Business
More sanctions imposed on Russia over Ukraine crisis
BRUSSELS/MOSCOW – The European Union announced asset freezes and travel bans on 15 Russians and Ukrainians over Moscow’s actions in Ukraine, but the measures were seen as less aggressive than sanctions imposed this week by the United States.
In Ukraine’s eastern city of Luhansk, hundreds of pro-Russian separatists stormed the regional government headquarters, unopposed by police, and the Ukrainian government said it had information that they also planned to seize the local television center.
The EU list published on Tuesday included senior Russian politicians but did not extend to companies, several of which were singled out by Washington when it extended its sanctions list on Monday.
Moscow immediately denounced the new EU measures, saying the Europeans were simply doing Washington’s bidding and should be ashamed of themselves. A senior Russian politician said Moscow was working on measures to counter the new sanctions.
But while Russian stock markets rallied after the announcement of less stringent EU sanctions than were expected, there were increasing signs that the Ukraine crisis was having an effect on key parts of the Russian economy.
Russian natural gas exporter Gazprom said further sanctions could disrupt gas sales to Europe and hit its business, while a Russian minister said U.S. restrictions on high-tech exports to Russia would be a blow to Russian companies in the sector.
The International Monetary Fund said it was preparing to cut its forecasts for Russian growth for the second time in less than a month. U.S. credit card firm Visa said it would suspend network services to two Russian banks sanctioned on Monday by the United States.
Those targeted by the EU included Russian deputy prime minister Dmitry Kozak, Ludmila Shvetsova, a deputy speaker of the lower house of parliament, Valery Gerasimov, chief of staff of Russia’s armed forces, as well as separatist leaders in Ukraine.
But the list did not include the heads of Russian energy giants such as Rosneft’s Igor Sechin, who had been included in the latest U.S. sanctions.
TERRITORIAL INTEGRITY
The decision brings to 48 the number of people that the EU has put under sanctions for actions it says have undermined Ukraine’s territorial integrity.
Russia annexed the Crimea region after Ukraine’s pro-Moscow president was ousted in February by protesters demanding closer links with Europe. Kiev and the West accuse Russia of stirring up a separatist campaign in the east, a charge Moscow denies.
On Monday, the United States imposed sanctions on seven Russians and 17 companies linked to Russian President Vladimir Putin.
The United States has been more aggressive in the penalties it has imposed on Russia than has the European Union, which depends heavily on Russia for energy and has close trading links.
The Russian Foreign Ministry said the EU sanctions would not ease tensions in Ukraine, where the Kiev government is struggling to rein in pro-Russian separatists.
“Instead of forcing the Kiev clique to sit at the table with southeastern Ukraine to negotiate the future structure of the country, our partners are doing Washington’s bidding with new unfriendly gestures aimed at Russia,” the ministry said.
Despite a Ukrainian military operation to contain them, pro-Russian militants have seized public buildings in about a dozen towns and cities in Russian-speaking eastern and southeastern regions of Ukraine.
The separatists’ actions have led to accusations in the West and in Kiev that Russia is planning to annex those areas as it did with the Crimean peninsula.
Russian Deputy Foreign Minister Sergei Ryabkov denied that on Tuesday, telling a Russian news website that Moscow was “not at all inclined to repeat the so-called Crimea scenario in southeastern Ukraine”.
Russian has massed tens of thousands of troops near the border with Ukraine. A NATO official said on Tuesday the alliance had seen no sign that they were withdrawing, despite a Russian statement that the troops had returned to their permanent positions.
SANCTIONS EFFECT
Western countries say sanctions are already having an effect on Russia by scaring investors into pulling out capital. The central bank has raised interest rates to support the ruble, and Russian firms are finding it harder to raise funds.
Gazprom, headed by Alexei Miller, an ally of Putin, and its managers have not been hit by U.S. or EU sanctions.
But the company, which meets a sizeable amount of Europe’s demand for gas, said a pricing row with the new government in Kiev could potentially lead to a disruption of its gas exports to the rest of Europe through pipelines crossing Ukraine.
“An expansion of the U.S., EU and other sanctions programs could adversely impact operations and the financial condition of the Gazprom Group,” it said in a report following publication of its 2013 financial results.
Long seen as a tool of Russian foreign policy, Gazprom has threatened to cut supplies to Ukraine over an unpaid gas bill it puts at more than $2 billion and warned this could lead to reduced deliveries to clients in Europe.
MILITARY OBSERVERS
In eastern Ukraine, the self-declared mayor of a separatist-held town said he would discuss the release of detained military observers only if the EU dropped sanctions against rebel leaders.
Vyacheslav Ponomaryov, the de facto mayor of Slaviansk, told Interfax news agency the imposition of visa bans and asset freezes against Denis Pushilin, leader of the self-styled People’s Republic of Donetsk, and Andrei Purgin, another leader in the eastern region, “was not conducive to dialogue”.
The six observers were in Ukraine under the auspices of the Organization for Security and Cooperation in Europe, a democracy watchdog. They were detained last week after separatists said they had found a Ukrainian spy with them.
The mayor of eastern Ukraine’s biggest city was in a stable condition on Tuesday in a hospital in Israel, where he was flown after an assassination attempt.
Gennady Kernes, one of Ukraine’s most prominent Jewish politicians, was shot in the back on Monday in Kharkiv, and underwent surgery in Ukraine on Monday. Officials had said his injuries were life-threatening.
