News Snapshot:
Western sanctions imposed on Russia for invading Ukraine, which triggered a dive in the value of the rouble, are reverberating across China’s online cross-border merchant community, according to a local trade group. “The Russia and Ukraine markets have basically come to a standstill,” said Wang Xin, executive chairwoman of the Shenzhen Cross-Border E-Commerce Association. The abrupt halt in business for Shenzhen merchants came as major Russian banks were sanctioned by the US and European Union, while logistics operations have also been disrupted after many Western shipping and delivery firms suspended services to Russia. Russia isolated as FTSE Russell, MSCI eject...
