Latest news with #SWIFT
Time of India
a day ago
- Business
- Time of India
WhatsApp in firing line as Russia prepares to hit back at US with sanctions by banning Meta's messaging app, aims to develop its own
Russian lawmakers are preparing to ban WhatsApp , Meta 's widely used instant messaging platform, marking a new frontier in the escalating digital Cold War. The proposed ban is part of a broader Kremlin campaign to eliminate what it calls 'foreign surveillance platforms' and achieve 'digital sovereignty', particularly from U.S.-based tech companies tied to hostile governments. According to Russian lawmakers, the use of Meta platforms in Russia now poses an 'unacceptable national security risk.' Explore courses from Top Institutes in Select a Course Category Others Data Science CXO Operations Management Cybersecurity Product Management MCA Data Analytics Digital Marketing Technology MBA PGDM Finance Degree Management Healthcare healthcare Public Policy Data Science Project Management Design Thinking Artificial Intelligence others Leadership Skills you'll gain: Duration: 9 months IIM Lucknow SEPO - IIML CHRO India Starts on undefined Get Details Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT-ISB Transforming HR with Analytics & AI India Starts on undefined Get Details Skills you'll gain: Duration: 28 Weeks MICA CERT-MICA SBMPR Async India Starts on undefined Get Details Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details US and Western bloc sanctions Russia This latest development comes more than three years after Russia's invasion of Ukraine in February 2022, which triggered a wave of international sanctions from the US, European Union , and NATO countries. These sanctions included the removal of major Russian banks from the SWIFT international payment system, freezes on $300 billion in Russian foreign currency reserves, bans on exports of semiconductors and dual-use technology, Russian oil and natural gas; and the suspension of operations by key Western firms like Apple, Microsoft, McDonald's, Starbucks etc. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Tawang Mas: Air Conditioner at an Affordable Price – Quick Installation Air Conditioner | Search Ads Learn More Undo Several Russian companies, individuals and institutions have also faced sanctions since late February 2022. Russia's counter sanctions Live Events In the digital domain, Russia has already banned Facebook and Instagram, branding Meta as an extremist organization in March 2022. However, WhatsApp has remained operational, in part because it was viewed primarily as a private communication tool. That distinction now appears to be vanishing. According to Anton Gorelkin, deputy chair of the State Duma's Committee on Information Policy, 'WhatsApp's fate in Russia is sealed', urging Russians to begin seeking alternatives. Publicly, WhatsApp remains one of the most widely used applications in the country, with over 97.4 million active users in Russia as of April 2025, constituting 68%. More than two-thirds of Russian smartphone users reportedly rely on the app for daily communication. Kremlin's very own messaging app With WhatsApp's removal imminent, the Kremlin is preparing to roll out a native alternative: MAX , a state-backed messaging app developed by VK (formerly VKontakte), the largest Russian social media platform. The app is currently undergoing public beta testing and, according to developers, will be pre-installed on every new smartphone sold in Russia. It is also slated to replace Telegram and other Western apps as the go-to platform for everything from private messaging to accessing government services. Russian officials have emphasized that MAX will operate on servers based entirely within Russia and comply fully with local data laws. Vladimir Putin's censorship tool? The legislative push to ban WhatsApp aligns with President Vladimir Putin's recent directive to restrict software from 'unfriendly countries' by September 1, a move explicitly aimed at reducing Russia's dependence on U.S. technologies. A Russian government working group is also drafting a law to penalize any company that shares user data with foreign intelligence services—a swipe clearly aimed at U.S.-based platforms like Meta. While Russian authorities argue that digital independence is essential amid an unfriendly international environment, critics point out that the moves serve to deepen government control over information. Independent analysts warn the WhatsApp ban could push millions of Russians into tightly controlled digital ecosystems, possibly monitored or censored by the state. International digital rights organizations like Access Now and Reporters Without Borders have repeatedly raised alarms over Russia's growing use of internet censorship under the guise of cybersecurity.
RTÉ News
a day ago
- Business
- RTÉ News
What's in the EU's 18th sanctions package against Russia?
