The EU and UK recently announced plans to ban all purchases of Russian oil by the end of the year in response to Russia’s military operation in Ukraine. Washington has already declared a complete ban on Russian oil. Moscow, meanwhile, has warned that cutting off its crude would lead to “catastrophic consequences for the global…

UniCredit and Citigroup are reportedly trying to avoid bulky write-downs related to quitting Russia over Ukraine In an attempt to escape hefty write-downs on operations in Russia due to their exit from the sanction-hit country, UniCredit and Citigroup are exploring the possibility of swapping assets with Russian banks, FT reports, citing people with knowledge of…

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