Latest news with #EasternEurope

Russia allows banks to offer crypto products to accredited investors

Crypto Insight

3 hours ago

Business
Crypto Insight

Russia allows banks to offer crypto products to accredited investors

The Bank of Russia has permitted financial institutions to offer certain cryptocurrency-based financial instruments to accredited investors. Russian banks are now free to provide qualified investors with a range of crypto products, including crypto derivatives, securities and other digital financial assets tied to crypto prices, the central bank announced on May 28. A key stipulation, however, is that these products must not involve the 'actual delivery of cryptocurrencies,' the Bank of Russia emphasized. The announcement came alongside the Bank of Russia reporting a 51% increase in crypto asset inflows by Russian residents in the first quarter of 2025, totaling 7.3 trillion rubles ($81.5 billion). T-Bank among the first to offer Bitcoin investment products Some major Russian banks started rolling out cryptocurrency investment products immediately following the Bank of Russia's announcement. T-Bank (formerly Tinkoff Bank), one of the largest commercial banks in Russia, announced on May 29 the offering of digital financial assets (DFA) tied to Bitcoin . 'The tool allows you to invest in cryptocurrency in rubles through a familiar application — safely and within the legal framework of the Russian Federation, without opening an account on a crypto exchange and difficulties with protecting your wallet,' the bank said. T-Bank's new 'smart asset' offering is issued through the Russian state-backed tokenization platform Atomyze and is available exclusively to accredited investors. Direct crypto investments still not encouraged While greenlighting local lenders to offer crypto products, the Russian central bank still maintains a restrictive approach regarding direct cryptocurrency investment. 'The Bank of Russia still does not recommend financial institutions and their clients to invest directly in cryptocurrencies,' the Bank of Russia said in a statement. The central bank also noted the ongoing government discussions on the potential launch of an experimental regime that would allow certain investors to trade crypto assets like Bitcoin directly. Russia's estimated CEX holdings are at $9.2 billion In its latest financial stability review, the Bank of Russia estimated Russians' crypto holdings on centralized exchanges (CEXs) at 827 billion rubles ($9.2 billion). According to the authority, Bitcoin is leading Russians' CEX holdings with a 62% share, with Ether following at 22%. Stablecoins like Tether USDt and Circle's USDC ranked third with a share of 15.9%. Some local crypto enthusiasts observed that the actual figure of cryptocurrency held by Russians is significantly bigger than the estimated CEX holdings reported by the Bank of Russia. 'I know that [Pavel] Durov and [Alexey] Bilyuchenko alone have more money in their wallets than this amount,' Sergey Mendeleev, founder of the digital settlement exchange Exved, wrote on his Telegram channel. He hinted that Russians hold much bigger crypto amounts in wallets and decentralized exchanges. Source:

Microsoft unit in Russia to file for bankruptcy, database shows

Reuters

4 hours ago

Business
Reuters

Microsoft unit in Russia to file for bankruptcy, database shows

May 30 (Reuters) - One of Microsoft Corp's (MSFT.O), opens new tab subsidiaries in Russia plans to file for bankruptcy, according to a note published on the official Fedresurs registry on Friday. Microsoft did not immediately respond to an emailed request for comment. President Vladimir Putin said this week that foreign service providers like Microsoft and Zoom (ZM.O), opens new tab should be "throttled" in Russia to make way for domestic software solutions. Microsoft continued providing key services in Russia after Moscow's February 2022 invasion of Ukraine, but in June 2022 it said it was significantly scaling down its operations due to changes to the economic outlook and the impact on its business there. The U.S. tech giant had already removed Russian state-owned media outlet RT's mobile apps from the Windows App store and banned advertisements on Russian state-sponsored media in the days after the invasion. The note posted on Fedresurs on Friday said that Microsoft Rus LLC was intending to declare bankruptcy. The TASS news agency reported that Microsoft has three other Russian units - Microsoft Development Centre Rus, Microsoft Mobile Rus and Microsoft Payments Rus. It was not immediately clear how those units might be affected. Alphabet-owned Google's (GOOGL.O), opens new tab Russian subsidiary filed for bankruptcy in 2022, saying that the seizure of its bank account by Russian authorities had made it untenable for its Russian office to function, including paying Russia-based employees, suppliers and vendors.

