OTP booked a total of €190mn in provisions and €237mn in writedowns in Q1, largely due to exposure to Russia and Ukraine.
Sacked for his pro-Russian stance, Stefan Yanev says his Bulgarian Rise party will “defend Bulgaria’s dignity”.
Meanwhile, the e-commerce company is in talks to re-structure its eurobonds.
The €500mn pipeline will enable the Baltic states and Finland to receive pipeline gas from Western Europe for the first time.
The fundamental problem remains that the government has done little to lessen its dependence on Russian energy sources over the past 12 years; if anything, it has deepened its dependence.
Polish central bank, by also hiking 75bp, opted for a smaller hike than expected.
Societe Generale is the first of the major European financial groups to have found a way to quit Russia, with Austria’s Raiffeisen Bank and Italy’s UniCredit still at the crossroads.
Footage of a masked person firebombing a military recruitment centre in Russia on May 4 adds fuel to the theory that indignant anti-war saboteurs are taking a stand against the Kremlin’s invasion of Ukraine.
The vote is a huge blow to the ruling centre-right government and will greatly increase tensions within the fractious four-party coalition.
Recruitment of Smejc and billionaire Kretinsky will strengthen Czech financial group's management following the damage to its investments caused by Russia’s invasion of Ukraine.
Budapest still blocking EU consensus despite being offered extension until end of 2023.
Heavily-dependent states will be allowed to buy Russian oil exports until the end of 2023, while other states have to cease crude deliveries in six months.
Moldova is seen as highly vulnerable to spillovers from the war in neighbouring Ukraine.
The UK has banned management consultancy, PR and accountancy services from working with Russian companies. It has also added more organisations and individuals from the Russian media to its sanctions list.
The EU will sanction all Russian oil imports, both crude and refined and both oil delivered by ship and pipeline, but the ban will be “phased in in an orderly way,” EU President Ursula von der Leyen told the European Parliament on May 4.
In proposals for its sixth sanctions package, the European Commission will suggest a total ban on all Russian oil in addition to removing Russian broadcasters from the airwaves and disconnecting Russia's largest bank from SWIFT.
“Ukraine will win!” Boris Johnson states as he speaks virtually to Ukrainian Parliament.
Minister of Economy of Ukraine Yulia Svyrydenko presented the roadmap for Ukraine’s economic recovery at the international conference "After the War: Rethinking the Future of Civil Society", Ukraine Business News reported on May 3.
Greece is set to become a major gas supplier for the Balkans region, as investments aimed at achieving independence from Russian gas accelerate across Europe.
Defence ministry says no signs Moldova is in danger after The Times reported Russia has already decided to attack the Moldovan separatist republic of Transnistria.