russia

Putin eyes a Russian credit card system after Western sanctions

"President Vladimir Putin on Thursday said Russia should create its own national payment settlement system, in a bid to reduce economic dependence on the West amid the controversy over Moscow's seizure of Crimea. In countries such as Japan and China these systems work, and work very well,' Putin told lawmakers in televised remarks. Initially, they started out solely as national systems limited to their own markets, their own territory, their own population but they are becoming more popular right now.' 'Why should we not do it? We should definitely do it and we will do it,' he said, noting that Russia's Central Bank and the government have been looking into the matter." Continue reading →

Continue ReadingPutin eyes a Russian credit card system after Western sanctions

Visa, Mastercard block US-sanctioned Russian banks

"International payment system Mastercard has stopped serving clients of seven Russian lenders, after the US issued sanctions against it regarding Russia’s position over the Ukrainian turmoil. Rossiya Bank was blocked by both Mastercard and Visa, with the latter also cutting ties with Sobinbank, SMP Bank and Investcapitalbank. Washington’s move is meant to put pressure on people they see as members of President Vladimir Putin’s 'inner circle'. The bank’s owner, Yury Kovalchuk, is on the list as well, as an individual. Visa and Mastercard have a record of bowing to political decisions from Washington, most notably in blocking donations to the WikiLeaks whistleblower website." Continue reading →

Continue ReadingVisa, Mastercard block US-sanctioned Russian banks

Ukraine’s Gold Reserves Secretly Flown Out by the New York Fed?

"The unconfirmed source quoted by Metal.com, says that the operation to airlift Ukraine’s gold had been ordered by the acting Prime Minister Arseny Yatsenyuk with a view to safe-keeping Ukraine’s gold reserves at the NY Fed, against a possible Russian invasion which could lead to the confiscation of Ukraine’s gold reserves. The National Bank of Ukraine estimated Ukraine’s gold reserves in February to be worth $1.8 billion. According to William Kaye: 'That would amount to a very nice down payment to the $5 billion that Assistant Secretary of State Victoria Nuland boasted that the U.S. has already spent in their efforts to destabilize Ukraine, and put in place their own unelected government.'" Continue reading →

Continue ReadingUkraine’s Gold Reserves Secretly Flown Out by the New York Fed?

Russia’s Anti-Bitcoin Stance May Be Softening, Reports Say

"The letter asserts that a meeting of top Russian financial authorities in February did not result in a bitcoin ban, but rather was devoted to 'combating crimes in the sphere of the economy devoted to the use of anonymous payment systems and cryptocurrencies on the territory of Russia'. Translations of the posted letter indicate that the goal of the meeting was also to 'develop a unified approach to the determination of the legal status of cryptocurrencies'. Meeting attendees 'discussed future directions for the legal regulation of the sphere of cryptocurrencies', including establishing property rights for citizens and organisations in the field and introducing regulation for their use." Continue reading →

Continue ReadingRussia’s Anti-Bitcoin Stance May Be Softening, Reports Say

$1bn payout expected as Russian regulator pulls plug on ‘dubious’ bank

"Russia’s Central Bank (CBR) has revoked the license of Master Bank over $61 million in alleged illegal banking transactions. Over 1000 ATMs are frozen, and the head office is being raided by police. Massive money laundering operations and shady aсcounting prompted the regulator to withdraw the license, part of a larger overhaul to close down corrupt banks in Russia. The withdrawal of Master Bank's license means that its estimated $1.5 billion (47.4 billion rubles) in private funds are now frozen, with Russia’s Deposit Insurance Agency promising to pay out $917 million (30 billion rubles) to bank customers by December 4." Continue reading →

Continue Reading$1bn payout expected as Russian regulator pulls plug on ‘dubious’ bank

Russian lawmaker seeks to ban US dollar, predicts 2017 collapse

"To protect Russians against the 'collapsing US debt pyramid', a Russian legislator has filed a draft bill to ban circulation of the currency in Russia. Once a Moscow mayoral hopeful, Mikhail Degtyarev, 32, likens the US dollar to a worldwide ponzi scheme which he says is scheduled to end in 2017. The bill would impose a ban on dollars within a year of its passage, and any private citizen holding accounts in dollars would either need to spend the money or convert it to another currency. There is no proposed ban on the euro, British pound, yen, or yuan. If one doesn’t exchange or transfer dollars within a year, the dollars will be seized by officials, and reimbursed in rubles within 30 calendar days." Continue reading →

Continue ReadingRussian lawmaker seeks to ban US dollar, predicts 2017 collapse

Russia Will Probably Hold Rates After Surprise Inflation Jump

"Russia’s central bank will probably refrain from cutting interest rates for a 14th month after a surprise pickup in consumer-price growth last month hurt its struggle to slow inflation to within its target band. Policy makers led by Elvira Nabiullina, who took over as central bank chairman in June, have kept interest rates steady since September 2012 even as the economy of the world’s largest energy exporter has its worst slowdown in four years. Rising food prices after rain delayed the grain harvest and Russia banned pork imports from Belarus. The economy grew 1.2 percent from a year earlier in the second quarter, the worst result since the last three months of 2009." Continue reading →

Continue ReadingRussia Will Probably Hold Rates After Surprise Inflation Jump

Senators want to ban Russian Banks from the United States over Syria

"In a joint letter, the senators urged Secretary Lew to enforce sanctions that prevent Russian banks that have propped up the Syrian government from doing business in the United States. 'Russian bank support violates international sanctions by enabling Syria to pay for imports and receive funds for exports. This assistance eases much of the financial burden on the Assad regime, allowing it to continue military purchases and pay the soldiers that sustain the war in Syria,' the senators wrote. 'It is now more critical than ever that you swiftly designate those financial institutions that have profited from violating sanctions to prop up the Syrian regime.'" Continue reading →

Continue ReadingSenators want to ban Russian Banks from the United States over Syria