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Yahoo
a day ago
- Business
- Yahoo
Putin orders seizure of companies that fail to fulfil defence contracts
Russian leader Vladimir Putin has signed a decree allowing companies that fail to fulfil state contracts during martial law to be placed under external management. Source: The Moscow Times, an independent Amsterdam-based news outlet Details: The document states that in such cases, shareholders are deprived of control and the functions of the head of the company are transferred to a structure proposed by Russia's Ministry of Industry and Trade. The decision applies to companies in the aviation and shipbuilding sectors that produce civilian goods, their contractors, as well as manufacturers of military equipment working with foreign clients. The Russian authorities have intensified efforts to confiscate private property since the start of the full-scale war against Ukraine. Russia's Prosecutor General Igor Krasnov said that the authorities have nationalised assets worth RUB 2.4 trillion (over US$26.5 billion). In 2024 alone, Russia seized nearly 70 companies with a total revenue of RUB 807.6 billion (over US$8.9 billion) and assets worth RUB 544.7 billion (over US$6 billion). The largest of these include companies belonging to the former owner of Yugra Bank, Alexei Khotin (over RUB 100 billion – more than US$1.1 billion), the car dealer Rolf (RUB 68 billion – over US$750 million) and the Chelyabinsk Electrometallurgical Plant (RUB 61 billion – around US$680 million). Background: Russia plans to complicate or completely block the return of assets to foreign companies that left the country after the start of the full-scale war. Putin stated that companies which "slammed the door" and left the Russian market will not be allowed to buy back their assets at low prices or reclaim their former market positions. Russian business representatives met with Robert Agee, the President and CEO of the American Chamber of Commerce in Russia, to discuss the lifting of sanctions in certain sectors of the economy. US President Donald Trump's special envoy for special missions, Richard Grenell, held closed-door talks in Switzerland on the possible supply of Russian gas to Germany via Nord Stream 2. The United States and Russia are discussing the possibility of economic cooperation in the Arctic, including natural resource exploration and the use of new trade routes. Putin ordered his Cabinet of Ministers to prepare for the return of Western companies to the Russian market. Support Ukrainska Pravda on Patreon!
Yahoo
2 days ago
- Business
- Yahoo
Germany is finally ready to face Putin
Three years, three months and two days ago, Olaf Scholz declared that Germany would undergo a historic 'Zeitenwende' – or 'changing of the times', pivoting its attitude towards Russia and its own defence and security. Scholz flopped on his promise, but it seems that Germany's new chancellor Friedrich Merz is determined to deliver where his predecessor failed and finally square up to Russia. For the first time, Merz hosted Ukrainian president Volodymyr Zelensky in Berlin yesterday. Building on their meeting alongside other European leaders earlier in the month, Merz announced a new €5 billion (£4.2 billion) aid package for Ukraine. The chancellor agreed to finance a portion of Ukraine's Starlink satellite coverage, so crucial for secure communication by Kyiv's troops along the front line, and provide additional materiel and logistical support. Germany would also support Ukraine in other ways, including new sanctions on Russia and making sure the Nord Stream 2 pipeline would 'never be used again'. The star item of Merz's package, however, was a commitment that Germany will finance the production of long-range missiles on Ukrainian soil. Berlin will invest directly into the Ukrainian arms industry, providing a much-needed boost to the country's industry to help its ability to supply itself with weapons quickly, rather than simply waiting for western donations. Announcing the joint missile development project, Merz added pointedly: 'There will be no range restrictions, allowing Ukraine to fully defend itself, even against military targets outside its own territory.' In other words, Berlin won't stand in the way of Zelensky wanting to use these weapons – which will most likely have a range of over 150 miles – to strike deep into Russian territory. According to the German ministry of defence, they will start to filter through to the front line in a matter of weeks. Merz's new package for Ukraine came two days after the chancellor sparked a great deal of confusion by declaring that there were 'no longer any restrictions on weapons delivered to Ukraine'. Thanks to Scholz's reticence about triggering an escalation in the conflict with Russia, Germany had never donated long-range missiles to Ukraine, so it was unclear why Berlin would have a say over how those which had been used. Tellingly, on Monday he added: 'A country that