue international forum, due in St. Petersburg on April 9-10, the event’s organizer, Roscongress, said on Tuesday. The discussion will be organized as the forum’s separate event, dubbed the 2nd Arctic Municipalities Forum. It is a “platform for leaders of rural and urban municipalities from the Arctic and for the heads of federal ministries, departments, and companies to address important issues concerning the social development of Arctic territories,” the organizer said. The forum participants will also focus…

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Yandex, Hyundai Mobis to develop control systems for autonomous vehicles

Yandex, Hyundai Mobis to develop control systems for autonomous vehicles

MOSCOW, March 20. /TASS/. Russia’s leading search provider Yandex and Hyundai Mobis, an affiliate of the South Korean Hyundai Motor Group and one of the world’s largest manufacturers of automotive components, have signed a memorandum of understanding on development of control systems for Level 4 and Level 5 autonomous vehicles, “combining Yandex’s established self-driving technologies with Hyundai Mobis’ extensive experience in the automotive industry,” the companies said in a joint statement. “The agreement also provides that the companies may expand into other areas of cooperation such as developing joint products that integrate Yandex technologies including speech, navigation, and mapping among others,” the statement said. Hyundai…

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Too early to discuss single Eurasian Economic Union currency, warns official

Too early to discuss single Eurasian Economic Union currency, warns official

WASHINGTON, March 20. /TASS/. Introducing a single currency within the Eurasian Economic Union (EAEU) is possible in future, but its member states are not ready yet, Assistant Minister in charge of Integration and Macroeconomics of the Eurasian Economic Commission (EEC) Fedor Chernitsyn said. “The use of national currencies in mutual transactions has been on the rise,” the official told the annual conference on the development of business contacts with EAEU at the Russian Cultural Center in Washington. “The EEC and national governments are not supposed to put pressure on anyone in that regard, so they don’t.” “As far as the single currency is concerned, there…

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Russia’s Kaspersky Lab lodges complaint against Apple with Russia’s antitrust watchdog

Russia’s Kaspersky Lab lodges complaint against Apple with Russia’s antitrust watchdog

© Sergei Savostyanov/TASS MOSCOW, March 20. /TASS/. Russian antivirus software provider, Kaspersky Lab, said it had lodged a complaint with the Federal Antimonopoly Service (FAS) of Russia regarding Apple’s policy in the parental control applications market for mobile devices with iOS. “From Kaspersky Lab’s point of view, Apple has started to use its dominant position to create competitive advantage for its own Screen Time application. This is reflected in the demand that all iOS developers have to remove configuration profiles from their applications,” the company said in a statement on Tuesday. According to Kaspersky Lab, Apple demanded that in order to have its Kaspersky Safe Kids…

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Russian statistical service not to publish monthly data of population’s income

Russian statistical service not to publish monthly data of population’s income

MOSCOW, March 19. /TASS/. The Russian statistical service Rosstat will suspend publications of monthly data regarding population’s income and will only release quarterly figures, head of the service Pavel Malkov told reporters on Tuesday. “It is suggested to suspend publishing monthly data of money incomes [of the population]. It should be recognized that we do not have a significant portion of data available, and information therefore gives rise to serious questions,” the official said. The Russian statistical service was repeatedly criticized in recent years by experts and by officials. President Vladimir Putin earlier highlighted the need to improve the national statistical system and explain the…

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Vilnius is ready to help Minsk find partners to convert its NPP from nuclear fuel to gas

Vilnius is ready to help Minsk find partners to convert its NPP from nuclear fuel to gas

VILNIUS, March 19. /TASS/. Lithuania can help Belarus find financial resources necessary for conversion of its nuclear power plant (Belarus NPP), which is being built near the Lithuanian border, from nuclear fuel to natural gas. Lithuanian Prime Minister Saulius Skvernelis said this on Tuesday, when presenting his foreign policy program as a candidate for the May presidential elections in Lithuania. “Investments would be required, and Lithuania could become an advocate and a partner of Belarus, if Minsk gives a signal that it is looking for ways and sources of financing,” the Lithuanian Prime Minister said. On March 7, Skvernelis sent a compromise proposal to his…

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Spotify will enter Russian market, Sberbank CIB forecasts

Spotify will enter Russian market, Sberbank CIB forecasts

© AP Photo/Richard Drew MOSCOW, March 19. /TASS/. The international musical service Spotify will enter the Russian market and a similar service planned for creation by the Mail.ru Group will appear, Sberbank CIB said on Tuesday in its report on the forecast of revenues to be received by the Russian Internet company Yandex from musical services. “We expect that Yandex revenues from subscriptions to musical services will grow by approximately 50% per year in average in 2018-2021 on account of the increasing share of paying users. Key drivers for that will be a potential entry of Spotify on the Russian market and an entity of the…

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Putin highlights pressing need for efficient protection of entrepreneurs’ rights

