Is Russia ready to cut up its plastic? After Visa and MasterCard stopped processing some Russian transactions in response to U.S. sanctions, Moscow says it could launch a homegrown payment system that could be ready in as little as six months, according to German Gref, chief of the country’s largest bank, Sberbank (SBER:RM).
Hard as it may be for Americans to imagine life without Visa (V) and MasterCard (MA), jettisoning them wouldn’t be all that difficult. Moscow has been preparing for the past few years to issue an electronic payment card that citizens could use for transactions with the government, such as tax and pension payments. Expanding that to include private purchases wouldn’t be hard, says Avivah Litan, an analyst at Gartner Research (IT): “If the banks are all on board, they can use the existing [card-reading] equipment in the retail stores. They’ve been thinking about it for so long, it’s just a matter of flipping the switch.”
U.S. bank JP Morgan said on Thursday it would process a payment from Russia's embassy in Kazakhstan to Russian insurance agency Sogaz after blocking it earlier this week over Ukraine-related U.S. sanctions. "Following consultation with our regulators, we are processing this transaction," the bank said in a statement. http://www.reuters.com/
Tags: u.s, bank, processing, payment, sanctions, russian, russia
When it comes to explaining Russia’s Ukrainian adventurism, the West has attempted to hide behind a wall of myths and hope its problems will just go away. There are all sorts of reasons to be stunned and perplexed today. Stunned by the reintroduction of the fears and phobias of the…
The German government says Russian President Vladimir Putin accepted a proposal by Chancellor Angela Merkel for a fact-finding mission and a "contact group" on Ukraine that could be led by the Organization for Security and Cooperation in Europe. Government spokesman Georg Streiter said the proposal came in a telephone conversation…
The West is now living in Putin’s world. It is there not because Putin is right, or even because he is stronger, but because he is taking the initiative. Putin is “wild” while the West is “wary.” While European and American leaders recognize that the world order is undergoing a…
A Russian occupation of Crimea raises the specter of the Cold War, in which the nuclear stalemate between the United States and the Soviet Union devolved into regional disputes around the world.
While military and political frictions made the biggest headlines, the Cold War couldn’t be well understood without using economic theory — specifically, game theory, which analyzes the strategic logic of threats, credibility and conflict.
Crimea's parliament voted to join Russia on Thursday and its Moscow-backed government set a referendum within 10 days on the decision in a dramatic escalation of the crisis over the Ukrainian Black Sea peninsula. The sudden acceleration of moves to bring Crimea, which has an ethnic Russian majority and has…
Tags: russia, crimea, russian, ukraine, union, united, states
When it comes to explaining Russia’s Ukrainian adventurism, the West has attempted to hide behind a wall of myths and hope its problems will just go away. There are all sorts of reasons to be stunned and perplexed today. Stunned by the reintroduction of the fears and phobias of the…
5 REASONS FOR INVESTORS TO CARE ABOUT RUSSIA’S MARKET TURMOIL It might be tempting to think in realpolitik terms about Russia’s financial woes right now — the idea that a weakened Russia has less weight to throw around in conflicts such as the Ukraine and Syria. But the reality is…
The German government says Russian President Vladimir Putin accepted a proposal by Chancellor Angela Merkel for a fact-finding mission and a "contact group" on Ukraine that could be led by the Organization for Security and Cooperation in Europe. Government spokesman Georg Streiter said the proposal came in a telephone conversation…
Ukraine's economy is in urgent need of assistance will Russia with Putin as leader help them out ? Vladimir Putin holds brief talks with Viktor Yanukovich at Sochi Games as Ukraine awaits Russian bailout amid uprising. Viktor Yanukovich, who has been battling anti-government protesters since he rejected a trade deal…
Talk that Russia could be behind the bulk of the more than $100 billion drop in the Federal Reserve’s custody holdings for foreign central banks in the week ending Wednesday has many observers scratching their heads. This would represent about eighty percent of their dollar holdings.
As we noted earlier, rather than selling the Treasuries, Russia simply transferred them from the Federal Reserve out of the U.S. The incentive would be the threat of sanctions following this week’s Crimean referendum.
On Tuesday, Federal Reserve Chair Janet Yellen promised the House Financial Services Committee "a great deal of continuity" in monetary policy as she fills the shoes of Ben Bernanke. However, Yellen is not Bernanke. And depending on her read on the economy, she will use her powers to influence…
11 Ugly Charts That Confirm China's Dramatic Slowdown During the National People's Congress, China's policymakers announced that it would target 7.5% GDP growth target for 2014. This is down from 7.7% growth in 2013, and the recent data shows that the economy is clearly off to a slower start to…
Tags: read, economy, http://www.businessinsider.com, china
For 31-year old Beijing resident Wang Yuanzhi, talk about a bubble in Chinese property is not something to be too concerned about. "If you look at the real estate market in China, it has already seen a golden decade of extreme fast growth. There will still be room for growth…
China's central bank is prepared to take its strongest action since 2012 to loosen monetary policy if economic growth slows further, by cutting the amount of cash that banks must keep as reserves, sources involved in internal policy discussions say. A cut would be triggered if growth slips below 7.5…
I will let you guess where we are in this "cycle". Within a fractional reserve banking system, if the Federal Reserve decreases the discount rate and the rate is lower than the long bond rate by enough of a spread, the banks get motivated to borrow at or close to the discount rate and loan…
Hostilities intensified in Crimea on Saturday as Ukrainian officials accused pro-Russian forces of armed aggression and President Barack Obama rounded up world leaders to demand Russia “de-escalate the situation.”
