Latest Updates

Nine out of 10 Russians oppose concessions in exchange for end of sanctions

Russians' attitudes towards the US have nose-dived to their second worst level on record.

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Russia seeks ‘new Mariupol’ in the Donbas

Since mid-April, Russia has focused on capturing the Donbas. In the last week it seems as if Ukraine’s leadership is preparing the nation for a major defeat.

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MOSCOW BLOG: The calculus of war

Russia is making steady, but very slow, progress in taking control of the Luhansk region. Russia outnumbers the Ukrainian forces by 7-1 in Donbas, but Ukraine’s forces outnumber Russia’s by the same 7-1 countrywide.

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Russia’s CBR slashes key rate to 11% ahead of schedule

The Central Bank of Russia held an unplanned ahead-of-schedule policy meeting on May 26, at which the board of the regulator slashed the key interest rate by 300 basis points from 14% to 11%.

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EU’s credibility on the line over enlargement

Austria’s foreign minister calls enlargement the EU’s biggest geopolitical instrument – but will member states use it to encourage candidates and would-be candidates at the upcoming EU Council?

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KYIV BLOG: Pragmatic appeasement vs doing what is right

There have been several calls for Ukraine to give up territory to Russia and get a quick peace, including from French President Emmanuel Macron, Henry Kissinger and the New York Times.

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Russian bond defaults could soar after US lets payment exemption expire

The US won’t extend the General Licence 9A (GL9A), which has allowed the Russian state and its companies to make debt service payment in dollars to international investors.

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Ruble falls to below RUB60/$1, putting pressure on the Russian budget in 2022

Russia’s ruble continued to rally strongly, dropping below the psychologically important RUB60 to dollar barrier again this week, its strongest level in four years. Russia’s national currency has been on a wild ride that will hurt the budget.

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Sibur CFO O’Brien quits as sanctions decimate Russia’s foreign executive ranks

Peter O'Brien, chief financial officer of Russia’s largest petrochemical company Sibur, has left the company as sanctions decimate the ranks of Russia’s foreign executives, bne IntelliNews can reveal.

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OBITUARY: Former Albanian president Bujar Nishani dies at 55

Decoupling from West to leave Russia as China’s junior partner

Kyrgyzstan's Peak Putin becomes a case of 'pique Putin' as protesters plant Ukrainian flag atop mountain

OBITUARY: Former Albanian president Bujar Nishani dies at 55

Nishani is Albania’s first post-communist president to pass away, following serious health problems

Decoupling from West to leave Russia as China’s junior partner

With the Ukraine war leading to a long-term economic rift between Russia and West, Russia is set to become dependent on a resurgent China, economists said on a Raiffeisen/wiiw panel.

Kyrgyzstan's Peak Putin becomes a case of 'pique Putin' as protesters plant Ukrainian flag atop mountain

Police struggle to find climbers capable of getting to mountain top to remove prank protest 4,446 metres up.

News

G7 considers letting Russian oligarchs buy back sanctioned assets

Finance ministers of G7 countries reportedly are considering allowing oligarchs to buy their way out of sanctions. The measure would enable western governments to raise money to help rebuild Ukraine while avoiding complicated legal disputes.

Poland passes key change to release EU funds held up in rule of law spat

Parliament approves proposal by President Andrzej Duda that dismantles the Disciplinary Chamber of the Supreme Court.

Belarus’ Prime Minister confirms weapons exports to Russia

Belarusian PM confirms that Belarus supplies weapons to Russia. Roman Golovchenko said that Belarusian weapons were in demand not only domestically but also in Russia and the two countries have set up join R&D-projects to navigate Western sanctions.

Uzbekistan: China comes bearing gifts

Will a railway connecting the two countries via Kyrgyzstan ever happen?

Romania hopes to negotiate smooth withdrawal from 'Russian' bank IIB

Romania has been planning to pull out of the Soviet-founded IIB for a couple of years, but Russia invading Ukraine accelerated the process.

G7 considers letting Russian oligarchs buy back sanctioned assets

4 hours ago

Poland passes key change to release EU funds held up in rule of law spat

1 day ago

Belarus’ Prime Minister confirms weapons exports to Russia

1 day ago

Uzbekistan: China comes bearing gifts

2 days ago

Romania hopes to negotiate smooth withdrawal from 'Russian' bank IIB

2 days ago

More News

Tech

Paysend invests in Serbia with new European tech centre

UK-based Paysend says it wants to help put Belgrade on the map as the next fintech capital of Europe.

