“Yandex.Market” opens an auction, Swarovski completely reduced the business in the Russian Federation: the main thing on June 15

Economy

• The Russian authorities do not plan to extend the duty-free threshold of €1,000 for importing goods from abroad. The measure may interfere with the development of national production, so from October 1 the threshold may automatically drop to €200.

Finance

• Gazprombank is going to enter the market for classical Chinese currency bonds. It may become the second credit institution after Alfa-Bank to offer such instruments to investors, Kommersant writes.

Business

• Austrian company Swarovski has completely cut business in Russia, its chief executive Alexis Nazard has announced.
• Yusuf Alekperov’s Ekto holding company became a co-founder of the oilfield services company WellTech with a 51% stake. The remainder of the stake in the company was received by Lukoil’s subsidiary Lukoil-Western Siberia, Kommersant reported.
• Sanctions for market order issuance points will be issued only with proof. This was announced to TASS on the sidelines of SPIEF by Artem Sokolov, president of the Association of Commercial Internet Companies.
• American education startup Educate Online has completed the bridge round, raising $640,000 from 27 informal investors in UMAY Angel’s Club. Bakht Niyazov became the lead investor and syndicator in the deal.
• Yandex.Market decided to buy products from vendors at auctions. This will lower costs and reduce reliance on independent sellers in some categories, Kommersant learned.
• Coffee prices in Russia may increase by 15% by the end of the year, subject to further price increases in supplying countries, RIA Novosti reported.

Services and technologies

• The Ministry of Economy has started the pilot test of the state information system (GIS) “Establishment of rules”. It will help all interested departments to simultaneously work on draft regulations at once, Kommersant reports.