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New US sanctions rattle Russian stock market, ruble

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Moscow, April 9 (IANS) New US sanctions imposed on major Russian businesses and their owners sent Russian stocks and the ruble, the country’s currency, sharply down on Monday, exchange data showed.

Russia’s benchmark RTS stock index was down 11.33 per cent at 04:20 p.m. According to data from Moscow Exchange, the ruble was at 59.11 against the dollar, down from $57.88 on Friday, after several months of relative stability, Xinhua reported.

The US Treasury announced on Friday it had imposed new sanctions on 38 Russian individuals and entities, including seven business leaders and 17 senior officials, for their alleged “malign activity” around the world.

As a result of the punishment, all assets of the designated persons and entities that are subject to US jurisdiction are frozen, and US persons are generally prohibited from dealing with them.

One of the targets of the new round of US sanctions is Russia’s aluminum tycoon Oleg Deripaska and his Rusal company, the world’s major primary aluminum producer.

On Friday, Rusal issued a statement warning that the new sanctions may result in technical defaults, which pushed its stock down by nearly 50 per cent on the Hong Kong Stock Exchange on Monday. In Moscow its shares fell by more than 25 per cent by Monday afternoon.

Russian Prime Minister Dmitry Medvedev said at a meeting with his deputies on Monday that the new sanctions were aimed at “promoting American commercial interests around the world in defiance of the current trade rules, contrary to the established order”.

“Of course, these decisions are unacceptable, and we consider them illegitimate, since they are generally outside the domain of international law,” Medvedev said, according to an official transcript of his remarks.

He said Russia reserved the right to respond, “including within existing trade agreements and procedures.”

Medvedev also asked the government to work out proposals on providing support to companies affected by the sanctions, including those in the metals, energy and defense sectors, as well as efficient measures in response to the US move.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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