Russia was behind a cyber attack which caused chaos across Europe hours before it invaded Ukraine, British officials have confirmed. Kremlin cyber spies hacked a Viasat communication satellite intending to target the Ukrainian military but also knocking thousands of users offline including a wind farm in Germany. The attack was the first digital salvo fired…
A run of mild weather helped countries cut their reliance on Russian natural gas in April, with sales falling to the lowest in three months. Gazprom, the state-owned energy giant, exported an average of 387m cubic metres of gas a day over the month to countries outside the former Soviet Union, down 22pc from March.…
Zurich Insurance has removed its ‘Z’ logo from certain social media channels and is considering scrapping the icon entirely as the letter becomes a symbol for Kremlin support. The Swiss insurance giant, whose logo is a large white Z on a blue background, is removing the design from anywhere it could be “misinterpreted” after the…
Russia is facing effective bankruptcy as soon as Wednesday after the World Bank warned that crippling sanctions have left the Kremlin “mighty close” to a default on its foreign debts. Carmen Reinhart, chief economist at the World Bank, said that Russia and Belarus are now in “square default territory”, with payments on about $40bn of…
A string of major Western companies are boycotting Russia following Vladimir Putin’s invasion of Ukraine. But while some of the biggest names in business have announced they are pulling out, some have decided to remain. Brands staying in Russia: Ab InBev Stella Artois owner operating through local subsidiary Alphabet Google and YouTube parent has blocked…
Russia has suspended the sale of foreign currencies until September in a scramble to steady its economy, as rating agency Fitch indicated that a sovereign default is imminent. Citizens will not be able to buy foreign currencies in local banks but they will, however, be able to change them into the local ruble unit. Between…
BT has been forced to continue its relationship with Russia’s state-backed telecoms operator despite attempts to join a corporate boycott over the crisis in Ukraine. The British telecoms giant is understood to have explored whether it could sever ties with Rostelecom as part of backlash over Vladimir Putin’s invasion. However, BT has pulled back from…
Roman Abramovich has built up a global empire spanning businesses, luxury properties, artwork, cars, private jets and superyachts, alongside his investment in Chelsea Football Club. On Wednesday, Abramovich confirmed speculation that he plans to sell the Premier League club. The Russian oligarch, who has an estimated fortune of $13.5bn (£10bn), made most of his fortune…
