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<ul class="summary-list"><li><keyword id="11234700" type="UNKNOWN" weightage="60" keywordseo="ninepoint-partners">Ninepoint Partners</keyword> announced plans to "fully offset" its carbon footprint Monday.</li><li>The company said it will apply a portion of its management fee to the effort.</li><li>The initiative comes amid a growing chorus of investors expressing concerns about the negative impact <keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">cryptocurrency</keyword> mining has on the environment.</li></ul>Canadian <keyword id="2474430" type="PERSON" weightage="60" keywordseo="Bitcoin-ETF">bitcoin ETF</keyword> issuer Ninepoint Partners <a href="https://www.globenewswire.com/news-release/2021/05/10/2225989/0/en/Ninepoint-to-Fully-Offset-Carbon-Footprint-of-Ninepoint-Bitcoin-ETF.html">announced</a> Monday that it is planning to "fully offset" its carbon footprint, as it seeks to reassure investors concerned about the <a href="https://markets.businessinsider.com/currencies/news/bitcoin-uses-more-energy-than-american-airlines-bank-of-america-2021-3-1030224439">negative environmental impacts</a> of cryptocurrency mining.The Toronto-based company said it will apply a portion of its management fee towards becoming carbon neutral by partnering with CarbonX, an environmental fintech firm, and <a href="https://www.globenewswire.com/Tracker?data=7sKGHDfK5HFTK0t8IggFkYmGCCH75dh7-CO1_MDSoJOQg8Smm44d-Rb_mZPVjr319iFSJa1hzulGT97UnA_VrJnWf_7Ykn5byg898sv0E6iakSL-Uf1XuE5F7CPQRQDM4_b02QovFxoPaCk5kXbRlSMbQbSb9B5fi2wS0Ikc7Jp3e2srLb_ToCrPxYgH0sGHYtvQ3cN3S65wqRScGWOmnyrogRfOc-ExGsCxCPQy3fVqMem8QyGBqM36pKjZNPrxg1S4mjlU9XPD352c5ivKc-XgMnFWVmqkMJA7DEvHQlBMFkOtbpprJSNk3qe3ASgzeLWTqjq5vYT0oDlXNyg006370X-UOChQfYhpmeRpJXC-YcYo-252QffGl3hTlr4ps7dUkj7NFwALuT-5bpqM0qWpduGHyKRfudOEaarect0KSqjmnOjkdZLGsOlOeLFbzYXKBENEK8REidp_dsWKyqq7KBehRZmOsIPM67fI8x186ij4u3s75VZZIDVAcUa89LcbX3WA1WIuqRPNC2QnwJAe5FnF-FL1aREbnRxoGYFTwUVPAROm0rVZuPEHnsEC" target="_blank" title="The Crypto Carbon Ratings Institute" rel="nofollow noopener">The Crypto Carbon Ratings Institute</a>. Both will provide scientific estimates and analysis on <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword>'s carbon footprint.The investment fund on May 6 <a href="https://www.globenewswire.com/news-release/2021/05/06/2224481/0/en/Ninepoint-Announces-Completion-of-Conversion-of-Bitcoin-Trust-Into-Ninepoint-Bitcoin-ETF.html">completed its conversion of bitcoin</a> trust from a closed-end investment fund into the ETF."Investors increasingly want real [environmental, social &amp; governance] solutions for their portfolios, while not sacrificing on diversification," Alex Tapscott, managing director of digital assets at Ninepoint, said in a statement. Ninepoint, which oversees approximately $8 billion in assets and institutional contracts, also said it is supporting various forest conservation projects in the Amazon specifically through this arrangement.The rapid ascent of bitcoin, climbing 95% year-to-date thanks to increasing institutional adoption, has also been accompanied by a growing chorus of critics who point to the asset's mining-related carbon footprint. This includes prominent figures such as <a href="https://www.businessinsider.com/microsoft-tesla-elon-musk-cryptocurrency-climate-change-damage-economist-roubini-2021-3">Bill Gates</a> who has criticized bitcoin's electricity per transaction usage.<a href="https://markets.businessinsider.com/currencies/news/bitcoin-uses-more-energy-than-american-airlines-bank-of-america-2021-3-1030224439">Bitcoin's carbon footprint is directly linked to its price</a>. As the price increases, the bitcoin network has also become more complex to cope with the demand and prevent hacking."Given the relatively linear relationship between bitcoin prices and bitcoin energy use, it is perhaps no surprise that bitcoin's estimated energy consumption has grown over 200% in the past two years," <a href="https://markets.businessinsider.com/currencies/news/bitcoin-uses-more-energy-than-american-airlines-bank-of-america-2021-3-1030224439">Bank of America said in March</a>.More legislation is being introduced to address this. A <a href="https://markets.businessinsider.com/currencies/news/new-york-ny-bill-bitcoin-mining-environment-assessment-2021-5-1030386497">bill on the floor of the New York State Senate</a> is seeking to <a href="https://www.nysenate.gov/legislation/bills/2021/S6486" target="_blank" rel="noopener">halt bitcoin mining</a> for three years until the state has assessed its impact on the environment.<a href="https://legiscan.com/NY/bill/S06486/2021" target="_blank" rel="noopener">New York Senate Bill 6486</a> was presented by Senator Kevin Parker to the State Senate's Environmental Conservation Committee on May 4.

