Banks in the United Arab Emirates (UAE) have been rejecting transactions from Russian companies for electronic components and consumer electronics from China since early August, the pro-Kremlin outlet Kommersant reported on Aug. 28.
This volume included 43.5 million metric tons of agricultural products exported through the Black Sea shipping route over the past year.
Much of the cash arrived in Russia via third-party countries such as the United Arab Emirates and Turkey, which have declined to join in such currency-related sanctions against Russia.
According to data seen by Reuters, five Western insurance companies have continued providing services to Russian oil tankers, despite concerns that most Russian oil is still being traded above the $60 per barrel price cap.
Russia and China are discussing the possibility of a barter trade, with the first deal involving agriculture expected as early as this autumn, Reuters reported on Aug. 8, citing three undisclosed trade and payment sources.
Turkey ratified an agreement on a free trade zone with Ukraine on Aug. 2, more than two years after the agreement was originally signed.
"Poland has specific conditions for Belarus if it would like to normalize relations," Polish Deputy Foreign Minister Andrzej Szejna said.
"When we are looking at Russia, we are looking at how both countries can gain by better trade relationships," Indian Trade Secretary Sunil Barthwal said during a press conference.
China has tightened export controls on military and dual-use products since July 1, the Moscow Times reported on July 5. This has already made it more difficult to deliver Chinese equipment and machinery to Russia, the Moscow Times reported, citing Russian importers.
The following is the July 4, 2024 edition of our Ukraine Business Roundup weekly newsletter. This version is condensed as the author was out of the office. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. EU accession talks begin Ukraine and
According to the newly implemented rules, an emergency brake can be applied to imports of eggs, poultry, sugar, oats, maize, groats, and honey. The measure will be automatically triggered if import volumes reach the average yearly imports recorded between July 1, 2021, and Dec. 31, 2023.
The authors linked this development to a drop in production and to Russia's disruption of Black Sea shipping lanes, which have traditionally been Ukraine's key export routes.
"Sanctions slow the economy, (they) never stop it," said Hamam Buamim, chair of the Dubai Multi Commodities Center. "Trade continues flowing, it just flows in a different way."
India's imports of Russian oil rose to a nine-month high after shipments from non-sanctioned tankers of the Russian Sovcomflot company resumed, Reuters reported on May 21, citing data from shipping and trade sources.
Losses caused by the Polish blockade of the Ukrainian border amounted to $500 million in lost imports and $160 million in exports in its first month, the National Bank of Ukraine said on May 14.
Ukraine and the United Arab Emirates have finalized a bilateral trade agreement that lays the foundation for deepening investment and trade between the two countries, Ukraine's Economy Ministry announced on April 29.
Turkey is in talks with ExxonMobil to secure a long-term liquified natural gas (LNG) deal worth billions of dollars, aiming to diversify its energy sources, says Turkish Energy Minister Alparslan Bayraktar. The potential agreement could provide up to 2.5 million tons of LNG annually for 10 years.
Ukraine's parliament, the Verkhovna Rada, ratified on April 10 the updated free trade agreement between Canada and Ukraine, lawmaker Yaroslav Zhelezniak said.
According to Infrastructure Minister Oleksandr Kubrakov, Ukraine's corridor has already facilitated shipments of more goods than the Black Sea Grain Initiative, brokered by Turkey and the U.N. in July 2022.
The Japanese government announced on April 5 its decision to ban exports of 164 goods to Russia, namely automobile engine oil and optical equipment, the Jiji Press news agency reported.
Bilateral trade between Russia and Armenia has flourished since 2022, providing ground for the accusations of alleged sanctions circumvention, media outlet Euroactiv reported on March 28.
Polish protesters have temporarily suspended the blockade of the Uhryniv-Dolhobychuv crossing on the Polish-Ukrainian border in both directions, Ukraine's State Border Guard Service said on March 28, citing information from the Polish side.
In the document published following the talks, the parties "confirmed their readiness to conclude an Agreement on providing control at joint border checkpoints and cooperation of control bodies" and, once approved by the European Commission, "to launch logistical data exchange at selected road border crossing points."
EU ambassadors "agreed on a new compromise" regarding the extension of the trade agreement with Ukraine, ensuring a "balanced approach between support for Ukraine and protection of EU agricultural markets," the Belgian presidency of the EU Council announced on March 27.
U.K. Defense Secretary Grant Shapps urged Europe not to restrict imports from Ukraine, pointing out London's decision to extend tariff-free and quota-free imports from Ukraine for most goods for another five years.
Polish protesters resumed blocking cargo vehicles at the Korczowa-Krakovets border crossing with Ukraine at 11 a.m. on March 13 after suspending the protests there on March 9, Ukraine's Customs Service said.
The parliament's amendments are meant to reinforce "safeguards for EU farmers in case of a surge in Ukrainian products." The changes were backed by 347 members of the parliament (MEP), with 117 voting against it and 99 abstaining.
Chinese Foreign Minister Wang Yi praised the strengthening of relations between Beijing and Russia, and claimed that China is a "force for peace" and stability during a press conference on March 7.
The United Kingdom will provide an additional $1.3 billion (£1 billion) of export loan financing to projects in Ukraine, President Volodymyr Zelensky announced over Twitter on Dec. 8. The money, which will be disbursed through the UK Export Finance agency (UKEF), will be assigned in addition to the $3.
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