NEWSWATCH: “Russia has not touched its reserves funds this year, but it will. Russia’s gross international reserves have been growing.” – Intellinews/ Ben Aris

Diverse Paper Currency, Coins, Line Graph

“Thanks to higher than expected oil prices Russia has not had to touch its rainy day reserves funds so far this year to prop up budget spending. But the ministry of finance says it will have to dip into them in the second half of this year and expects to at least exhaust the $16.5bn National Reserve Fund. …” Click […]

» Read more

Fiscal rule already essentially in effect, might be formally introduced in 2018 – Belousov

Oil Well file photo

MOSCOW. April 17 (Interfax) – The new fiscal rule that restricts Russian budget spending of additional oil and gas revenue is essentially already in effect, and it might be formally introduced in 2018, Kremlin aide Andrei Belousov said. “The fiscal rule comes down to cutting off the level of spending at an oil price of $40 per barrel. We negotiated […]

» Read more

Fixing Russia’s Growth for Economists Takes One Ruble at a Time

Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – Olga Tanas, Andre Tartar – April 9, 2017) The ruble’s “serious weakening,” as forecast by Russia’s Economy Ministry, may be seriously good for growth. While the authorities in Russia have wavered this year over the benefits and disadvantages to the economy of a strong exchange rate, analysts are coming down on the side of depreciation. A […]

» Read more

Half of Russia Still in Crisis Prepares for Worse to Come

Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – Olga Tanas – February 20, 2017) The half of Russia’s economy that hasn’t got wind of a recovery is already hunkering down for the crisis to come. Once indispensable for the country’s prospects, consumption flat-lined well below zero throughout last year even as the broader economy defied gloom. From the ruble to industrial output and wages, […]

» Read more

NEWSWATCH: “Rouble’s revival gives Russia an unexpected headache” – AFP

Diverse Paper Currency, Coins, Line Graph

It was a step that seemed unimaginable a year ago: the Russian authorities stepping in to stop the country’s currency from getting too strong. … The finance ministry said Putin himself had decided that the surplus oil revenue would not be used for ‘additional spending’ but would go towards buying foreign currencies to bolster the country’s depleted reserve funds. … […]

» Read more

De-dollarization of economy, banking system proceeding at full speed, to continue – Central Bank

Diverse Paper Currency, Coins, Line Graph

MOSCOW. Jan 24 (Interfax) – De-dollarization of the #Russian economy and #banking system is proceeding at full speed given the preferences of the public and companies and this process will continue, the head of the Central Bank of #Russia’s research and forecasting department Alexander #Morozov said at a roundtable in the State #Duma. “De-dollarization in the economy is proceeding at […]

» Read more

Russia Locks In on What’s Wrong With Ruble During Oil Frenzy

Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – Anna Andrianova – January 23, 2017) Untethering the #ruble helped #Russia ride out the biggest #oil downturn in a generation. But it’s left the world’s biggest energy exporter vulnerable to greater volatility in crude prices as #OPEC pushes output cuts. To address that, the Bank of Russia is preparing to wade back into the currency market […]

» Read more

Dollar Falls to Under 60 Rubles for the First Time Since July 2015

Diverse Paper Currency, Coins, Line Graph

(Moscow Times – themoscowtimes.com – January 5, 2017) As most Russians enjoy a week-long holiday vacation, the country’s ailing currency is also having a happy new year. Today, during trading on the Moscow Stock Exchange, the U.S. Dollar’s value fell to less than 60 rubles for the first time since 2015, the RBC newspaper reported. At 2:19 p.m. Moscow time, […]

» Read more

Cheapest Labor Since Tsars Ruled Russia a Draw for Samsung, Ikea

Truck at Russian Border Crossing

(Bloomberg – bloomberg.com – Olga Tanas, Ilya Khrennikov – November 16, 2016) Made in Russia and coming soon to a store shelf near you: washing machines, chewing gum and possibly much else. A combination of the country’s worst currency crisis since 1998 and an unprecedented slide in real wages for most of the past two years has resulted in salaries […]