Putin highlights pressing need for efficient protection of entrepreneurs’ rights

© Sergei Savostyanov/TASS MOSCOW, March 19. /TASS/. Greater efficiency in protection of rights of businessmen and promotion of business climate improvement are among critical tasks, Russian President Vladimir Putin said on Tuesday at the extended meeting of the Board of the Russian General Prosecutor’s Office. “This is extremely important for us because we must compensate limitations we face from the outside by improving the quality of our work inside,” Putin noted. “Everything is in our hands. I request prosecutors to decisively respond to violations in this sphere, provide efficient aid and support to entrepreneurs in defending their lawful rights and interests,” he said. “Your direct responsibility…

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Prosecutors’ checks in 2018 resulted in suspension of 425 air pilots

Prosecutors’ checks in 2018 resulted in suspension of 425 air pilots

© Marina Lystseva/TASS MOSCOW, March 19. /TASS/. More than 400 air pilots were suspended last year following prosecutors’ checks, Prosecutor-General Yuri Chaika told the Prosecutor-General’s Office board meeting on Tuesday. “In order to ease the role of human errors in air crashes we continued inspections of civil aviation flight schools. A total of 425 air pilots were suspended until the elimination of various violations. Two training centers were closed down. The air transport agency Rosaviatsiya annulled 160 flight certificates,” Chaika said. He urged transport prosecutors to focus efforts on the protection of passengers’ rights and the observance of the law in the field of transportation and…

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Venezuela views Russia, China as major oil export destinations

Venezuela views Russia, China as major oil export destinations

© AP Photo/Reinaldo D’ Santiago BAKU, March 19. /TASS/. Caracas views Russia and China as major oil exports destinations, Venezuela’s Oil Minister Manuel Quevedo said at a meeting with Azerbaijani Energy Minister Parviz Shahbazov, the Azerbaijani Energy Ministry said in a statement on Tuesday. “The minister said that Venezuela had suspended oil exports to India and stressed that Russia and China were considered to be major oil export destinations,” the statement reads. Quevedo added that Venezuela “is working to diversify its exports.” According to the Venezuelan oil minister, the country is taking measures to prevent a decline in oil production. Quevedo said earlier at a meeting…

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Small, medium businesses development on Arctic forum’s agenda

Small, medium businesses development on Arctic forum’s agenda

MOSCOW, March 19. Participants in the Arctic: Territory of Dialogue international forum in St. Petersburg will discuss support for small and medium businesses in the region, the event’s organizer, Roscongress, said. The business program “includes a special session on the development of small and medium-sized businesses (SMEs) in the Russian Arctic regions,” the organizer’s press service said in a statement, published on Monday. “The session ‘Small Business, Big Potential’ is supported by the Ministry of Economic Development of the Russian Federation. The participants of the event are to discuss the particularities of running small and medium businesses in the Arctic region, which should be considered…

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Crimean power output is twice above consumption, Russian energy minister says

Crimean power output is twice above consumption, Russian energy minister says

MOSCOW, March 18. /TASS/. Crimea is supported with power generation capacities having volumes twice above consumption and is independent from external power supplies from today, Russian Energy Minister Alexander Novak said on Monday in an interview with the Rossiya-24 TV Channel. Russian President Vladimir Putin has earlier given a start to operation of Balaklavskaya and Tavricheskaya thermal power plants (TPP) in Crimea with full capacity. “Starting from today, Crimea is supported with electricity and capacities twice higher than it consumes,” the minister said. “The key point is internal generation, self-sufficiency of the region,” he added. Extra output provides significant reserves for development of the region,…

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European Parliament Committee upholds the revised EU Gas Directive

European Parliament Committee upholds the revised EU Gas Directive

BRUSSELS, March 18. /TASS/. The European Parliament (EP) Committee on Industry, Research and Energy has supported a draft revised EU Gas Directive, which will expand Brussels’s ability to control the Nord Stream-2 gas pipeline. The voting procedure was broadcast by the press service of the European Parliament. “The European Parliament Committee supported the amendments to the EU Gas Directive,” Jerzy Buzek, head of the committee said on the voting results. In other media

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Putin says Russia will lift counter-restrictions if EU cancels sanctions

Putin says Russia will lift counter-restrictions if EU cancels sanctions

© AP Photo/Francisco Seco SIMFEROPOL, March 18. /TASS/. Russia will lift counter-restrictions if the European Union abolishes its sanctions, Russian President Vladimir Putin said on Monday at a meeting with Thierry Mariani, head of a delegation of French politicians and the President of the French-Russian Dialog Association. “My answer will not make our Russian agricultural producers happy but I have to tell you that if European sanctions are lifted, then we will definitely have to abolish tit-for-tat measures on our part, because there will be no original causes for their introduction,” the head of state said. Sanctions did not benefit anyone, although they became an incentive…

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Next OPEC + monitoring committee meeting may take place in May — source