Bulgaria’s Dronamics to launch drone cargo airline

Dronamics to scale up its operations and run its first commercial flights out of Malta and Italy later this year.

Ukraine's IT hub is thriving in Transcarpathia

Transcarpathia has become Ukraine’s new IT hub as a cluster of 11 companies has officially begun working in the south-western region, Ukraine Business News reported on May 24.

Iran may be heartbeat away from first unicorn

Ride-hailing app Snapp! said to be near to claiming $1bn valuation.

Albania’s notorious ‘TikTok judge’ sacked

A media storm erupted in Albania when videos on Tik Tok showed Enkelejda Kapedani posing in designer clothes in her office and driving a BMW.

Paysend invests in Serbia with new European tech centre

1 day ago

Bulgaria’s Dronamics to launch drone cargo airline

2 days ago

Ukraine's IT hub is thriving in Transcarpathia

3 days ago

Iran may be heartbeat away from first unicorn

4 days ago

Albania’s notorious ‘TikTok judge’ sacked

9 days ago

More Tech

Opinion

MACRO ADVISORY: Ruble at 5-year high, how strong can it get?

The current ruble exchange rate is where the government wants it to be – the fundamental rate is in the RUB75-85/$ corridor but it is currently trading at closer to RUB60/$

COMMENT: Sanctions are working, but the West risks isolating Russian reformers instead of galvanising them

As the war rages on, more and more Russians report feeling the effects of sanctions. Under pressure to keep up the impressive rate of new sanctions, the West risks isolating liberal reformers from Russia's business community instead of oligarchs.

NEMETHY: Where are US markets? Where are they heading?

Whereas in previous crises the Fed tried to actively stem crises, currently it seems to be proactively inducing the crisis.

COMMENT: Constanta concerns

Five questions on the minds of business leaders and policymakers in Romania.

Sberbank faces a meltdown from its vast commercial real estate loan book

Sberbank, Russia’s largest lender, is facing a meltdown from the collapse in its commercial real estate loan book, which is estimated at RUB1.8 trillion ($28bn).

MACRO ADVISORY: Ruble at 5-year high, how strong can it get?

6 days ago

COMMENT: Sanctions are working, but the West risks isolating Russian reformers instead of galvanising them

10 days ago

NEMETHY: Where are US markets? Where are they heading?

10 days ago

COMMENT: Constanta concerns

16 days ago

Sberbank faces a meltdown from its vast commercial real estate loan book

19 days ago

More Opinion

Data

Fall in hydropower production puts Albania’s finances under pressure

Albania’s electricity generation fell in Q1, forcing the country to increase imports more than sevenfold at a time when prices are soaring.

IMF says rising prices to slow Albania’s growth to 3% in 2022

Growth will be driven by tourism and construction, but slowed by sharply rising prices – inflation has already exceeded the central bank’s 3% target.

Polish retail sales double y/y expansion rate in April

Polish retail sales grew 19% y/y at constant prices in April, the growth rate nearly doubling versus a gain of 9.6% y/y the preceding month.

Polish industrial production eases growth in April

Industrial output expanded 13% y/y in constant prices in April, after growing 17.3% y/y the preceding month.

Moldova’s industry up 3.3% y/y in Q3 driven by food, beverages and wood processing

Last year the country’s industry rallied driven by robust domestic demand and leapt up by 12.4% — but this year the growth rate is likely to slow down close to a standstill.

Fall in hydropower production puts Albania’s finances under pressure

4 days ago

IMF says rising prices to slow Albania’s growth to 3% in 2022

5 days ago

Polish retail sales double y/y expansion rate in April

5 days ago

Polish industrial production eases growth in April

5 days ago

Moldova’s industry up 3.3% y/y in Q3 driven by food, beverages and wood processing

5 days ago

More Data

Features

Three landmark legal verdicts strengthen LGBTI rights in Southeast Europe

Despite growing anti-LGBTI rhetoric from politicians across Europe, courts in Bosnia, Bulgaria and Croatia issued rulings reinforcing protection for the rights of LGBTI people.

Explainer | Why Tajikistan’s Pamiris don’t trust their government

Dushanbe wants obedience but treats the region as something to be exploited and ignored.

Meet the latest Russian tycoon to be promoted to the Premier League

AFC Bournemouth won promotion to the Premier League this season. The club has seen remarkable success since it was bought by Russian petrochemicals trader Maxim Demin, but its owner is yet to give any interviews in English.

