Ongoing tensions between Russia and Ukraine, which have reverberated across the globe, will particularly impact economies of the EBRD region, with a modest recovery predicted in 2015 following a sharp contraction this year.
Canada has expanded its sanctions against Russia to include the country’s largest lender Sberbank, and five other companies, as well as five individuals. Russia plans to retaliate against the measures.
Finland will not drop its plans to construct a nuclear power plant with Russia’s Rosatom. The project “will not shake Finland’s reputation” and “shouldn’t be mixed with politics,” Prime Minister Alexander Strubb told Radio Suomi.
Western sanctions against Russia, coupled with ongoing political instability in Libya and the advance of ISIS militants in Iraq, could leave the global oil supply exposed and push up oil prices to $150 per barrel, former BP chief Tony Hayward has warned.
The US has introduced new sanctions against Russia’s biggest lenders – Sberbank, Gazprombank and Rosselkhozbank – and added some of the country’s state-owned technology firms and five energy companies, the Treasury said on Friday.
Barack Obama says he is joining the EU initiative to impose a new round of sanctions on Russia. Both Washington and Brussels say the sanctions will target finance, energy and defense sectors – yet can be revoked if the situation in Ukraine improves.
Ukrainian President Petro Poroshenko has signed a law allowing future sanctions against Russia, which could include a ban on the transit of Russian gas, and sanctions against Russian banks, according to the website of the upper parliament.