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<ul class="summary-list"><li>The president of a major Russian business groups urged <keyword id="11909347" type="UNKNOWN" weightage="60" keywordseo="putin" source="Orion">Putin</keyword> to dodge economic fallout of the <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword> invasion.</li><li>Countries including the US and UK have levied new <keyword id="12754126" type="UNKNOWN" weightage="60" keywordseo="sanctions" source="Orion">sanctions</keyword> on <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword> after it attacked Ukraine Thursday.</li></ul><p>The head of one of Russia's biggest business groups urged President Vladimir Putin on Thursday to avoid severe economic pain and remain "part of the global <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword>" as NATO members ready a harsher salvo of sanctions.</p><p>Putin held a televised meeting with the Russian Union of Industrialists and Entrepreneurs just hours after Russian forces began attacks in Ukraine. The invasion has quickly rippled throughout the global economy, with <a href="https://markets.businessinsider.com/news/stocks/russia-ukraine-invasion-financial-markets-stocks-energy-prices-strategists-analysts-2022-2">financial markets plummeting</a>, <a href="https://www.businessinsider.com/oil-price-gold-platinum-russia-invades-ukraine-aluminum-nickel-wheat-2022-2">commodity prices soaring</a>, and experts warning of <a href="https://thehill.com/homenews/wire/595625-russia-ukraine-conflict-raises-big-risks-for-global-economy">weaker economic growth</a>. The attacks have also prompted the US, UK, and the European Union to discuss more painful economic retaliation.</p><p>The threat of new sanctions was enough for <keyword id="13249042" type="UNKNOWN" weightage="60" keywordseo="alexander-shokhin" source="Orion">Alexander Shokhin</keyword>, the business group's president, to raise concerns with Putin about remaining a member of the world economy. The lobbyist urged the president to pad against major economic pain and to ensure conflict in Ukraine doesn't fuel widespread harm to the global financial system.</p><p>"Everything should be done to demonstrate as much as possible that Russia remains part of the global economy and will not provoke, including through some kind of response measures, global negative phenomena on world <keyword id="11893875" type="UNKNOWN" weightage="60" keywordseo="markets" source="Orion">markets</keyword>," Shokhin said.</p><p><a href="https://www.nytimes.com/live/2022/02/24/world/russia-attacks-ukraine">The New York Times</a> reported Shokhin was "very much visibly nervous" during his appeal.</p><p>Putin responded by defending the attack as a "necessary measure," adding that countries imposing sanctions "created such great risks" that it was "impossible to react with any other means."</p><p>Markets didn't seem to buy the defense. The MOEX Index — a popular benchmark for Russian stocks — cratered 33% in Thursday trading, marking the fifth-worst drop in stock-market history. The Russian ruble also sank to a record low against the US dollar as investors lost faith in the currency's value.</p><p>The market moves reflect fears that retaliation will damage more than a few Russian businesses. Sanctions announced just ahead of the attacks <a href="https://www.businessinsider.com/biden-sanctions-russia-putin-ukraine-invasion-economic-retaliation-energy-prices-2022-2">targeted Russian financial institutions and elites</a>, but new proposals are markedly more severe to the country's entire economy.</p><h2>The US and UK ramp up their sanctioning efforts</h2><p>President Joe Biden unveiled a second tranche of punitive measures Thursday afternoon, promising Russia would "<a href="https://www.youtube.com/watch?v=VfJSqVetS9s">bear the consequences</a>" of its invasion. The latest sanctions target more Russian elites and freeze technology exports to the country. The US also expanded its sanctions against Russian banks to include more firms including Sberbank, Russia's largest financial institution and the holder of almost one-third of the banking sector's wealth. </p><p>"Full-blocking" sanctions were also announced for four more Russian banks, essentially banning them from operating with US entities and freezing their US-based assets.</p><p>The UK followed with its own updated sanctions. Prime Minister Boris Johnson rolled out new measures targeting Russian banks, businesses, and oligarchs on Thursday, effectively kicking them out of the UK's financial system. The British government also clamped down on exports of technology to Russia and banned the country's Aeroflot airline.</p><p>The economic damage, then, is set to intensify. When Russia starts to feel the heat remains uncertain. It's "going to take some time" before the newest US sanctions start to strangle the Russian economy, Biden said Thursday. The president added that more damaging measures, such as <a href="https://www.businessinsider.com/what-is-swift-sanctions-russia-ukraine-invasion-global-banking-system-2022-2">blocking Russia from the Swift financial communications network</a>, remain on the table.</p>

A top Russian business lobbyist pleaded with Putin to 'demonstrate as much as possible' that Russia wants to remain 'part of the global economy'