Bitcoin ETF issuer Ninepoint Partners will look to fully offset its carbon footprint

<a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell&amp;hash=8122c716833601fc1471f79af063b104?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingesttm_medium=ingest" target="_blank" rel="noopener">Welcome to 10 Things Before the Opening Bell. Sign up here to get this email in your inbox every morning.</a><a href="http://newsletter.businessinsider.com/join/4np/insider-investing?nr_email_referer=1&amp;utm_sou%5Bu%5B" target="_blank" rel="noopener">Sign up for Insider Investing</a> for your weekly <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> analysis.Event invite: Join us Thursday, May 13 at 12 p.m. ET for "Financing Net-Zero," to hear from financial market leaders and investors about the future of sustainability financing. <a href="https://event.on24.com/wcc/r/3087756/E09DD0612638861F529B58E12039CF50?partnerref=editorial_newsletter" target="_blank" rel="noopener noreferrer">Register here</a>.1. US futures and global equities tumble. <a href="https://markets.businessinsider.com/news/stocks/stock-markets-today-us-futures-global-inflation-fears-tech-shares-2021-5-1030413400">Inflation fears are hitting stocks</a>, with the tech sector leading the sell-off. 2. Dogecoin surged 20% on Tuesday morning. <a href="https://markets.businessinsider.com/currencies/news/dogecoin-price-elon-musk-tesla-poll-accept-meme-crypto-payment-2021-5-1030413415">Elon Musk had hinted that Tesla could accept the cryptocurrency</a> as a form of payment. 3. Vice Media is eyeing a $3 billion SPAC. The <a href="https://markets.businessinsider.com/news/stocks/vice-media-spac-merger-deal-eyeing-3-bln-jack-leeney-2021-5-1030413158">company was worth almost double that</a> four years ago. 4. Mark Zuckerberg named his goat 'Bitcoin'. <a href="https://markets.businessinsider.com/currencies/news/mark-zuckerberg-goat-bitcoin-facebook-cryptocurrency-diem-libra-2021-5-1030413511">Fans started hatching theories</a> about the meaning of this immediately. 5. Retail stock trading declined sharply in March. JPMorgan said <a href="https://markets.businessinsider.com/news/stocks/retail-trading-stock-market-declined-in-march-despite-stimulus-checks-2021-5-1030410379">despite stimulus checks retail trading fell to 18%</a>. 6. Bitcoin ETF issuer Ninepoint Partners will aim to fully offset its carbon footprint. The <a href="https://markets.businessinsider.com/currencies/news/bitcoin-etf-ninepoint-partners-offset-carbon-footprint-mining-btc-crypto-2021-5-1030410376">impact of cryptocurrency mining on the environment</a> has been a hot topic in the crypto-sphere. 7. Earnings expected. <a href="https://markets.businessinsider.com/earnings-calendar">Electronic Arts, Palantir Technologies, E.ON and Nissan</a> are ones to watch out for. 8. On the data docket. <a href="https://markets.businessinsider.com/economic-calendar">Federal Reserve President Williams and Governor Brainard</a> are due to make remarks, as is Bank of England Governor Bailey. 9. We spoke to Legendary investor Jeremy Grantham, who called the dot-com bubble and the 2008 financial crisis. He told us how <a href="https://www.businessinsider.com/stock-market-outlook-indicators-lined-up-bubble-burst-jeremy-grantham-2021-5?r=opening-bell" target="_blank" rel="noopener">4 indicators have lined up for what could be 'the biggest loss of perceived value from assets that we have ever seen.'</a>10. Bank of America is looking both for companies best-placed to address the global chip shortage. The firm says to <a href="https://www.businessinsider.com/semiconductor-stocks-to-buy-during-chip-shortage-bank-of-america-2021-5?r=opening-bell" target="_blank" rel="noopener">buy these 7 semiconductor stocks that are well-positioned</a> to either benefit, or profit in spite of it.

