The United States on Thursday charged Russian banking tycoon Andrei Kostin and two U.S.-based associates for violating sanctions by paying for the maintenance of his luxury property.
India is set to increase coking coal imports from Russia as supplies from Australia, its top supplier, drop and steel mills grapple with rising prices. Indian steel mills have faced challenges due to erratic supplies from Australia, which usually accounts for over half of India s annual coking coal imports of about 70 million tonnes.
The European subsidiary of Russia's VTB is changing its name after its parent refused to allow it to operate under the brand, an executive told Reuters. The Frankfurt-based bank, already ring-fenced by regulators due to sanctions and in liquidation since last year, will from now on be known as OWH SE, said Frank Hellwig, the chief executive officer of VTB's Europe hub. Before Russia invaded Ukraine, VTB in Europe attracted tens of thousands of German savers with its relatively high interest rates and marketed itself as a sponsor of Frankfurt's ice hockey team, the Lions.
Russian banks, including VTB, Sberbank, and Gazprombank, are considering becoming foreign portfolio investors (FPIs) to trade on Indian stock exchanges. VTB, Russia s second largest bank, has approached the Securities and Exchange Board of India (Sebi) to obtain an FPI license. The proposal will also need approval from the Reserve Bank of India (RBI).