Unlocking Funds, Fees for SWIFT Transfers: Top Business News 20 Jul

World

• The new EU sanctions list against Russia will include 55 people, French Foreign Minister Catherine Colonna said.
• The EU plans to allow sanctioned Russian banks to unfreeze funds needed for food and fertilizer trade: we are talking about VTB, Sovcombank, Novikombank, FC Otkritie, VEB, Promsvyazbank and Bank Rossiya

Russia

• The Ministry of Economic Development of the Russian Federation estimated the number of foreign investors who will take advantage of the Golden Visa program at 300-400 people in the first year, and their investments at 12 billion rubles. According to the agency, investors from the EAEU and CIS countries, the Middle East and Asia are showing interest in the program.

Finance

• The Bank of Russia proposed to increase the amount of assets needed to qualify as a qualified investor from 6 to 30 million rubles.

• The Central Bank relaxed foreign exchange restrictions. Non-resident banks of "unfriendly" countries were allowed to buy and sell foreign currency in Russia, but the ban on similar operations with the Russian ruble remained.

• The demand for microcredit increased by 40% in June compared to March. Loan demand will grow another 5-10% in the second half of August.
• One month after the start of trading in Hong Kong securities on the SPB Stock Exchange, eight brokers provided access to clients.
• From July 20, Gazprombank will introduce a commission for SWIFT transfers - 3% of the amount, but not less than 12 thousand rubles.

Business

• The court declared the former main shareholder of Otkritie Bank bankrupt. Otkritie Holding has unfulfilled obligations to creditors totaling more than 620 billion rubles; with such a significant amount of obligations, the court considered the bankruptcy case for the first time.

• Boeing has excluded the Russian market from its supply forecast for the next 20 years, until 2041. The concern previously planned to deliver 1,500 planes to Russia during this period.

• Apple imports electronic products to Russia every month. These devices will most likely not make it to store shelves as they are meant to be replacement devices under warranty.
• Netflix lost a million paid subscribers in the second quarter. The company's revenue for the reporting period exceeded $7.97 billion, and profit - $1.44 billion.
• MFC "Money Men" acquired a small regional bank "Gazneftbank". The agreement will allow the group to diversify its business by working in various niches.
• In recent months, 140 Finnish companies have reduced their business in Russia to one degree or another.

Services

• Roskomnadzor ordered search engines to label the Wikimedia Foundation (which owns Wikipedia) as violating Russian law for refusing to remove prohibited content.