Six months after Russian invasion, many foreign companies stay silent on war

Theo Normanton in London August 27, 2022

Fresh data from the Moral Rating Agency shows that only 28% of the largest multinationals operating in Russia have denounced the war with Ukraine. Many others have issued evasive statements lamenting the tragedy, but failing to identify a cause.

Riga topples largest Soviet monument in Baltic states

Linas Jegelevicius in Vilnius August 26, 2022

Monument to the Liberators of Soviet Latvia and Riga from the German Fascist Invaders becomes the latest memorial to fall in the Baltic states in the wake of the Russian invasion of Ukraine

Rift opens within Serbian government over position on Russia

bne IntelliNews August 26, 2022

Deputy PM Zorana Mihajlovic accused the Russian foreign minister of “abusing” Serbia’s decision not to impose sanctions on Russia by falsely claiming Serbia supports Russia's invasion of Ukraine.

Ministers warn Bulgaria risks losing billions of dollars in arbitrage against Gazprom

Denitsa Koseva in Sofia August 25, 2022

Caretaker government's decision to open talks with Russian gas giant sparked thousands-strong protest in Sofia.

bneGREEN: Europe’s once-in-500-year drought threatens energy, food security

Richard Lockhart in Edinburgh August 25, 2022

Europe is facing its worst drought for 500 years, as the European Commission has warned that nearly half of the EU’s territory faces severe water shortages in August, as climate change has caused low rainfall levels and record-high temperatures.

Russian industrial production falls only 0.5 in July, grows in seasonally adjusted terms, inflation continues to ease

bne IntelliNews August 25, 2022

Russia’s economy continues to do better than expected with industrial production falling only 0.5% y/y in July as after six months of war business adapts to the new conditions and put in a small gain in seasonally adjusted terms, Rosstat reports.

Kazakhstan: Spectre of Chinese control over oil and gas largely illusory

Almaz Kumenov for Eurasianet August 25, 2022

For all its billions spent, China still controls only a small share of Kazakh oil output.

MOSCOW BLOG: The West’s financial system is its soft underbelly in the economic war with Russia

Ben Aris in Berlin August 24, 2022

We are looking at a very uncomfortable winter. The West has underestimated the size of the challenge that is fighting an economic war with Russia and the pain that he can inflict on our economies.

Samsonite packs its bags and sells its Russian business to the 'suitcase king'

Ben Aris in Berlin August 24, 2022

In the latest exit of an international brand, the Russian division of the US suitcase manufacturer Samsonite has been sold to its local management for an undisclosed sum.

AvtoVaz starts making cars with airbags again, but car sales remain depressed

bne IntelliNews August 24, 2022

Russian carmaker AvtoVaz has resumed production of Lada Granta 2022 line cars with airbags, the company said on August 24.

Russia’s buying frenzy continues with mooted sale of Siemens' leasing arm

bne IntelIiNews August 24, 2022

Siemens may sell its Russian leasing arm to a Russian investor. Local media reports that one of the frontrunners could be linked to sanctioned businessman Said Gutseriev. The deal may be worth as much as €800mn, according to bne sources.

Turkish President Erdogan calls for Crimea to be returned to Ukraine

bne IntelliNews August 24, 2022

Turkish President Recep Tayyip Erdogan said that Russia’s annexation of the Crimea peninsula in 2014 was “illegal” and that it should be returned to Ukraine during the Crimea summit on August 23.

Russia on track for record wheat harvest but exports down by a quarter in July-August

bne IntelliNews August 24, 2022

Russia is on track for a record wheat harvest of 94.7mn tonnes, smashing the previous record of 84mn tonnes set in 2018, but exports are down by a quarter (27%) in the first two months of the new agricultural marketing year.

Russia’s e-commerce company Ozon keeps 2022 80% turnover growth forecast, but losses up 19% in 6M22

bne IntelliNews August 24, 2022

One of Russia’s big three e-commerce company says it is sticking with its forecast for turnover growth of 80% this year, despite the sanctions and economic slowdown.

Emerging Europe’s suicide hotspots

bne IntelliNews August 24, 2022

A cluster of countries in the former Soviet Union have some of the highest suicide rates in the world.

Kazakhstan’s oil exports via Russian terminus disrupted for fourth time this year

Nizom Khodjayev in Nur-Sultan August 23, 2022

Speculation again mounts that Kremlin is tampering with its southern neighbour’s shipments.

Serbian minister visits Moscow amid unresolved dispute with Kosovo

Valentina Dimitrievska in Skopje August 23, 2022

Pro-Russian Interior Minister Aleksandar Vulin meets top Russian officials on visit to Moscow as Serbia continues to defy EU pressure to join sanctions against Russia.

ING: Double-digit eurozone inflation within touching distance and there is nothing the ECB can do about it

Bert Colijn, Carsten Brzeski August 23, 2022

Supply shocks continue to plague the eurozone economy, causing inflation to show few signs of abating in the short run.

MOSCOW BLOG: Nationalising Russia’s internet

Ben Aris in Berlin August 23, 2022

Since the sanctions came down on Russia there has been a bonanza of M&A activity as those companies and oligarchs that have been included in the lists have had to dump their subsidiaries to protect them from being targeted.

Kazakhstan poised for rare earth boom

Aida Kadyrzhanova in Almaty August 23, 2022

The world is looking to break its geopolitically risky dependence on imports of rare earth metals from Russia and China as East and West drift into an increasingly fraught showdown. Kazakhstan could become a major source of these metals.