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First shipment of Russian fertiliser en route to Africa

The first Russian shipment of fertiliser left the Dutch port of Terneuzen on Tuesday (29 November) after days of negotiating to ensure it would not be snagged by Western sanctions. The ship was commissioned by the UN’s food security agency, the World Food Programme, and the cargo is part of some 260,000 tonnes of Russian fertiliser stored in European ports.

patrickn97 Thu, 12/01/2022 - 07:18 Brussels hosts 6th EU-GCC Business forum
The EU and the GCC have underlined their commitment to expanding cooperation during the sixth joint business forum held at the Residence Palace in the European Quarter of Brussels on Thursday, 24 November.  "This meeting is both welcome and timely, given the very challenging global developments we have faced, and continue to face, in 2022," said European Commission Executive Vice-President Valdis Dombrovskis in his keynote speech to the gathering. Dombrovskis said that "in this challenging environment, the EU is fully committed to strengthening economic ties between our two regional blocs. By developing our areas of mutual interest, by working in a more collaborative way, we can achieve real benefits.  "The EU is guided in this important work by our Communication on a 'Strategic Partnership with the Gulf, published in May of this year. The strategic aim of this roadmap is clear: we want to broaden and deepen our cooperation with the GCC and its member countries. We view the Gulf as a dynamic neighboring region, and an important gateway between Europe, Asia and Africa."
dennis2020 Fri, 11/25/2022 - 07:14

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Russian Banks look east for salvation

Russian Banks look east for salvation

In addition to the moves towards UnionPay, some Russian companies are now accepting payments in Yuan, and there is talk of Russia turning to CIPS, the Chinese equivalent of SWIFT. The Russian pivot towards the Yuan and Chinese financial systems could reduce the dominance of the US Dollar in global transactions. In addition to the moves towards UnionPay, some Russian companies are now accepting payments in Yuan, and there is talk of Russia turning to CIPS, the Chinese equivalent of SWIFT. The Russian pivot towards the Yuan and Chinese financial systems could reduce the dominance of the US Dollar in global transactions.
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Central Asian countries feel impact of sanctions against Russian aviation

Central Asian countries feel impact of sanctions against Russian aviation

The impact of the sanctions on the Russian aviation sector is having far-reaching consequences for countries in Central Asia. Millions of people from Central Asia are in Russia as migrant workers and the disruption in aviation is making their travel back to their home countries difficult. Among them are 2.2 million Uzbeks who live and work in Russia. Remittances from Uzbek migrants in Russia constitute 12% of Uzbekistan's National GDP. Regular flights from Russia to Uzbekistan have been cancelled, Smartavia and iFly, two Russian carriers, have suspended all flights to Uzbekistan and flights that are still operating have more than doubled in price. As an aviation specialist for Uzbekistan said, “After the sanctions, not a single such aircraft landed on the territory of Uzbekistan. The reason is very simple - they remained uninsured.” Uninsured aircraft are prohibited from flying. Millions of migrants are now left without a crucial air bridge to their homeland. International sanctions on finance are already causing currency crises in Kazakhstan and Kyrgyzstan. The impact of sanctions on the aviation sector further highlights the cost of Russian actions in the Central Asian region.
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Saudi Arabia transfers 4% of Aramco shares to sovereign wealth fund

Saudi Arabia transfers 4% of Aramco shares to sovereign wealth fund

Saudi Arabia's Crown Prince Mohammed bin Salman announced the transfer of 4 percent of the Saudi oil giant Aramco’s, shares to the Public Investment Fund, the Saudi sovereign wealth fund. The transferred share are valued up to $80 billion. The move is another step by the Kingdom to diversify the economy and move it away from dependency on oil.