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Russian President Vladimir Putin is set to hold discussions with Dilma Rousseff, the President of the New Development Bank (NDB) at the Konstantinovsky Palace in St. Petersburg on Thursday (June 6). The NDB is the multi-lateral financing vehicle for the BRICS group. While Russia is a major shareholder, it has not been able to participate […]
The Russian President, Vladimir Putin, visited Beijing and Harbin, China last week to meet Chinese President Xi Jinping and discuss multiple issues concerning trade and mutual development. In Harbin, Putin attended the China-Russia Expo. In this article, we summarise the meetings, and discuss the numerous announced deals and developments. Overall Impact The overall impact […]
Russians made 5.3 million trips abroad in Q1 2024, which is an 8.8% increase from Q1 2023, according to the statistics of the Russian Federal Security Service’s Border Guard Service. Russians made 5,329,249 trips abroad for all purposes in the first quarter. Russian tourist tastes have changed as well, with European countries making it difficult […]
Mauritius is working on introduction of cards of the Russian MIR card payment system, according to Konstantin Klimovsky, the Russian Ambassador in the country. He said. “Authorities of Mauritius have plans for MIR use but it is difficult for the time being to say whether this will be achievable in 2024.” Having access to Russia’s […]
Andrey Belousov, Russia’s First Deputy Prime Minister, has said that Russia has worked out a plan to transform the country’s economy by 2030. His remarks followed President Putin’s decree, also issued this week, which sets out the goals for future Russian growth until the end of the decade. Speaking at a panel session on Wednesday […]
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The European Union has approved the use of Russian financial assets, currently frozen in the Belgian Euroclear account, to be sent to the “European Peace Fund” (EPF) – a body established in the EU to send funds for munitions to Ukraine. In this article we examine the agreement and the implications. Deal Structure The Russian […]
Sberbank has launched payments using the SberPay QR code service in Turkiye, the bank has stated. Turkiye had previously come under sanctions pressure from the United States over initial plans for its banks to accept Russian MIR cards. Turkiye has become one of the biggest beneficiaries of the domestic Russian tourism market as Russians move […]
The Russian Ministry of Finance, together with the Central Bank and BRICS partners, will prepare a number of initiatives to create an independent international monetary and financial system. The result of this work may be, among other things, the creation of a digital settlement and payment platform “BRICS Bridge”. This was decided following a meeting […]
An on-going debate has been raging in the West about using frozen Russian capital – about US$282 billion, mostly belonging to the Bank of Russia – to generate funds to give to Ukraine. Of this money, about US$6 billion is held in the United States, with the vast majority being held in Europe. Opinions on […]
The Kazakhstan based fintech group Kaspi.kz has entered into a partnership agreement with Alipay+ to launch a payment service in China using Kaspi’s mobile application and QR code, Kaspi has stated in a press release. Kazakhstan’s citizens that live or travel in China will be able to make payments using the QR code from the […]
An estimated 50% of all financial transactions conducted between Russia and China are facilitated by means of intermediaries to avoid exposure by Chinese lenders to the risk of secondary sanctions, Reuters have reported, citing trade consultants and bankers, as well as importers and exporters. In December, US President Joe Biden signed an executive order that […]
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