Kiev accused of systematic torture of Russian prisoners

Russia Today

6 hours ago

General
Russia Today

Kiev accused of systematic torture of Russian prisoners

Ukraine has established a dehumanizing system of torture targeting captured Russian military personnel, a human rights advocate has claimed. Maksim Grigoriev, who chairs an international commission investigating alleged Ukrainian government crimes, said his findings were based on extensive testimonies from Russian soldiers released in prisoner exchanges. He presented a report quoting statements from 30 individuals on Friday. Grigoriev said the widespread nature of the alleged abuse indicates 'a deliberate systematic practice of constant torture,' amounting to a crime against humanity. He claimed the purpose was not intelligence-gathering but rather the dehumanization of Russian captives, adding that violence was often inflicted out of malice. Former detainees described beatings and various forms of abuse they say occurred while in Ukrainian custody. The report cites waterboarding, electrocution, and the use of attack dogs against prisoners as common methods. Some testimonies included accounts of sexualized violence. One soldier alleged that his captors contemplated castrating him and pumping construction foam into his rectum. Another said inmates were forced to urinate on each other. Several witnesses claimed Ukrainian personnel seemed to take pleasure in the abuse. One soldier, Vladimir Palitsin, said a man beat him with a metal rod: 'He was hitting me and smiling. He was happy.' Others said Ukrainian medical staff treated injuries without anesthesia as a method of torture. Grigoriev compared the alleged brutality to that of 'Western-managed' dictatorships in Latin America and elsewhere. He noted that a torture room at one Ukrainian facility was nicknamed 'Baghdad', a possible reference to the US military presence in Iraq. The administration of former US President George W. Bush authorized the so-called 'enhanced interrogation' of prisoners during its 'war on terror' in the Middle East. Russia and Ukraine each released 1,000 prisoners earlier this month in a coordinated exchange. During the report's presentation, Russian lawmaker Andrey Kartapolov addressed Ukrainian criticism that members of the controversial neo-Nazi Azov unit were excluded from the swap, stating: 'They are criminals, to the last man.' 'They are not hiding this fact. And we have no intention to forgive them,' Kartapolov added. Foreign Ministry spokeswoman Maria Zakharova joined the press conference remotely, describing Grigoriev's report as 'yet another step towards justice.'

Russian MP lays out terms for YouTube's return

Russia Today

7 hours ago

Business
Russia Today

Russian MP lays out terms for YouTube's return

YouTube can only resume full operations in Russia if it fulfills a series of legal and technical conditions, State Duma member Anton Nemkin has told RIA Novosti. Although not officially blocked, YouTube has been largely inaccessible in Russia since last year, when its loading speed began slow dramatically. Authorities blamed a lack of server maintenance following Google's exit from the country in 2022. Later, officials partially confirmed the slowdown was also linked to YouTube's failure to comply with Russian law. Nemkin said on Friday that YouTube needed to deal with abandoned equipment, settle outstanding fines, and establish a legal entity in Russia before the platform's functionality in the country can be fully restored. The MP also called on YouTube to restore access to blocked Russian accounts. The platform has removed some media outlets, including RT and Sputnik, and has repeatedly taken down channels run by Russian bloggers, journalists, and artists. Moscow says the removals target content that reflects views diverging from those prevalent in the West. 'Without these steps, it's impossible to speak of any 'easing' – this is not about politics, but legal compliance,' Nemkin said. In March, it was reported that Russian-registered Google LLC owed national broadcasters $1.16 quintillion in fines for failing to restore their YouTube channels. In January, RBK said the international Google corporation owed more than $22 undecillion. The Kremlin described the figures as symbolic, intended to pressure the company into complying with Russian law. Nemkin said dialogue with global platforms such as YouTube could only happen on Russia's terms. 'This is not about bans for the sake of bans, but about equal rights,' he said, adding that companies must comply with local laws, pay taxes, and store user data in Russia. The lawmaker called for an end to the era of unchecked power for major IT companies. If foreign platforms are restored, 'there is no going back to the old dependence.' 'We've learned a harsh but valuable lesson: we cannot build our digital future on platforms that can flip the switch at any moment,' he said, adding that YouTube should no longer serve as the foundation of Russia's internet landscape. Nemkin pointed out that Russia is now developing its own infrastructure – search engines, cloud storage, video hosting, and ad systems – in support of its 'digital sovereignty.'

Russia's Gazprom says Q1 net profit edges up to $8.4 billion