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Raiffeisen Bank International confirmed on April 18, 2025, that it is proceeding with the sale of 60% of its Russian unit, rejecting claims of a halted divestment amid increasing pressure from Western authorities. The bank's commitment to its divestment strategy reflects the broader reassessment of Western businesses in Russia following the Ukraine conflict. As the largest remaining Western bank in the country, RBI's actions may influence other companies' decisions regarding their operations in the region.
Pavel Prass, co-owner of Yandex, plans to increase his stake in VK, a key competitor, as the company issues 354 million shares to raise up to 115 billion roubles for debt reduction. This move reflects ongoing consolidation in Russia's tech sector, driven by government initiatives and the exit of foreign firms. However, the industry faces a talent crisis, with a significant exodus of IT specialists threatening its development and technological independence.
The UAE has signed its 27th Comprehensive Economic Partnership Agreement (CEPA) with the Republic of the Congo, advancing its strategy to lower trade barriers and enhance economic diversification. With eight agreements in force and 14 pending ratification, the UAE aims to boost non-oil foreign trade to Dhs4tn by 2031, while also engaging in talks with the EU for a potential agreement. The CEPA program, launched in September 2021, is pivotal for strengthening the UAE's global trade position and attracting foreign investment.
Ukraine is proposing a 23% tax on certain cryptocurrency income, while offering exemptions for stablecoins. This move reflects the country's evolving regulatory stance on digital assets as it seeks to establish a clearer framework for the crypto market.
Oil prices continued to decline, with West Texas Intermediate dropping over 4% and Brent futures falling nearly 4% amid escalating US-China trade tensions that heightened recession fears. Last week, Brent lost 10.9% and WTI dropped 10.6%, as China announced additional tariffs on US goods, intensifying concerns over a global trade war. The Organization of the Petroleum Exporting Countries and allies are also planning to increase output significantly, further pressuring prices.
UBS warns that the US could face a "significant recession" and further stock market declines if current tariff rates remain unchanged in the next three to six months. The bank anticipates a gradual decline in effective tariff rates due to mounting economic and political pressures, but this may lead to slower growth and increased market volatility. Following a sharp drop in the S&P 500, the White House praised President Trump's economic policies, despite the market's turmoil.
Kazakhstan's oil production reached a record 1.88 million barrels per day in March, exceeding agreed production limits. However, exports may decline significantly due to the suspension of two berths at a Black Sea terminal, following damage from a Ukrainian drone attack, potentially halving oil shipments.
UBS has downgraded its outlook for the US stock market, lowering its S&P 500 target from 6400 to 5800 points due to Donald Trump's unexpected "reciprocal" tariffs. Earnings expectations for the index have also been cut, with a forecast of just $250 per share, indicating minimal growth. In a more optimistic scenario, the S&P 500 could reach 6500 points, while a downturn could see it fall to 4500 points amid geopolitical tensions and economic slowdown.
Raiffeisen Bank's AGM in Vienna was marred by protests over its connections to sanctioned Russian companies, led by activist groups demanding accountability for the bank's investments in Russia. Despite claims of compliance with sanctions, investigations suggest ongoing support for military suppliers and financial transfers to Russia. CEO Johann Strobl defended the bank's operations, asserting that they overshadow its overall performance.
Credit Agricole Bank has launched a tailored lending program for Škoda Karoq vehicles, offering attractive terms such as a 0% commission fee and an interest rate of 0.01% per annum for loans up to one year with a 70% down-payment. The loan period can extend up to 5 years, with early repayment options available. Škoda is also celebrating its 130th anniversary with special offers on the Karoq, which comes in various configurations, including turbo gas and turbo diesel engines.
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raiffeisen bank confirms ongoing sale of russian unit amid international pressure
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