Next OPEC + monitoring committee meeting may take place in May — source

BAKU, March 18 / TASS /. The next meeting of the OPEC + monitoring committee may take place in May, a source in OPEC told TASS on Monday. According to the agency source, the ministerial monitoring committee is currently discussing the postponement of the OPEC+ April meeting to June. He clarified that this is not about a cancellation of a meeting, but rather a postponement. There is a discussion underway of holding the next ministerial monitoring committee meeting in May. Kazakhstan Energy Minister Kanat Bozumbayev said that the Ministerial Committee on Monitoring the Implementation of the Agreement on the Reduction of Oil Production is discussing…

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Putin gives start to operation of Crimean thermal power plants with full capacity

Putin gives start to operation of Crimean thermal power plants with full capacity

SEVASTOPOL, March 18. /TASS/. Russian President Vladimir Putin has given a start to operation of Balaklavskaya and Tavricheskaya thermal power plants (TPP) in Crimea with full capacity. Deputy Prime Minister Dmitry Kozak, Energy Minister Alexander Novak, head of Crimea Sergei Aksenov and Chief Executive of the Rostec state corporation Sergei Chemezov attended the official ceremony of new power units start. First power units of both thermal power plants were put into service last October. The total capacity of two TPPs in Crimea has grown to 940 MW as a result of second units’ commissioning, amounting to about 90% of consumption in the region. The overall…

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Russia decreased holdings in US Treasury securities by $36 mln in 2018

Russia decreased holdings in US Treasury securities by $36 mln in 2018

© Kirill Kukhmar/TASS MOSCOW, March 18. /TASS/. Russia has decreased it holdings in US Treasury Securities to $13.180 bln in January from $13.216 bln in December last year, according to the Treasury International Capital (TIC) data for January 2019. The share of long-term bonds accounted for $6.322 bln, short-term bonds – $6.858 bln. Russia began to drastically reduce investments in the US national debt in the spring of 2018. In April 2018, investments fell from $96 bln to $ 48.7 bln, and then in May to $ 14.9 bln. The largest holders of US Treasury securities are China with $1.127 trillion, Japan with $1.07 trillion, and…

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Lukoil may sign agreement on new offshore block in Kazakhstan in May

Lukoil may sign agreement on new offshore block in Kazakhstan in May

Lukoil CEO Vagit Alekperov © Anton Novoderzhkin/TASS BAKU, March 18. /TASS/. Lukoil will be ready to sign an agreement with Kazakhstan on a new offshore project in the Caspian Sea this May, Chief Executive Officer of the Russian oil producer Vagit Alekperov told reporters on Monday. “We will be ready to sign the contract by the end of May,” Alekperov said. Establishment of a joint venture with Kazakhstani oil and gas company KazMunayGas is meant, he added. Participation conditions will be similar to the ones determined for the Zhenis block. As reported earlier, Lukoil and KazMunayGas have already established a joint venture to develop the Zhenis…

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Lukoil eyes participation in several projects in UAE

Lukoil eyes participation in several projects in UAE

© Dmitriy Serebryakov/TASS BAKU, March 18 /TASS/. Russian oil major Lukoil is considering participation in a number of projects in the UEA, the company’s CEO Vagit Alekperov told reporters. Alekperov is now in the Azeri capital of Baku where he is to meet with the UAE Energy Minister Suhail Al Mazroui. “We are now considering a number of options on their territory,” Alekperov told reporters. He noted that these are gas projects, but they also have an oil component. “I hope a positive decision will be made,” he added. Alekperov also noted that in Baku he will also have talks with the Iraqi Oil Minister, representatives…

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China to galvanize cultural and economic cooperation with Crimea, says Russian envoy

China to galvanize cultural and economic cooperation with Crimea, says Russian envoy

BEIJING, March 18. /TASS/. The Chinese society will actively develop the cultural-humanitarian and economic contacts with Crimea this year, Russian Ambassador to China Andrei Denisov said on Monday. “The Yalta International Economic Forum is annually held in Crimea, and Chinese representatives take part in its operation,” he said during the event dedicated to the fifth anniversary of Crimea’s reintegration into Russia that was held at the Russian Embassy in Beijing. “Last year the Chinese Information and Cultural Center was opened at the Crimean Federal University in Yalta. In August this year a group of school students from China will come to the Artek International Children’s…

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Venezuela produced 1.43 million barrels of oil per day in February

Venezuela produced 1.43 million barrels of oil per day in February

© AP Photo/Leslie Mazoch BAKU, March 18 / TASS /. The average daily oil production in Venezuela in February was 1.43 million barrels, said Venezuelan oil industry minister Manuel Quevedo at a meeting of the OPEC + ministerial monitoring committee on Monday. “1.432 million barrels per day,” he said, answering the relevant question. At the same time, Quevedo did not mention the volume of production in March, citing the fact that the month is not over yet. In other media

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