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to create an ecosystem of software products and services, including a digital system for making payments in national currencies. This multifunctional system provides international payments, multi-currency transactions, user identification and digital currency storage. Blockchain technology in combination with certified methods for cryptographic protection of information provides a high level of reliability,” Rostec claims. “This blockchain-based digital payment system can be used as a full-fledged replacement for SWIFT. It provides high speed, security and irrevocability of transactions. The system will allow switching to settlements in national currencies, eliminate the risk of sanctions and ensure the independence of national financial policy for clearing participants,” stated Rostec Executive Director Oleg Yevtushenko. The platform provides up to 100,000 transactions per second, as well as storage and transmission of large multimedia files in a secure format in accordance with Russia’s legal requirements, says Rostec. Rostec believes independent software developers, system integrators, large companies, as well as authorities, financial institutions and banks could use the system. A data storage system, a blockchain platform for creating web applications protected from hacking and DDOS attacks, a digital passport service, a digital housing and communal services system and other solutions are also being developed, said Rostec.
US telecoms equipment maker Cisco will end operations in Russia and Belarus in response to the war in Ukraine, the company told Reuters on June 23. The company had initially suspended its operations in Russia, including sales and services, in March after the Kremlin ordered troops into neighbouring Ukraine.
Russian courts have fined Apple 2 million rubles ($34,000) for failing to store Russian citizens’ data on Russia-based servers. Apple opened a Russia-based office in February to comply with new laws requiring local operations for foreign tech firms, but severely limited their services after the invasion of Ukraine. Russia has also fined Zoom, Airbnb, Twitch, and Pinterest for failing to localize user data.
9.2.10 Utilities & Renewables corporate news
Unipro published 2Q/1H22 production data that implies steep recovery in Berezovskaya GRES (Siberia) output. In 2Q22, production returned to pre- pandemic levels of 11.8bn kWh (after sluggish 2020-21), 1Q22 was equally strong.
● In 2Q22, power production was up 20% y/y thanks to a pickup in Berezovskaya and Surgutskaya GRES-2 output. We link the Berezovskaya boost to low hydrology at Siberian HPPs and a launch of 800MW new unit last year.
● Strong power production together with high spot prices should translate into better earnings for Unipro, hence we expect results to be
152 RUSSIA Country Report October 2020 www.intellinews.com