10 things you need to know before the opening bell

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">John Bazemore/AP</div></div></div><a href="http://markets.businessinsider.com/stock/fb-Quote">Shares of Facebook</a> are rising after the company <a href="http://www.businessinsider.com/facebook-has-signed-a-monster-global-deal-to-distribute-nfl-highlights-2017-9">signed a multi-year deal with the National Football League to host highlights</a> from all 256 regular season games, starting with the current 2017 season.<a href="http://markets.businessinsider.com/stock/fb-Quote">Facebook is up 0.37%</a> to $163.48 on Tuesday following the news.The social media giant is partnering with the NFL in its latest move to <a href="http://www.businessinsider.com/facebook-has-signed-a-monster-global-deal-to-distribute-nfl-highlights-2017-9">help promote the new "Watch" section of its platform</a>. The section hosts longer-format videos from multiple content partners, the NFL being the newest. As a part of the deal, the NFL will produce content under several shows in the Watch section of Facebook.In addition to the new Watch shows, the NFL will post highlight cuts of all the regular season games, as well as clips from the playoffs and Super Bowl. The league previously posted highlights to Facebook in 2014, but the deal ran its course by the following year.Facebook plans to run midroll ads during some of the NFL's longer content, similar to its strategy with other Watch tab content.The deal comes as <a href="http://markets.businessinsider.com/news/stocks/facebook-stock-price-falling-amid-share-class-and-advertising-controversies-2017-9-1002525211">Facebook faces investigatory pressure from lawmakers in Washington DC</a>. In a live stream from his personal account, Mark Zuckerberg, CEO of Facebook, laid out a nine-point plan to improve the company's handling of foreign interference in political elections, including turning over ads paid for by Russia-linked entities to lawmakers.Facebook is up 39.77% this year.<h2><a href="http://markets.businessinsider.com/stock/fb-Quote">Click here to watch Facebook trade in real time...</a></h2><div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://markets.businessinsider.com/stock/fb-Quote"></a><a href="http://markets.businessinsider.com/stock/fb-Quote">Markets Insider</a></div></div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/fidelity-insight-2017-9">People aren't upgrading their smartphones -&#xa0;which could mean huge sales this year</a></h3> <div> </div> </div>

Facebook is popping after signing a massive deal for NFL highlights

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Thomson ReutersAdam Schiff (D-CA) speaks with reporters</div></div></div>The ranking member of the House Intelligence Committee, Democratic Rep. Adam Schiff, told reporters on Wednesday that the committee will release the Facebook ads purchased by accounts operating out of Russia during the 2016 election.Schiff and Rep. Mike Conaway, who is leading the Russia investigation, held a press conference following their meeting with Facebook's Chief Operating Officer Sheryl Sandberg.Conaway said that the committee will release the ads "as quick as we can," and Schiff said they have asked Facebook to "help scrub any personally idenitifiable information." "But it's our hope that when they conclude, then we can release them publicly," Schiff said. "They will [then] be released by our committee."He added that the ads will "probably" not be released before the committee's hearing with representatives from Facebook, Google, and Twitter on November 1. Conaway said he didn't know who would be at the hearing, "but we believe the three companies will be represented that will be meaningful to this conversation."