can only counter an aggressor on its own territory is not adequately defending itself.' Now, in light of yesterday's announcement, this makes a lot more sense. It is clear that Merz is more comfortable than Scholz with taking a more confrontational line with Putin. In the first week of his chancellorship, he issued an order for the defence ministry to stop publishing lists of the weapons being sent to Ukraine to avoid giving the Kremlin an insight into Kyiv's arsenal. This policy of 'strategic ambiguity' for Ukraine suggests Merz wants to make good on his promise to make Germany a European bulwark against Russia. Thanks to his tough talk on defence for Ukraine, there is now, however, one promise that Merz is under pressure to keep: giving Kyiv Taurus missiles. With a range of 300 miles, they would, in theory, allow Ukrainian troops to strike as far as Moscow. Just last month, Merz reaffirmed his pledge to do just this – but only 'in agreement with European partners'. Germany has already, for many years, been Ukraine's largest European aid donor. But, to engineer a fair end to the war for Ukraine, and defend the continent's security interests, it is now up to Merz to shed the nerves of Berlin's previous administration and stand strong against Russia. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
2 days ago
- Business
- Telegraph
Germany is finally ready to face Putin
Three years, three months and two days ago, Olaf Scholz declared that Germany would undergo a historic 'Zeitenwende' – or 'changing of the times', pivoting its attitude towards Russia and its own defence and security. Scholz flopped on his promise, but it seems that Germany's new chancellor Friedrich Merz is determined to deliver where his predecessor failed and finally square up to Russia. For the first time, Merz hosted Ukrainian president Volodymyr Zelensky in Berlin yesterday. Building on their meeting alongside other European leaders earlier in the month, Merz announced a new €5 billion (£4.2 billion) aid package for Ukraine. The chancellor agreed to finance a portion of Ukraine's Starlink satellite coverage, so crucial for secure communication by Kyiv's troops along the front line, and provide additional materiel and logistical support. Germany would also support Ukraine in other ways, including new sanctions on Russia and making sure the Nord Stream 2 pipeline would 'never be used again'. The star item of Merz's package, however, was a commitment that Germany will finance the production of long-range missiles on Ukrainian soil. Berlin will invest directly into the Ukrainian arms industry, providing a much-needed boost to the country's industry to help its ability to supply itself with weapons quickly, rather than simply waiting for western donations. Announcing the joint missile development project, Merz added pointedly: 'There will be no range restrictions, allowing Ukraine to fully defend itself, even against military targets outside its own territory.' In other words, Berlin won't stand in the way of Zelensky wanting to use these weapons – which will most likely have a range of over 150 miles – to strike deep into Russian territory. According to the German ministry of defence, they will start to filter through to the front line in a matter of weeks. Merz's new package for Ukraine came two days after the chancellor sparked a great deal of confusion by declaring that there were 'no longer any restrictions on weapons delivered to Ukraine'. Thanks to Scholz's reticence about triggering an escalation in the conflict with Russia, Germany had never donated long-range missiles to Ukraine, so it was unclear why Berlin would have a say over how those which had been used. Tellingly, on Monday he added: 'A country that can only counter an aggressor on its own territory is not adequately defending itself.' Now, in light of yesterday's announcement, this makes a lot more sense. It is clear that Merz is more comfortable than Scholz with taking a more confrontational line with Putin. In the first week of his chancellorship, he issued an order for the defence ministry to stop publishing lists of the weapons being sent to Ukraine to avoid giving the Kremlin an insight into Kyiv's arsenal. This policy of 'strategic ambiguity' for Ukraine suggests Merz wants to make good on his promise to make Germany a European bulwark against Russia. Thanks to his tough talk on defence for Ukraine, there is now, however, one promise that Merz is under pressure to keep: giving Kyiv Taurus missiles. With a range of 300 miles, they would, in theory, allow Ukrainian troops to strike as far as Moscow. Just last month, Merz reaffirmed his pledge to do just this – but only 'in agreement with European partners'. Germany has already, for many years, been Ukraine's largest European aid donor. But, to engineer a fair end to the war for Ukraine, and defend the continent's security interests, it is now up to Merz to shed the nerves of Berlin's previous administration and stand strong against Russia.
