Russian President says Western sanctions cost Russia USD50bn

President Vladimir Putin (President of Russia, Public domain)

Croatia can join the Eurozone in 2024

Czech court rules compensation for owners of VW and Skoda cars

Russia

“The US and the European Union sanctions have cost Russia an estimated USD50bn since 2014,” Russian President Vladimir Putin pointed out during his annual televised Q&A session, claiming that the EU nations have suffered even greater damage because of the restrictions.

The Russian President said the sanctions have encouraged Moscow to launch its own production of ship engines and other key industrial products and develop its agricultural sector. He said Russia’s agricultural exports topped USD25bn last year and will keep growing.

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Croatia

Croatia’s Prime Minister Andrej Plenković met with the European Commissioner for Euro and Social Dialogue Valdis Dombrovskis to discuss Croatia’s preparations to enter the European Exchange Rate Mechanism (ERM II) and the Eurozone. “In 2020 Croatia will achieve entry to the ERM II, a waiting room for adopting EUR. Croatian citizens have already adopted EUR — they have long decided to keep most of their savings in the single currency,” Mr. Plenković said after the meeting.

According to Croatian media, the possible replacement of the national currency with the European currency in 2024 will coincide with the 30-year since the introduction of the Croatian Kuna (HRK).

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Czech Republic

A Prague district court has ruled that Czech owners of Skoda and Volkswagen cars qualify for CZK533m (EUR21m) of compensation linked to VW’s diesel emissions scandal. The suit was filed by Safe Diesel on behalf of 2,435 people. Safe Diesel was set up to take on the case for the claimants.

The decision, ordering Volkswagen to pay the full amount, is open to appeal but only on procedural grounds. Volkswagen said it would launch an appeal.

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What’s up in indexes

BET (of Bucharest) increased from 8592.35 index points Wednesday, June 19th to 8690.30 index points Thursday, June 20th. It’s up 0.98 per cent d/d and up 6.82 per cent y/y.

BUX (of Budapest) decreased from 40922.00 index points Wednesday, June 19th to 40775.00 index points Thursday, June 20th. It’s down 0.50 per cent d/d and up 15.2 per cent y/y.

OMXR (of Riga) increased from 1023.83 index points Wednesday, June 19th to 1025.14 index points Thursday, June 20th. It’s up 0.35 per cent d/d and down 2.35 per cent y/y.

OMXT (of Tallinn) increased from 1251.60 index points Wednesday, June 19th to 1262.29 index points Thursday, June 20th. It’s up 0.28 per cent d/d and down 0.30 per cent y/y.

OMXV (of Vilnius) decreased from 669.53 index points Wednesday, June 19th to 668.46 index points Thursday, June 20th. It’s down 0.31 per cent d/d and down 6.13 per cent y/y.

PX (of Prague) decreased from 1055.18 index points Wednesday, June 19th to 1054.01 index points Thursday, June 20th. It’s down 0.34 per cent d/d and down 1.50 per cent y/y.

RTS (of Moscow) increased from 1359.23 index points Wednesday, June 19th to 1391.21 index points Thursday, June 20th. It’s up 2.21 per cent d/d and up 24.3 per cent y/y.

SAX (of Bratislava) decreased from 346.72 index points Wednesday, June 19th to 345.27 index points Thursday, June 20th. It’s down 1.22 per cent d/d and up 5.74 per cent y/y.

SOFIX (of Sofia) decreased from 578.00 index points Wednesday, June 19th to 577.00 index points Thursday, June 20th. It’ down 0.51 per cent d/d and down 8.74 per cent y/y.

UX (of Kyiv) closed at 1609.77 index points Thursday, June 20th. It’s the same result as Wednesday’s. It’s 0 per cent change d/d and up 1.12 per cent y/y.

Thursday, June 20th was a non-trading day at Warsaw Stock Exchange. WIG20 (of Warsaw) closed at 2319.17 index points Wednesday, June 19th. It’s up 9.38 per cent y/y.

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