<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Thomson ReutersFILE PHOTO - Conaway and Schiff speak to reporters at the conclusion of a closed-door meeting between the House Intelligence Committee and Kushner on Capitol Hill in Washington</div></div></div>Facebook revealed last month that "inauthentic" users likely operating out of Russia's "troll factory," the Internet Research Agency, purchased approximately $100,000 worth of ads during the election. Approximately 25% of the ads were geographically targeted, and <a href="http://www.businessinsider.com/how-did-russia-use-facebook-during-election-trump-clinton-2017-9" target="_blank" rel="noopener noreferrer">many promoted outsider candidates</a> and exploited racial tensions.The <a href="http://www.politico.com/story/2017/09/26/facebook-russia-trump-sanders-stein-243172" target="_blank" rel="noopener noreferrer">ads boosted</a> Trump, Green Party candidate Jill Stein, and Democratic candidate Bernie Sanders, and <a href="http://www.businessinsider.com/russians-facebook-black-lives-matter-muslim-group-disinformation-2017-9" target="_blank" rel="noopener noreferrer">at least one ad</a> centered on the Black Lives Matter movement. A group <a href="http://www.businessinsider.com/russians-facebook-black-lives-matter-muslim-group-disinformation-2017-9" target="_blank" rel="noopener noreferrer">impersonating a California-based Muslim organization</a> was also set up to push fake stories about Hillary Clinton, the Democratic nominee.Senate Intelligence Committee chairman Richard Burr said during a press conference earlier this month that Facebook could reveal the ads at their discretion. But Facebook has said that it is does not want to impede special counsel Robert Mueller's investigation into Russia's election interference.Under mounting pressure, Facebook CEO Mark <a href="http://www.businessinsider.com/9-steps-mark-zuckerberg-says-facebook-will-take-to-protect-election-integrity-2017-9" target="_blank" rel="noopener noreferrer">Zuckerberg announced </a>earlier this month that Facebook had developed a nine-point plan to examine the Russian influence campaign and prevent similar efforts in the future.Among the changes: Facebook says it will start disclosing which pages paid for political ads, and it plans to partner with election commissions and cyber-threat specialists to mitigate misuse of its platform. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/donald-trump-marriage-three-times-ivana-melania-marla-maples-divorce-2016-2">Meet the three women who married Donald Trump</a></h3> <div> </div> </div>

House Intelligence Committee says it will release the Russian-bought Facebook ads

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Yuri Kadobnov/Pool/ReutersRussian President Vladimir Putin casts his ballot at a polling station during the municipal elections in Moscow, Russia, September 10, 2017.</div></div></div>A fuller picture of Russia's use of social media to influence the 2016 election has begun to emerge, weeks after Facebook first announced that <a href="http://www.businessinsider.com/facebook-russia-election-2017-9" target="_blank" rel="noopener noreferrer">"inauthentic" users likely operating out of Russia had purchased $100,000</a> worth of political ads between 2015 and 2016.A steady stream of leaks likely coming from Capitol Hill - Facebook finally turned over the ads to congressional staff late last week - indicates the ads and the accounts that bought them were focused <a href="http://www.businessinsider.com/facebook-group-russia-texas-anti-immigrant-rallies-2017-9" target="_blank" rel="noopener noreferrer">primarily on exploiting divisions over issues like race and immigration</a>. And as Business Insider has previously reported, the accounts' destabilizing activity did not stop at controversial memes and hashtags - many organized <a href="http://www.businessinsider.com/facebook-group-russia-texas-anti-immigrant-rallies-2017-9" target="_blank" rel="noopener noreferrer">real-life events, rallies, and protests that galvanized dozens of people</a> in states like Texas, Florida, and Idaho.Facebook, we learned earlier this week, was not oblivious to the Russians' presence on the platform. The company reportedly contacted the FBI last June when it noticed that members of a hacking group connected to Russia's military intelligence unit, the GRU, had begun creating fake accounts to amplify stolen emails.Any efforts the company made to suppress these accounts and others, however, came too late. The US intelligence community concluded in January that the social media operation was part of