European Parliament MEPs demanded more targeted EU sanctions against Russia’s so-called shadow fleet, which provides a key financial lifeline for Moscow’s war in Ukraine.
Gazprom reports 9-month loss of $3.2 billion
Kremlin-owned gas giant Gazprom confirmed its nine-month loss under Russian accounting standards, which do not include subsidiaries, was 309 billion roubles ($3.2 billion) compared to a profit of 446 billion roubles in the same period of 2023. It did not explain the reason behind the losses.
Largest business event of the autumn, Made in Ukraine Business Forum, kicks off in Kyiv
The largest business event of the autumn, the Made in Ukraine Business Forum, has begun in Kyiv. The event, supported by UNDP and the Government of Japan, brings together thousands of people who are contributing to Ukraine’s economy.
Western, Russian nuclear industries still intertwined, report says
Despite sanctions and geopolitical tensions, the nuclear industries of Western countries and Russia remain closely interconnected. This connection persists through the collaboration on nuclear fuel supplies and technology, revealing that many Western nations continue to rely on Russian expertise and resources. Ongoing contracts and business relationships indicate that a complete separation would be challenging and could disrupt energy supplies. Efforts to reduce this dependency are ongoing, but the process is complex due to the specialized nature of the nuclear sector. Read more at Reuters...
Kyiv’s Iconic Ukraine Hotel Sold for UAH 2.5 Billion in Auction
In a landmark move, Kyiv’s Ukraine Hotel was sold for UAH 2.5 billion in Ukraine’s first major privatization auction via Prozorro.Sale. The starting price of UAH 1.047 billion rose 2.5 times during bidding. Ola Fain LLC, owned by Maksym Krippa, won the auction.
Russia Profits Nearly $1 Billion from Stolen Ukrainian Grain
Since 2022, Russia has sold nearly $1 billion worth of grain stolen from Ukraine’s occupied territories. This illicit trade, involving global clients like the Iranian Revolutionary Guard, supports Russia’s war efforts and helps offset the impact of international sanctions.
Russian State-Owned Banks Expand Operations in Occupied Territories
Russian state-owned banks, including Sberbank and VTB, have begun opening branches in Ukraine’s occupied territories despite Western sanctions. With new locations in areas like Mariupol and Luhansk, this expansion reflects Russia’s growing influence in these regions.
US to Unveil Major Military Aid Package for Ukraine by Month’s End
The US will announce a military package for Ukraine by the end of September, says Jake Sullivan. The aid aims to stabilize the front lines and includes fast production of 155 mm artillery rounds and Patriot missiles. Over $700M in support has already been pledged.
Sanctions on Russia Hurt Neighbor So Much It Won’t Always Comply
Kazakhstan is drawing a new line in its enforcement of sanctions targeting Russia, vowing to put its own economic interests first as it also deepens trade ties with countries from Iran to China. The Central Asian nation “won’t blindly follow the sanctions” if they affect domestic companies that function as the main employers in their areas” – Bloomberg.
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