The US and its European partners have also they would impose restrictions on Russia’s central bank to limit its ability to support the rouble and finance Moscow’s attacks.
Western allies have announced sweeping new sanctions against Moscow, including kicking key Russian banks off the main global payments system.
The US and its European partners also said on Saturday they would impose curbs on Russia’s central bank to limit its ability to support the rouble and finance Moscow’s attacks.
“…we are resolved to continue imposing costs on Russia that will further isolate Russia from the international financial system and our economies,” the Western allies said.
“We will implement these measures within the coming days,” according to a joint statement from the United States, France, Germany, Canada, Italy, Britain and the European Commission.
The allies said they committed to “ensuring that selected Russian banks are removed from the SWIFT (Society for Worldwide Interbank Financial Telecommunication) messaging system”.
They did not name the banks but an EU diplomat said some 70 percent of the Russian banking market would be affected.
The allies had initially shied away from such a move largely because of concern about the impact on their own economies.
Joint Statement by the 🇪🇺European Commission, 🇫🇷France, 🇩🇪Germany, 🇮🇹Italy, the 🇬🇧United Kingdom, 🇨🇦Canada, and the 🇺🇸United States on further restrictive economic measures against Russia
The fresh move deals a blow to Russia’s trade and makes it harder for its companies to do business.
The French finance minister had earlier called a “financial nuclear weapon” because of the damage it would inflict on the Russian economy.
SWIFT is a secure messaging network that facilitates rapid cross-border payments, making it a crucial mechanism for international trade.
Sanctions on Russia’s central bank could limit President Vladimir Putin’s use of his more than $630 billion in international reserves, widely seen as insulating Russia from some economic harm.
The new measures will prevent Russia from “using its war chest”, according to Ursula von der Leyen, president of the European Commission, the European Union’s executive.
Clay Lowery, executive vice president for the Institute of International Finance, said the new sanctions “will most likely exacerbate ongoing bank runs and dollaristion, causing a sharp sell-off, and a drain on reserves”.
But because Russia’s large banks are integrated into the global financial system, new sanctions imposed on them could have a spillover effect, hurting trading partners in Europe and elsewhere.
Ukrainian Prime Minister Denys Shmygal said in a Twitter post early on Sunday: “Thanks to our friends … for the commitment to remove several Russian banks from SWIFT”.
Ministry of Economic Development and Trade and the Maldives Islamic Bank (MIB) has entered an agreement, aiming to expedite and streamline the registering services for businesses. The agreement was signed to enhance the quality of services, ensure information security, and facilitate an efficient registration process.
Following the signing of the agreement, Minister of Economic Development and Trade Mohamed Saeed disclosed that customer data can be readily verified with the assistance of the ministry’s Application Programming Interface (API). The minister stated that this would enable businesses to set up bank accounts in a convenient manner. Regarding this, Registrar of Companies Mariyam Waheed underscored the pivotal role API will play in authenticating businesses to customers and expediting in the verification process.
This initiative will significantly benefit individuals accessing online services from the ministry, fostering economic development within the nation. This marks the first agreement of its kind signed by the ministry.
Maldives Transport and Contracting Company (MTCC) has reported a staggering 82.9% net profit decline for Q1-2024.
According to MTCC, it earned just MVR 5.2 million in net profit for the review quarter, which came down from MVR 30.8 million in the last quarter of 2023.
The company’s revenue for Q1-2024 stood at MVR 664.4 million, which is a 15.8% drop from MVR 789.2 million generated in the Q4-2023.
Moreover, MTCC reported a whopping 94.5% decline in its Gross Profit for the review quarter, registering MVR 2.5 million in Q1-2024 compared to MVR 44.3 million.
The operating profit for the review quarter stood at MVR 41.8 million, which is a 26% drop from MVR 56.5 million in Q3-2023.
The net asset value per share dropped from MVR 227.95 in Q4-2023 to MVR 226.98 to Q1-2024, while earnings per share saw a notable decline from MVR 3.83 in the preceding quarter to just MVR 0.65 in the review quarter.
State Trading Organization (STO) has opened a showroom specialized for construction in Hulhumale’.
The showroom was inaugurated by Construction Minister Dr. Abdulla Muthalib during a special ceremony held on Tuesday night.
Speaking at the ceremony, STO’s Managing Director Shimad Ibrahim stressed the role of the company’s former managements and board members in carrying forward the company and therefore extended them gratitude.
Situated at the same location as STO’s Hulhumale’ shop – next to STO’s Smart Store near Hulhuamle’ Hospital – the construction solutions showroom was opened following renovations up to modern standards.
STO reports that all construction-related products sold by the company will be available at the showroom including some of the most renowned brands sold by the company; Makita tools, Nippon paint and concrete from prominent mix designing brands among others.
The state-owned company is prominent in the local construction industry as STO’s constructions solutions is the largest importer and seller of construction-related products in the Maldives.
STO noted that customers can now place orders for construction-related products including Makita tools and Nippon paint via the Hulhumale’ showroom which would eliminate the need to travel to Male’ to make the purchases. Arrangements have been made in the showroom to prepare the colors of Nippon paint ordered by the customers on demand.
Henceforth, they attributed the opening of the new showroom as something which would bring easements to the lives of Hulhumale’ residents and construction industry partners operating in the suburb.