a larger influence campaign by Russia that, <a href="http://www.businessinsider.com/trump-legitimacy-russia-election-interference-james-clapper-us-intelligence-assessment-2017-9" target="_blank" rel="noopener noreferrer">according to former Director of National Intelligence James Clapper</a>, "did serve to undermine the legitimacy of the election."Here's what we know so far about how the Russians used one of the biggest tech companies in the world to energize and influence American voters:<ul><li>They <a href="http://www.businessinsider.com/facebook-group-russia-texas-anti-immigrant-rallies-2017-9" target="_blank" rel="noopener noreferrer">organized rallies in several states</a> using Facebook's event tool: Russia-linked Facebook groups like "Heart of Texas" and "<a href="http://www.thedailybeast.com/exclusive-russia-used-facebook-events-to-organize-anti-immigrant-rallies-on-us-soil" target="_blank" rel="noopener noreferrer">SecuredBorders</a>" organized anti-immigrant rallies in Texas and Idaho that turned out dozens of protesters in the months leading up to the election. Another group called "Being Patriotic" <a href="http://www.thedailybeast.com/russians-appear-to-use-facebook-to-push-pro-trump-flash-mobs-in-florida" target="_blank" rel="noopener noreferrer">organized</a> pro-Trump flash mobs across Florida in August 2016, according to The Daily Beast.</li><li>They <a href="http://www.businessinsider.com/russians-facebook-black-lives-matter-muslim-group-disinformation-2017-9" target="_blank" rel="noopener noreferrer">purchased ads</a> that promoted outsider candidates and exploited racial tensions: <a href="http://www.politico.com/story/2017/09/26/facebook-russia-trump-sanders-stein-243172" target="_blank" rel="noopener noreferrer">The ads boosted</a> Trump, Green Party candidate Jill Stein, and Democratic candidate Bernie Sanders, and <a href="http://money.cnn.com/2017/09/27/media/facebook-black-lives-matter-targeting/index.html" target="_blank" rel="noopener noreferrer">at least one ad</a> centered on the Black Lives Matter movement. A group <a href="http://www.thedailybeast.com/exclusive-russians-impersonated-real-american-muslims-to-stir-chaos-on-facebook-and-instagram" target="_blank" rel="noopener noreferrer">impersonating a </a><a href="http://www.thedailybeast.com/exclusive-russians-impersonated-real-american-muslims-to-stir-chaos-on-facebook-and-instagram" target="_blank" rel="noopener noreferrer">California-based Muslim organization</a> was also set up to push fake stories about Hillary Clinton.</li><li>They <a href="http://www.businessinsider.com/facebook-russia-election-2017-9" target="_blank" rel="noopener noreferrer">created accounts to amplify emails</a> stolen from the DNC: Members of a hacking group connected to Russia's military intelligence unit, the GRU, <a href="https://www.washingtonpost.com/business/economy/obama-tried-to-give-zuckerberg-a-wake-up-call-over-fake-news-on-facebook/2017/09/24/15d19b12-ddac-4ad5-ac6e-ef909e1c1284_story.html?hpid=hp_no-name_no-name%3Apage%2Fbreaking-news-bar&amp;tid=a_breakingnews&amp;utm_term=.2d1f306ba4b5" target="_blank" rel="noopener noreferrer">reportedly created</a> the DCLeaks and Guccifer 2.0 accounts in June 2016 to help spread emails hacked from Democratic National Committee servers in late 2015.</li></ul>Facebook CEO Mark Zuckerberg has been criticized for reportedly shrugging off warnings about the fake <keyword id="6355005" type="COMPANY" weightage="60" keywordseo="News">news</keyword> epidemic on his platform. President Barack Obama asked him to take it seriously just after the election, <a href="https://www.washingtonpost.com/business/economy/obama-tried-to-give-zuckerberg-a-wake-up-call-over-fake-news-on-facebook/2017/09/24/15d19b12-ddac-4ad5-ac6e-ef909e1c1284_story.html?hpid=hp_no-name_no-name%3Apage%2Fbreaking-news-bar&amp;tid=a_breakingnews&amp;utm_term=.0cccdeabbd9b" target="_blank" rel="noopener noreferrer">according to the Washington Post,</a> but Zuckerberg replied that the company's power to control the spread of information was limited. Under mounting pressure, however, <a href="http://www.businessinsider.com/9-steps-mark-zuckerberg-says-facebook-will-take-to-protect-election-integrity-2017-9" target="_blank" rel="noopener