Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
ChatGPT | EU looks at using its own budget as guarantee for huge loan to Ukraine, 4 June collateral reparations cock up
The European Commission is floating the idea of using future interest generated [sic]  by the investment of Russian assets frozen in Europe to pay back a loan [FROM WHOM?] that would, crucially, use the might of the bloc's €1.2 trillion seven-year budget as collateral. This is similar to a joint proposal [nope] pushed by U.S. Treasury Secretary Janet Yellen, but would see the EU acting alone.
The original plan, which finance ministers of the G7 gave a cautious welcome to at a meeting last month, would see the U.S., or G7 countries jointly, securing the loan for Kyiv, while using the profits [!] of the Russian assets mainly held in Europe to pay back the interest [?!] on it.
The U.S. signaled the size of the loan [TO EU?] should be €50 billion, but the amount hasn't been agreed yet. Washington's idea would be for the frozen assets to be used to pay back [humanitarian OR weapons assistance?] the remaining [?] share of the loan [TO UKRAINE?] after the end of the war. While Washington initially suggested the U.S. would issue the loan [nope] to Ukraine with Europeans guaranteeing the funding RUSSIA reparations payment to UKRAINE, EU officials privately dismissed the idea.
USD 61B supplement PLUS "G7+ contributions"
They noted that the U.S. administration is keen to transfer risks to EU countries because < wipes tears > President Joe Biden does not want to involve Congress in ratifying the agreement appropriating moar Yermak "non-repaybable" Rassmussen "financial assistance", fearing that opposition from < wipes tears > Republican lawmakers will drag out the process past November's presidential election.
reuters | ECB cuts rates, keeps next move under wraps, 8 June
The European Central Bank cut interest rates for the first time in five years on Thursday but kept [Green MIC] investors in the dark about its next move given increasing uncertainty over inflation after a sharp slowdown in the past year. The ECB lowered its record-high deposit rate by 25 basis points to 3.75%, joining the central banks of Canada, Sweden, and Switzerland in starting to unwind some of the steepest rate hikes used to tame a post-pandemic inflation surge. Some economists say the biggest risk to the rate cut schedule is actually the U.S. Federal Reserve, not wages and inflation. The Fed has clearly signalled a delay in policy easing and a further delay in U.S. rate cuts is likely to make the ECB more cautious too, as a widening interest rate differential would weaken the euro and raise imported inflation.
ecb.europa.eu | Why we adjusted interest rates, 8 June
by Cat on Sun Jun 9th, 2024 at 04:34:33 PM EST
[ Parent ]
BRENNAN: Your republican colleague Senator Tommy Tuberville just this past week said on Steve Bannon!s show that Volodymir Zelensk* is a dictator and unconstitutional, and he said this about Vladimir Putin [VIDEO CLIP: He doesn't want Ukraine. He doesn't want Europe. Hell, he's got enough land of this own. He just wants to to make sure that he does not have United States weapons in Ukraine pointing at Moscow.] Those echo some Russian talking points. Senator, I wonder if those remarks from your fellow senator represent the GOP.
CRACKER: No. It represents him and him alone. If you spend fifteen minutes studying Putin and what he wants, he wants to recreate the Russian empire. He's not going to stop in Ukraine. We celebrated the 80th anniversary of D-Day. It was a failure. It was the unnecessary war described by Winston Churchill. We had a dozen chances to stop Hitler. It's not about NATO. It's not about American weapons in Ukraine. It's about a megalomaniac wanting to create the Russian empire by force of arms. If you don't stop him, there goes Taiwan [?!]. We've been slow as hell helping Ukraine, but Senator Tuberville's analysis really misses what Putin's all about. He's an outlier, I think, in the Republican Party. I like him personally, but what did Trump [?] do to get the weapons flowing? He created a loan system. They're sitting on ten to twelve trillion dollars of critical minerals in Ukraine. They could be the richest country in all of Europe. I don't want to give that money and those assets to Putin to share with China [?!]. If we help Ukraine now, they can become the best business partner we ever dreamed of. That ten to twelve trllion dollars of critical mineral assets could be used by Ukraine and the west, not given to Putin and China. This is a very big deal, how Ukraine ends. Let's help them win a war we can't afford to lose. Let's find a solution to this war, but they're sitting on a gold mine. To give to Putin ten to twelve trillion dollars of critical minerals that he will share with China is ridiculous.
by Cat on Mon Jun 10th, 2024 at 12:12:11 AM EST
[ Parent ]
duhh 🫠

