Russian Market

2023-05-17 21:40:06 Russia, Iran carry out 80% of trade in national currencies

Russia and Iran conduct about 80% of settlements in their national currencies – rubles and rials respectively, said Russia’s Deputy Prime Minister Alexander Novak.

The countries are further considering the possibility of settlements in other currencies, particularly in the Chinese yuan, the official added.

The share of the euro and the dollar in bilateral trade between Russia and Iran is less than 20%, as there was a purposeful work to switch to national currencies, according to Novak.

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2023-05-17 18:35:09 A NEW & IMPROVED CIA? It may be one of the most ruthless organizations on the planet - they topple governments, remove inconvenient leaders, destabilize entire regions, spy on fellow Americans - but making sure everyone can bring "their entire self" to work is apparently important to the CIA, with its mythical track record of valuing human rights.

Most recently, the CIA called for Russians to commit TREASON against their country - the warriors of darkness in the CIA are as criminal as ever, no matter the color of their rainbows.

~ @IntelLana

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2023-05-17 17:35:06 Black Sea grain deal extended for 60 days, Erdoğan says

A grain deal that allows Ukraine to safely export grain via the Black Sea has been extended for two more months, Turkish President Recep Tayyip Erdoğan said Wednesday.

Russia and Ukraine have not yet announced an extension of the deal.

The accord was first brokered by the UN and Türkiye with Ukraine and Russia last summer to help tackle a global food crisis.

The pact came with a separate agreement to ease shipments of Russian food and fertilizer that Moscow insists hasn't been applied.

That said, trade flows tracked by financial data provider Refinitiv show that Russia exported just over 4 million tons of wheat in April, the highest volume for the month in five years, following record or near-record highs in several previous months.

Exports since last July reached 32.2 million tons, 34% above the same period from last season, according to Refinitiv. It estimates Russia will ship 44 million tons of wheat in 2022-2023.

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2023-05-17 17:01:56 Pakistan to ban crypto

The State Bank of Pakistan and the Ministry of Information Technology and Telecommunication began work Wednesday to ban the use of cryptocurrencies in the country.

The Senate Standing Committee on Finance and Revenue has instructed authorities to completely block crypto services and websites in the country.

The Committee also rejected the possibility of legalizing crypto trading, citing potential risks to the country. The Committee noted that crypto trading is speculative in nature and that virtual currencies can be used to finance terrorism.

"Permission to trade in crypto currency cannot be granted," the Pakistani finance minister said.

The Committee agreed that crypto cannot be effectively regulated, noting that virtual currencies are already banned in the US, Canada and China.

The decision should have a significant impact on crypto activity in the country of 230 million people, given that Pakistan has experienced a surge in crypto adoption in recent years.

In 2021 alone, Pakistanis invested about $20 billion in cryptocurrencies, according to a government research report.

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2023-05-17 16:01:48 Russia freezes Finnish embassy bank accounts: Finland's FM

Russia froze bank accounts of Finnish diplomatic missions in late April, Finnish Foreign Minister Pekka Haavisto said on Wednesday.

The accounts of Finnish embassy in Moscow and Consulate General in Saint Petersburg were reportedly blocked.

"The accounts of the Finnish missions in Russia are frozen and cannot be used at the moment," Haavisto said, adding that Finland had been in contact with Russian authorities.

Earlier in late March, Finland froze bank accounts of the Russian Center of Science and Culture in Helsinki due to the EU sanctions. Furthermore, Finnish authorities also arrested the land and building of the Center, as well as seven apartments in Helsinki.

Nonetheless, after Russia's Ministry of Foreign Affairs sent a note demanding an explanation of how these actions were consistent with international law, Finland cancelled the arrest.

Eye for an eye.

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2023-05-17 15:00:50 Crypto trading in UK should be regulated as gambling, lawmakers say

UK authorities should regulate crypto trading as a form of gambling rather than a financial service, UK Parliament's Treasury Committee said.

