VTB, Russia’s second-largest bank, will be the latest victim of Western sanctions.
His British ward is due to appear in court in London today, where he will ask the judge to order the so-called special administration, Bloomberg reports.
This comes after a court ordered the closure of the British branch of Russia’s largest lender, Sberbank, while Sova Capital, a London-based broker controlled by Russian banker Roman Avdeev, entered a special administration last month.
Special administration is a form of insolvency that protects the wider market from collapse. Gazprom’s business in the United Kingdom narrowly escaped this fate after Germany took control of the gas giant’s subsidiary.
5 things to start your day with
1) The taxpayer is pumping £ 400 million into hydrogen as ministers strive for zero targets. Hydrogen technology is expected to offer low-carbon power for trucks and trains
2) Uber adds airline and train tickets to its application The Ride-hailing application aims to become a “one-stop shop” for transport reservations
3) “Channel 4’s point is to take risks”: why selling can have the opposite effect. Exempting the broadcaster from public ownership could allow it to compete with Netflix-like
4) Biden faces recession as it draws on election year, warns Deutsche Bank The Federal Reserve is set to aggressively raise interest rates to curb the strongest inflation in 40 years
5) P&O Ferries tells customers to stay away from Dover during the Easter services, as competing operators are fully booked, which means they can’t handle those who can’t travel with P&O right now
What happened during the night
Asian stock markets fell on Wednesday as investors faced the possibility of an aggressive monetary tightening from the US Federal Reserve to fight inflation, while the focus was also on new Western sanctions against Russia over its invasion of Ukraine.
In morning trading in Asia, Japan’s Nikkei fell nearly 2 percent, while South Korean shares fell 0.9 percent and Australian shares lost 0.75 percent.
MSCI’s broadest index of Asia-Pacific stocks outside Japan fell 1.3 percent. Hong Kong’s Hang Seng index fell 1.3 percent, moving away from Monday’s one-month high.
Shanghai lost 0.1% after markets in mainland China reopened after two days of public holidays.
- Corporate: Hilton Food Group, Lookers (year-round results); Hyve Group, Imperial Brands, Motorpoint, Topps Tiles (trade update)
- Economy: Construction PMI (United Kingdom), producer price index (EU), minutes of FOMC (USA)