noreferrer">Zuckerberg announced last week</a> that Facebook has developed a nine-point plan to examine the Russian influence campaign and prevent it from happening again. Among the changes: Facebook will start disclosing which pages paid for political ads, and it plans to partner with election commissions and cyber-threat specialists to mitigate misuse of its platform in the future. "I care deeply about the democratic process and protecting its integrity," Zuckerberg said during a live broadcast <a href="https://www.facebook.com/zuck">on his Facebook page</a>. "I don't want anyone to use our tools to undermine our democracy."Special counsel Robert Mueller <a href="http://www.businessinsider.com/mueller-obtains-warrant-for-russia-linked-facebook-ads-and-accounts-2017-9" target="_blank" rel="noopener noreferrer">recently obtained a search warrant</a> for the Russia-linked accounts and the ads they purchased as part of his probe into Russia's election interference, according to The Wall Street Journal and CNN. He is also investigating potential collusion between the Trump campaign and Moscow, which congressional investigators <a href="http://www.businessinsider.com/mueller-obtains-warrant-for-russia-linked-facebook-ads-and-accounts-2017-9" target="_blank" rel="noopener noreferrer">like Rep. Adam Schiff</a> believe could have manifested itself through the data operation run by Trump's son-in-law Jared Kushner. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/steve-bannon-firing-james-comey-biggest-mistake-in-modern-political-history-2017-9">Steve Bannon: Firing Comey was the biggest mistake in 'modern political history'</a></h3> <div> </div> </div>

A clear picture is emerging of how Russia used Facebook to sway the election - here's what we know so far

<div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image"><a title_source="Reuters/Stephane Mahe" title_caption="The Mistral-class helicopter carrier Vladivostok is seen at the STX Les Chantiers de l'Atlantique shipyard site in Saint-Nazaire, September 4, 2014. " class="zoomin" href="https://static-ssl.businessinsider.com/image/5457c277dd0895d8048b45f8-960/mistral-ship.jpg"></a><a href="http://pictures.reuters.com/">Reuters/Stephane Mahe</a>The Mistral-class helicopter carrier Vladivostok is seen at the STX Les Chantiers de l'Atlantique shipyard site in Saint-Nazaire, September 4, 2014. </div></div></div>On Christmas Eve 2010, then-Russian President Dmitry Medvedev called his French counterpart Nicholas Sarkozy with some big news: Russia was prepared to purchase two Mistral class helicopter carriers from France for a total of €1.2 billion ($1.5 billion).
Almost four years later, the first of these ships, the Vladivostok, sits idle in the port of Saint-Nazaire, its future clouded by the stand-off between Russia and the West over the crisis in Ukraine.
Last week, the ongoing stalemate resulted in the French project director responsible for delivering the ships being fired. 
So what's going on? There's conflicting information from both sides. What we do know is that back in March of this year, Russia completed its annexation of Crimea from Ukraine. This occurred in the aftermath of protests that had seen the Kiev government with Russian President Vladimir Putin accusing the West of stoking unrest and Russophobia in the country.
The response of France was swift. <a href="http://www.theguardian.com/world/2014/mar/18/ukraine-france-warns-russia-warship-deal">Laurent Fabius, then French Foreign Minister, told the press</a>:"If Putin continues doing what he is doing we could envisage cancelling the sales [of the warships]".
And the threats were apparently backed up. By July, the US and the European Union had announced <a href="file:///Users/businessinsider/Downloads/broad_new_sanctions_targeting_russia_6023817.pdf">a tough package of economic sanctions against Russia</a> targeting the country's financial, energy, and defence sectors, along with a number of prominent individuals. It seemed to most observers outside the negotiations that the Mistral contracts would end up as yet another casualty of the chaos in Ukraine.