'Sapere aude'
by Oui (Oui) on Mon Jun 10th, 2024 at 09:10:05 AM EST
[ Parent ]
by Cat on Mon Jun 10th, 2024 at 01:44:00 PM EST
[ Parent ]
@ 02:13:26, "We Build Ukraine" infomercial (US-Eng.)
@ 02.15.10, Olaf Scholz opening speech
justice.go | neighbourhood-enlargement.ec. | Opening speech by President von der Leyen at the Ukraine Recovery Conference (11.06.24)
...The rationale of this conference has always been to look beyond Ukraine's immediate needs and chart a credible path towards its economic renaissance. In London last year, I presented the new EUR 50 billion Facility for Ukraine, to provide predictable support until 2027. And Member States supported, also thanks to your tireless personal effort, Olaf. The Facility is backed by a solid plan for reforms and investments. It is now up and running. EUR 6 billion have already reached Ukraine. And here in Berlin, we are signing the first agreements worth EUR 1.4 billion with our partner banks, to attract investments in Ukraine from the private sector. And, as you have already mentioned, Olaf, we will also launch dedicated support for equity investments in Ukraine. Our partner banks will be able to apply for EU budget support, when they invest in equity funds active in Ukraine. In that way, we, the EU, help them remove some of the risks associated with equity investments. Our aim is to improve access to finance for Ukrainian businesses, especially for SMEs and start-ups that can help modernise the Ukrainian economy, for example, in areas like IT and digitalisation, renewable energy, and critical raw materials....
urc-international.com | Ukraine Recovery Conference, 11-12 June 2024, Berlin, DE
motto United in defence. United in recovery. Stronger together.
The key goal of the URC2024 is to mobilise* continued international support for recovery, reconstruction, reform, and modernization of Ukraine.
The URC2024 will focus on the following four thematic dimensions:
Business Mobilising the Private Sector for Reconstruction and Growth
Human Social Recovery and Human Capital for the Future
Local and Regional Recovery of Municipalities and Regions
EU Ascension and Related Reforms
"Success Stories" video ribbon

* a "fraught" turn of phrase

by Cat on Thu Jun 13th, 2024 at 06:53:43 PM EST
[ Parent ]
See also NATO declaration of war on Russia at Bucharest Summit in Spring 2008.

Zijlstra admits faking story about Putin's 'greater Russia' ambitions | Dutch News |

Foreign affairs minister Halbe Zijlstra (VVD) has admitted lying about being at a meeting where Vladimir Putin supposedly set out his plans for a 'Greater Russia'.

Zijlstra claimed that he had overheard the Russian president talking about his expansionist ambitions during a gathering of businesspeople at Putin's dacha in 2006. At the time Zijlstra was working for Shell. But in an interview in De Volkskrant at the weekend he admitted that he had not been at the meeting, but 'borrowed' the anecdote from someone whose identity he wanted to protect.

'Sapere aude'
by Oui (Oui) on Mon Jun 10th, 2024 at 09:28:35 AM EST
[ Parent ]
ft | British army delays King Charles cap badges over China spying fears, 15 June
[T]he Yorkshire-based company contracted to make the badges, Wyedean Weaving, sources some of its manufacturing capacity from factories in China.

