Finance Monthly. 7 The Mon t h l y Round -Up FTX FOUNDER HIT WITH NEW CHARGES According to figures released by Russia’s statistics agency, the country’s economy contracted by 2.1% in 2022, which was less than the initial prediction of a 12% fall, despite the invasion of Ukraine. While some have raised questions about the accuracy of the data, RUSSIA’S ECONOMY SHRINKS BY 2.1% many observers have been surprised at the economy’s resilience, which has been supported by high oil prices and military spending. Although hundreds of Western firms withdrew from Russia after the invasion, the country was still able to export energy for most of last year, Sam Bankman-Fried, the former CEO of the now-collapsed cryptocurrency exchange FTX, is facing four new criminal charges. He’s accused of conspiring to commit bank fraud and make illegal political donations. Previously, Mr Bankman-Fried pleaded not guilty to charges of defrauding customers and investors. With the new charges, he now faces a total of 12 criminal charges and could face more than 100 years in prison if convicted. Prosecutors claim that he conspired with two other former FTX executives to donate tens of millions of dollars to influence US politicians to pass laws favourable to the company. Allegedly, these donations were made through “straw” donors or with corporate funds, allowing Mr Bankman-Fried to evade contribution limits. His Alameda Research hedge fund and FTX customer funds were used to fund many of these donations. Judge Lewis Kaplan has set a trial date of 2 October. A spokesman for Bankman-Fried declined to comment on the charges. and rising global prices for oil, gas, and other exports helped to boost the economy. Agriculture, construction, and hospitality all saw growth, while manufacturing and retail trade declined. Local entrepreneurs also stepped in to fill the gap left by departing Western companies, as exemplified by the rebranding of McDonald’s restaurants. Additionally, the production of equipment for the military helped keep factories busy, and military security and public administration expanded by 4.1% last year.
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