Category: Business & Economy

OPEC + countries improve oil output cut deal’s compliance in February – Secretary General

OPEC + countries improve oil output cut deal’s compliance in February – Secretary General

BAKU, March 17. /TASS/. Countries participating in the OPEC plus deal on cutting oil production improved its compliance in February compared with the previous month, OPEC Secretary General Mohammad Barkindo told reporters on Sunday. According to Barkindo, there is a “remarkable” improvement on the level of compliance. He noted that particular figures would be announced after Monday’s meeting of the ministerial monitoring committee. On Sunday, Azerbaijan’s capital of Baku hosts a meeting of the OPEC plus Technical Committee. Earlier, Bloomberg reported citing its sources that the deal’s compliance level in February reached 89%. In December 2018, OPEC+ countries decided to cut production by 1.2 mln…

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US Department of Justice declines to comment on Deripaska’s lawsuit

US Department of Justice declines to comment on Deripaska’s lawsuit

WASHINGTON, March 16. /TASS/. The US Department of Justice refuses to comment on the lawsuit of Russian businessman Oleg Deripaska against the US Treasury Department. Kelly Laco, official representative of the legal department, said it to a TASS correspondent on Friday “Department of Justice declines to comment,” she noted. Earlier, the representative of the US Treasury also declined to comment on the actions of the Russian businessman and suggested turning to the Department of Justice for comments. Russian businessman Oleg Deripaska filed a complaint for declaratory and injunctive relief against the US Treasury Department and Treasury Secretary Stephen Mnuchin with a request for lifting sanctions…

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US Treasury ignored presumption of innocence when imposing sanctions, Deripaska says

US Treasury ignored presumption of innocence when imposing sanctions, Deripaska says

MOSCOW, March 15. /TASS/. The US Treasury Department ignored the principle of presumption of innocence when introduced sanctions, the Russian businessman Oleg Deripaska says. “Simple justice is meant. Presumption of innocence is the basic principle of the US legal system, which was obviously ignored when sanctions were applied against me. US authorities should follow the rule law, rather than targeting individuals because it is politically reasonable,” a Deripaska’s spokesperson conveyed words of the businessman. The US courts are sufficiently even-handed to support the law and the constitution of the United States, Deripaska said. “Only courts can decide whether an individual is guilty or not and…

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Russian businessman Oleg Deripaska files complaint against US Treasury

Russian businessman Oleg Deripaska files complaint against US Treasury

WASHINGTON, March 15. /TASS/. Russian businessman Oleg Deripaska filed a complaint for declaratory and injunctive relief against the US Treasury Department and Treasury Secretary Stephen Mnuchin with a request for lifting sanctions imposed on him, according to papers of the US District Court for the District of Columbia. This complaint is also brought against the Office of Foreign Assets Control (OFAC) of the Treasury and OFAC Director Andrea Gacki. Deripaska calls sanctions introduced against him in April 2018 as unfair and illegal and notes that his wealth contracted by more than $7.5 bln due to sanctions in the complaint. The businessman requests the court to…

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Canada introduces new sanctions against Russia

Canada introduces new sanctions against Russia

Canadian Foreign Minister Chrystia Freeland © REUTERS/Chris Wattie OTTAWA, March 15. /TASS/. Canada has introduced new anti-Russian sanctions in relation to the November 2018 Kerch Strait incident, placing 114 individuals and 15 entities on the sanctions list, the statement by Canadian Foreign Minister Chrystia Freeland published on Friday informs. “In coordination with the European Union and the United States, Canada is today announcing new sanctions in response to Russia’s aggressive actions in the Black Sea and Kerch Strait and Russia’s illegal annexation of Crimea,” the statement says. Head of Rosneft Igor Sechin, head of VTB Andrey Kostin, entrepreneur Igor Rotenberg, Plenipotentiary Presidential Representative in the Southern…

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US stiffens anti-Russian sanctions on Ukraine — US Treasury Department

