Russian attack submarines have conducted missions around the Irish Sea twice since the 2022 invasion of Ukraine, three people familiar with the matter said, an unprecedented move by the Kremlin that forced the UK military to take steps to protect British and Irish waters.
2 JULY 2024
By Bloomberg
Turkey, Romania and Bulgaria started a joint mine-hunting force in the Black Sea on Monday to increase shipping safety, particularly for Ukrainian grain exports.
UniCredit asked a top European court to assess the legality of some elements in a decision by its main regulator forcing the Italian lender to further reduce its presence in Russia.
Russia twice sent attack submarines towards Irish Sea
Russian attack submarines have conducted missions around the Irish Sea twice since the 2022 invasion of Ukraine, three people familiar with the matter said, an unprecedented move by the Kremlin that forced the UK military to take steps to protect British and Irish waters.
The first deployment of a Russian Kilo-class submarine close to the Irish Sea, which separates the island of Ireland from Great Britain, happened about 18 months ago, said the people, who asked not to be identified discussing private assessments. The second occurrence took place more recently. The extent of the submarine movements went beyond what UK officials had previously seen, they said.
Two of the people said US officials were aware of the submarines’ movements. The UK’s Ministry of Defence said it did not “comment on operations”. The US monitors Russian naval activity, a senior Biden administration official said. White House spokespeople declined to comment on the latest report, and Russia’s Defence Ministry didn’t immediately respond to a request for comment.
The Kilo-class submarine is a diesel-electric attack submarine capable of firing Russia’s Kalibr cruise missiles, as well as torpedoes and naval mines. Last month, Russian state media reported that Russian naval vessels, including the Yasen-class Kazan submarine, conducted simulated drills on the Atlantic Ocean ahead of a visit to Cuba.
The deployment of Russian submarines in waters surrounding Britain and western Ireland during the Ukraine war was already known, though it has not previously been reported that they travelled toward the Irish Sea. In 2023, Irish media reported that a British helicopter and warship “chased off” a Russian submarine outside Cork Harbour, in the southwest of Ireland, acting because the Irish military didn’t have the capabilities to counter underwater threats.
Read more: Russian warships hold drills in Atlantic ahead of visit to Cuba
And last month, the BBC reported that a Russian submarine had been spotted off the coast of Scotland. It then travelled to Cuba.
A spokesperson for Ireland’s Department of Defence said the agency did not comment on the operations of other countries’ armed forces. Without linking it to the reports about the Russian submarines, the spokesperson said air and naval assets were conducting “enhanced maritime patrolling” near offshore energy infrastructure in the Irish Sea.
Cork is also the landing point for an undersea cable, the EXA Atlantic, that also connects to Canada and the UK. The defence spokesperson said government agencies were also engaging with each other on the protection of the country’s data cables.
Russia’s deployment of submarines around the UK and Ireland could be an attempt to identify potential weaknesses in British and Irish Sea defences, or to try to intimidate the UK in response to its support for Ukraine, the people said.
It would be challenging for a Russian submarine to successfully navigate the Irish Sea in full without breaching international law, due to the complexity of claims to territorial waters, one of the people said. Submarines legally have to transit on the surface of territorial waters. The varying depths of the Irish Sea would make it difficult for a Russian vessel to travel in the waters submerged, the person said.
The US Naval Institute describes the Kilo programme as “one of the most successful naval programs in modern history..” More than 60 Kilo-class submarines remain in service, according to the institute. They have been used in the Black Sea to attack targets in Ukraine.
Black Sea mine operation begins in bid to help Ukraine exports
Turkey, Romania and Bulgaria started a joint mine-hunting force in the Black Sea on Monday to increase shipping safety, particularly for Ukrainian grain exports.
The Istanbul-led initiative, the first major joint action of Black Sea nations since Russia invaded Ukraine in February 2022, is aimed at defusing mines drifting into specific areas of the Black Sea as a result of the war.
Russia and Ukraine are key producers of grain, and the war has threatened the safe passage of shipments. Kyiv launched its own Black Sea export route last year after the collapse of a safe corridor deal backed by Russia, Turkey and the United Nations. That has successfully boosted exports and helped the economy grow faster than forecast but the route remains risky.
Last year, a Russian missile strike near the key Ukrainian port of Odesa hit a commercial ship, killing a pilot and injuring others. A ship hired by agricultural giant Cargill Inc. was also damaged by an explosion while sailing from a Ukrainian port in the Black Sea in November.
