The British government will press other European nations at a meeting in Brussels on Saturday to block Russia from using the SWIFT banking network, Bloomberg reported, in what could be a dramatic expansion of sanctions.
Russia’s food safety watchdog has temporarily closed 12 McDonald’s outlets across the country as of Friday citing sanitary violations. Meanwhile, the company says it will “modernize” 18 other restaurants in renovations planned for September.
Russia is taking steps to ensure that it protects itself from any future dollar or euro sanctions. Moscow boasts the world’s 5th biggest foreign exchange reserves and the 6th largest gold reserves. In total, the assets amount to over $1.5 trillion.
Russia has imposed a food import ban on Romanian beef, adding to restrictions already in place on Polish vegetables and Ukrainian juice, in what is being seen as an extension of its response to more biting Western sanctions announced last week.
The Hague’s arbitration court was not legally empowered to view the case of Yukos Oil Company v. Russia, and the court’s “one-sided” ruling disregards previous Strasbourg court decisions on the issue, the Russian Finance Ministry said in a statement.
Russia has slipped into a technical recession, as the growth has been negative for the past two consecutive quarters, and stagflation could be on the horizon, a new HSBC report reveals. Political tension in neighboring Ukraine is being blamed.