US stiffens anti-Russian sanctions on Ukraine — US Treasury Department

US Treasury Department © AP Photo/Jacquelyn Martin WASHINGTON DC, March 15. / TASS /. The United States tightens anti-Russian sanctions and blacklisted six individuals and eight organizations affiliated with Russia, the US Treasury Department said in a report on Friday. The sanctions lists includes Deputy Director of the Border Guard Service of the Federal Security Service of the Russian Federation Gennadiy Medvedev, Head of the Service Command Point of the Federal Security Service of the Russian Federation for the Republic of Crimea and Sevastopol Ruslan Romashkin, Head of the Coast Guard Unit of the Federal Security Service of the Russian Federation Andrei Shein, Head of the…

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Russian government assigns priority to 5G network competitive model

Russian government assigns priority to 5G network competitive model

MOSCOW, March 15. /TASS/. The Russian Government views a competitive model of the fifth-generation (5G) network development and rollout as a priority option, Deputy Prime Minister Maxim Akimov told reporters. The Russian telecom ministry presented earlier a 5G network development concept to certain ministries, which contemplates establishing of a single private infrastructural operator because of frequency range shortage in Russia. “The position is rather simple. This [creation of the single infrastructural operator – TASS] is not a priority option. Preference is assigned to the competitive model. We would like to develop this market in the same way, in which other mobile communication generations evolved, when…

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US authorities give business visas for Aeroflot in full scope

US authorities give business visas for Aeroflot in full scope

MOSCOW, March 15. /TASS/. US authorities are issuing business visas for Aeroflot crews in full scope at present, Chief Executive Officer of the Russian flag carrier Vitaly Savelyev told reporters on Friday. “The US issues business visas to us for pilots and flight attendants in full measure now; such problem does not exist for us anymore,” the top manager said. In other media

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Anti-Russia sanctions trigger Russian-Chinese trade growth, says deputy minister

Anti-Russia sanctions trigger Russian-Chinese trade growth, says deputy minister

BRUSSELS, March 15. /TASS/. Anti-Russia sanctions imposed by western countries have spurred the growth of trade between Russia and China and the development of transport infrastructure, Russia’s Deputy Foreign Minister Alexander Pankin on Friday. “Sanctions against Russia have freed a considerable number of niches on the Russian market to the joy of China, and now Russia as well. That has enabled us to create new trade and logistics routes, new investment opportunities,” he said. According to Pankin, due to sanctions the trade turnover between western countries and Russia has dropped by $300 bln. “We all who could have made money from international trade, have lost…

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European Parliament to vote on Gas Directive after March 18, says source

European Parliament to vote on Gas Directive after March 18, says source

BRUSSELS, March 15. /TASS/. The date for the European Parliament (EP) to vote on draft amendments to the EU Gas Directive has not yet been fixed and will be announced after March 18, a European source told TASS on Friday. Voting at the EP plenary session in Brussels on April 3-4 remains probable, the source said. “The voting date at the European Parliament’s session has not yet been determined. We assume it will be indicated after the EP committee approves the directive. Not many options will be left after that for voting at the session before expiry of the mandate of current convocation of the…

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Alrosa, Tiffany’s in talks on premium-class, small diamonds

Alrosa, Tiffany’s in talks on premium-class, small diamonds

© AP Photo/Kiichiro Sato BRUSSELS, March 15. /TASS/. Russia’s top diamond producer Alrosa is holding negotiations with Tiffany & Co on deliveries of fine, rough diamonds of premium colors, Chief Executive Officer of the Russian company Sergei Ivanov told TASS on Thursday. “We have good, long-standing relations with Tiffany. They value and buy a certain range of Russian diamonds. Indeed, they have extra demand. We are negotiating with them but on colors, not just merely over small rough diamonds,” Ivanov said. Alrosa has to provide the sorting and preparation of such diamonds, the top manager noted. “This is not some major contract, this is one of…

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Russia’s Rosatom ready to build nuclear power plant in Bulgaria if project is beneficial

Russia’s Rosatom ready to build nuclear power plant in Bulgaria if project is beneficial

