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Nike announced withdrawal from Russian market

The well-known American clothing and footwear brand Nike has made a decision to leave Russia. The company did not prolong the contract with its largest franchisee, Inventive Retail Group. This information was confirmed by the head of the IRG. In a letter sent to the employees of the franchise company, it was stated that the American ...

Instead of plane and sea: what kind of vacations Russians will have this season

The Association of Tour Operators of Russia (ATOR) revealed a number of distinctive features of the summer holidays of Russians in the coming season. This applies both to the terms of tours’ planning and their possible remoteness from home. According to Maya Lomidze, the Executive Director ...

Bankruptcy of Nord Stream 2 AG suspended until autumn

The operator of Nord Stream 2 received a temporary moratorium on bankruptcy from a court in Switzerland. On May 10, the court of the canton of Zug issued a verdict granting the company a 4-month protection for payments in favor of creditors. Transliq AG will act as interim manager during this period. We should remind our readers that the company filed a claim with the court with a request to temporarily stop the company's arbitration litigation with the European Union that arose around the gas...

Germany faces a wave of bankruptcies due to the refusal of Russian gas

The refusal of Russian gas could lead to a sharp increase in the number of bankruptcies in Germany. This will mostly affect small and medium-sized enterprises that do not have long-term contracts for the supply of natural gas. The attention to the problem was drawn ...

The number of offers for the sale of shopping centers has grown in Russia

... objects in both capitals and other large million-plus cities. Such a situation could have arisen due to a sharp drop in customers’ traffic due to the mass exodus of foreign brands. About 30-40% of tenants resorted to the suspension of their work in Russia. However, most often they continue to pay rent, but on different terms. The main method of calculating the rent used to be a percentage of sales. It means that the stores contributed the amount depending on the revenue they received for a particular ...

Russian billionaires lost $45.484 billion in 2022

The 23 richest residents of Russia, whose names are included in the Bloomberg Billionaires Index (BBI) global ranking, have become almost $45.5 billion poorer since January 2022. Their total fortune at the moment is about $328 billion. Experts attribute this state of affairs to ...

Russian Railways defaulted on Eurobonds

Russian Railways failed to pay off Eurobonds due to the sanctions applied against the company. This was the first event of this kind since the introduction of restrictive measures due to the situation in Ukraine. The incident was reported by Bloomberg ...

Bankruptcy moratorium 2022: what you need to know

At the end of March, at a meeting of the Government of the Russian Federation, a decision to introduce a new moratorium on the initiation of insolvency proceedings in the country was announced. It applies to both legal entities and individuals, including those who have the status of individual entrepreneurs....

Russia introduces bankruptcy moratorium

A ban on initiating bankruptcy cases by creditors will again start in Russia on April 1, 2022 and will last at least for six months. The measure may be applied to both organizations and individual entrepreneurs, including issues of insolvency of individuals. The head of the Cabinet of Ministers Mikhail Mishustin announced ...

New payment currency may appear in Russia

A new payment currency, bypassing the global one, may appear in Russia. The aim of the initiative is the emerging need to abandon the dollar system in a situation of severe financial sanctions. Settlements in the new currency are proposed to be made with a number of friendly states. Among them are the countries ...

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