In this article, we discuss why banks in Singapore and Hong Kong may not feel compelled to implement any new US sanctions guidelines on Russian account holders.
We discuss the growing trade and investment ties between Russia and Singapore; the Singapore government has begun promoting Russia as a key investment destination and Russian businesses and investors prefer Singapore as a base when looking at the ASEAN markets.
We discuss an influx of Russian businesses and finance coming into Hong Kong, driven both by the favorable tax conditions, as well as by the need for Russian businesses to diversify into Asian markets.
Russia is under sanctions from the EU, which has seen its trade with Russia drop significantly; at the same time, Russia has emerged as a direct competitor against the EU for China trade. Russia-China trade will reach €70 billion this year, showing a growth of around 30 percent.
Russian Railways is considering launching a passenger train along the route St. Petersburg – Kaliningrad – Berlin, passing through Latvia, Lithuania and Poland en route, Victor Golomolzin, the CEO of Kaliningrad Railroad, part of Russian Railways told journalists last week. The route, which is currently connected, yet remains unused, will require some upgrading to bring it to contemporary standards. At present[…..]
Russian Railways has completed the construction of a rail link that keeps away from the Lugansk region of Ukraine, bypassing the country entirely. Service is expected to start in September. A test train of a locomotive and freight cars has already run through the completed stretch, Russian Railways have said. The construction of the rail link between Zhuravka[…..]
Russia and China have announced the signing of a USD13 billion Joint Venture company, the China-Russia Commercial Aircraft International Corporation (CRAIC), set up to compete with Boeing and Airbus. The license to operate in China was granted in Shanghai on Monday. The JV is between the Commercial Aircraft Corporation of China (COMAC) and Russia’s United Aircraft[…..]
Russian Prime Minister Dmitry Medvedev has stated in an interview on Chinese State TV that both the Chinese and Russian governments are looking at ways to link the Eurasian Economic Union with China’s One Belt, One Road (OBOR) initiative.
The Russian Finance Minister Anton Siluanov has confirmed that the government is preparing tax incentives aimed at improving labor productivity, during comments at the Russian Council for Strategic Development and Priority Projects. “These proposals will include measures aimed at increasing labor productivity on enterprises,” he said. The remarks come following criticism from President Vladimir Putin[…..]
As sanctions on Russia continue, many Asian countries – including Singapore – are now establishing closer trade and investment links with Russia. In this article, Chris Devonshire-Ellis explores the growing trade relationship between Russia and Singapore.