Ukraine said in March that exports from its Black Sea ports had almost returned to pre-war volumes, after repeated attacks and disruptions since Russia’s full-scale invasion. Still, ports around Odesa face frequent strikes from Russia that continue to interrupt activity.
Ukraine has exported 37.4 million tonnes of agrarian products from Odesa, Chornomorsk and Pivdennyi since the opening of the marine corridor in August 2023, the Ukrainian Infrastructure Ministry said on its website last week.
Turkey, Romania and Bulgaria are all part of Nato, yet their shipping force is being handled outside of Nato, in part to avoid escalating tensions with Russia.
UniCredit asks court for clarity as ECB orders Russia cuts
UniCredit asked a top European court to assess the legality of some elements in a decision by its main regulator forcing the Italian lender to further reduce its presence in Russia.
UniCredit has applied to the General Court of the European Union for “definitive legal clarification” of obligations set by the European Central Bank (ECB) for winding down its Moscow-based division, according to an e-mailed statement on Monday.
UniCredit said while it is aligned with the ECB on the need to shrink its Russian business, it has concerns about the terms of the reduction. While its application is being heard, which could take several months, the Italian lender has asked for an interim suspension of a related ECB decision.
UniCredit’s request comes after the ECB this year raised the pressure on several European banks with sizeable business in Russia to pull back from the country. Austrian lender Raiffeisen Bank International said in April that the ECB was set to order a 65% reduction in its Russian loan book, far more than what it had planned. UniCredit received a similar communication, though it hasn’t said what the targets were.
Russian authorities, meanwhile, have made it difficult for international firms to withdraw from the market, putting lenders in a bind. Given the complexities and the lack of a harmonised regulatory framework, UniCredit said it had concerns that the implementation of some of terms requested by the ECB could have “serious unintended consequences” that would affect the whole bank.
The application to the General Court was made “in full knowledge of the ECB,” UniCredit said.
A spokesperson for the ECB declined to comment.
UniCredit operates in Russia through a subsidiary with some 3,100 employees and more than 50 branches. Since the beginning of Russia’s war against Ukraine, the Milan-based lender put aside funds against defaults in Russia and wrote down the value of its business there.
Chief Executive Officer Andrea Orcel has so far eschewed the kind of full-scale exit from Russia conducted by Societe Generale. The lender is proceeding with a plan to cut the Russian cross-border exposure to zero by the end of next year. DM
Turkey, Romania and Bulgaria started a joint mine-hunting force in the Black Sea on Monday to increase shipping safety, particularly for Ukrainian grain exports.
UniCredit asked a top European court to assess the legality of some elements in a decision by its main regulator forcing the Italian lender to further reduce its presence in Russia.
Russia twice sent attack submarines towards Irish Sea
Russian attack submarines have conducted missions around the Irish Sea twice since the 2022 invasion of Ukraine, three people familiar with the matter said, an unprecedented move by the Kremlin that forced the UK military to take steps to protect British and Irish waters.
The first deployment of a Russian Kilo-class submarine close to the Irish Sea, which separates the island of Ireland from Great Britain, happened about 18 months ago, said the people, who asked not to be identified discussing private assessments. The second occurrence took place more recently. The extent of the submarine movements went beyond what UK officials had previously seen, they said.
Two of the people said US officials were aware of the submarines’ movements. The UK’s Ministry of Defence said it did not “comment on operations”. The US monitors Russian naval activity, a senior Biden administration official said. White House spokespeople declined to comment on the latest report, and Russia’s Defence Ministry didn’t immediately respond to a request for comment.
The Kilo-class submarine is a diesel-electric attack submarine capable of firing Russia’s Kalibr cruise missiles, as well as torpedoes and naval mines. Last month, Russian state media reported that Russian naval vessels, including the Yasen-class Kazan submarine, conducted simulated drills on the Atlantic Ocean ahead of a visit to Cuba.
The deployment of Russian submarines in waters surrounding Britain and western Ireland during the Ukraine war was already known, though it has not previously been reported that they travelled toward the Irish Sea. In 2023, Irish media reported that a British helicopter and warship “chased off” a Russian submarine outside Cork Harbour, in the southwest of Ireland, acting because the Irish military didn’t have the capabilities to counter underwater threats.
Read more: Russian warships hold drills in Atlantic ahead of visit to Cuba
And last month, the BBC reported that a Russian submarine had been spotted off the coast of Scotland. It then travelled to Cuba.
