Foreign businesses that want to get out of Russia can either receive fast-track bankruptcy protection or turn their operations over to local managers, the country’s First Deputy Prime Minister Andrei Belousov said Friday (March 4). Dozens of multinational firms have suspended operations in Russia amid...
The travel industry was a growing source of income, jobs and prosperity in Latin America before the pandemic hit in early 2020. The health crisis severely disrupted this growth, however, with the industry suffering crushing losses. Latin America is the fourth-most important region in the...
The U.S. has imposed more sanctions, this time against Russian oligarchs, in a bid to hit the ultra-wealthy in that country, according to a Reuters report Thursday (March 3). This has further elevated the pressure on Russia over its war in Ukraine. The U.S. laid...
In today’s top Europe, Middle East and Africa news, as the hammer comes down on Russians banking in the West, companies are scrambling to open accounts in China, while German regulators prepare to close the European arm of VTB, Russia’s the second-largest bank. Plus, German-based...
Days after several Russian banks were reportedly barred from SWIFT, the international messaging system used to process payments, the European Union is considering adding banks in Belarus to the forbidden list, Reuters reported Thursday (March 3). “On the SWIFT side, we’re also looking now at...
Airline software maker Sabre says it has ended its distribution agreement with Aeroflot, thus hamstringing Russia’s largest air carrier’s ability to sell tickets. As CNBC reported Thursday (March 3), Sabre provides reservation and ticket distribution services for a number of airlines. By cutting off business...
Wall Street hates uncertainty, goes the saying. One key uncertainty investors hare is what happens in times of geopolitical crisis and in times of military action. More companies than ever, of course, are international in scope, particularly payments firms, as commerce itself is becoming a...
Ukraine’s banking system has managed to stay strong amid Russia’s invasion, the country’s central bank’s governor said Thursday (March 3). As Reuters reported, Kyrylo Shevchenko said the National Bank of Ukraine has been bolstered by around $15 billion in international financial support. “The National Bank...
Russian companies are scrambling to open accounts with a Chinese state bank in Moscow as a way to escape international sanctions imposed following Russia’s invasion of Ukraine. As Reuters reported Thursday (March 3), a source at the bank said 200 to 300 companies had approached...
