News

How the banking crisis still affects Russian-Cypriot relations today

A Russian law restricting tax privileges enjoyed by Russian-owned companies abroad may have little to no impact on Russian business activity in Cyprus. Developments in the banking sector which led to the loss of deposits, held at Laiki bank, as well as the suspension of the operations of as FBME (the Federal Bank of the Middle East) created a serious disturbance of Russian business activity in Cyprus.


Russia plans a €29bn investment to boost economy

The Russian government is to spend at least 2.34 trillion roubles (approximately €29bn) in an attempt to combat the economic crisis, following a collapse in oil prices and the value of the rouble.


S&P downgrades Russia's sovereign credit rating to 'junk'

International ratings agency Standard & Poor’s cut Russia's sovereign credit rating yesterday, bringing it below investment grade for the first time in a decade. Cautioning difficult times ahead for Russia's economy, S&P said that Russia's economic growth prospects, hit by low oil prices and Western sanctions over the Ukraine crisis, had deteriorated.


Russian government investing billions to keep banks afloat

The Russian government is pushing more money into big companies that are struggling as a result of Western sanctions. In the past week alone, it invested 100 billion rubles in Russian bank VTB and nearly 40 billion rubles in Gazprombank.


Ruble gains more than 10% after a concerning trading week

Russia’s struggling ruble recovered some of its recent losses against the dollar this week as the market welcomed measures by the Central Bank of Russia to support the country’s banks, and the Finance Ministry said it would start selling its excess foreign currency holdings.


Draft deoffshorisation laws set to be implemented in Russia

By the end of the year Russia is expected to make changes to its Internal Revenue Code on the control of foreign companies, being the last of the largest world economies to create an institute of controlled foreign companies in national taxation law.


Investors avoid Russian stocks as ruble's value depletes

Russia's unstable stocks may have tempted U.S. fund giant Franklin Templeton but few other investors are following, as the country's economic meltdown fuels a nosedive in its currency that could potentially render any investment worthless.


FATCA implemented in Russia, the UK and South Africa

In the UK amendments have been made to the offshore funds regulations that affect alternative investment fund managers operating as a partnership and having partners who elect to allocate their profit share to the alternative investment fund manager under the deferred remuneration provisions. HM Revenue…


Russia-EU sanctions: who will win and who will lose?

Earlier this year Russia banned imports of most agriculture products from the U.S., the European Union, Norway, Canada and Australia. The move was in response to countries imposing economic sanctions against Russia. According to the EU data, Europe’s food exports to Russia were worth $15.8 billion in…


Russian embargo – a chance for Cyprus to find new markets?

The Russian embargo could be a good chance for Cyprus to find new importers. Cyprus Agriculture Minister Nicos Kouyialis suggested that some products affected by the Russian embargo on the EU would be sold to other markets. One of the potential markets is the United Arab Emirates. Traders from the United…