© Viktor Drachev/TASS MOSCOW, March 15. /TASS/. The Russian nuclear corporation Rosatom is ready to consider participation in building the nuclear power plant (NPP) in Bulgaria within the international cooperation framework but with adherence to conditions guaranteeing benefits of the project, Chief Executive Officer of the company Alexei Likhachev told reporters on Friday. “We are ready to consider our participation exactly subject to international cooperation, with observance of certain conditions warranting that this project will benefit us,” the top manager said. Successful implementation of the project is impossible without Rosatom but the corporation has understanding that this project is executed within the international cooperation framework, Likhachev…

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Putin does not expect Calvey case to negatively affect investment climate

Putin does not expect Calvey case to negatively affect investment climate

Michael Calvey © AP Photo/Alexander Zemlianichenko MOSCOW, March 15. /TASS/. Russian President Vladimir Putin does not believe it is right to link the case of Michael Calvey, the founder and senior partner of the private equity firm Baring Vostok Capital Partners, arrested in Russia on embezzlement charges, to Russia’s investment climate, Kremlin Spokesman Dmitry Peskov said. When asked about the president’s position on the matter, Peskov said that Putin believed the case should not be linked to Russia’s investment climate and should have no negative affect on it. “Russia has been and will remain interested in attracting international investors and intends to do everything possible to…

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VTB Head sees Calvey’s arrest as excessive measure

VTB Head sees Calvey’s arrest as excessive measure

MOSCOW, March 14. / TASS /. The arrest of Michael Calvey, the founder of the Baring Vostok investment fund, is an excessive measure, and the case itself raises questions and negatively affects the Russian market, head of VTB Bank Andrei Kostin told reporters on Thursday. “Being in a pre-trial detention center, especially for a long time, without a court decision, of course, is wrong. When it comes to Calvey, this measure is certainly excessive. At the very least, what we know raises many questions, and therefore there is no unequivocal clarity as I see it, on whether or not the person is guilty,” Kostin said.…

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European Parliament’s resolution on Nord Stream-2 should be given legal assessment — Novak

European Parliament’s resolution on Nord Stream-2 should be given legal assessment — Novak

SOCHI, March 15. / TASS /. The resolution of the European Parliament, which calls to curtail the construction of the Nord Stream-2 gas pipeline, needs legal assessment, Russian Energy Minister Alexander Novak told reporters on Friday. “All questions that concern adopted resolutions should be studied legally, what consequences they may entail. I think that only then it will be possible to talk about it. All these questions are very subtle, it is important to understand the wording,” Novak said, answering the question, can the resolution of the European Parliament influence the implementation of Nord Stream 2 and delay the start date of gas supplies through…

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Russia allocates $1 million to UN for demining of Syrian territories

Russia allocates $1 million to UN for demining of Syrian territories

MOSCOW, March 15. /TASS/. Russia allocated $1 million to the United Nations Mine Action Service (UNMAS) to support its activity in Syria, Russian Deputy Foreign Minister Sergei Vershinin said at the ministerial conference “Supporting the Future of Syria and the Region” in Brussels. The text of his speech was released by the Russian Foreign Ministry on Friday. “A decision was made to allocate a voluntary contribution in the amount of $1million to the UN Mine Action Service. In the specified sphere, we call on the responsible members of the international community to follow our example as well,” Vershinin said. According to the UN and other…

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Gazprom Neft to enter new projects in Iraq in case of suitable proposal

Gazprom Neft to enter new projects in Iraq in case of suitable proposal

SOCHI, March 15. /TASS/. Russia’s oil producer Gazprom Neft does not rule out that the company may participate in new projects in Iraq if it receives a suitable proposal, Chief Executive Officer Alexander Dyukov told reporters on Friday. “The participation in various projects is possible, though for us, of course, it is preferable to participate in projects that have synergy with the projects that we have implemented,” he said, adding that “everything will depend on the wish and plans of the Iraqi side.” In other media

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Russia’s extra budget revenues since launch of OPEC+ deal total $107 bln, says RDIF CEO

Russia’s extra budget revenues since launch of OPEC+ deal total $107 bln, says RDIF CEO