Belarus announces next stage in “surprise inspection” of its armed forces

Lukashenko’s attempt to save face via mixed messages of peace and increased threats of war with the West and Ukraine haven’t got him very far and many Belarusians are more than eager to bring the fight to Lukashenko.

Poland expected to avoid hard landing

Rampant inflation has already eaten into household incomes, while more expensive credit will tighten wallets. The question is how deep the slowdown will be.

Three landmark legal verdicts strengthen LGBTI rights in Southeast Europe

2 hours ago

Explainer | Why Tajikistan’s Pamiris don’t trust their government

3 days ago

Meet the latest Russian tycoon to be promoted to the Premier League

3 days ago

Belarus announces next stage in “surprise inspection” of its armed forces

4 days ago

Poland expected to avoid hard landing

5 days ago

More Features

Blogs

ISTANBUL BLOG: Turkey’s central bank zombies in (lack of) action again

Inflation rampant. The lira’s losing its moorings. But no rate hike.

ISTANBUL BLOG: Erdogan spikes Nato accession talks with Sweden and Finland

Turkish leader leaves US and Europe wondering what his price might be for unblocking what was supposed to be a routine process.

EBRD 2022: Russia and the war in Ukraine dominate the EBRD’s annual meeting

The three-month-old war in Ukraine dominated the agenda on the first day of the European Bank for Reconstruction and Development meeting in Marrakech, the first in-person AM in three years.

ISTANBUL BLOG: With official inflation a hair’s breadth from 70%, Turkey is on the tail of Zimbabwe

Though academics who calculate inflation is actually 157% say it’s already far ahead of the rival basket case.

MOSCOW BLOG: Proxy war

Two big war developments: US President Joe Biden asked Congress to expand his mandate for presidential discretionary military spending to $33bn on April 28; German lawmakers approved a law that allows Germany to send heavy weapons (tanks) to Ukraine.

ISTANBUL BLOG: Turkey’s central bank zombies in (lack of) action again

1 day ago

ISTANBUL BLOG: Erdogan spikes Nato accession talks with Sweden and Finland

9 days ago

EBRD 2022: Russia and the war in Ukraine dominate the EBRD’s annual meeting

18 days ago

ISTANBUL BLOG: With official inflation a hair’s breadth from 70%, Turkey is on the tail of Zimbabwe

23 days ago

MOSCOW BLOG: Proxy war

29 days ago

More Blogs

bneGREEN

bneGREEN: Is coal killing us all?

Ending coal-fired power generation could prevent 14.5mn premature death from air pollution between now and 2050 and would create up to $16.3 trillion in economic benefits.

Slovenia’s DEM to launch geothermal pilot project at abandoned well

If successful, DEM's project to exploit the geothermal energy potential of a dry, unproductive well could be replicated around the world.

bneGREEN: Fossil fuel closures needed to stand any chance of meeting 1.5°C target

Ending new oil, gas and coal developments is not enough to reach net zero by 2050, according to new research. Instead, already built fossil fuel projects must be decommissioned early if climate change is to be limited to 1.5°C.

bneGREEN: More proof that climate change threatens lives and causes economic damage

Human activity has caused irrevocable damage to the climate, causing hundreds of billions of dollars of economic damage and threatening water and food supplies to millions of people.

bneGREEN: Brussels puts €300bn price tag on ending Russian energy imports, but relies on new spending on gas

The European Commission has set 2027 as its target date for ending Russian energy imports, warning it would require €300bn of fresh investment and that new short-term spending on fossil fuel infrastructure would be needed.

bneGREEN: Is coal killing us all?

1 day ago

Slovenia’s DEM to launch geothermal pilot project at abandoned well

5 days ago

bneGREEN: Fossil fuel closures needed to stand any chance of meeting 1.5°C target

8 days ago

bneGREEN: More proof that climate change threatens lives and causes economic damage

8 days ago

bneGREEN: Brussels puts €300bn price tag on ending Russian energy imports, but relies on new spending on gas

10 days ago

More bneGREEN

Latest Updates

News

Finance ministers of G7 countries reportedly are considering allowing oligarchs to buy their way out of sanctions. The measure would enable western governments to raise money to help rebuild Ukraine while avoiding complicated legal disputes.

Parliament approves proposal by President Andrzej Duda that dismantles the Disciplinary Chamber of the Supreme Court.

