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Russia Today
2 days ago
- Business
- Russia Today
New EU sanctions against Russia take effect
The EU's 18th sanctions package against Russia over the Ukraine conflict, targeting Moscow's energy and banking sectors, has gone into force, the bloc has announced. The new restrictions became official after the relevant regulations were published in the EU's Official Journal on Saturday. The package was adopted by the 27-member bloc on Friday after Slovakia, which had opposed the curbs, received guarantees from the European Commission regarding the availability of gas and oil. Among other things, the sanctions banned transactions with 22 more Russian banks and the Russian Direct Investment Fund (RDIF) and forbid the use of the Nord Stream gas pipelines, which were crippled by underwater blasts in 2022 and remain inoperable. The head of the Russian parliament's Committee on Financial Markets, Anatoly Aksakov, told TASS on Friday that the new EU sanctions are just 'fluctuations of air' for the country's banks. Even medium and smaller financial institutions have long been prepared for the possibility of being disconnected from the Western SWIFT baking systems, Aksakov said. Russia's Yandex Bank and Ozon Bank, which were hit by the new restrictions, said on Saturday that their operations have not been affected by the development. The sanctions also upgraded the EU price cap on Russian crude oil, fixed at $60 per barrel, replacing it with a dynamic mechanism that remains 15% lower than the average market price. It will now kick in from $47.6 per barrel. The EU also added another 105 vessels to a blacklist of what Brussels calls a 'shadow fleet' involved in transporting Russian oil, bypassing the bloc's restrictions. This puts the overall number of tankers denied access to EU ports and service at over 400. European Commission President Ursula von der Leyen welcomed the new sanctions, saying that they will remain in place until the Ukraine conflict is settled. Russia has repeatedly expressed readiness to negotiate peace with Kiev, while accusing Ukraine and its Western backers of being unwilling to look for a long-term solution that would address the root causes of the crisis. Kremlin spokesman Dmitry Peskov called the EU curbs 'illegal,' but insisted that Russia has already obtained 'a certain immunity' to them.
Zawya
13-03-2025
- Business
- Zawya
Russian rouble steadies close to over six-month high vs dollar
The Russian rouble steadied close to a more than six-month high against the dollar on Thursday as the market waited for the next development on the Ukraine war after Kyiv said it was ready to support Washington's 30-day ceasefire proposal. The Kremlin said on Wednesday it would review details from Washington about the proposed ceasefire in Ukraine before responding, while U.S. Secretary of State Marco Rubio hoped a deal would be struck within days. By 0824 GMT, the rouble was up 0.8% at 86.45 to the dollar in over-the-counter market trade. It had reached 85.1205, its strongest level since August 7, 2024, on Tuesday. Against the Chinese yuan, the most traded foreign currency in Russia, the rouble was up 0.4% to 11.88. The rouble is up against the dollar this year, mostly thanks to expectations of improved relations between Moscow and Washington. The currency's strengthening could have some bearing on the central bank when it next meets to set interest rates. Anatoly Aksakov, head of the financial committee in Russia's lower house of parliament, the State Duma, said he expected the central bank to keep rates at 21% on March 21, with high inflation preventing the central bank from being able to ease borrowing costs. "On the other hand, we see the rouble exchange rate is strengthening and there are forecasts that it will strengthen even further," Aksakov said at a financial forum on Thursday. "Respectively, the political factor is influencing the fact that the key rate may be lowered." Brent crude oil LCOc1, a global benchmark for Russia's main export, was up 0.4% at $71.22 a barrel. (Reporting by Alexander Marrow; Editing by Sharon Singleton)