"There is a fear that tracking devices or a GPS transmitter could be embedded in the cap badges," a senior UK defence official said. "The result is a delay in the introduction of the cap badges as < wipes tears > the UK does not have the capacity to manufacture them as quickly or as cheaply," the official added.
Wyedean won a £2.9mn three-year subcontract in 2022 from US-listed defence services company Leidos, which has a direct contract with the UK MoD, declined to comment. Susannah Walbank, Wyedean's systems director, said the family-owned company was waiting for final approval to press ahead with the badges.

"China is part of our supply chains, we have been there for 15 years [!], have long-standing relationships, and there has never been any concern," Walbank said, adding that the new cap badges would be made "in a mix of places, including China" and that they would be quality checked in the UK.

by Cat on Sat Jun 15th, 2024 at 04:56:13 PM EST
[ Parent ]
Let's recap G7 mobilized "debt-raising"
A legal framework should be developed
Eurozone governments rush to sell bonds
collateral for a bond issued by a special-purpose vehicle

Now, this.
reuters | Biden, France's Macron reach agreement on using Russian assets for Ukraine, 10 June Macron set theory

U.S. President Joe Biden said on Sunday he had reached an agreement with French President Emmanuel Macron on the use of profits from frozen Russian assets to help Ukraine.
The Group of Seven nations and the European Union [enTitY] are considering how to use profits generated by Russian assets immobilized in the West to provide Ukraine with a large up-front loan [for UKRAINE] now and secure Kyiv's financing for 2025.
< wipes tears >
The funds [sic] generate 2.5 billion to 3.5 billion euros a year in profit, which the EU says is < wipes tears > not contractually owed to Russia
archive eur-lex.europa.eu: "they do not constitute sovereign assets. Therefore, the rules protecting sovereign assets are not applicable to these revenues." (21.05.24)
and therefore represents a windfall [sic]. The idea, championed by the U.S., is to use this [orphan] profit as a steady ["guaranteed"] revenue stream to service [pay principal and interest owed] a large loan of $50 billion [for UKRAINE] that could not be [ADVANTAGE UKRAINE rings a bell]
raised on the market.
by Cat on Mon Jun 10th, 2024 at 01:37:46 PM EST
[ Parent ]
bloomberg | France's Bond Yield Reaches Highest This Year on Snap Election, 10 June
French government bonds sold off sharply on Monday amid mounting concerns over the nation's finances after President Emmanuel Macron called a snap election. and Biden agreed to embezzle RUSSIAN assets.
The vote is sharpening the growing focus on the country's < wipes tears > fiscal challenges, which culminated with a credit downgrade by S&P Global Ratings last month. France's bonds, long considered one of the safest in the euro area, have been falling out of favor as the fiscal picture worsens, with the extra yield on 10-year bonds over German securities doubling from pre-Covid levels.
by Cat on Mon Jun 10th, 2024 at 02:10:10 PM EST
[ Parent ]
ChatGPT | EU looks at using its own budget as guarantee for huge loan to Ukraine, 4 June
"The attractiveness of this option for the EU may critically depend on the nature of the assurances that the United States is seeking, other G7+ contributions, the < wipes tears > governance of the loan, and the spending as well as how the financial risk is shared," the document says.

Tricky negotiations lie ahead

The plan to secure a loan unilaterally won't be without its complications for the EU however.
In a strategic win earlier this year, Hungary secured a guarantee that the decision to keep the Russian funds frozen would be renewed unanimously by the EU's 27 countries every six months. This allows Budapest to potentially turn off the taps for Ukraine at any time. The Commission's document suggests finding a way to work around this requirement in order to give more < wipes tears > predictability to the loan.

