The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has expanded sanctions on Russian company Alrosa, a state-owned enterprise that is the world’s largest producer of rough diamonds. “All transactions ordinarily incident and necessary to the wind down of transactions involving Public Joint Stock Company Alrosa or any entity in which Alrosa owns, directly…
Washington Tightens Sanctions Against World’s Biggest Diamond Miner in Russia
Foreign Brands Operating in Russia Face Backlash in Poland
Foreign businesses that have continued operating in Russia despite international sanctions and widespread condemnation are facing backlash in Poland as people increasingly boycott the brands. Store sales at such brands in Poland have declined, according to the country’s Prime Minister Mateusz Morawiecki, citing government data. “It shows that ordinary people, more than corporations, understand that…
To Leave or Not to Leave? Western Companies, Banks in Russia Face Substantial Challenges
Western businesses and banks with operations in Russia—whether they intend to exit the country or stay in business there—are facing massive difficulties as they attempt to balance international pressure to divest and potential retaliation from Moscow. Over 400 Western companies have exited Russia since the invasion of Ukraine, leaving behind billions of dollars in assets….
Deutsche Bank to Wind Down Russia Business
FRANKFURT—Deutsche Bank said on Friday that it would wind down its business in Russia. Deutsche had faced criticism from some investors and politicians on Friday for its ongoing ties to Russia after saying that leaving would go against its values, as other banks cut off ties. “Like some international peers and in line with our…
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