European shares rose on Tuesday as the banking sector recovered from a weeks-long crisis, but market sentiment was low after Moscow warned against cutting gas supplies to the continent. The pan-European Stoxx 600 index rose 0.8 percent, with banking shares gaining 3.6 percent, after hitting a one-year low in the …
Read More »European Shares Fall to Lowest Level in a Year Due to Possible Russian Oil Embargo
European shares hit a one-year low on Monday as Western nations weighed the possibility of a Russian oil embargo, raising the prospect of broader inflationary risks and slowing economic growth, as Germany’s leading index looked likely to confirm a downward trend. The pan-European Stoxx 600 index was down 2.4 percent. …
Read More »European Shares Headed For a Third Weekly Decline
European shares fell on Friday, heading for a third consecutive week of losses, following reports that a nuclear plant caught fire amid heavy fighting between Russian and Ukrainian forces. The pan-European STOXX 600 index was down 1.4 percent by 0837 GMT after Asian shares fell to a 16-month low. The …
Read More »Ukraine: Russian Forces Took Control of The Zaporizhia Nuclear Power Plant
Russian forces have taken control of the Zaporizhia nuclear power plant in southeastern Ukraine, local authorities said. And the authorities stated on social media that “the operational crews are monitoring the condition of the power units.” Ukraine said Russian forces attacked the station in the early hours of Friday morning, …
Read More »Europe Can Reduce Gas Imports From Russia by More Than a Third in a Year
The International Energy Agency said on Thursday that Europe could reduce the import of Russian gas by more than a third within a year, and the agency announced a 10-point plan to reduce the European Union’s dependence on Russian gas. “Nobody is under any illusions anymore. Russia’s use of its …
Read More »Europe Can Reduce Gas Imports From Russia by More Than a Third in a Year
The International Energy Agency said on Thursday that Europe could reduce the import of Russian gas by more than a third within a year, and the agency announced a 10-point plan to reduce the European Union’s dependence on Russian gas. “Nobody is under any illusions anymore. Russia’s use of its …
Read More »The European Union Excludes 7 Russian Banks From SWIFT
The European Union has removed seven Russian banks from the Swift messaging system that supports global transactions as part of its sanctions against Russia over its invasion of Ukraine, the Official Gazette of the European Union said on Wednesday. The banks, which will be given 10 days to phase out …
Read More »Fitch Downgrades Russia’s Sovereign Rating to Junk
Ratings agency Fitch on Wednesday cut Russia’s sovereign rating six notches to junk, saying Western sanctions over its invasion of Ukraine had made Russia’s debt-servicing uncertainty and would weaken its economy in a “massive shock” to its creditworthiness. Russia’s financial markets have plunged into turmoil over its attack on Ukraine, …
Read More »Moody’s Downgrades Russia’s Rating to B3
Ratings agency Moody’s said Thursday that it has downgraded Russia’s long-term and unsecured credit rating to B3 from Baa3, attributing this to tough sanctions imposed by Western countries on Moscow. The agency added that the ratings are still under review for a further downgrade.
Read More »BoE’s Cunliffe: Sanctions To Do Severe Damage to Russia’s economy
Bank of England Deputy Governor for Financial Stability Jon Cunliffe said on Wednesday that sanctions will do severe damage to the Russian economy, but should not pose material risks to financial stability more broadly.Cunliffe said that heightened perceptions of geopolitical risk and its potential impact on growth and inflation can …
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