by Cat on Tue Jun 11th, 2024 at 05:29:15 AM EST
[ Parent ]
Ukraine pushes forward with war compensation mechanism, despite lack of funding
The estimated price tag for the damage caused to Ukraine by Russia's full-scale invasion is $1 trillion.
Funding [sic] for such mechanisms has historically been tricky.
How the US pay war reparations to Viet Nam
How Japan and France evaded war reparations to Viet Nam
How Monsanto paid for loss and damages in Viet Nam
What if Euroclear offered Russia a checking account with a free toaster?
Last month, however, Ukraine won a small victory. Brussels announced it would hand over the profits from those frozen assets—the interest earned on money in a bank account, for example—to a special fund for Ukraine. The estimated 3 billion euros ($3.2 billion) per year will reimburse EU member states for weapons and ammunition they send to Ukraine, but might in the future help Ukrainians rebuild their homes and lives.
by Cat on Tue Jun 18th, 2024 at 09:43:54 PM EST
[ Parent ]
ASEAN (1967 FTA): BN, ID, KH, LA, MM, MY, PH, SG, TL, TH, VN
EAS (2005 East Asia Summit): CN, RU, IN, KR, ASEAN; US, AU, JP, NZ

bloomberg | Viet Nam Greets Putin in Boost to Ties, Ignoring US Criticism, 20 June
"The visit demonstrates that Viet Nam actively implements its foreign policy with the spirit of independence, self-reliance, diversification, multilateralism," according to a statement on Viet Nam's government website.

Viet Nam and Russia have TIES going back decades to the Soviet Union.

fmprc | Xi Jinping to Pay a State Visit to Viet Nam (12.07.23)

fmprc | Wang Yi Meets with a Delegation of the Communist Party of Viet Nam (22.03.24)

Putin said nearly 60% of trade transactions between the two countries were in rubles [RUB] and Vietnamese dong [VND]. Russia relies on alternative payment settlement systems since its banks are cut off from the international payments system SWIFT.

The Russian president is expected to participate in a wreath-laying ceremony at the Ho Chi Minh Mausoleum and meet officials including Communist Party chief Nguyen Phu Trong, Chinh and President To Lam, according to Viet Nam's Ministry of Foreign Affairs.

archive US defeat by Viet Nam, financing the Viet Nam caper, NEW! Green Zone embassy garrison, Lula and Võ Văn Thưởng, Biden's high-stakes Asia sojourn, a return to normalcy and end of Viet Nam, A/RES/ES-10/21, 27 Oct 2023
by Cat on Thu Jun 20th, 2024 at 03:30:28 PM EST
[ Parent ]
state.gov | Press Briefing - June 20, 2024
QUESTION: On this, you talk about the UN Charter and the territory—sovereignty and territorial integrity. What's the U.S. record on that with regard to Viet Nam?
MILLER: So obviously we have—were involved in a conflict in Viet Nam many years ago, ancient history, and we are glad to see the—
QUESTION: It's not so ancient. I mean, I was alive during it.
MILLER: We—we are—yeah—
QUESTION: I don't know, maybe not others were, but I&mash;but it's not ancient. It's not ancient history, and—
MILLER: I wasn't trying to insult you, Matt, just to be clear. That said, we have&mDash;
QUESTION: But look, I mean, in the early 1960s, the U.S. actually went into Viet Nam and stayed there until 1975, so—
MILLER: I am full aware of the long historical record between our two countries, and in the years since you have seen a broad reconciliation between our countries and between our two peoples.
QUESTION: Okay, but when you say that you want the Russians to respect the UN Charter as it relates to Viet Nam and—
MILLER: I was speaking as it respects to Ukraine—with respect to Ukraine.
QUESTION: Well, anywhere.
QUESTION: As it relates to Viet Nam, you don't exactly have the best record, right?
MILLER: So as usual, I'm not going to litigate the full history of American foreign policy.
QUESTION: You don't have to litigate it.
by Cat on Sat Jun 22nd, 2024 at 02:45:23 PM EST
[ Parent ]
bloomberg | Europe in Talks to Keep Russia-Ukraine Gas Pipeline Flowing, 10 June transit fees
One option that's been discussed is for European companies to buy and inject gas from Azerbaijan into Russian pipelines heading to Europe, according to some of the people. Such an arrangement would allow Europe to avoid the embarrassment of buying Russian gas at a time when it's trying to crimp Moscow's revenues.
No comment: RF, Gazprom, Transneft, AZ, Socar, SK, AS, DE, Uniper
"There are two factors we should always remember," Oleksiy Chernyshov, chief executive of Ukraine's state-run Naftogaz, told Bloomberg News on Monday. "One is that Ukraine has incredible infrastructure of transit and storage gas, which should be used, and Ukraine is predisposed to use this infrastructure because it brings a lot of [income]." He ruled out any plan that involved working with Russia's Gazprom PJSC, and said bringing gas from Azerbaijan "might have some future."
Russia still ships around 15 billion cubic meters of gas to Europe a year, mainly to Slovakia and Austria, where Russia is still a dominant supplier. In Austria, Russian gas has covered more than 80% of Austrian consumption for five straight months. Europe also imports Russian LNG by ship, and despite frequent debates about whether it should, it has never sanctioned Russian gas.
< wipes tears >
"I'm doing everything to find a solution that the Ukrainian gas transportation system will continue to be operational because it's a big asset and someone should be a customer," Chernyshov said. "Otherwise it's loss generating."
archive Naftogaz, Druzhba 2022, OGTSU, Yamal, Sudzha, Togliatti-Odessa 2023, TAP
by Cat on Tue Jun 11th, 2024 at 07:55:00 PM EST
[ Parent ]

