Fitch warns investors to brace for heavy losses on Russian debt as default looms March 9, 2022 One of the world’s top credit rating agencies has told investors in Russian debt to brace for severe losses. Fitch last night downgraded Moscow sovereign debt to a C rating, meaning the risk of a Russian default is “imminent”. President Vladimir Putin’s decision to order all interest payments on sovereign government debt held by foreign [...]
Explainer-in-brief: Bringing eastern Europe into the EU fold March 9, 2022 The European Union has decided to formally assess Ukraine, Georgia and Moldova’s bid to join the bloc. The move is mainly symbolic, but it does signal a shift from the EU’s previous tough position on admission. France has suggested that Ukraine could receive a special type of membership. which could take less time to approve. [...]
Battle for Kyiv begins as residents flee into bomb shelters: Kharkiv, Sumy and Mariupol also suffering heavily March 9, 2022 An air alert has been declared in and around Kyiv, where residents in Ukraine’s besieged capital city are urged to get to bomb shelters as quickly as possible as it appears the battle for the capital is beginning. “Kyiv region – air alert. Threat of a missile attack. Everyone immediately to shelters.” regional administration head [...]
Will the shocks of war end the global deals boom? March 9, 2022 London dealmaking showed the first strains of war this week as precision manufacturer Spectris abandoned its takeover bid for microscope-maker Oxford Instruments, citing volatility sparked by Russia’s invasion of Ukraine.
UK impounds private jet at Farnborough Airport in Hampshire: Possibly plane of oligarch Evgeny Shvidler March 9, 2022 A private jet has been impounded by UK authorities at Farnborough Airport in Hampshire. Transport Secretary Grant Shapps confirmed that Russian airlines and private jets had already been banned from the UK. “However there were potential loopholes and I also wanted to make the issue a criminal one, so last night I also signed a [...]
UK impounds aircraft following new round of aviation sanctions against Russia March 9, 2022 Transport Secretary Grant Shapps said today UK authorities had impounded an aircraft following a new round of aviation sanctions against Russia. “There is one such aircraft on the ground at the moment at Farnborough that I’ve essentially impounded whilst we carry out further investigations for the last few days – and it’s very important that [...]
We have weakened the very systems of international law we need to restore peace in Ukraine March 9, 2022 In the global and regional corridors of power, Russia’s place – as the successor to the Soviet Union – has made international diplomacy appear impotent. There has been continued human rights abuses abroad and on its own soil, and under Vladimir Putin’s leadership, there has been an almost total disregard for national sovereignty over the [...]
As government debt jumps to fund defence spending, our economy will pay the price March 9, 2022 Sanctions will clearly hit the Russian economy very hard. But economic prospects for the West are not exactly rosy. Twice in the 1970s and again in the early 90s, there were rapid spikes in oil prices; each instance was followed by economic recessions. The deep recession following 2008 was, of course, due to financial causes [...]
Offshore energy body to help ensure security of supply as UK divests from Russian oil March 8, 2022 Trade association Offshore Energies UK (OEUK) is committed to working with the government to ensure secure energy supplies.
McDonald’s and Unilever cut ties with Russia after boycott calls March 8, 2022 Fast food titan McDonald’s has announced the temporary closure of its Russian venues while Unilever also said it would suspend operations. The announcements come after social media users had called for boycotts of companies refusing to cut ties with the country in recent weeks. McDonald’s said it would be pausing operations in Russia amid the [...]