<ul class="summary-list"><li>Russian officials and business leaders met at an economic forum this week.</li><li>Some warned of lower growth and investment delays in 2025, blaming a lack of funding.</li></ul><p>Russia's economy looks to be in for a bumpy ride next year.</p><p>Officials and business leaders shared pessimistic economic outlooks for 2025 at the Russian Economic Forum, held this week in Chelyabinsk, in central Russia.</p><p>Some predicted lower-than-expected growth and investment delays, blaming interest-rate hikes from the Central Bank of Russia and a lack of state funding.</p><p>Andrei Klepach, chief economist at the state-run development entity VEB.RF, predicted that economic growth would fall from an estimated 2.5% to around 2% in 2025. Those figures represented a best-case scenario.</p><p>He also downgraded Russia's fixed capital investment growth from 1.9% to 1%, blaming the central bank's key rate.</p><p>The central bank hiked its rate in late October from 19% to a <a target="_blank" class="" href="https://apnews.com/article/russia-interest-rates-0fa1d7385be622fd98756a5b4e715262">record-high</a> of 21%, citing the need to tame inflation.</p><p>Alexander Shokhin, the president of the Russian Union of Industrialists and Entrepreneurs, <a target="_blank" class="" href="https://tass.ru/ekonomika/22341393">said</a> high interest rates were forcing companies to delay launching investments until after 2025.</p><p>Shokhin also said a growing number of companies were finding it harder to access funds and called on Russia to step up support measures, including preferential loans at fixed rates.</p><p>In August, Russian Prime Minister Mikhail Mishustin <a target="_blank" class="" href="http://government.ru/en/news/52380/">said</a> that the state had allocated almost 2.5 billion rubles, some $25.6 million, to preferential loans for companies. Some, he said, would benefit from a subsidized interest rate of 1% to 5%.</p><p>Speaking at the economic forum Friday, Russia's Deputy Prime Minister Alexander Novak <a target="_blank" class="" href="https://interfax.com/newsroom/top-stories/107545/">said</a> high interest rates had slowed down investment activity from 10% in the first half of the year to an expected 7.8% for the full year.</p><p>"We can see a certain fall in investment activity amid the high key rate," he said.</p><p>Since the start of its full-scale invasion of Ukraine in 2022, Russia has repeatedly hiked its <a target="_blank" rel="" class="" href="https://www.businessinsider.com/russia-economy-defense-military-war-spending-drains-resources-other-sectors-2024-1"><u>defense budget</u></a> to sustain its military, while wrestling with Western sanctions.</p><p><a target="_blank" rel="" class="" href="https://www.businessinsider.com/russia-economy-crisis-ukraine-war-moscow-inflation-sanctions-putin-spending-2024-10"><u>Inflation</u></a> has soared, prompting the rate hikes that were a cause for complaint at the economic forum.</p><p>In a <a target="_blank" class="" href="https://www.cbr.ru/dkp/mp_dec/decision_key_rate/summary_key_rate_06112024/">report</a> released Wednesday, the Central Bank of Russia said it could again hike its key rate when it next meets in December.</p><p>Speaking on the sidelines of the Russian Economic Forum on Thursday,<strong> </strong>Kirill Tremasov, an advisor to the central bank's governor, told<strong> </strong><a target="_blank" class="" href="https://interfax.com/newsroom/top-stories/107504/">the Russian outlet Interfax</a> that he expects an increase of at least one percentage point.</p><p>"One percentage point is the lowest possible step right now," he said.</p>