..."What Washington is proposing is, 'We [the U.S.] take a loan, Europe takes all the risk, you [Europe] pay the interest, and we [the U.S.] use the money for a U.S.-Ukraine fund,'" said one senior European diplomat.
(proof marks in original - ed)
Governments are in a race against time, not just because Ukraine desperately needs the money, but because there's no certainty that a Donald Trump presidency would back the initiative. A final agreement will now be delayed until at least the fall, according to three officials.
EU-US Treasury bonds?
To front-load that aid, Washington suggested taking on a $50 billion loan for Ukraine < wipes tears>, which would be paid back each year with the profits generated by immobilized Russian assets.
WWIII Marshall Plan for yerp?
"If it was the other way around, they would say we are crazy," said an EU official about the U.S. proposal.
"The EU can be naïve, but this goes too far," said an EU diplomat. "This would benefit mostly American companies, so we have to discuss the conditions more in detail." Officials are now discussing whether to issue the loan through the World Bank or an ad hoc instrument, with the officials saying the EU wanted to negotiate the exact conditions to avoid their companies being left out of profitable Ukrainian contracts....
yahoo! afp | G7 to agree $50-bn Ukraine loan at Italy summit, 13 June
"We are on the verge of a good outcome here," US National Security Advisor Jake Sssullivan said Thursday, adding that the details still needed to be thrashed out.
archive REPO Act "Ukraine Support Fund", the keepers of global values
by Cat on Thu Jun 13th, 2024 at 12:21:40 PM EST
[ Parent ]
whitehouse.gov | Press Briefing by Press Secretary Karine Jean-Pierre and National Security Communications Advisor John Kirby (17.06.24)
Q  Can you explain why you just called it a, quote, unquote, "loan"?
KIRBY: Because it's not as if—because if you're using the windfall profits, it's not as if Ukraine is going to have to pay those back. It's going to—you're going to continue to be able to source that through—through the frozen assets and the—the windfall profits from those assets.
by Cat on Thu Jun 20th, 2024 at 08:17:59 PM EST
[ Parent ]
Alex C.: "My bad. I said, the EU has devised a legal loophole, not just a loop hole. It's a legal loophole. That's important. The EU's going to legally steal the frozen assets of Russia, and use the profits. They're going to legally steal the profits from the frozen assets Russia and legally use the theft of the profits from the frozen assets to purchase weapons which they will then legally send to Ukraine. Do I have that right? I had to work that out in my head—the process, the legal process that the EU has devised."
ft | EU devises legal loophole to bypass Hungary veto on support for Ukraine (24.06.24)
EU chief diplomat Josep Borrell told the Financial Times that since Hungary abstained from an earlier agreement to set aside the proceeds from Russia's frozen assets, it "should not be part of the decision to use this money". Concerns from the US and other G7 partners over Hungary likely blocking an EU decision to keep the Russian assets immobilised indefinitely caused significant delays in the negotiation over the $50bn loan. The legal workaround for the EU use of proceeds is likely to suffice in guaranteeing the payout of the loan, according to officials familiar with the matter.
Cat: Almost. The Daleep Singh School of Workaround Loopholes sez: Income legally owed to frozen Russian assets owners are not sovereign profits. They are legally EU and US "windfall profits". EU and US legally can use 90% of windfall profits to procure weapons and 10% for dual-use goods from EU and US for Ukraine. Sovereign assets of Russia, legally frozen by EU and US, are legally not windfall profits. So, EU and US will legally proffer those legally frozen assets legally entitled to income for collateral to guarantee a $50B loan for Ukraine from EU and US lenders. Hungary legally is not one of Ukraine's lenders. Hungary refused windfall profits distribution. Hungary legally withheld its veto in EUCO proceedings to approve windfall profits and EU CDO for Ukraine but has not legally waived its veto power to cancel future EU windfall profits distributions, legally.