» Read more

NEWSLINK Business New Europe: “Russian Markets Hit Record High On Trump Optimism”

Diverse Paper Currency, Coins, Line Graph

“Russia’s ruble denominated Moscow Interbank Currency Exchange (MICEX) index set a new all time high of 2061.68 on November 10 on the bounce back that followed the election of Donald Trump as US president. Trump is seen as good news for Russia that is fuelling hopes of a de-escalation in tensions between the countries. The previous MICEX high was set […]

» Read more

Russia’s Economy at Risk of Delayed Recovery After Crimea Flareup

Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – Andre Tartar, Anna Andrianova – August 28, 2016) The recent flare up over Crimea may have just delayed Russia’s economic recovery. After President Vladimir Putin accused Ukraine of plotting terrorist attacks on the Black Sea peninsula this month, the chance that Western countries will scrap economic sanctions against Russia has declined, according to a Bloomberg survey […]

» Read more

Ukraine’s Economy Plummeted By Nearly 10 Percent In 2015

Map of Ukraine, Including Crimea, and Neighbors, Including Russia

(RFE/RL – rferl.org – March 22, 2016) Ukraine’s battered economy shrank by 9.9 percent in 2015 due to implosions in the financial sector and consumer demand, the state statistics service reported on March 21. The stunning fall last year followed a drop of nearly 7 percent in 2014, the year Russia annexed Crimea and Ukraine’s war with Russia-backed separatists broke […]

» Read more

As Ruble Nosedives, Russians Are Priced Out Of Live-Saving Western Treatment

Medical Symbol with Pole, Serpents, Wings, adapted from image at lanl.gov

(RFE/RL – rferl.org – Claire Bigg – February 1, 2016) As the ruble continues its catastrophic tumble, hitting another historic low last month, the pain is being felt keenly across Russia. Among those worst hit are patients in need of urgent surgery abroad or other life-saving treatment billed in foreign currencies. “It all started with a bad cough and a […]

» Read more

RBTH: Investors could benefit from Russia’s economic turmoil

File Photo of Outdoor Electronic Sign with Russian Exchange Data

As the Russian economy hits hard times, with business incomes falling, government spending facing cuts and the ruble losing value, RBTH spoke to Sergei Katyrin, president of Russia’s Chamber of Commerce and Industry, to find out how foreign companies are enduring the current “perfect storm” for business. (Russia Beyond the Headlines – rbth.ru – ILYA KROL, RBTH – January 28, […]

» Read more

Facing Oil Price Plunge, Russia Considers Fire Sale of State Companies

Diverse Paper Currency, Coins, Line Graph

(Moscow Times – themoscowtimes.com – Peter Hobson – January 22, 2016) Russian officials are touting a new wave of privatization to fill the hole in the government’s finances caused by the slumping oil price. With the cost of crude falling toward $30 per barrel early in the year, Finance Minister Anton Siluanov announced that 1 trillion rubles ($12.5 billion) could […]

» Read more

Russian Ruble Crashes to 77 Per Dollar Amid Oil Price Slump

Diverse Paper Currency, Coins, Line Graph

(Moscow Times – themoscowtimes.com – January 13, 2016) The Russian ruble fell to 77 against the U.S. dollar on Tuesday for the first time since December 2014 as global prices for oil continue to slide, the RIA Novosti news agency reported. As of Tuesday morning, the Russian currency had slipped to 77.01 against the U.S. dollar and 83.80 against the […]

» Read more

Russian Economy Killers: Oil and Sanctions

Diverse Paper Currency, Coins, Line Graph

(Voice of America – Bernard Shusman – January 6, 2016) Russian President Vladimir Putin gets a bad report card, even a failing grade, for his handling of the economic crisis in his country, according to 27 percent of analysts who participated in a major survey conducted by Bloomberg Business. These are hard times in Russia, with the collapse in oil […]