© EPA-EFE/FLORIAN WIESER SOCHI, March 15. /TASS/. Additional revenues of Russia’s budget since the launch of the OPEC+ agreement have reached 7 trillion rubles ($107 bln), Chief Executive Officer of the Russian Direct Investment Fund Kirill Dmitriev told reporters on Friday. “Obviously, it is necessary to maintain the coordination mechanism, which is very actively working between OPEC and non-OPEC countries. It has proved efficient, not only due to the fact that Russia received 7 trillion rubles worth of extra state revenues, but also that markets are stable and, subsequently, investments are flowing to the markets, which is extremely important,” he said. OPEC member-states and 11 independent…

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China plans to cooperate with Russia in internet trade, space and aircraft industry

China plans to cooperate with Russia in internet trade, space and aircraft industry

BEIJING, March 15. /TASS/. China’s authorities intend to develop cooperation with Russia in the sphere of internet trade, space and aircraft industry to double the volume of bilateral trade, increasing it to $200 billion, Premier of the People’s Republic of China Li Keqiang told TASS at a news conference on Friday. “We should work together to further extend the spheres of bilateral cooperation. We will continue to develop cooperation in the sphere of trade, in particular strengthen cooperation between small Russian and Chinese entities, build up cooperation in internet commerce, space and aircraft industry, as well as build up exchanges between the nations of the…

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Boeing suspend 737 MAX deliveries, but keeps producing them — spokesman

Boeing suspend 737 MAX deliveries, but keeps producing them — spokesman

© AP Photo/Elaine Thompson NEW YORK, March 15. /TASS/. US aircraft industry company Boeing continues to manufacture aircraft of the 737 MAX model despite the decision to suspend their deliveries, a company spokesperson has told TASS by phone. “I am confirming that we are pausing delivery of 737 Max due to the temporary grounding,” the official said. When asked for how long will the deliveries be suspended, he replied: “Don’t know yet. We are continuing to produce the airplane, build it.” “We are assessing the situation due to some other contingencies,” the spokesperson added. The US Federal Aviation Administration said on Wednesday it prohibited all flights…

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European Parliament’s resolution will not affect Nord Stream 2 — source

European Parliament’s resolution will not affect Nord Stream 2 — source

BRUSSELS, March 13. /TASS/. The European Parliament’s resolution on relations with Russia, which particularly calls for stopping the construction of the Nord Stream 2 gas pipeline, will not affect the project’s implementation and the measures the European Union has been taking to regulate it, a European diplomatic source told TASS on Wednesday. “The European Parliament’s resolutions are recommendatory. The European Commission always takes them into account but it is not obliged to fulfill the requests and demands they contain for it makes independent decisions,” the source said. While speaking about the Nord Stream 2 project, the source pointed out that the process of amending the…

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Gazprombank sells indirect stake in joint venture with PDVSA

Gazprombank sells indirect stake in joint venture with PDVSA

MOSCOW, March 15. /TASS/. Russia’s Gazprombank has sold its stake in Petrozamora, a joint venture with Venezuela’s state-run oil and gas company Petroleos de Venezuela (PDVSA), a company spokesman told TASS on Thursday. “The bank has fully withdrawn from holding an indirect stake in Petrozamora, the details of the deal are not disclosed,” the source said. A source in Russia’s financial circles told TASS that Gazprombank, Russia’s third largest lender in terms of assets, currently has no investment in any project in Venezuela. Reuters earlier wrote citing own sources that Gazprombank held a minority stake in a company named GPB Global Resources, which in turn…

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Top Russian business lobbyist doesn’t see let-up in sanctions anytime soon

Top Russian business lobbyist doesn’t see let-up in sanctions anytime soon

MOSCOW, March 14. /TASS/. Sanctions against Russia will be toughened and no letup could be expected in the near future, Alexander Shokhin, the head of the Russian Union of Industrialists and Entrepreneurs, said at his Union’s joint session with the Valdai Discussion Club think tank. “Sanctions [against Russia] will be toughened and perhaps, there won’t be any sanctions relief,” Shokhin said. “The wheels have been put in motion so that even a change of leaders, in my opinion, won’t be able to stop it instantaneously and it will take long to slow down.” Drastic changes at the White House and the US Congress will help…

