7 banks have shared data with UK law enforcement in a ‘dirty money’ crackdown. Britain has increased efforts to tackle economic crime, which lawmakers say costs the economy up to around £350 billion ($452 billion) each year, after Russia’s 2022 invasion of Ukraine highlighted how kleptocrats and criminals used the country as a haven to launder, hide and spend “dirty money”.
Russian entities, facing international sanctions, have deftly navigated a complex web of e-commerce, shipping strategies, and intermediary networks to secure vital technology components. The New York Times’ investigation reveals, based on leaked emails and telecom records.
A recent report obtained by POLITICO reveals that the Western initiative to cap Russia’s oil revenues, implemented a year ago in response to the conflict with Ukraine, has largely failed. Despite imposing a $60-per-barrel ceiling on Russian crude oil, circumvention prevails.
Russian President Vladimir Putin recently signed a national budget for the next three years, reflecting a substantial 25 percent increase in spending. The budget allocates 36.6 trillion rubles ($415 billion) for 2024, accompanied by an anticipated deficit of 1.595 trillion rubles ($9.5 billion).
The European Union executive has given approval for the release of 900 million euros ($982 million) in advance payments to Hungary from its previously frozen share of the recovery fund. This move is an attempt to navigate around Hungary’s obstruction of aid to Ukraine.
Norway has contributed NOK 240 million (approximately US$22 million) to the Support to Ukraine’s Reconstruction and Economy Trust Fund (SURE TF), which was designated as the World Bank’s Multilateral Investment Guarantee Agency (MIGA) in February 2023.
The United States Agency for International Development (USAID) is set to enhance its support for Ukraine by extending assistance to small businesses and medium-sized businesses, amplifying grant programs for entrepreneurs, including those in de-occupied territories.
Russia’s oil exports in March rose to their highest level since April 2020, yet revenues were down by nearly half from a year earlier, the International Energy Agency says, suggesting Western sanctions are working as intended, though rising prices could complicate that.
Russian gas giant Gazprom’s net profit fell more than threefold in 2022 under Russian accounting standards, Kommersant reports, as gas supplies to Europe dropped to historic lows following Russia’s full-scale invasion of Ukraine and customers moved away from Russian gas.
Trade between China and Russia grew at a double-digit pace in January and February 2023, rising 25.9% from a year earlier to more than $33.6 billion, Chinese customs data show, as Beijing deepens economic ties with Moscow despite Western sanctions over the war in Ukraine.
Russia spent a large share of its annual defence budget in the first weeks of 2023 and may have to cut social spending to keep fighting, a source in Ukrainian intelligence says, suggesting Moscow lacks confidence in its prospects and may seek to freeze the conflict.
Only 9% of almost 1,500 global companies have left the Russian market during nearly a year of full-scale war against Ukraine, presidential adviser Mykhailo Podolyak says, naming firms such as Nestlé, Unilever and Raiffeisen Bank that continue to operate in Russia.