» Read more

Eight Shades of Crisis – Russia’s Year of Economic Nightmares

Diverse Paper Currency, Coins, Line Graph

(Moscow Times – themoscowtimes.com – Peter Hobson – December 26, 2015) [Charts here themoscowtimes.com/business/article/8-shades-of-crisis—russias-year-of-economic-nightmares/553703.html] Imagine Russia as a combustion engine. Oil and gas pumped from its vast territories wash through the economy as taxes, government spending and investment. Foreign currency from oil and gas sales is used to fund imported equipment and products on shop shelves. Cash from the energy […]

» Read more

RBTH: Ruble rollercoaster: How Russia was shortchanged in 2015

Diverse Paper Currency, Coins, Line Graph

National currency lost half its value in the space of a year (Russia Beyond the Headlines – rbth.ru – ANNA KUCHMA, RBTH – December 23, 2015) The ruble has lost half its value in a span of just over a year. Since November 2014, foreign exchange value has been unregulated by the Russian Central Bank. Experts are divided in their […]

» Read more

NEWSWATCH Moscow Times/Sergei Alexashenko: “Russia’s Economy Slows Amid Investment Woes”

Diverse Paper Currency, Coins, Line Graph

Writing in The Moscow Times, Sergei Alexashenko assesses trends in the Russian economy and some of the factors impacting them. Russia’s economy is faring poorly …. Gross domestic product has swung back to a level last seen in the first of 2008 and the economy has essentially stagnated over the last seven years. * * * The situation in Russia is not […]

» Read more

NEWSWATCH CNN: “Russia’s middle class: We don’t blame Putin.”

Diverse Paper Currency, Coins, Line Graph

CNN reports on Russian President Vladimir Putin’s political standing and the reaction by the Russian citizenry to the impact of sanctions, embargoes and economic downturn. Russia’s middle class has had a tough time recently, but they aren’t blaming … Putin for it. [In addition to restrictions on certain travel and imports] … The ruble has lost more than half its […]

» Read more

Ruble Sinks to New Lows As Oil Prices Plummet

Diverse Paper Currency, Coins, Line Graph

(Moscow Times – themoscowtimes.com – December 8, 2015) The Russian ruble has continued its slide to dramatic lows, falling to 69 against the U.S. dollar on Monday for the first time since September, according to news reports. The euro, too, reached a two-month high, climbing to 75 rubles on Monday evening, with Russian analysts linking the ruble’s downward spiral to […]

» Read more

How the Unshackled Ruble Has Changed Russia’s Economy Forever; The weaker currency has hit consumers hard but helped oil producers

Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – Anna Andrianova, Andre Tartar – November 9, 2015) [Charts here http://www.bloomberg.com/news/articles/2015-11-10/how-the-unshackled-ruble-has-changed-russia-s-economy-forever] Today marks the one-year anniversary of the freeing of the ruble for the first time in its post-Soviet history. In five charts, we show how the central bank’s decision to stop depleting international reserves to prop up the currency has upended every facet of the […]

» Read more

Russian ruble tumbles as oil prices tank

Diverse Paper Currency, Coins, Line Graph

(Business New Europe – bne.eu – MOSCOW BLOG: Ben Aris in Moscow – August 20, 2015) Russia’s ruble tumbled to a six-month low of RUB67 to the dollar and RUB75 to the euro on Thursday, as oil prices dropped yet again to $47 a barrel. The fall in the ruble adds to the turmoil in emerging markets over the past […]

» Read more

NEWSWATCH Moscow Times/Chris Weafer: No End in Sight to the Ruble’s Downward Slide

Diverse Paper Currency, Coins, Line Graph

Writing in The Moscow Times, Chris Weafer considers trends in the Russian economy, with a focus on the ruble. … More than anything else the ruble is very much like the single bolt which holds a hang-glider together. If it breaks then the glider will fall to earth and the pilot very likely killed. * * * The reason why the ruble has that critical role is because, […]

» Read more

NEWSWATCH Wall Street Journal: Russians Seek to Soften Impact of Ruble Depreciation. Businesses look for new ways to hedge against further currency volatility.

