Russian Finance Minister Anton Siluanov says his country’s currency is just about ready to end its Ukraine-invasion-, passenger-jet-downing-, Western-sanction-, and oil-price-plummeting-induced freefall, even though none of the things causing it are going away any time soon. He didn’t elaborate, but we’re sure that Vladimir Putin’s finance minister has his ways. Read more »
The Russian invasion and annexation of the Crimea and its aftershocks (like, you know, blowing a 777 out of the sky followed by increasing Western sanctions) aren’t good for business. But banks that do business in and with Russia—namely, all of them, but particularly Raiffeisen Bank and Unicredit and the like—aren’t sweating it. “I do not see any reason to question our business in Russia,” Raiffeisen CEO Karl Sevelda offered. “We still consider Russia to be an attractive banking market.” Attractive and growing, at least in terms of square mileage.
Deutsche Bank’s CEOs will still be allowed to show their faces at the St. Petersburg International Economic Forum, because German businessmen—familiar as they are with protecting their own abroad—don’t see any reason why imperial irredentism should get in the way of making money. But they’re gonna have a hard time finding other bank chiefs to have caviar fights with. Read more »
The Swiss have never let unprovoked aggression deter them from doing business with the aggressors, and this long, proud tradition of profiting at others’ expense continues. Plus, they’ve already given up enough lucrative endeavors at the behest of Washington. Read more »
Some hedge fund managers simply cannot believe that the rather unimpressive sanctions imposed in the phony Cold War between Russia and the west (due to the slightly-less phony war between Russia and the Ukrainian navy, itself due to Vladimir Putin’s need for a peninsular paradise in which to vacation, or something) are the end of the story. And, whatever happens, they would prefer not to lose money on the story. Ideally, they’d like to make some. Read more »