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.
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