Economy

Travel spike causes mass delays at airport; situation likely to worsen over Passover
Economy, Lifestyle

Travel spike causes mass delays at airport; situation likely to worsen over Passover

Travelers at the Ben Gurion International Airport, on March 02, 2022. (Yossi Aloni/FLASH90) A bounce back after two years of travel restrictions brought on by the coronavirus pandemic has seen Ben Gurion Airport overwhelmed by the sheer volume of people flying abroad and record the highest daily number of passengers on Sunday since the start of the outbreak.Airlines are now advising passengers to arrive four hours before their flights in order to make it in time to board the plane, Channel 12 News reported.In some cases, passengers have recently waited over five hours to get to the plane, the [...]Continue reading on www.timesofisrael.com
Russia’s economy ‘in crisis’ as banks formally cut out of Swift
Economy, World news

Russia’s economy ‘in crisis’ as banks formally cut out of Swift

Sanctions are coming into force today, which have implications for the Russian economy, and could cause economic chaos. Institutions already scrambled to cut back dealings with Russian institutions, and Russia is now bracing for it. The Russian Federation will experience more economic instability as seven banks are restricted from Swift, an international banking system. These sanctions come into force today. Western institutions had already been scrambling to cut back dealings with Russian institutions following a wave of restrictions aimed at isolating Vladimir Putin’s regime and crippling the country’s economy over its invasion of Ukraine. What happened to the Russia economy and how are banks reacting Western institutions have already been trying to cut back dealing with Rus...
Oil Surges as U.S. Mulls Banning Russian Imports
Economy

Oil Surges as U.S. Mulls Banning Russian Imports

The U.S. House is exploring a bill that would ban the import of Russian oil and energy products, a move that could add to economic pressure as more companies pull out of the country in response to Moscow’s invasion of Ukraine. Oil soared to just shy of $140 a barrel after the White House said it was considering an embargo on Russian supplies. The Biden administration is mulling making the move on its own, if it can’t get its European allies on board initially, two people familiar with the matter said. Russia pledged to reopen humanitarian corridors for civilians to escape the fighting in several cities, after Ukrainian officials claimed invading forces had twice violated a cease-fire brokered to allow for safe passage. Click here to view original web page at www.bloomberg.com ...
U.S. Treasury Announces Unprecedented & Expansive Sanctions Against Russia, Imposing
Economy, Politics, World news

U.S. Treasury Announces Unprecedented & Expansive Sanctions Against Russia, Imposing

United States Acts in Tandem with Partners and Allies to Maximize Consequences for Russia, and in Show of Unity Against Invasion of a Sovereign State Top Ten Russian Financial Institutions Now Under U.S Restrictions; U.S. Ready to Impose Additional Major Costs WASHINGTON – The United States took significant and unprecedented action to respond to Russia’s further invasion of Ukraine by imposing severe economic costs that will have both immediate and long-term effects on the Russian economy and financial system. TheU.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today imposed expansive economic measures, in partnership with allies and partners, that target the core infrastructure of the Russian financial system — including all of Russia’s largest financial institu...