Long-running legal action by Ukrainian state-owned energy company Naftogaz against Russia is illegitimate, the CEO of Russian energy giant Gazprom, Aleksey Miller, said on Thursday. In April, an arbitration tribunal at The Hague awarded Naftogaz $5 billion in compensation for damage and property loss in Crimea. Last month the firm said it had filed a…

A new securities depository exchange in the Persian Gulf could replace Euroclear and Clearstream, a top banker has said An international depository settlement hub should be created in the Persian Gulf to provide an alternative to EU securities transactions companies Euroclear and Clearstream, the CEO of Russia’s second-largest bank VTB, Andrey Kostin, said on Thursday.

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