State-owned oil company Rosneft and billionaire Arkady Rotenberg have filed a case in the European Court of Justice against the European Council challenging its decision over sanctions, according to papers filed with the court.
Some 19 British firms are at the center of an investigation into in a mammoth global money-laundering operation. The scheme was allegedly contrived to make $20bn (£12.5bn) worth of ill-gotten gains appear legitimate.
The UK has blocked a $6.4 billion deal by Russian billionaire Mikhail Fridman to attain North Sea gas fields, as part of its ongoing sanctions package against Russian businessmen and investors believed to have close ties with President Vladimir Putin.
The central banks of China and Russia have signed a 3-year ruble-yuan currency swap deal up to $25 billion, in order to boost trade using national currencies and lessen dependence on the dollar and euro.
The ruble slid to a new record low of 39.71 against the dollar Tuesday. The Russian Central Bank has been quick to quash fears it would re-introduce capital controls to limit the amount of foreign currency purchases, or even moved outside the country.
The geopolitical crisis in Ukraine could cut Russia’s balance of payments by the equivalent of 2% of GDP, and lower oil prices could knock off another 2%, Maksim Oreshkin, head of Russia’s Finance Ministry's strategic planning department, said.
The Russian government plans to look within Russia as well as Asia to help sustain the blow of Western sanctions, Russia’s economy minister said. Internal sources will provide a substitute for Western capital markets.