American Express also joined in the effort to boycott business in Russia and Belarus over the war in Ukraine and announced suspending all operations in the two countries. The company said that its globally issued American Express cards will not work in Russia at merchants or at ATMs. Cards issued by Russian banks will still…
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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.
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Gold Gold prices are rising during early Friday trading, as flows towards haven assets increases. Developments in Ukraine continue to influence the levels of risk appetite in the markets, with the latest being the Russian attacks around the Zaporizhzhia nuclear power plant, which raised the levels of anxiety amongst market operators. As the war continues…
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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…
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The association represents 35 exchanges from 30 different countries in European Union, Iceland, Norway, Switzerland and the United Kingdom. The decision to exclude MOEX follows some FESE members like Deutsche Boerse suspending trading and settlement in Russian securities in response to sanctions. European Association of CCP Clearing Houses (EACH) temporarily suspended EACH Russian Member CCP…
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Gold Gold is trading flat at the opening of Thursday's European session, as investors play a balancing act by factoring in the heightened geostrategic risk posed by the ongoing war in Ukraine on one side and the measurement of the Fed’s approach to tighten monetary policy on the other. Russia’s belligerence continues to generate concern…
Read moreThe removal of these Russian banks from SWIFT was seen as drastic and unlikely a week ago, in the beginning of the invasion. It is one of the most powerful tools Western countries have to make Russia change course. Russia's largest lender Sberbank and Gazprombank were not included as they are the main channels for…
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The discussions in EU come as officials in US and UK also raise concerns hat crypto transactions could become a way to bypass the recently imposed sanctions on Russia and undermine the efforts to isolate the county’s economy. North Korea regularly uses cyberattacks on cryptocurrency exchanges as a revenue source to fund its nuclear missile…
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The European Central Bank (ECB) had already ordered Sberbank's European unit to close. Sberbank has branches in many European counties including Austria, Croatia, Germany and Hungary. The bank’s Switzerland arm is not affected by the exit. Moscow Exchange The Moscow Exchange will not resume operations on Wednesday. The Russian markets operate pushed back the opening…
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The official statement said: Due to the technical impossibility trade instruments involving Russian Ruble, all further trading is being discontinnued immediately. Any positions left open will be closed at following price levels: EUR/RUB long positions at 111.887; EUR/RUB short positions at 115.3272; USD/RUB long positions 101.457; USD/RUB short positions 102.323
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