Obama called British, French and Italian leaders and hosted a conference call with the presidents of Lithuania, Latvia and Estonia, the White House said.
Lavrov warns West from supporting Ukrainian military action as Kiev's deadline passes for separatists to end siege of government buildings in eastern Ukraine. The White House on Monday said President Barack Obama would speak to Russian President Vladimir Putin soon, perhaps later in the day, and made clear the United…
Tags: ukraine, house, white, president, barack, ukrainian, obama, usa, russia
Crimea's parliament voted to join Russia on Thursday and its Moscow-backed government set a referendum within 10 days on the decision in a dramatic escalation of the crisis over the Ukrainian Black Sea peninsula. The sudden acceleration of moves to bring Crimea, which has an ethnic Russian majority and has…
A Russian occupation of Crimea raises the specter of the Cold War, in which the nuclear stalemate between the United States and the Soviet Union devolved into regional disputes around the world. While military and political frictions made the biggest headlines, the Cold War couldn’t be well understood without using…
When it comes to explaining Russia’s Ukrainian adventurism, the West has attempted to hide behind a wall of myths and hope its problems will just go away. There are all sorts of reasons to be stunned and perplexed today. Stunned by the reintroduction of the fears and phobias of the…
The German government says Russian President Vladimir Putin accepted a proposal by Chancellor Angela Merkel for a fact-finding mission and a "contact group" on Ukraine that could be led by the Organization for Security and Cooperation in Europe. Government spokesman Georg Streiter said the proposal came in a telephone conversation…
British Prime Minister David Cameron warned the Kremlin on Thursday that Russians could face asset freezes and travel bans unless there was progress in direct talks with the new Ukrainian government.
Cameron, speaking after a meeting of European Union heads of state in Brussels, said the EU had agreed to suspend negotiations on easing visa rules for Russians in response to President Vladimir Putin’s intervention in Ukraine.
Crimea's parliament voted to join Russia on Thursday and its Moscow-backed government set a referendum within 10 days on the decision in a dramatic escalation of the crisis over the Ukrainian Black Sea peninsula. The sudden acceleration of moves to bring Crimea, which has an ethnic Russian majority and has…
A Russian occupation of Crimea raises the specter of the Cold War, in which the nuclear stalemate between the United States and the Soviet Union devolved into regional disputes around the world. While military and political frictions made the biggest headlines, the Cold War couldn’t be well understood without using…
When it comes to explaining Russia’s Ukrainian adventurism, the West has attempted to hide behind a wall of myths and hope its problems will just go away. There are all sorts of reasons to be stunned and perplexed today. Stunned by the reintroduction of the fears and phobias of the…
The German government says Russian President Vladimir Putin accepted a proposal by Chancellor Angela Merkel for a fact-finding mission and a "contact group" on Ukraine that could be led by the Organization for Security and Cooperation in Europe. Government spokesman Georg Streiter said the proposal came in a telephone conversation…
Tags: ukraine, government, intervention, minister, russia, vladimir, president
Crimea’s parliament voted to join Russia on Thursday and its Moscow-backed government set a referendum within 10 days on the decision in a dramatic escalation of the crisis over the Ukrainian Black Sea peninsula.
The sudden acceleration of moves to bring Crimea, which has an ethnic Russian majority and has effectively been seized by Russian forces, formally under Moscow’s rule came as European Union leaders gathered for an emergency summit to find ways to pressure Russia to back down.
U.S. President Barack Obama took steps to punish those involved in threatening the sovereignty and territorial integrity of Ukraine, ordering the freezing of their U.S. assets and a ban on travel into the United States.
A Russian occupation of Crimea raises the specter of the Cold War, in which the nuclear stalemate between the United States and the Soviet Union devolved into regional disputes around the world. While military and political frictions made the biggest headlines, the Cold War couldn’t be well understood without using…
Tags: crimea, russian, union, united, states, ukraine, russia
When it comes to explaining Russia’s Ukrainian adventurism, the West has attempted to hide behind a wall of myths and hope its problems will just go away. There are all sorts of reasons to be stunned and perplexed today. Stunned by the reintroduction of the fears and phobias of the…
The German government says Russian President Vladimir Putin accepted a proposal by Chancellor Angela Merkel for a fact-finding mission and a "contact group" on Ukraine that could be led by the Organization for Security and Cooperation in Europe. Government spokesman Georg Streiter said the proposal came in a telephone conversation…
Tags: russian, ukraine, government, crimea, russia, president
5 REASONS FOR INVESTORS TO CARE ABOUT RUSSIA’S MARKET TURMOIL It might be tempting to think in realpolitik terms about Russia’s financial woes right now — the idea that a weakened Russia has less weight to throw around in conflicts such as the Ukraine and Syria. But the reality is…
Hostilities intensified in Crimea on Saturday as Ukrainian officials accused pro-Russian forces of armed aggression and President Barack Obama rounded up world leaders to demand Russia "de-escalate the situation." Obama called British, French and Italian leaders and hosted a conference call with the presidents of Lithuania, Latvia and Estonia, the…
The German government says Russian President Vladimir Putin accepted a proposal by Chancellor Angela Merkel for a fact-finding mission and a “contact group” on Ukraine that could be led by the Organization for Security and Cooperation in Europe.