A spokesperson for Ireland’s Department of Defence said the agency did not comment on the operations of other countries’ armed forces. Without linking it to the reports about the Russian submarines, the spokesperson said air and naval assets were conducting “enhanced maritime patrolling” near offshore energy infrastructure in the Irish Sea.
Cork is also the landing point for an undersea cable, the EXA Atlantic, that also connects to Canada and the UK. The defence spokesperson said government agencies were also engaging with each other on the protection of the country’s data cables.
Russia’s deployment of submarines around the UK and Ireland could be an attempt to identify potential weaknesses in British and Irish Sea defences, or to try to intimidate the UK in response to its support for Ukraine, the people said.
It would be challenging for a Russian submarine to successfully navigate the Irish Sea in full without breaching international law, due to the complexity of claims to territorial waters, one of the people said. Submarines legally have to transit on the surface of territorial waters. The varying depths of the Irish Sea would make it difficult for a Russian vessel to travel in the waters submerged, the person said.
The US Naval Institute describes the Kilo programme as “one of the most successful naval programs in modern history..” More than 60 Kilo-class submarines remain in service, according to the institute. They have been used in the Black Sea to attack targets in Ukraine.
Black Sea mine operation begins in bid to help Ukraine exports
Turkey, Romania and Bulgaria started a joint mine-hunting force in the Black Sea on Monday to increase shipping safety, particularly for Ukrainian grain exports.
The Istanbul-led initiative, the first major joint action of Black Sea nations since Russia invaded Ukraine in February 2022, is aimed at defusing mines drifting into specific areas of the Black Sea as a result of the war.
Russia and Ukraine are key producers of grain, and the war has threatened the safe passage of shipments. Kyiv launched its own Black Sea export route last year after the collapse of a safe corridor deal backed by Russia, Turkey and the United Nations. That has successfully boosted exports and helped the economy grow faster than forecast but the route remains risky.
Last year, a Russian missile strike near the key Ukrainian port of Odesa hit a commercial ship, killing a pilot and injuring others. A ship hired by agricultural giant Cargill Inc. was also damaged by an explosion while sailing from a Ukrainian port in the Black Sea in November.
Ukraine said in March that exports from its Black Sea ports had almost returned to pre-war volumes, after repeated attacks and disruptions since Russia’s full-scale invasion. Still, ports around Odesa face frequent strikes from Russia that continue to interrupt activity.
Ukraine has exported 37.4 million tonnes of agrarian products from Odesa, Chornomorsk and Pivdennyi since the opening of the marine corridor in August 2023, the Ukrainian Infrastructure Ministry said on its website last week.
Turkey, Romania and Bulgaria are all part of Nato, yet their shipping force is being handled outside of Nato, in part to avoid escalating tensions with Russia.
UniCredit asks court for clarity as ECB orders Russia cuts
UniCredit asked a top European court to assess the legality of some elements in a decision by its main regulator forcing the Italian lender to further reduce its presence in Russia.
UniCredit has applied to the General Court of the European Union for “definitive legal clarification” of obligations set by the European Central Bank (ECB) for winding down its Moscow-based division, according to an e-mailed statement on Monday.
UniCredit said while it is aligned with the ECB on the need to shrink its Russian business, it has concerns about the terms of the reduction. While its application is being heard, which could take several months, the Italian lender has asked for an interim suspension of a related ECB decision.
UniCredit’s request comes after the ECB this year raised the pressure on several European banks with sizeable business in Russia to pull back from the country. Austrian lender Raiffeisen Bank International said in April that the ECB was set to order a 65% reduction in its Russian loan book, far more than what it had planned. UniCredit received a similar communication, though it hasn’t said what the targets were.
Russian authorities, meanwhile, have made it difficult for international firms to withdraw from the market, putting lenders in a bind. Given the complexities and the lack of a harmonised regulatory framework, UniCredit said it had concerns that the implementation of some of terms requested by the ECB could have “serious unintended consequences” that would affect the whole bank.
The application to the General Court was made “in full knowledge of the ECB,” UniCredit said.
A spokesperson for the ECB declined to comment.
UniCredit operates in Russia through a subsidiary with some 3,100 employees and more than 50 branches. Since the beginning of Russia’s war against Ukraine, the Milan-based lender put aside funds against defaults in Russia and wrote down the value of its business there.
Chief Executive Officer Andrea Orcel has so far eschewed the kind of full-scale exit from Russia conducted by Societe Generale. The lender is proceeding with a plan to cut the Russian cross-border exposure to zero by the end of next year. DM
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