Belarusian PM confirms that Belarus supplies weapons to Russia. Roman Golovchenko said that Belarusian weapons were in demand not only domestically but also in Russia and the two countries have set up join R&D-projects to navigate Western sanctions.

Will a railway connecting the two countries via Kyrgyzstan ever happen?

Romania has been planning to pull out of the Soviet-founded IIB for a couple of years, but Russia invading Ukraine accelerated the process.

Tech

UK-based Paysend says it wants to help put Belgrade on the map as the next fintech capital of Europe.

Dronamics to scale up its operations and run its first commercial flights out of Malta and Italy later this year.

Transcarpathia has become Ukraine’s new IT hub as a cluster of 11 companies has officially begun working in the south-western region, Ukraine Business News reported on May 24.

Ride-hailing app Snapp! said to be near to claiming $1bn valuation.

A media storm erupted in Albania when videos on Tik Tok showed Enkelejda Kapedani posing in designer clothes in her office and driving a BMW.

Opinion

The current ruble exchange rate is where the government wants it to be – the fundamental rate is in the RUB75-85/$ corridor but it is currently trading at closer to RUB60/$

As the war rages on, more and more Russians report feeling the effects of sanctions. Under pressure to keep up the impressive rate of new sanctions, the West risks isolating liberal reformers from Russia's business community instead of oligarchs.

Whereas in previous crises the Fed tried to actively stem crises, currently it seems to be proactively inducing the crisis.

Five questions on the minds of business leaders and policymakers in Romania.

Sberbank, Russia’s largest lender, is facing a meltdown from the collapse in its commercial real estate loan book, which is estimated at RUB1.8 trillion ($28bn).

Data

Albania’s electricity generation fell in Q1, forcing the country to increase imports more than sevenfold at a time when prices are soaring.

Growth will be driven by tourism and construction, but slowed by sharply rising prices – inflation has already exceeded the central bank’s 3% target.

Polish retail sales grew 19% y/y at constant prices in April, the growth rate nearly doubling versus a gain of 9.6% y/y the preceding month.

Industrial output expanded 13% y/y in constant prices in April, after growing 17.3% y/y the preceding month.

Last year the country’s industry rallied driven by robust domestic demand and leapt up by 12.4% — but this year the growth rate is likely to slow down close to a standstill.

Features

Despite growing anti-LGBTI rhetoric from politicians across Europe, courts in Bosnia, Bulgaria and Croatia issued rulings reinforcing protection for the rights of LGBTI people.

Dushanbe wants obedience but treats the region as something to be exploited and ignored.

AFC Bournemouth won promotion to the Premier League this season. The club has seen remarkable success since it was bought by Russian petrochemicals trader Maxim Demin, but its owner is yet to give any interviews in English.

Lukashenko’s attempt to save face via mixed messages of peace and increased threats of war with the West and Ukraine haven’t got him very far and many Belarusians are more than eager to bring the fight to Lukashenko.

Rampant inflation has already eaten into household incomes, while more expensive credit will tighten wallets. The question is how deep the slowdown will be.

Blogs

Inflation rampant. The lira’s losing its moorings. But no rate hike.

Turkish leader leaves US and Europe wondering what his price might be for unblocking what was supposed to be a routine process.

The three-month-old war in Ukraine dominated the agenda on the first day of the European Bank for Reconstruction and Development meeting in Marrakech, the first in-person AM in three years.

Though academics who calculate inflation is actually 157% say it’s already far ahead of the rival basket case.

Two big war developments: US President Joe Biden asked Congress to expand his mandate for presidential discretionary military spending to $33bn on April 28; German lawmakers approved a law that allows Germany to send heavy weapons (tanks) to Ukraine.

bneGREEN

Ending coal-fired power generation could prevent 14.5mn premature death from air pollution between now and 2050 and would create up to $16.3 trillion in economic benefits.

If successful, DEM's project to exploit the geothermal energy potential of a dry, unproductive well could be replicated around the world.

Ending new oil, gas and coal developments is not enough to reach net zero by 2050, according to new research. Instead, already built fossil fuel projects must be decommissioned early if climate change is to be limited to 1.5°C.

Human activity has caused irrevocable damage to the climate, causing hundreds of billions of dollars of economic damage and threatening water and food supplies to millions of people.

The European Commission has set 2027 as its target date for ending Russian energy imports, warning it would require €300bn of fresh investment and that new short-term spending on fossil fuel infrastructure would be needed.

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