Government spokesman Georg Streiter said the proposal came in a telephone conversation Sunday in which Merkel accused Putin of breaking international law with the “unacceptable Russian intervention in Crimea.”
The “contact group,” which Merkel’s foreign minister floated earlier Sunday, would be aimed at getting dialogue going between Russia and Ukraine.
A Russian occupation of Crimea raises the specter of the Cold War, in which the nuclear stalemate between the United States and the Soviet Union devolved into regional disputes around the world. While military and political frictions made the biggest headlines, the Cold War couldn’t be well understood without using…
The following article will appear in The New York Review’s November 20 issue. Europe is facing a challenge from Russia to its very existence. Neither the European leaders nor their citizens are fully aware of this challenge or know how best to deal with it. I attribute this mainly to…
Tags: russia, europe, ukraine, putin, president, law
Crimea's parliament voted to join Russia on Thursday and its Moscow-backed government set a referendum within 10 days on the decision in a dramatic escalation of the crisis over the Ukrainian Black Sea peninsula. The sudden acceleration of moves to bring Crimea, which has an ethnic Russian majority and has…
Tags: russia, crimea, russian, ukraine, president, government
When it comes to explaining Russia’s Ukrainian adventurism, the West has attempted to hide behind a wall of myths and hope its problems will just go away. There are all sorts of reasons to be stunned and perplexed today. Stunned by the reintroduction of the fears and phobias of the…
What the two men in this photograph are doing is now illegal in Russia. Amidst an alarming—and frequently violent— government crackdown, being out, or simply supporting gays and lesbians, can now get you thrown in jail, beaten up, or worse. On the eve of the Sochi Olympics, Jeff Sharlet embeds with the new enemies of the state and reports on life in the Russian underground
Despite all the criticism, the games in Sochi will take place, and they will most likely be deemed a triumph, a validation of Putin’s leadership, unless of course disaster strikes in the form of terrorism or some other tragedy. http://www.nytimes.com
Ukraine's economy is in urgent need of assistance will Russia with Putin as leader help them out ? Vladimir Putin holds brief talks with Viktor Yanukovich at Sochi Games as Ukraine awaits Russian bailout amid uprising. Viktor Yanukovich, who has been battling anti-government protesters since he rejected a trade deal…
Amid continued debate over whether or not Sochi is prepared to host the 2014 Olympics (here are 15 alarming signs that Russia might not be ready) reporters from around the world are starting to check into local hotels — to their apparent grief. Some journalists arriving in Sochi are describing appalling…
The history of statehood on the territory of Ukraine begins with two archetypically European encounters. Medieval statehood on the territory of today's Ukraine, like that of France and England, includes an encounter with Vikings. The men from the north sought to establish a trade route between the Baltic and Black…
Amid continued debate over whether or not Sochi is prepared to host the 2014 Olympics (here are 15 alarming signs that Russia might not be ready) reporters from around the world are starting to check into local hotels — to their apparent grief. Some journalists arriving in Sochi are describing appalling conditions in the housing there, where only six of nine media hotels are ready for guests. Hotels are still under construction. Water, if it’s running, isn’t drinkable. One German photographer told the AP over the weekend that his hotel still had stray dogs and construction workers wandering in and out of rooms.
What the two men in this photograph are doing is now illegal in Russia. Amidst an alarming—and frequently violent— government crackdown, being out, or simply supporting gays and lesbians, can now get you thrown in jail, beaten up, or worse. On the eve of the Sochi Olympics, Jeff Sharlet embeds…
U.S. bank JP Morgan said on Thursday it would process a payment from Russia's embassy in Kazakhstan to Russian insurance agency Sogaz after blocking it earlier this week over Ukraine-related U.S. sanctions. "Following consultation with our regulators, we are processing this transaction," the bank said in a statement. http://www.reuters.com/
When it comes to explaining Russia’s Ukrainian adventurism, the West has attempted to hide behind a wall of myths and hope its problems will just go away. There are all sorts of reasons to be stunned and perplexed today. Stunned by the reintroduction of the fears and phobias of the…
The German government says Russian President Vladimir Putin accepted a proposal by Chancellor Angela Merkel for a fact-finding mission and a "contact group" on Ukraine that could be led by the Organization for Security and Cooperation in Europe. Government spokesman Georg Streiter said the proposal came in a telephone conversation…