Russian economists and officials foresee a hard struggle in 2025

<ul class="summary-list"><li>The EU has highlighted <keyword id="12690587" type="UNKNOWN" weightage="60" keywordseo="russian-oligarchs" source="Orion">Russian oligarchs</keyword>' ties to President Putin in a special report on sanctions.</li><li>It says Roman Abramovich has "close ties" to Putin, and German Khan traded favors with him.</li></ul><p>The European Union last week sanctioned 15 Russians — 14 men and one woman — as it broadened a crackdown on the country's elite in the wake of the <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword> invasion.</p><p><a href="https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32022D0429&amp;from=EN">In a report announcing its decision</a>, the EU detailed its reasons for sanctioning these individuals. Fundamentally, it said the <keyword id="13281691" type="UNKNOWN" weightage="60" keywordseo="oligarchs" source="Orion">oligarchs</keyword>' relationships with Russian President <keyword id="11899444" type="UNKNOWN" weightage="60" keywordseo="vladimir-putin" source="Orion">Vladimir Putin</keyword> had been key to their power and wealth.</p><p>It described some as "benefitting from Russian decision-makers responsible for the annexation of Crimea or the destabilisation of Ukraine," accused others of supporting "actions or policies which undermine or threaten the territorial integrity, sovereignty and independence of Ukraine," and said some were "leading business persons involved in the economic sector which provides a substantial source of revenue" to the Russian government.</p><p>Here's what the EU had to say about the individuals it sanctioned.</p><h2>Roman Abramovich, 55</h2><div type="image" title="Roman Abramovich, owner of Chelsea smiles following his team's victory during the UEFA Champions League Final between Manchester City and Chelsea FC" height="1333" width="2000" msid="90379127" hostid="261"></div><p>Abramovich, owner of Chelsea Football Club in London, UK, has "long and close ties" and "privileged access" to Putin, with whom he has "maintained very good relations," the EU report said.</p><p>It added that this connection has helped Abramovich, whose net worth is put at $13.9 billion by <a href="https://www.bloomberg.com/billionaires/profiles/roman-abramovich/?sref=lAVQtUwz">Bloomberg's Billionaire Index</a>, "to maintain his considerable wealth."</p><p>The EU report also notes he's a major shareholder of the steel group Evraz, which is one of <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>'s largest taxpayers.</p><h2>German Khan, 60</h2><div type="image" title="TNK-BP executive director German Khan, foreground left, signs papers, accompanied by Russian President Dmitry Medvedev, background right, and Venezuelan President Hugo Chavez, background left." height="1066" width="1421" msid="90379128" hostid="261"></div><p>Khan <a href="https://www.businessinsider.com/sanctioned-russian-oligarch-steps-down-german-oil-giant-venture-2022-3">quit the board</a> of German oil company Wintershall Dea on March 15 after being sanctioned. The EU report said he had a "close relationship" with Putin and "continues to trade significant favours" with him.</p><p>The report also said Alfa Bank, of which Khan is one of the main shareholders, received "benefits" from this relationship between the two men.</p><p>As with Abramovich, the EU said Khan provided a large source of revenue to the Russian government.</p><h2>Alexander Mikheev, 61</h2><div type="image" title="Alexander Mikheev, a General Director of Russian Helicopters attends the 9th annual HeliRussia-2016 helicopter exhibition, held at Crocus Expo, Moscow, Russia." height="2880" width="4320" msid="90379129" hostid="261"></div><p>Mikheev is CEO of Rosoboronexport, a subsidiary of the state-owned defense conglomerate Rostec, which the EU said "owns several production facilities which play an instrumental role in the deployment of those technologies into operation on the battlefield."</p><p>Sales of weapons are a critical source of revenue for the Russian government and can "advance Russia's economic and strategic objectives," the EU said in its report.</p><h2>Alexey Kuzmichev, 59</h2><div type="image" title="Alexey Kuzmichev, chairman of Russian investment company A1 advisory committee, attends a news conference in Moscow April 3, 2013." height="2453" width="3500" msid="90379130" hostid="261"></div><p>Kuzmichev is a major shareholder of the Alfa Group conglomerate and "one of the most influential persons in Russia," the EU report said.</p><p>It noted his "well-established ties" to Putin and said the Russian president had rewarded what it described as Alfa Group's "loyalty to the Russian authorities" with "political help" to its foreign-investment plans.</p><p>The Alfa Group includes Alfa Bank, which funded a charity project run by Putin's eldest daughter, Maria, the EU report said.</p><p>The report said Kuzmichev was associated with Khan and Mikhail Fridman and Petr Aven, two <a href="https://www.businessinsider.com/russia-resign-alfa-bank-abh-eu-sanctions-ukraine-fridman-aven-2022-3">former board members of Alfa-Bank</a>.</p><h2>Viktor Rashnikov, 73</h2><div type="image" title="Russian billionaire and businessman Viktor Rashnikov attends the Congress of RSPP (Russian Union of Industrialists and Entrepreneurs) at Ritz Carlton Hotel on March 14, 2019 in Moscow, Russia." height="2669" width="3500" msid="90379131" hostid="261"></div><p>Rashnikov is owner and chairman of Magnitogorsk Iron and Steel Works, one of Russia's biggest taxpayers, the EU report said. "The tax burden on the company increased lately, resulting in considerably higher proceeds to the Russian state budget," the report said.</p><p>MMK said in a statement Friday that the sanctions were "groundless and unfair," per <a href="https://www.bloomberg.com/press-releases/2022-03-18/pjsc-magnitogorsk-iron-and-steel-works-mmk-comments-on-the-council-implementing-regulation-eu-2022-427-and-council-decision?sref=lAVQtUwz">Bloomberg</a>.