Malign disinfogator | Belgium warns against seizing Russian money, 22 June

"First of all, for our country there are two elements that are important: we did not touch the assets themselves, as the ownership title change would yield consequences both on the legal side and financial side that are unknown," FinMin Vincent Van Peteghem said [@ 13:39] during a press conference after the bloc's ECOFIN meeting in Luxembourg. "And second, of course, risk sharing, that I think is important in the rollout of the instruments and is a crucial element of all discussion," the minister added.
archive 21 May 2024 price cap mania exit plan
by Cat on Thu Jun 27th, 2024 at 12:41:46 PM EST
[ Parent ]

euractiv. 14th EU Russia sanctions package includes first-ever third-country LNG restrictions

...The new restrictions under the package will not hit the majority of Russia's liquid natural gas (LNG) exports to the EU. However, the ban on trans-shipments is the first restriction the bloc has applied to LNG, a first-ever far-reaching measure that would have once seemed unthinkable in terms of reaching unanimity at the EU level. Now, ports [sic] in the EU will not be allowed to resell Russian LNG, and financing Russia's planned Arctic and Baltic LNG terminals will be blocked....
euronews | EU agrees new sanctions on Russia, targeting LNG for the first time
...About 22% of these supplies (4.4 bcm) were trans-shipped globally, with 1.6 bcm sent to other member states, CREA says. The rest went to China, India, Türkiye, and other clients.
"This hard-hitting package will further deny Russia access to key technologies," said European Commission President Ursula von der Leyen. "It will strip Russia of further energy revenues. And tackle Putin's shadow fleet and shadow banking network abroad."
eunew.it | 14th sanctions package targets EU sale of LNG from Moscow to third-countries
...Official approval and publication of the package will have to wait for the EU Foreign Affairs Council on Monday, June 24. However, EU sources say the sanctions will affect "more than 100 new persons and eNtITieS, for a total of over 2,200," and include measures to cut back on "imports, investments, and transshipments of LNG."
The agreement reached today by EU ambassadors does not include an outright import ban: European companies will still be able to purchase Russian LNG, but [they] will be prohibited to re-export (or transshipment) it to other countries....
by Cat on Thu Jun 20th, 2024 at 07:50:26 PM EST
[ Parent ]
finance.ec.europa.eu | Fourteenth package - 24 June 2024
The Council adopted a 14th package of restrictive measures designed to target high-value sectors of the Russian economy, like energy, finance, and trade, and make it ever more difficult to circumvent EU sanctions. The 14th package includes the following elements:
Energy-related  [LNG import, shipment]
Anti-circumvention [EU third country subsidiaries, IPR transfer and patent registration]
Financial sector [SPFS and crypto transactions worldwide]
Transport [aviation, roads, vessels]
Protection of EU operators [NEW! legal basis for compensation claims in states' courts and arbitration]
Russian interference [EU political eNTitIeS financed by RU eNTitIeS]
Miscellaneous [restrictions on public procurement, import of "stolen Ukrainian cultural items"]
EUR-LEX | Council Regulations (EU) 2024/1712, 2024/1739, 2024/1745, 2024/1746, 2024/1776, 2024/1778, 2024/1793, etc
by Cat on Mon Jun 24th, 2024 at 05:55:17 PM EST
[ Parent ]
archive Kyiv Security Compact "authorities to seize the property", 13 Sep 2022
ibid Council Regulations, 21 June 2024
ibid ECOFIN legal loophole, 26 June 2024

