Tag: russia

October 13, 2023 BY Elizabeth Anderson

Yandex eager to prove its Yango app doesn’t breach data privacy regulations in Europe

In August, regulators in Finland and Norway announced their intentions to ban Yango from transferring data. This decision was however revoked and seems to be a knee-jerk response to controversial legislation that came into effect on 1 September.  This law grants Russia access to data processed through taxi services. The Dutch authorities reacted similarly and…

Read more
June 27, 2022 BY Steffy Bogdanova

Russia defaults on Foreign Debt for a first time in a century

The Kremlin has repeatedly pushed back against the default saying there is no grounds for it. However, the country is unable to send money to bondholders because of the western sanctions. Meanwhile, Reuters reported that some Taiwanese holders of Russian bonds denominated in euros had not received interest payments. Euroclear has not confirmed if the…

Read more
currency.com
April 13, 2022 BY Steffy Bogdanova

Crypto exchange Currency.com stops operations for Russian residents

The company further explained that clients of other countries and regions will not be impacted by the decision. The Russian invasion of Ukraine was followed by a barrage of sanctions from western countries and the exit of foreign companies form Russia. Several financial services companies, like Goldman Sachs and payment firms Visa, Mastercard, American Express…

Read more
Sberbank Russia
April 04, 2022 BY Steffy Bogdanova

Russia's Sberbank winds down London operations

The UK regulator has appointed David Philip Soden, Robert Scott Fishman and Matthew Steven Roe, all of Teneo Financial Advisory Limited, as joint special administrators of Sberbank CIB. The special administration is a form of creditor protection that often precedes bankruptcy. The FCA said in a statement that the sanctions have led Sberbank's investment arm…

Read more
Goldman Sachs
March 10, 2022 BY Steffy Bogdanova

Goldman Sachs exits Russia

In its annual filing, the Goldman Sachs reports total credit exposure to Russia was $650 million. Most of it is tied to non-sovereign counterparties or borrowers. The firm is still trading corporate debt tied to the Russia without itself making wagers on price movements. New York-based Goldman Sachs stated: In our role as market-maker standing…

Read more
March 08, 2022 BY Steffy Bogdanova

Russia to be excluded from all JPMorgan fixed income indexes

Additionally, local-currency denominated Russian bonds will be excluded from the GBI-EM indices. The bank also said that accrued interest for such bonds will be set to zero and suspended on 7 March. Moreover, Russia and Belarus will be excluded from the JESG EMBI, JESG GBI-EM, and JESG CEMBI indices. Index providers FTSE Russell and MSCI…

Read more
March 07, 2022 BY Steffy Bogdanova

Russian bank VTB to leave Europe

VTB is also due to be excluded from SWIFT global payments messaging system as part of the west’s financial sanctions regime. Russia’s largest bank, Sberbank has already announced leaving European market earlier last week. Sberbank and VTB account for over half of Russia’s banking market.  

Read more
March 04, 2022 BY Steffy Bogdanova

Russian-owned UK broker Sova Capital enters special administration

UK Financial Conduct Authority (FCA), which regulates Sova Capital, said that the court had appointed Teneo as special administrators and would start assessing client money and custody assets. The FCA said: The Special Administrators will write to the firm’s clients with their proposals for the Special Administration within 8 weeks of appointment, this will include…

Read more