Diverse Paper Currency, Coins, Line Graph

The Wall Street Journal covers Russian vulnerability to currency volatility. Under Russian President Vladimir Putin, currency volatility once seemed consigned to the past. Before Russia’s annexation of Crimea last year, the ruble had kept an average range of between 25 and 35 to the dollar for several years. Now the exchange rate hovers around 66 to the dollar. * * […]

» Read more

Ruble Fall Stokes Russian Holidaymaker Woes

Diverse Paper Currency, Coins, Line Graph

(Moscow Times – themoscowtimes.com – Howard Amos – July 30, 2015) Alexandra Khomenok booked a European holiday earlier this month, but her plans hit a stumbling block this week as the ruble took an abrupt plunge, scraping four-month lows. While the 27-year-old PR manager has already bought tickets for herself and her husband to fly to Italy in September, they […]

» Read more

Ruble’s Top Forecaster Sees Deeper Rout as Companies Repay Debt

Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – Ksenia Galouchko – July 2, 2015) Sanctions are once again catching up on the ruble. While still the best performer in the world this year, no emerging-market currency has fallen more in the past month as the effect of rebounding oil prices faded. Approaching foreign-debt payments and a shrinking economy probably mean it has a further […]

» Read more

Russia Embraces Yuan in Move Against U.S. Dollar Hegemony

Map of China and Environs, adapted from archived cia.gov image

(Moscow Times – themoscowtimes.com – Peter Hobson – June 16, 2015) Russian financial authorities, energy companies and state-controlled banks are stepping up their use of China’s yuan currency as Western sanctions spur diversification away from the U.S. dollar. In recent weeks, major Russian institutions have lined up to announce moves to use the yuan, which will likely emerge as the […]

» Read more

NEWSLINK Brookings Institution: The ruble currency storm is over, but is the Russian economy ready for the next one?

Diverse Paper Currency, Coins, Line Graph

Recent data show the Russian economy contracted 1.9 percent in the first quarter of 2015. In this article, Sergey Aleksashenko delves into the events that led to the downturn, and what we can expect for the rest of 2015.

» Read more

NEWSWATCH Wall Street Journal: The Putin Recession; Russia’s economy keeps shrinking, but the West won’t take advantage

Diverse Paper Currency, Coins, Line Graph

The Wall Street Journal editors address Russia’s economic crisis and the West’s apparent unwillingness to step up economic pressure. The Russian recession is expected to continue unfolding. An oddity of recent weeks has been the attempt to argue that Russia’s economy isn’t as awful as it looks. Then along comes Friday’s report that GDP fell 1.9% year-on-year in the first […]

» Read more

What next for Russia’s economy and the ruble?

Diverse Paper Currency, Coins, Line Graph

(Business New Europe – bne.eu – Chris Weafer in Moscow, Senior Partner at Macro Advisory, which offers bespoke Russia-CIS consulting – May 19, 2015) If you left Russia for the last New Year holiday and did not return until the recent May holidays, and did not follow the news from or about Russia in the meantime, you would certainly be […]

» Read more

Russia’s Richest Billionaire: Impact of Sanctions Is Waning

Cash, Calculator, Pen

(Bloomberg – bloomberg.com – Ryan Chilcote, Yuliya Fedorinova – May 18, 2015) Russia’s richest man said international investors are coming back to the country and the impact of sanctions has peaked. “Now it’s getting clear that the situation is more politically stable or predictable,” Vladimir Potanin, who heads Russia’s biggest miner, OAO GMK Norilsk Nickel, said in an interview with […]

» Read more

As Inflation Soars, One in Five Russians Can Only Afford Bare Necessities

File Photo of Older Russian Woman Shopping in Grocery Store

(Moscow Times – themoscowtimes.com – Delphine d’Amora – May 15, 2015) Many Russians flocked to stores late last year as the ruble plummeted against the euro and dollar, eager to get the most out of their savings before the prices of imported goods rose. Nearly 20 percent of Russians can now afford nothing more than the absolute necessities as double-digit […]