Helmer, 25 June

Buried in the small print and legalese of the new European Union (EU) sanctions announced on June 24 is the re-establishment of the old European and American empires' operation of privateering. That's piracy on the high seas licensed by the monarch or the head of state on condition that the proceeds are shared with court [not those courts, the royal ones] and state [l'etat c'est] officials.
oh. 17th century admiralty justice for trophy, loot, and booty
To make sure of that, the EU has issued Council Decision (CSFP) 2024/1738 which allows the thieving to be done in secret. In Article 1 of Monday's document, the EU authorizes "the release of certain frozen funds [Russian], after having determined that the transfer of such funds is: (a) between two natural or legal persons, entities or bodies that are not listed in the Annex to this Decision". That's the stealing
And here is the cover-up: Article 4a is amended to read that the operation: "shall be subject to professional secrecy and shall enjoy the protection afforded by the rules applicable to the Union institutions. That protection shall apply to the proposals from the High Representative for the amendment of this Decision and to any preparatory documents related to them."
Then what happened?
< wipes tears >
venue shopping
by Cat on Thu Jun 27th, 2024 at 06:39:29 PM EST
[ Parent ]
GT | China slams European Commission for demanding commercial secrets in EV probe, 20 June
Asked about a closed-door meeting between major Chinese and European carmakers, where the relevant firms said that the EC demanded trade secrets about the Chinese EV industry, He Yadong, a spokesperson for MOFCOM, said that the EC requested a large amount of information on the production and operation, development plans, technical processes, product formulas, and other information from Chinese EV and battery companies.

"The type, scope, and quantity of information collected by the EU side is unprecedented and far exceeds what is needed for countervailing investigations," He said at a press conference on Thursday, while also slamming the EC's punitive tariffs based on claims that Chinese firms did not cooperate. "Chinese companies were shocked and very disappointed."

by Cat on Thu Jun 27th, 2024 at 07:01:54 PM EST
[ Parent ]
kommersant | Bank of China isolates itself from sanctions in Russia, 24 June
In the Russian market, the credit institution ranks second in terms of assets among subsidiaries of Chinese banks (592.4 billion rubles at the end of the first quarter of 2024). As noted in the May rating press release of the Expert RA agency, the bank has a "stable position in the international settlement market".

"This is not very good news for the Russian market. There will be additional costs both in terms of time and the cost of processing payments, "one of the financiers emphasizes. But the most important problem is that payments go beyond the banking sector, as a result of which the state has less and less control over them, and fraud risks arise."

As Kommersant's sources explain, recently payment traffic has already begun to shift more and more actively towards intermediaries—non-bank payment agents, which is why "the transaction chain is becoming less transparent." The work of non-bank intermediaries "is generally beyond the control of regulators and is not transparent", one of the Kommersant's interlocutors emphasizes.

< checks watch >
15th sanctions package story developing ...
by Cat on Wed Jun 26th, 2024 at 09:10:51 PM EST
[ Parent ]


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