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Chechnya’s head says doesn’t care about US sanctions

Chechnya’s head says doesn’t care about US sanctions

GROZNY, March 13. /TASS/. Chechnya’s head Ramzan Kadyrov has commented on a US House of Representatives resolution by saying he doesn’t care about US sanctions. Earlier on Tuesday, the US House of Representatives adopted a resolution “calling for accountability and justice for the assassination of [Russian politician] Boris Nemtsov.” The document condemns Russian authorities, who, according to US legislators, covered up the assassination of Nemtsov. The House called on the US administration “to designate individuals whom they determine to have been involved in the assassination of Boris Nemtsov as perpetrators, organizers, or masterminds, on the list of specially designated nationals and blocked persons maintained by…

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International Arctic forum to focus on global shipbuilding’s developments

International Arctic forum to focus on global shipbuilding’s developments

MOSCOW, March 13. /TASS/. Recent achievements in shipbuilding 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 in a press release, published on Tuesday. “Participants will learn about achievements in the industry and also conduct serious work on innovative projects that will help make a breakthrough in Russian shipbuilding,” the document quoted Adviser to the Russian President Anton Kobyakov as saying. The session will feature among others United Shipbuilding Corporation’s (USC) President Alexei Rakhmanov. “Another session at the International Arctic Forum will be devoted to the production and use of…

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Arctic still warming, Russia’s state weather service warns

Arctic still warming, Russia’s state weather service warns

MOSCOW, March 13. /TASS/. The Arctic tends to experience amplified warming, which, in particular, affects the mass of sea ice in the region, the Russian Hydrometeorology and Environmental Monitoring Federal Service said in a report on climate change in Russia in 2018. “In the Northern polar region, the year of 2018 was very warm, the second warmest on record since 1936, as the yearly average temperature amounted to 2.5 degrees [Celsius] above zero. In 2018, the monthly minimal volume of sea ice, documented in September, came to 4.57 million square kilometers, compared to 4.62 million square kilometers in 2017,” says the report released by the…

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Opel to start sales of three car models in Russia in Q4 2019

Opel to start sales of three car models in Russia in Q4 2019

MOSCOW, March 14. /TASS/. PSA Peugeot Citroen plans to initiate sales of three new models of Opel cars in Russia in the fourth quarter of 2019, the automaker says in its press release on Thursday. “Grandland X, Zafira Life and Vivaro to be available in Russia in fourth quarter,” the company says. Opel Zafira Life and Opel Vivaro will produced at the plant in Kaluga. The lineup is said to be expanded gradually. Opel dealership chain will be presented by Opel dealers and new partners located in large Russian cities. “Russia is a large, strategically important and attractive market with a lot of potential. As…

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VTB Head seas Calvey’s arrest as excessive measure

VTB Head seas Calvey’s arrest as excessive measure

MOSCOW, March 14. / TASS /. The arrest of Michael Calvey, the founder of the Baring Vostok investment fund, is an excessive measure, and the case itself raises questions and negatively affects the Russian market, head of VTB Bank Andrei Kostin told reporters on Thursday. “Being in a pre-trial detention center, especially for a long time, without a court decision, of course, is wrong. When it comes to Calvey, this measure is certainly excessive. At the very least, what we know raises many questions, and therefore there is no unequivocal clarity as I see it, on whether or not the person is guilty,” Kostin said.…

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Fish handling at Murmansk port drops to 7,400 tonnes in February

Fish handling at Murmansk port drops to 7,400 tonnes in February

MURMANSK, March 14. /TASS/. The Murmansk Marine Fishing Port in February handled 7,400 tonnes of fish against 22,000 tonnes a year earlier, the port’s press service said on Thursday. The decline began in January, when the port handled only 5,500 tonnes, which is 47% of fish handled a year earlier. One of the reasons, the press service said, is that producers had preferred working in export directions. At the same time, the Murmansk Marine Fish Port expects the situation will change in March. “We do not lose hope the government’s order will begin working,” the press service said. “Under the order, from January 1 all…

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