– REUTERS
The management of Dangote Cement Plc., Ibese Plant has assured that it would continue to complement the efforts of the Ogun State Government in the development of its host communities through capacity building for the people, especially the youths.
In a statement, the company declared its commitment to development for the prosperity of the people and host communities for which it is placing a premium on the developmental needs of the communities and empowerment of their indigenes.
During a capacity development workshop for Host Community Representatives, General Manager, Human Asset Management/Admin, Aina Olugbenga, said, Dangote Cement remained committed to implementing value-adding empowerment programs to uplift the people and develop the host communities.
The workshop themed: “Team Building, Inclusivity and Stewardship, a panacea to effective Community Representatives” according to him, was to equip the Community reps with the right skills to offer quality representation for their people. He stated: this capacity building workshop is aimed at developing and strengthening the skills, instincts, and abilities of the communities through their representatives adapt and thrive in a fast-changing world.
Olugbenga noted that the workshop is part of the management’s strategy to improve relationships with the host communities and urged the participants to leverage the knowledge acquired from the workshop to improve service delivery to their people and the Cement plant.
According to him, Dangote Cement, Ibese Plant is committed to building the capacity of the people and institutions in the communities by identifying skill gaps and partnering to up their skills for economic prosperity. This, he stated, was in anticipation that other stakeholders will continue to play their part by partnering and supporting the Company to ensure peaceful co-existence and shared prosperity for all.
Said he, “Apart from reciprocating the good gesture of Dangote Cement by ensuring peace at all times and keeping an open and trusting mind towards the organization, we also desire from our community leaders and representatives who are present here, the ownership of all Social Investment programme, be it training or infrastructure because they are meant for the betterment of our people.”
On behalf of the Community Representatives, Hon. Dayo Ogunyinka thanked the Dangote Cement management for the workshop while assuring continued commitment to effective, efficient and selfless discharge of their roles and responsibilities to their various communities and the Plant.
The Nigeria Deposit Insurance Corporation (NDIC) has announced revisions to the Maximum Deposit Insurance Coverage for banks operating within the country.
NDIC’s Managing Director, Bello Hassan, disclosed the updated coverage benchmarks during a media briefing in Abuja on Thursday.
The coverage for Deposit Money Banks has been increased from N500,000 to N5 million, for Microfinance Banks from N200,000 to N2 million, for Primary Mortgage Banks from N500,000 to N2 million, and for Mobile Money Operators subscribers’ pass-through from N500,000 to N5 million per subscriber.
Hassan underscored that the objective of the update is to enhance depositor safety, foster public trust, promote the inclusivity of financial services, and ensure the overall stability of the financial sector.
More to follow.. . .. .
The 63rd Annual General Meeting (AGM) of the Nigerian Exchange Group Plc (NGX Group), held at the Nigerian Exchange Group House on Monday, April 29, 2024.
During the gathering, the Group concluded on ordinary and special business matters, while also unveiling plans to embark on a comprehensive digital transformation strategy to expand its business operations in line with its overarching strategy.
The meeting’s agenda, approved by the Board of Directors, included the declaration of a final dividend, ratifying the appointment of Temi Popoola as the Group Managing Director/Chief Executive Officer of NGX Group, presenting financial statements to shareholders, re-electing non-executive directors retiring by rotation, authorizing, and disclosing remuneration, among other undertakings.
Notably, the NGX Group, subject to regulatory approval, discussed its authorization on a rights issue to raise capital of up to N10 billion with a subjoined resolution to increase its share capital to sufficiently accommodate the rights issue.
All resolutions were approved by shareholders just as appointment and reelections of directors were ratified.
Following substantial authorization across its agenda, the NGX Group introduced plans to propel the markets with a digital transformation journey that includes an online platform for public offers and deep investments in its technology stack amongst others.
The platform will provide a smarter and efficient way for Issuers to raise capital and enhances the subscription process and operational workflow of POs in the capital market including initial public offerings (IPOs), rights issues and other public offers.
On the development, the Group Chairman, NGX Group, Umaru Kwairanga said, “I am particularly grateful to our shareholders for their assent to the critical business we conducted today. As the Board oversees the strategic direction and gives management the necessary support and guidance, we believe that the coming year will be a better one in terms of value created for our shareholders.
“NGX Group is positioned to capitalize on opportunities amid the positive and forward-looking reforms by the government and our stakeholders should rest assured we will deliver excellently.”
On his part, Group Managing Director/Chief Executive Officer, NGX Group, Temi Popoola, said, “As we complete our 63rd AGM, I extend my sincere gratitude to our shareholders, customers, employees, regulators, and directors for their steadfast support. In a year that underscored NGX Group’s strategic agility and operational excellence, we witnessed growth stemming from our dynamic revenue streams. We are optimistic and well-positioned to forge a future marked by success, resilience, and prosperity.
Addressing the digital transformation agenda, Popoola stated, “The future of our business and the capital markets hinges on technology. That is why we are driving this digital transformation journey across our subsidiaries through the Group. NGX Group’s digital transformation will democratize access to public issuances for every Nigerian with a mobile phone, supporting capital-raising efforts for companies. Additionally, we aim to commercialize our technology solutions and expand our footprint across Africa”.
Key insights and proceedings from the NGX’s AGM can be accessed via the live recording available on NGX Group’s website at www.ngxgroup.com.
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