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EU names Russian banks banned from raising capital

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(Last Updated On: August 1, 2014)

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The European Union (EU) banned five Russian banks from raising capital on the European Union’s capital markets as part of a wider package of sanctions on Moscow over its actions in the Ukraine conflict.

Due to enter into force on 1 August,  the ban targets Russian banks with state ownership of more than 50%. It excludes EU subsidiaries of the Russian banks.

Marking a fundamental shift in how Europe deals with Russia, the sanctions will mean EU nationals and companies can no longer buy or sell new bonds, equity or other financial instruments with a maturity of more than 90 days issued by major state-owned Russian banks or those acting on their behalf.

The European Union formally adopted sanctions on Thursday, which also curb arms sales to Russia. Others limit defence sales and the export of hi-tech equipment for the oil sector.

Until this week, Europe had imposed sanctions only on individuals and organisations accused of direct involvement in threatening Ukraine, and had shied away from wider “sectoral sanctions”. It published a new list of associates of Putin and companies subject to asset freezes late on Wednesday.

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Finland, Sweden submit application to join NATO

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(Last Updated On: May 18, 2022)

Finland and Sweden formally applied to join the NATO alliance on Wednesday at allied headquarters, a decision spurred by Russia’s invasion of Ukraine, and setting in motion an accession process that is expected to take only a few weeks.

Sweden and Finland were both neutral throughout the Cold War, and their decision to join NATO is one of the most significant changes in Europe’s security architecture for decades, reflecting a sweeping shift in public opinion in the Nordic region since Russia’s Feb. 24 invasion.

“This is a historic moment, which we must seize,” NATO Secretary-General Jens Stoltenberg said at a short ceremony in which the Swedish and Finnish ambassadors to the alliance handed over their application letters, each in a white folder embossed with their national flag.

“I warmly welcome requests by Finland and Sweden to join NATO. You are our closest partners, and your membership in NATO will increase our shared security,” Stoltenberg said. The alliance considers that the accession of Finland and Sweden would hugely strengthen it in the Baltic Sea.

Ratification of all 30 allied parliaments could take up to a year, diplomats say.

Turkey has surprised its allies in recent days by saying it had reservations about Finnish and Swedish membership. Stoltenberg said on Wednesday that he thought the issues could be resolved.

“We are determined to work through all issues and reach rapid conclusions,” Stoltenberg said, noting strong support from all other allies.

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Russia, Ukraine peace talks stall amid mutual recriminations

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(Last Updated On: May 18, 2022)

Peace negotiations between Russia and Ukraine have stagnated, officials said on Tuesday, with both sides trading blame and Moscow indicating a return to talks may be difficult.

Russia accused Ukraine of hardening its stance and the West for bolstering the government in Kyiv, with Foreign Minister Sergei Lavrov saying that Washington, London and Brussels want to use Ukraine to their strategic advantage.

Lavrov said he believes no pace deal can be made if negotiators try to “transfer the dialogue” to focus on what the West had to say instead of the immediate situation in Ukraine. That rules out chances for progress in talks, he added.

“We always say that we are ready for negotiations … but we were given no other choice,” Lavrov said.

Ukraine and Russia have held intermittent peace talks since the end of February 2022, just days after Russia invaded its neighbour, but there has been little communication between them in recent weeks.

Also on Tuesday, Lavrov’s deputy Andrey Rudenko said Ukraine “has practically withdrawn from the negotiation process,” while Russian negotiator Leonid Slutsky, said talks are not being conducted in any format.

“The (U.S.) State Department should not try to create “conditions” through military assistance to Kyiv. Useless,” Slutsky said.

The United States is expected to approve a $40 billion package of military and economic aid for Ukraine this week, with overall supply of weapons and aid from the West significantly increasing in recent weeks.

Ukrainian presidential adviser Mykhailo Podolyak confirmed that talks are “on hold” as Russia is not willing to accept that it “will not achieve any goals” and that the war is no longer going according to the Kremlin’s rules.

“Russia does not demonstrate a key understanding of today’s processes in the world,” Podolyak said, according to Ukrainian media. “And its extremely negative role.”

President Vladimir Putin says Russian forces are on a special operation to demilitarise and “denazify” Ukraine. The West and Kyiv call that a false pretext to invade.

Thousands have been killed and millions displaced by the war. It has also left Russia in the grip of tough Western sanctions, and has raised fears of a wider confrontation between Russia and NATO.

“We have had not 10 years, but 20 years since the West began to prepare tools, including the use of NATO and Ukraine to contain Russia since the late 90s. All these years we insisted on negotiations – we have been ignored,” Lavrov said.

“Now we will solve problems depending on how we see them. I will always emphasize: we are ready to solve humanitarian issues,” Lavrov said.

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Russia’s Lavrov says Finland, Sweden joining NATO makes ‘no big difference’

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(Last Updated On: May 17, 2022)

Russian Foreign Minister Sergei Lavrov said on Tuesday that Finland and Sweden joining NATO would probably make “not much difference” as the two countries had long participated in the alliance’s military drills, Reuters reported.

“Finland and Sweden, as well as other neutral countries, have been participating in NATO military exercises for many years,” Lavrov said.

“NATO takes their territory into account when planning military advances to the East. So in this sense there is probably not much difference. Let’s see how their territory is used in practice in the North Atlantic alliance.”

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