The European Union has imposed its 18th package of sanctions against Russia over its war in Ukraine. The package aims at dealing further blows to Russia's oil and energy industry. Here is a rundown of what is included in the latest sanctions package. Oil price cap Central to the package is a lower price cap on Russian oil - a move designed to shrink Russia's energy revenues without disrupting global markets by severing Russian supply entirely. The EU will impose a moving price cap on Russian crude at 15% below its average market price, EU diplomats said. That means a cap of roughly $47.60 per barrel at present, well below the $60 maximum that the Group of Seven major economies have tried to impose since December 2022. The new price cap will come into force on 3 September and a 90-day transition period will apply to existing contracts, the EU said in a press release. The measure aims to ban trade in Russian crude bought at a higher price by prohibiting shipping, insurance and reinsurance companies from handling tankers carrying such crude. The European Union and the UK have been pushing the G7 to lower the cap since a fall in oil futures made the $60 cap largely irrelevant. However, the US has resisted, leaving the EU to move forward on its own, with limited power to enforce the measure because oil is largely traded in dollars, for which payment clearing is controlled by US banks. Shadow fleet and energy trade The EU will no longer import any petroleum products made from Russian crude after a transitional period of six months, although the ban will not apply to imports from Norway, Britain, the US, Canada and Switzerland, EU diplomats said. The EU sanctions also targeted India's Nayara oil refinery with Russia's largest oil producer Rosneft as its main shareholder. The EU also agreed to end the Czech Republic's exemption from the bloc's existing ban on seaborne Russian crude oil imports, after the country fully switched to non-Russian supplies this year. An additional 105 vessels are banned from accessing EU ports and locks, or undertaking ship-to-ship transfers of oil - an effort to shut down the so-called "shadow fleet" of older oil tankers used to transport Russian oil and circumvent sanctions. The EU also put sanctions on a private operator of an international flag registry, and an entity in the Russian LNG sector, the Council of the EU said in a press release, without naming them. In total, the EU has now imposed sanctions on more than 400 shadow fleet ships. Nord Stream Transactions related to Russia's Nord Stream gas pipelines under the Baltic Sea will be banned, including any provision of goods or services to these projects. Financial sector The EU will ban all transactions with Russian financial institutions - already excluded from the global financial messaging system SWIFT. The ban will include transactions with Russia's sovereign wealth fund - the Russian Direct Investment Fund (RDIF) - as well as its investments. This aims to further restrict Russia's access to international financial markets and foreign currency. EU countries also agreed to lower the threshold for imposing further sanctions on foreign financial and credit institutions that undermine the sanctions or support Russia's war effort. Export bans, new blacklist entries The EU will blacklist 26 new entities for circumventing sanctions, including seven in China, three in Hong Kong and four in Turkey, diplomats said. Certain chemicals, plastics and machinery have been added to the list of goods EU countries cannot export to Russia. Delayed approval The package of sanctions on Russia is the EU's 18th since Russia's full-scale invasion of Ukraine in 2022. Approval was held up for weeks by Slovakia and Malta. Slovakia had demanded guarantees against potential losses from a separate EU plan to ban imports of Russian gas by 2028, and dropped its veto after the EU offered Slovakia some guarantees earlier this week.
Bloomberg
2 days ago
- Business
- Bloomberg
EU Imposes New Sanctions on Russia and Its Oil Trade
The European Union has approved a new package of sanctions on Russia, including restrictions on banking and fuels made from Russian petroleum, and a revised oil price cap – the 18th raft of measures since the country's full scale invasion of Ukraine. The new controls will cut around 20 more Russian banks off from the international payments system SWIFT and blacklist a large oil refinery in India, which is partially owned by Russia's state-run oil company. The deal was initially blocked by Slovakia, until the country last night accepted guarantees from the European Commission that would limit the fallout from a planned cut off of Russian gas.
Irish Independent
2 days ago
- Business
- Irish Independent
What's in the EU's 18th sanctions package against Russia?
