Russian market News

Russia Defaults on Foreign-Currency Debt for 1st Time in More Than a Century

Russia defaulted on its foreign-currency sovereign debt for the first time in a century, the culmination of ever-tougher Western sanctions that shut down payment routes to overseas creditors. For months, the country found paths around the penalties imposed after the …

Allianz to Retain 49.9% Stake in Russian Operations After Sale to Interholding

The insurer Allianz said on Friday it would sell a majority stake in its Russian operations to the owner of a Russian insurer as it sought to pare its footprint in the country after the invasion of Ukraine. Allianz, which …

EU Poised to Approve Sanctions Against Russia, Covering Oil, Banks and Insurance

European Union ambassadors are set to approve a sixth package of sanctions over Moscow’s invasion of Ukraine, banning most Russian oil imports by year-end and restricting Russia’s ability to ship crude to countries worldwide. The sanctions would forbid the purchase …

EU to Weaken Russia Oil Sanctions, but Keeps Plan to Prohibit Insurance of Shipments

The European Union is set to soften its sanctions package on Russian oil exports after a weekend of wrangling, though it aims to keep a key shipping provision that will hinder Moscow’s ability to export its crude. The bloc will …

EU Seeks to Target Russia’s Global Oil Exports With Insurance, Services Ban

The European Union is seeking to go beyond an import ban on Russian crude, targeting insurers in a move that could dramatically impair Moscow’s ability to ship its oil anywhere in the world. The bloc is proposing to ban European …

Medical Gear Deliveries to Russia Hit by Sanctions-Related Insurance, Transport Hurdles

Exports of essential medical devices Russia is dependent upon from the West have been partly restored, reducing the immediate risk of life-threatening shortages after a near-total collapse when the war in Ukraine began, a Western industry source told Reuters. Russia …

Russia Credit Insurance Signals Record 99% Chance of Default Within Year

The cost of insuring Russia’s government debt surged to signal a record 99% chance of default within the year after its Finance Ministry paid some of its dollar bonds with rubles. Credit-default swaps insuring $10 million of the country’s notes …

Russia Arrests Top Cyber Security Exec, Sending Shockwaves in Business Community

MOSCOW (AP) – Russian authorities have arrested an executive of a top cyber-security company on the charges of high treason, a move that has sent shock waves through Russia’s business community. A court in Moscow on Wednesday announced a ruling …

Russia’s Renaissance Insurance Plans to Raise Up to $290M in IPO on Moscow Exchange

Renaissance Insurance Group said on Monday it plans to list its shares on the Moscow Exchange and raise up to $290 million in an initial public offering (IPO), riding Russia’s emerging IPO wave. Russian IPO activity, hit by the COVID-19 …

Russia’s Largest Online Insurer Weighs Acquisitions Ahead of Possible IPO

Renaissance Insurance, Russia’s largest online policy provider, is trawling the country’s traditional insurers for acquisition targets as it prepares for a possible initial public offering. RenIns — which hired banks earlier this month for an IPO — is exploring ways …