Impairments and provisions on Russian and Ukraine operations puts Hungary's OTP in red in Q1

bne IntelliNews May 8, 2022

OTP booked a total of €190mn in provisions and €237mn in writedowns in Q1, largely due to exposure to Russia and Ukraine.

Former Bulgarian PM launches new party to woo pro-Russian voters

Denitsa Koseva in Sofia May 6, 2022

Sacked for his pro-Russian stance, Stefan Yanev says his Bulgarian Rise party will “defend Bulgaria’s dignity”.

Russia’s Ozon 2021 results show growing orders

bne IntelIiNews May 6, 2022

Meanwhile, the e-commerce company is in talks to re-structure its eurobonds.

Lithuania launches GIPL gas link with Poland

Linas Jegelevicius in Vilnius May 6, 2022

The €500mn pipeline will enable the Baltic states and Finland to receive pipeline gas from Western Europe for the first time.

Hungarian government weighs alternatives to Russian energy

bne IntelliNews May 6, 2022

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.

Czech central bank hikes rates by 75bp to tame soaring inflation

bne IntelliNews May 6, 2022

Polish central bank, by also hiking 75bp, opted for a smaller hike than expected.

European banks take more provisions for Russian operations

bne IntelliNews May 6, 2022

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.

Masked saboteurs firebomb army recruitment centre in Russia as suspicious fires continue to rage across the country

Social media correspondent Dominic Culverwell May 6, 2022

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.

Slovak MPs reject prosecutors' request to strip ex-PM Fico of his immunity in Purgatory case

bne IntelliNews May 5, 2022

The vote is a huge blow to the ruling centre-right government and will greatly increase tensions within the fractious four-party coalition.

Smejc to take over as PPF chief executive

Robert Anderson in Prague May 5, 2022

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.

Hungary says it would veto EU’s Russian oil embargo in current form

bne IntelliNews May 5, 2022

Budapest still blocking EU consensus despite being offered extension until end of 2023.

Czechs join Slovakia and Hungary in demanding exemption from EU embargo on Russian oil

bne IntelliNews May 5, 2022

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.

EU to support Moldovan army — but opposition Socialists call for Russian military presence

bne IntelliNews May 5, 2022

Moldova is seen as highly vulnerable to spillovers from the war in neighbouring Ukraine.

British management and PR services banned from Russia

bne IntelIiNews May 5, 2022

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.

Europe proposes to ban all Russian oil imports by the end of the year

Ben Aris in Berlin May 4, 2022

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.

Brussels proposes full ban on Russian oil

Theo Normanton May 4, 2022

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 to Ukrainian Parliament

Cameron Jones in Kyiv May 4, 2022

“Ukraine will win!” Boris Johnson states as he speaks virtually to Ukrainian Parliament.

Ukraine presents roadmap to recovery

Dominic Culverwell in Berlin May 3, 2022

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.

Construction of Alexandroupolis LNG terminal launched to help reduce Balkans’ dependence on Russian gas

Valentina Dimitrievska in Skopje May 3, 2022

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.

Moldova says “no signs” of Russian invasion

Iulian Ernst in Bucharest May 3, 2022

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.