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Samson:  Russian bank allows đồng-denominated transfers

30th July, 2022

VTB Bank, a Russian state-owned bank in charge of foreign trade operations, has allowed money to be transferred to Việt Nam in đồng from July 27.

The new service enables customers to use their bank accounts to make đồng-denominated transfers. It is available to individuals and legal entities, according to the bank’s press release.

Customers can use VTB Online to send their money abroad, but no more than 20 million rubles (US$330,715) per transaction and $1 million per month. The commission fee is set at 1 per cent of the transferred amounts.

The money transferred is credited to its recipient’s accounts in Việt Nam on the same day. Cross-border transfers are available for both individuals and legal entities.

Earlier, VTB enabled money transfers to Russia’s neighbouring countries, which comprise Azerbaijan, Armenia, Belarus and Kazakhstan.  LINK

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Samson:  The Guardian: Sanctions have made Putin stronger than ever

30th July, 2022

The British newspaper “The Guardian” considered that the economic war waged by Western countries against Moscow, backfired, and Russian President Vladimir Putin became stronger than ever.

In an article published on Friday, writer Simon Jenkins described the sanctions against Russia as the worst decision in terms of its lack of study and counterproductive results in modern history.

(Sanctions) have made Putin stronger, as Russia has increased exports to Asian countries, leading to an unprecedented surplus in its balance of payments, and the ruble has become one of the strongest global currencies this year, having strengthened by about 50 percent since January.

Jenkins noted that, in turn, Western countries have slipped into recession. “The reality of the economic restrictions imposed on Moscow is that they have called for retaliation,” he said. “Putin is free to freeze Europe this winter. He has reduced gas supplies through major pipelines such as Nord,” he said. Stream 1 has increased by up to 80%. International oil prices have soared and the flow of wheat and other foodstuffs from Eastern Europe to Africa and Asia has almost been halted.

“Uncertainty has spread to the UK, France, Italy and the US, as gas-hungry Germany and Hungary are about to dance to Vladimir Putin. The cost of living is rising everywhere.”

“Presumed British leaders Liz Truss and Rishi Sunak compete in hard-line rhetoric, promising tougher penalties without revealing a single word,” Jenkins wrote.   LINK

 

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