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eipstudios · 08-17-2014, 07:40 AM

Sanctioned Development Bank Sees Profits Tumble 70 Percent

The net profit of sanctioned state development bank Vneshekonombank, or VEB, fell 70 percent in the first half of this year against 2013 levels, according to the bank's second-quarter report.

VEB's net profits fell to about 3 billion rubles ($83 million) in the first half of this year, compared to nearly 10 billion rubles ($278 million) in 2013.

The drop was linked to a 12.3 billion rubles ($342 million) loss from foreign currency operations and the revaluation of foreign currencies, according to the report.

VEB was struck by both United States and Europe Union sanctions in July as the West sought to pressure Russia into ceasing support of separatist rebels in eastern Ukraine. The measures effectively barred VEB from buying or selling equity or debt with a maturity period of longer than 90 days on Western capital markets.

The bank at the time said the sanctions would not have a significant impact on its operations.

Some economists argued that striking VEB would create a financial ripple effect, ultimately damaging far-flung corners of the Russian economy. Although often classified as a development bank, VEB is in effect a state corporation that funds infrastructure projects and supports Russian industry and small business.

In targeting VEB, the sanctions struck close to the top of Russia's chain of command: Prime Minister Dmitry Medvedev himself is chairman of VEB's supervisory board, whose other members include Russia's finance minister and economic development minister.

The apparent losses this year may also be the natural consequence of a strong first half in 2013, when, according to the report, the bank profited from "the revaluation of financial instruments and revenues from the sale of securities."

Finnish Shipyard Hit by Sanctions on Russia as European Bank Closes Accounts

In an instance of Western sanctions striking closer to home, European lender Nordea Bank is closing the bank accounts of a Finnish shipyard after a major Russian shipbuilder that owns part of the company was blacklisted by the U.S., a Finnish news outlet reported.

Finland's Arctech Helsinki Shipyard is part owned by Russia's state-owned United Shipbuilding Corporation, or USC, which was blacklisted by the U.S. last month when the West stepped up its sanctions against Moscow over Russia's support for separatist rebels in war-torn eastern Ukraine.

"Nordea is an international bank with offices in the U.S., as such it must comply with U.S. sanctions," the bank told Yle news.

Arctech is also partially owned by Korean shipyard holding company STX.

Yle said that Esko Mustamyaki, the head of Arctech confirmed that their Nordea accounts had been closed, and said they do not expect this to impact the firm's orders, which include civilian icebreakers for use in the Arctic.

08-17-2014, 07:40 AM
eipstudios So Fucking Banned Industry Role: Join Date: Dec 2008 Location: Teen Land Posts: 2,001	Sanctioned Development Bank Sees Profits Tumble 70 Percent The net profit of sanctioned state development bank Vneshekonombank, or VEB, fell 70 percent in the first half of this year against 2013 levels, according to the bank's second-quarter report. VEB's net profits fell to about 3 billion rubles ($83 million) in the first half of this year, compared to nearly 10 billion rubles ($278 million) in 2013. The drop was linked to a 12.3 billion rubles ($342 million) loss from foreign currency operations and the revaluation of foreign currencies, according to the report. VEB was struck by both United States and Europe Union sanctions in July as the West sought to pressure Russia into ceasing support of separatist rebels in eastern Ukraine. The measures effectively barred VEB from buying or selling equity or debt with a maturity period of longer than 90 days on Western capital markets. The bank at the time said the sanctions would not have a significant impact on its operations. Some economists argued that striking VEB would create a financial ripple effect, ultimately damaging far-flung corners of the Russian economy. Although often classified as a development bank, VEB is in effect a state corporation that funds infrastructure projects and supports Russian industry and small business. In targeting VEB, the sanctions struck close to the top of Russia's chain of command: Prime Minister Dmitry Medvedev himself is chairman of VEB's supervisory board, whose other members include Russia's finance minister and economic development minister. The apparent losses this year may also be the natural consequence of a strong first half in 2013, when, according to the report, the bank profited from "the revaluation of financial instruments and revenues from the sale of securities." Finnish Shipyard Hit by Sanctions on Russia as European Bank Closes Accounts In an instance of Western sanctions striking closer to home, European lender Nordea Bank is closing the bank accounts of a Finnish shipyard after a major Russian shipbuilder that owns part of the company was blacklisted by the U.S., a Finnish news outlet reported. Finland's Arctech Helsinki Shipyard is part owned by Russia's state-owned United Shipbuilding Corporation, or USC, which was blacklisted by the U.S. last month when the West stepped up its sanctions against Moscow over Russia's support for separatist rebels in war-torn eastern Ukraine. "Nordea is an international bank with offices in the U.S., as such it must comply with U.S. sanctions," the bank told Yle news. Arctech is also partially owned by Korean shipyard holding company STX. Yle said that Esko Mustamyaki, the head of Arctech confirmed that their Nordea accounts had been closed, and said they do not expect this to impact the firm's orders, which include civilian icebreakers for use in the Arctic.