Local Germany
3 days ago
- Politics
- Local Germany
Germany's top diplomat seeks common stance with US on Ukraine
Foreign Minister Johann Wadephul, who assumed his role this month as centre-right Chancellor Friedrich Merz took office, met in Washington with Secretary of State Marco Rubio. "We, Germany and the United States, have a common position regarding Ukraine," Wadephul told reporters after the meeting. "We need to find a negotiated solution." US President Donald Trump took office vowing to end the war and blaming his predecessor Joe Biden for the invasion. But Trump has voiced growing frustration with Russian President Vladimir Putin, who has not accepted a Ukrainian-backed US proposal of a 30-day ceasefire. Wadephul said that Europeans were ready to "tighten the screws" on Russia and noted that sanctions bills are being prepared in the US Congress. "Both Europe and the United States are willing to draw consequences if this does not happen," he said of Russia coming to the negotiation table. Merz earlier Wednesday said that Germany will "do everything" to make sure that the damaged Nord Stream 2 pipeline from Russia does not resume deliveries of natural gas to Europe. The stance shows the sharp shift in Germany since Russia invaded Ukraine in February 2022. The last Christian Democratic chancellor, Angela Merkel, had rebuffed pressure from the United States and supported the pipeline, arguing that it not only provided energy to Europe's largest economy but incentivized Russia to work with Europe. Advertisement Merz has also voiced growing concern about Israel's offensive in Gaza, where aid has begun to enter in a heavily controlled trickle after a two-month blockade. The situation in Gaza has become "dramatically more precarious," Wadephul said. Germany and the United States have traditionally been among Israel's top supporters. Wadephul in Washington visited a makeshift memorial outside the Capital Jewish Museum where a gunman last week shot dead two Israeli embassy employees. Wadephul was visiting as Rubio celebrated his 54th birthday. As a gift, the German FM presented Rubio with a framed poster of a game played in Frankfurt by the sports-loving top US diplomat's hometown Miami Dolphins.
Yahoo
3 days ago
- Business
- Yahoo
Germany's top diplomat seeks common stance with US on Ukraine
Germany's new top diplomat on Wednesday sought to stress unity with the United States on Ukraine, warning of further sanctions if Russia does not budge in stalled negotiations to end the war. Foreign Minister Johann Wadephul, who assumed his role this month as center-right Chancellor Friedrich Merz took office, met in Washington with Secretary of State Marco Rubio. "We, Germany and the United States, have a common position regarding Ukraine," Wadephul told reporters after the meeting. "We need to find a negotiated solution." US President Donald Trump took office vowing to end the war and blaming his predecessor Joe Biden for the invasion. But Trump has voiced growing frustration with Russian President Vladimir Putin, who has not accepted a Ukrainian-backed US proposal of a 30-day ceasefire. Wadephul said that Europeans were ready to "tighten the screws" on Russia and noted that sanctions bills are being prepared in the US Congress. "Both Europe and the United States are willing to draw consequences if this does not happen," he said of Russia coming to the negotiation table. Merz earlier Wednesday said that Germany will "do everything" to make sure that the damaged Nord Stream 2 pipeline from Russia does not resume deliveries of natural gas to Europe. The stance shows the sharp shift in Germany since Russia invaded Ukraine in February 2022. The last Christian Democratic chancellor, Angela Merkel, had rebuffed pressure from the United States and supported the pipeline, arguing that it not only provided energy to Europe's largest economy but incentivized Russia to work with Europe. Merz has also voiced growing concern about Israel's offensive in Gaza, where aid has begun to enter in a heavily controlled trickle after a two-month blockade. The situation in Gaza has become "dramatically more precarious," Wadephul said. Germany and the United States have traditionally been among Israel's top supporters. Wadephul in Washington visited a makeshift memorial outside the Capital Jewish Museum where a gunman last week shot dead two Israeli embassy employees. Wadephul was visiting as Rubio celebrated his 54th birthday. As a gift, the German FM presented Rubio with a framed poster of a game played in Frankfurt by the sports-loving top US diplomat's hometown Miami Dolphins. oer-sct/aha
