The ‘friendly’ countries include China, India, Brazil, Saudi Arabia, Turkey, Kazakhstan and Belarus.
Russia will ease investment processes for citizens and companies from “friendly” countries, as it seeks to establish an anti-Western coalition and shore up its sanctions-hit economy.
Russian Prime Minister Mikhail Mishustin announced on Monday that investment processes will be simplified for investors from 25 countries considered allies by Moscow.
In the wake of its invasion of Ukraine in February 2022, and subsequent efforts by Western states to isolate it and trim its economic power to wage war, Russia has been seeking to strengthen ties around the globe.
The “friendly” countries whose citizens and companies will be able to open Russian bank accounts and make deposits through a simplified process include China, India, Brazil, Saudi Arabia, Turkey, Kazakhstan and Belarus.
“Creating more convenient conditions for foreign enterprises and entrepreneurs is an important part of the government’s systemic efforts to achieve financial sovereignty as part of the implementation of the national goals set by our president,” Mishustin said in a statement.
‘Unfriendly’
According to Moscow, “unfriendly” nations are those that have joined a slew of Western-led economic sanctions in response to its war in Ukraine. Russia has likened the sanctions to “a declaration of war”.
On Monday, Russian Defence Minister Sergei Shoigu singled out one of the primary instigators of the sanctions, the United States, at a defence conference in Beijing, accusing it of disrupting global security and harming Russia’s interests.
“To maintain its geopolitical and strategic dominance, the United States is deliberately undermining the basis of international security and strategic stability,” Shoigu said.
Russian Defence Minister Sergei Shoigu speaks at the Beijing Xiangshan Forum in Beijing, China, on October 30, 2023 [Florence Lo/Pool/Reuters]
Shoigu also pointed the finger at the US’s Western and Asia Pacific allies, without naming them.
“Western countries aim to escalate the conflict with Russia and increase the risk of major country confrontation … This will lead to serious consequences,” he added.
US-Russia relations have deteriorated since Moscow launched an all-out invasion of Ukraine, resulting in a bloody 20-month war.
The US has supplied some $75bn in humanitarian, financial and military aid to Ukraine as it fends off Russian forces. A group of Western nations and blocs, including the US, the European Union, and the United Kingdom have imposed far-reaching sanctions on Moscow.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