Like gambling, crypto trading and investing can be addictive, while betting on the volatile price of cryptocurrencies can cause consumers to lose all their money, MPs concluded.

The Treasury Committee seemingly opposed the government's proposal to treat crypto as regulated financial activities.

The Committee is concerned that the government's proposal would create a "halo" effect, leading consumers to believe that "this activity is safe and protected, when it is not," the report said.

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2023-05-17 14:00:33 De-dollarization continues: Bangladesh and India to trade in national currencies

Bangladesh and India have decided to ditch the US dollar and conduct bilateral trade settlements in their currencies, a Bangladesh Bank official told Anadolu.

This decision was made due to foreign currency liquidity issues faced by Bangladesh, which disrupt the flow of imports into the country.

The move would also cut a number of costs associated with using the US dollar, replacing it with Indian rupees and Bangladeshi taka.

Part of the cost-cutting benefits comes from avoiding currency conversions that has to be done several times in traditional settlements, said Mezbaul Haque, executive director of Bangladesh Bank.

"Such a decision will cut the cost of business, speed up transactions, and boost regional trading," he said.

The de-dollarization process would start in June, as banks in India and Bangladesh are already opening transacting accounts to their partners to facilitate settlements, according to Haque.

Numerous countries have recently begun actively substituting the use of the greenback settle bilateral trade transactions. Argentina and Brazil have decided to pay for Chinese imports in the yuan, Kenya is paying for Saudi Arabia's oil in shillings, while Russia accepts payment for gas only in rubles.

The BRICS nations also plan to discuss at the summer summit the issuance of a bloc-wide currency to substitute the US dollar.

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2023-05-17 13:30:21 Great Depression 2.0 is coming!

The well known BEAR Peter Schiff believes that the US is heading towards a big turmoil as the prices keep rising as well as the rates.

And... The government addresses the wrong things, he believes, letting the economy to slowly die.

Read our recap of his interview and...
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2023-05-17 12:00:30 Large Czech banks close accounts of Belarusians and Russians without explanation

Three major Czech banks – Creditas, UniCredit Bank and ČSOB – have begun closing accounts of Russian and Belarusian nationals, local newspaper E15 reported, citing bank clients.

The banks reportedly are cancelling the accounts without any notice, even if the customers have work or student visas.

Many of the affected live in Czechia on a work visa and have a contract with a local employer. They needed bank accounts to get paid and pay rent. It is unclear what they were guilty of and what they should do now.

Representatives of Creditas and UniCredit banks confirmed they are closing Russian and Belarusian citizens' accounts, as well as canceling all ruble bank accounts. ČSOB denied the claims, although it also blocked the accounts.

ČSOB went even further in its hypocrisy, stating that it respects the nationality and language of its clients and does not tolerate any discrimination.

Discrimination against the Belarusians and Russians in Europe is apparently no longer taken into account.

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2023-05-17 10:00:01 Still no progress on debt ceiling deal, talks set to continue

Democratic President Joe Biden and top congressional Republican Kevin McCarthy after an hour of talks could not move forward on a deal to avoid an impending default on US debt.

Both sides only agreed that a possible US default would have catastrophic consequences ... and that was it.

McCarthy said that while the two sides are still far apart on an agreement to raise the debt ceiling, there is an opportunity to get a deal before the end of the week. "It's not that difficult to get to an agreement."

Meanwhile, Biden noted the leaders reached "an overwhelming consensus ... that defaulting on the debt is simply not an option."

"There's still work to do," Biden said, adding the parties were "on a path forward to make sure that America does not default on its debt for the first time."

Biden announced he would cut short his trip to Asia, skipping stops in Papua New Guinea and Australia after attending a G7 summit Wednesday in Japan.

Biden will be replaced by his Democratic advisers at the talks during that time. Americans better hope they are more agreeable than the 80-year-old geezer.

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