Here's what you need to know: OIL PRICE CAP Central to the package is a lower price cap on Russian oil - a move designed to shrink Moscow's energy revenues without disrupting global markets by severing Russian supply entirely. The EU will impose a moving price cap on Russian crude at 15pc below its average market price, EU diplomats said. That means a cap of roughly $47.60 per barrel at present, well below the $60 maximum that the Group of Seven major economies have tried to impose since December 2022. The measure aims to ban trade in Russian crude bought at a higher price by prohibiting shipping, insurance and reinsurance companies from handling tankers carrying such crude. The European Union and Britain have been pushing the G7 to lower the cap since a fall in oil futures made the $60 cap largely irrelevant. However, the United States has resisted, leaving the EU to move forward on its own, with only limited power to enforce the measure because oil is largely traded in dollars, for which payment clearing is controlled by U.S. banks. SHADOW FLEET AND ENERGY TRADE The EU will no longer import any petroleum products made from Russian crude, although the ban will not apply to imports from Norway, Britain, the U.S., Canada and Switzerland, EU diplomats said. An additional 105 vessels are banned from accessing EU ports and locks, or undertaking ship-to-ship transfers of oil - an effort to shut down the so-called "shadow fleet" of older oil tankers used to transport Russian oil and circumvent sanctions. In total, the EU has now imposed sanctions on more than 400 shadow fleet ships. NORD STREAM Transactions related to Russia's Nord Stream gas pipelines under the Baltic Sea will be banned, including any provision of goods or services to these projects. FINANCIAL SECTOR The EU will ban all transactions with Russian financial institutions - already excluded from the global financial messaging system SWIFT. The ban will include transactions with Russia's sovereign wealth fund - the Russian Direct Investment Fund (RDIF) - as well as its investments. This aims to further restrict Russia's access to international financial markets and foreign currency. EU countries also agreed to lower the threshold for imposing further sanctions on foreign financial and credit institutions that undermine the sanctions or support Russia's war effort - for example, by circumventing the oil price cap. EXPORT BANS, NEW BLACKLIST ENTRIES The EU will blacklist 26 new entities for circumventing sanctions, including seven in China, three in Hong Kong and four in Turkey, diplomats said. A number of chemicals, plastics and items of machinery have been added to the list of goods EU countries cannot export to Russia. DELAYED APPROVAL The package of sanctions on Russia is the EU's 18th since Moscow's full-scale invasion of Ukraine in 2022. Approval was held up for weeks by repeated Slovakian and Maltese vetoes. Slovakia had demanded guarantees against potential losses from a separate EU plan to ban imports of Russian gas by 2028, and only dropped its veto once Prime Minister Robert Fico said it had achieved as much as it could at this point.
Time of India
2 days ago
- Business
- Time of India
What's in the EU's 18th sanctions package against Russia: From oil price caps to shadow fleet crackdown
European Union countries on Friday approved an 18th sanctions package against Russia over its war in Ukraine, aimed at dealing further blows to Russia's oil and energy industry. Here's what you need to know: Explore courses from Top Institutes in Select a Course Category Artificial Intelligence Finance Healthcare Management Data Analytics MCA Product Management CXO Cybersecurity Public Policy MBA Leadership Technology Degree healthcare Project Management Others others Design Thinking Operations Management PGDM Data Science Data Science Digital Marketing Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details OIL PRICE CAP Central to the package is a lower price cap on Russian oil - a move designed to shrink Moscow's energy revenues without disrupting global markets by severing Russian supply entirely. The EU will impose a moving price cap on Russian crude at 15% below its average market price, EU diplomats said. That means a cap of roughly $47.60 per barrel at present, well below the $60 maximum that the Group of Seven major economies have tried to impose since December 2022. Live Events The measure aims to ban trade in Russian crude bought at a higher price by prohibiting shipping, insurance and reinsurance companies from handling tankers carrying such crude. The European Union and Britain have been pushing the G7 to lower the cap since a fall in oil futures made the $60 cap largely irrelevant. However, the United States has resisted, leaving the EU to move forward on its own, with only limited power to enforce the measure because oil is largely traded in dollars, for which payment clearing is controlled by U.S. banks. SHADOW FLEET AND ENERGY TRADE The EU will no longer import any petroleum products made from Russian crude, although the ban will not apply to imports from Norway, Britain, the U.S., Canada and Switzerland, EU diplomats said. An additional 105 vessels are banned from accessing EU ports and locks, or undertaking ship-to-ship transfers of oil - an effort to shut down the so-called "shadow fleet" of older oil tankers used to transport Russian oil and circumvent sanctions. In total, the EU has now imposed sanctions on more than 400 shadow fleet ships. NORD STREAM Transactions related to Russia's Nord Stream gas pipelines under the Baltic Sea will be banned, including any provision of goods or services to these projects. FINANCIAL SECTOR The EU will ban all transactions with Russian financial institutions - already excluded from the global financial messaging system SWIFT. The ban will include transactions with Russia's sovereign wealth fund - the Russian Direct Investment Fund (RDIF) - as well as its investments. This aims to further restrict Russia's access to international financial markets and foreign currency. EU countries also agreed to lower the threshold for imposing further sanctions on foreign financial and credit institutions that undermine the sanctions or support Russia's war effort - for example, by circumventing the oil price cap. EXPORT BANS, NEW BLACKLIST ENTRIES The EU will blacklist 26 new entities for circumventing sanctions, including seven in China, three in Hong Kong and four in Turkey, diplomats said. A number of chemicals, plastics and items of machinery have been added to the list of goods EU countries cannot export to Russia. DELAYED APPROVAL The package of sanctions on Russia is the EU's 18th since Moscow's full-scale invasion of Ukraine in 2022. Approval was held up for weeks by repeated Slovakian and Maltese vetoes. Slovakia had demanded guarantees against potential losses from a separate EU plan to ban imports of Russian gas by 2028, and only dropped its veto once Prime Minister Robert Fico said it had achieved as much as it could at this point.
