Netflix suspends projects and acquisitions in Russia

Netflix will halt all future projects and acquisitions in Russia due to the country’s invasion of Ukraine, Reuters reported on Wednesday (March 2).

The streaming giant previously had four Russian-language series in production and post-production. One of them was the crime drama “Zato”.

Russia has faced a backlash in the film and TV industry, with the Cannes film festival saying it would ban official Russian delegations from its 2022 festival unless the conflict in Ukraine subsides. end.

Netflix also said that under the circumstances it would not add Russian public channels to the service in that country. And this in spite of the regulation which would oblige it to distribute these chains.

Read more: Central Bank of Russia plans daily auction as financial crisis tightens

Sanctions have been hitting Russia from all angles for a week after the invasion of Ukraine, with PYMNTS writing that the country’s central bank intends to hold daily seizure and deposit auctions of 3 trillion rubles , to help lending institutions across the country “manage their liquidity and keep overnight money market rates close to its policy rate.

The auctions will take place from Thursday (March 3), and will take place every day of the week.

Additionally, Ukraine claims that its own banking system is functioning well throughout the country, with non-cash transfers still functioning.

Read more: China will refrain from sanctions against Russia, says regulator

PYMNTS wrote that China opposes sanctions against Russia and does not plan to join the West in imposing sanctions.

Guo Shuqing, the head of China’s banking and insurance regulator, said China “will not participate in such sanctions, and we will continue to maintain normal economic, trade and financial exchanges with relevant parties.”

Recent sanctions notably cut off Russian banks from the global financial messaging system SWIFT.

In a briefing, Guo said sanctions generally don’t have positive effects – and lack a legal basis.

Sanctions imposed by the United States and other countries pushed the ruble to historic lows – on Wednesday March 2 it was worth $0.0091.

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