</p><h2>Marina Sechina, 60</h2><div type="image" title="Skeleton at the Sanki Sliding Centre during the 2014 Sochi Olympic Games in Krasnaya Polyana, Russia." height="2293" width="3057" msid="90379132" hostid="261"></div><p>Sechina, the only woman among those sanctioned, owns businesses that participated in the preparation of the Winter Olympics in Sochi in 2014, the EU report said.</p><p>It alleged that one company, Stankoflot, "receives contracts without tender" from Rostec, the state-owned defense conglomerate.</p><p>Sechina owns a stake in RK Telekom and is the former wife of the previously-sanctioned <a href="https://www.businessinsider.com/russian-oligarch-superyacht-seized-france-ukraine-igor-sechin-darth-vader-2022-3">Igor Sechin</a>, CEO of the Russian state-controlled oil giant Rosneft, the report noted.</p><p>"She has used connections with various actors in the Russian government and Russian business structures, including with her former husband, for personal benefit," the report said.</p><h2>The "meeting of the oligarchs"</h2><div type="image" title="Vladimir Putin and Alexander Shokhin" height="1631" width="2500" msid="90379135" hostid="261"></div><p>Central to the EU's reasoning for imposing the sanctions was what it called a "meeting of oligarchs" that Putin held on February 24, the day Russia invaded Ukraine. The meeting involved discussion of how to respond to Western sanctions.</p><p>Alexander Shokhin, the president of one of Russia's biggest business groups, was said to have used the meeting to urge <a href="https://www.businessinsider.com/putin-sanctions-business-lobbyist-shokhin-ease-economic-pain-ukraine-invasion-2022-2">Putin to seek to avoid economic fallout</a> from the <keyword id="11904994" type="UNKNOWN" weightage="60" keywordseo="war" source="Orion">war</keyword>. Shokhin was among the attendees sanctioned by the EU.</p><p>Other sanctioned attendees were Andrey Ryumin, executive director of the Russian power company Rosseti; Suleyman Kerimov, owner of Nafta Moscow; Tigran Oganesovich Khudaverdyan, head of tech firm Yandex; and Vladimir Rashevsky, CEO of EuroChem Group.</p><p>The EU said in its report that attendance of this meeting alone showed each person was "a member of the inner circle of oligarchs close to Vladimir Putin."</p><p>It went on to say the people were backing policies that "threaten the territorial integrity, sovereignty and independence of Ukraine."</p><p>It accused Yandex, which it described as specializing in "intelligent products and services powered by machine learning," of hiding information from Russians about the war.</p><p>"The company has been warning Russian users looking for <keyword id="11893589" type="UNKNOWN" weightage="60" keywordseo="news" source="Orion">news</keyword> about Ukraine on its search engine of unreliable information on the internet, after the Russian Government threatened Russian media over what they publish," it added.</p><p>In response, Khudaverdyan stepped down from Yandex, which said in a <a href="https://yandex.com/company/press_center/press_releases/2022/2022-03-15">statement</a> that it was "shocked and surprised to learn that Tigran was designated under EU sanctions" and was "extremely sorry" to see him leave.</p><p>Shokhin responded Wednesday, <a href="https://interfax.com/newsroom/top-stories/76808/">saying</a> the sanctions were "expected" because Brussels made it clear it was targeting those who attended Putin's meeting.</p><p>EuroChem issued a statement Wednesday announcing Rashevsky had "resigned in order to allow the company to continue running smoothly," adding this was "despite the groundlessness" of the EU's actions.</p><h2>The EU designated sanctioned media figures as "propagandists"</h2><div type="image" title="Russian President Vladimir Putin (L) speaks with film producer and Channel One CEO Konstantin Ernst (2ndR) during a meeting with the crew of The Viking film based on the Primary Chronicle, on December 30, 2016 in Moscow." height="2467" width="3627" msid="90379137" hostid="261"></div><p>Four media figures — Armen Gasparyan, Artyom Sheynin, Dmitry Kulikov, and Konstantin Ernst — were sanctioned by the EU.</p><p>The EU report said Sheynin, a host on the state-controlled Channel One, claimed Russia's operation in Ukraine was "inevitable" and would force Ukraine to maintain peace. The document also said he "promotes ethnic hatred between Ukrainians and Russians."</p><p>The report said Gasparyan, who hosts a show on the Russian media outlet Sputnik and a radio show on Vesti FM, "continues to publish pro-Russian propaganda related to the Russian invasion of Ukraine and actively denies Ukraine's sovereignty."</p><p>The EU also said in the report that Kulikov, a film producer and radio host, had "made public comments on state-owned TV channels in line with the Kremlin's narrative on the situation in Donbas region."</p><p>It also said Kulikov "justified the actions of Russian authorities threatening the integrity and territorial sovereignty of Ukraine."</p><p>The report said Ernst, who is CEO of Channel One, was responsible for "organising and disseminating anti-Ukrainian propaganda of the Russian authorities."</p><p>He has also received various prizes from the state, such as a medal awarded to participants in Russia's military operation in Syria, the "Order of Friendship," and an award "For Services to the Fatherland," the report said.</p>

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A top Russian business lobbyist pleaded with Putin to 'demonstrate as much as possible' that Russia wants to remain 'part of the global economy'

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Russian economists and officials foresee a hard struggle in 2025

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Trading favors with Putin: Here's why the EU sanctioned 15 Russian oligarchs

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