Even if a cancellation of the order was considered at the time, it was swiftly dismissed. Despite lobbying efforts from other European partners, French President François Hollande remained resolute in his determination to meet his country's commitment to deliver the ships and ultimately won the concession from his European partners to exempt existing contracts.
<a href="http://www.ft.com/cms/s/0/36d15660-1163-11e4-a17a-00144feabdc0.html#axzz3I1LouFp4">He told reporters in July</a>: "The Russians have paid. We would have to repay €1.1 billion [if they were not delivered]...at this stage, there are no sanctions imposed that would oblige us to renounce [the contract]."
Although it may have seemed bizarre to outsiders that a country would sell military hardware to a country that it was simultaneously imposing defence sanctions on, the ships were back on track, with the Vladivostok due for delivery in October. To round off the perverseness of the whole situation, the second ship, the Sevastopol, was scheduled to join up with the Russian Black Sea Fleet based in Crimea when finished in 2015. 
However, with the deadline for the handover looming and international pressure to hold off or cancel the sale growing, Hollande did decide to set 11th-hour conditions. These were a) there had to be a genuine ceasefire in Ukraine that seems to be holding and b) there has to be agreement on a political settlement that paves the way for a resolution of the crisis in Ukraine.
The <a href="http://www.bbc.co.uk/news/world-europe-29290246">Minsk agreement signed on 20 September by both sides in the Ukraine conflict</a> offered some hope that these conditions might be met in time for the exchange. The nine-point deal set up a 30-kilometre buffer zone between pro-Russian rebels and government forces, a ban on military aircraft flying over certain areas in the east of the country, and a commitment to withdraw "foreign mercenaries".
Few on the ground bought into the optimism. Within days of the treaty signing, fresh violence erupted in the rebel-held city of Donetsk. Elections in the breakaway regions of Donetsk and Luhansk that have been condemned as illegitimate and unlawful by the government in Kiev, the US, and the EU the situation has also complicated the situation.
<div class="KonaFilter image-container display-table float_left click-to-enlarge"><div><div class="image"><a title_source="Twitter/Rogozin" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5457c277dd0895d8048b45f9-960/b1hmrpdicaagdg7.jpg"></a><a href="https://twitter.com/Rogozin">Twitter/Rogozin</a></div></div></div>So all of this brings us to the present. Last week, Dmitry Rogozin, Russia's deputy prime minister in charge of the defence industry and prominent nationalist, <a href="https://twitter.com/Rogozin/status/527456270585188352">released a letter on Twitter</a> purportedly from French arms industry company DCNS regarding the sale of the Mistral class ships. The letter states that the handover ceremony of the Vladivostok would take place on 14 November in Saint-Nazaire and includes:
<ul>
<li>Signing of the transfer of ownership and delivery act.</li>
<li>Hoisting of the Russian Federation colours.</li>
<li>A military ceremony on the flight deck.</li>
</ul>
You might have thought that this would be the end of the saga. The invitation to the ceremony had gone out, and been made public. Yves Destefanis, a project director responsible for delivering the Mistral helicopter carrier to Russia, may even have had similar thoughts. 
<a href="http://en.ria.ru/world/20141101/194944612/French-Arms-Company-Dismisses-Director-Responsible-for-Delay-of.html">Instead, Destefanis lost his job</a> after Michel Sapin, the current French Foreign Minister, reasserted that the "<a href="http://m.euronews.com/en/286608/">c</a><a href="http://m.euronews.com/en/286608/">onditions today have not been met to deliver the Mistral</a>".
So where are we now? Frankly, we have no idea. The EU and the US are going to continue to pressure France to hold onto the ships. France is going to continue to claim that it's allowed to sell them but do nothing about it. Russia is going to get increasingly angry that they've paid for them, are technically allowed to receive them and yet are having to view their ship from afar. And the Vladivostok is going to extend its quiet stay in Saint-Nazaire.

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