» Read more

Currency Crisis Leaves Russian Scientists With No Funds for Foreign Journal Subscriptions

Artist's Conception of Nanotechnology Components

(Moscow Times – themoscowtimes.com – Gabrielle Tétrault-Farber – May 13, 2015) After scientists across Russia lost access to thousands of academic journals on Tuesday due to the ruble’s sharp devaluation, Education Minister Dmitry Livanov vowed to restore access to academic publishing giant Springer, Russian media reported. Universities and research institutions across the country lost access to Springer due to a […]

» Read more

Strengthening of ruble due to growth of oil prices over – Yudayeva

Oil Wells File Photo

MOSCOW. April 22 (Interfax) – The strengthening of the ruble due to growth in prices for oil has ended, First Deputy Central Bank Governor Ksenia Yudayeva told journalists at the Forum for Financial Stability on Wednesday. “The strengthening of the ruble has ended, it has partially ended, what we saw was connected with the sharp movement upwards in prices for […]

» Read more

Russian Global Trade Plummets as Economic Crisis Deepens

Mercator Projection Satellite Image of Earth

(Moscow Times – themoscowtimes.com – Peter Hobson – April 21, 2015) Russia’s trade turnover with the outside world plunged 30.1 percent year-on-year in the first two months of 2015 as oil price falls, currency devaluation and tit-for-tat sanctions shook the Russian economy. The value of Russia’s international trade fell to $83.3 billion over January and February, according to data published […]

» Read more

Ruble Rebound Slows Russia’s Rampant Food Price Inflation

Diverse Paper Currency, Coins, Line Graph

(Moscow Times – themoscowtimes.com – Delphine d’Amora – April 21, 2015) The ruble’s rapid recovery in recent weeks has seen prices on some foods fall, easing months of spiraling inflation and softening one of the most widely felt blows of Russia’s economic crisis. All major retailers contacted by The Moscow Times last week said that the ruble’s rebound of some […]

» Read more

Weak Russian Economic Data Blunt Putin’s Optimism

Diverse Paper Currency, Coins, Line Graph

(Moscow Times – themoscowtimes.com – Peter Hobson – April 20, 2015) The ruble slumped 4 percent and Moscow-listed stocks fell on Friday after official data showed that Russia’s economy contracted sharply in the first quarter of this year. The data, which showed a deep decline in real wages and consumer spending, came a day after President Vladimir Putin told Russians […]

» Read more

NEWSLINK CNBC: Russia has bigger concerns than oil, ruble: Deputy PM

Arkady Dvorkovich file photo

Faced with the triple whammy of plunging oil prices, currency volatility and Western sanctions, there’s no dearth of challenges for Russia’s ailing economy, but Deputy Prime Minister Arkady Dvorkovich said what hurts most is the scarcity of financing for new investments. “The shortness of financing for new investments is where the Russian economy is being hit in the most important […]

» Read more

Eastern Ukraine returns to the ruble

Map of Ukraine, Including Crimea, and Neighbors, Including Russia

(Business New Europe – bne.eu – Graham Stack in Kyiv, Mari Bastashevski in Donetsk – April 15, 2015) The Russian ruble is gaining ground against the hryvnia across rebel-held parts of East Ukraine’s Donbas region, 19 years after Kyiv introduced the national currency to end the country’s membership of the ruble zone. As Eastern Ukraine heads towards becoming a frozen […]

» Read more

Russia Sees Further Drop in Capital Outflows as Economy Adjusts

Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – Olga Tanas, Anna Andrianova – April 14, 2015) Russian capital outflows will slow further as bonds and the ruble stage a comeback following a sell-off last year, Finance Minister Anton Siluanov said. Net outflows will slow to $15 billion in the second quarter after a “sharp decline” in the previous three months, bringing the total for […]

» Read more
1 2 3