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Tag Archive for Economy

Interfax: State obligation is to defend business from illegitimate actions of foreign countries, companies – Medvedev

File Photo of Dmitry Medvedev Before Gold Flag with Elaborate Design

GORKI. Sept 9 (Interfax) – The state will continue to provide support to Russian business amid the Western sanctions, Russian Prime Minister Dmitry Medvedev said during a meeting with NOVATEK (MOEX: NVTK) CEO Leonid Mikhelson. “You can have no doubt that in the face of such unfair actions the state has always supported and will

Consumers Stay Away From Moscow’s Malls as Sanctions Deepen Russia’s Slump

File Photo of Cash, Coins, Line Graph

(Moscow Times – themoscowtimes.com – September 9, 2014) Nearly 25 percent fewer people visited Moscow’s malls in the week leading up the start of the school year than in the same period of 2013, a survey said, indicating that Western sanctions and an economic slowdown are hitting Russian consumer demand. A report by consumer market

Interfax: Russia dramatically reduces imports of sanctioned products from non-CIS in August

Truck at Russian Border Crossing

MOSCOW. Sept 9 (Interfax) – Russia dramatically reduced imports of products that are under the food embargo in August compared with July. The food embargo was imposed on August 7, 2014. According to the Federal Customs Service (FCS), vegetable, dairy, poultry and pork supplies declined the most dramatically. So, in August the cost of imports

Interfax: Rosstat affirms 0.8% Q2 Russian GDP growth estimate

File Photo of Cash, Coins, Line Graph

MOSCOW. Sept 8 (Interfax) – The Federal State Statistics Service (Rosstat) has affirmed its preliminary estimate of 0.8% year-on-year GDP growth for the second quarter of 2014, the agency said. GDP was 17.697 trillion rubles in current prices in Q2. Rosstat published its preliminary estimate for Q2 in the middle of August. The Russian Economic

Interfax: Russian economy to grow 0.5 percent this year, possibly more, says Medvedev

File Photo of Cash, Coins, Line Graph

(Interfax – September 8, 2014) The Russian economy is projected to grow 0.5 percent this year, and while this is not a very good figure, the situation in other countries does not differ much from Russia, Russian Prime Minister Dmitry Medvedev said in an interview with Russian newspaper Vedomosti. “We have focused on significantly higher

RIA Novosti: Medvedev: Russia to Stick to Current Development Course Despite External Disturbances

Dmitry Medvedev file photo

MOSCOW, September 7 (RIA Novosti) – Russia is not planning to change its development course, despite being subject to external disturbances, according to Russian Prime Minister Dmitry Medvedev. “The conditions for economic development, for the development of the country and people’s lives are certainly not simple. Speaking bluntly, as a member of the country’s leadership,

Russian Economic Ministry downgrades forecast for 2014

File Photo of Cash, Coins, Line Graph

(Russia Beyond the Headlines – rbth.ru – Alexei Lossan, RBTH -September 1, 2014) The Russian Economic Development Ministry has considerably revised its forecast for economic development parameters for 2015-2017 for the worse. These include a drop in oil and gas production and lower oil prices. Experts predict that the forecast may be further revised, either

Most Russian Students Want to Find Jobs Abroad

World Map Showing Continents, Greens, Browns, Ice

(Moscow Times – themoscowtimes.com – August 26, 2014) Three of every four Russian university students would prefer to work abroad rather than in Russia, Newsru.com reported Monday, citing a survey conducted by Career.ru. The survey revealed that 77 percent of Russian students found the prospect of overseas employment more appealing than working at home. Those

Economy faces challenge from fall in oil price and ruble value

Oil Well file photo

(Russia Beyond the Headlines – rbth.ru – Alexei Lossan, RBTH – August 25, 2014) Low price-per-barrel for Urals crude oil is putting pressure on the Russian budget On Aug. 18, Reuters reported that the price for Russia’s benchmark Urals oil fell to $98 a barrel – its lowest level since May 2013. Even as recently

RIA Novosti: Russian Finance Ministry Expects Oil Prices of $90-95 per Barrel in 2015

Oil Well file photo

MOSCOW, August 26 (RIA Novosti) – Russia’s Ministry of Finance expects an average oil price of $90-95 per barrel in 2015, Deputy Finance Minister Alexei Moiseyev told RIA Novosti on Tuesday. “The price for oil in 2015 will be $90-95 per barrel,” Moiseyev said. The Ministry of Economic Development earlier predicted an average oil price

Interfax: Russia could lose over 100 billion rubles from EU-Ukraine association – Putin

EU Map

MINSK. Aug 26 (Interfax) – The association agreement signed between the European Union (EU) and Ukraine could cost Russia billions and force it to introduce protective measures, said Russian President Vladimir Putin. “Due to Ukraine adopting zero duties on EU imports (which is to take effect almost immediately after the ratification of the agreement and

Russian consumers hardest hit by sanctions

File Photo of U.S. Dairy Cows

(Russia Beyond the Headlines – rbth.ru – Kira Tverskaya, special to RBTH – August 19, 2014) Economists point out that the Russian government’s recent food ban is likely to backfire as restaurants and consumers look for new sources for favorite products Moscow’s home cooks and restaurateurs alike have spent the past two weeks scrambling to

Struggling With Sanctions, Russia Faces Oil Price Crash

Oil Well file photo

(Moscow Times – themoscowtimes.com – Alexander Panin – August 20, 2014) The price of Urals crude oil, Russia’s key export and the lynchpin of its government finances, fell below $100 this week for the first time in more than a year, after plummeting $15 in under a month. Russia relies on hydrocarbon exports for 50

Business New Europe: Ukrainian industry ravaged by war

Ukraine Map and Flag

(Business New Europe – bne.eu – Graham Stack in Kyiv – August 20, 2014) The Russian-backed insurgency in the Donbass region of east Ukraine is forcing numerous industrial giants to suspend operations. With the region accounting for over 25% of Ukrainian exports, the effect will hit hard currency revenues and the embattled hryvna. The flashpoint marking the

Ukraine’s Next Crisis? Economic Disaster

Maidan Square file photo

(Oilprice.com – Robert Bensh – August 18, 2014) Ukraine’s next crisis will be a devastatingly economic one, as violent conflict destroys critical infrastructure in the east and brings key industry to a halt, furthering weakening the energy sector by crippling coal-based electricity production. The Ukrainian military’s showdown with separatists in the industrial east has forced

Moscow Times: Putin’s Food Ban Splits EU on Wisdom of Russia Sanctions

File Photo of U.S. Dairy Cows

(Moscow Times – themoscowtimes.com – Alexander Panin – August 18, 2014) The European Union’s united front on Russia sanctions seems to be buckling, as Eastern European countries hit hardest by Moscow’s retaliatory food import bans begin to question the wisdom of wrecking their economies in the name of a strategy that has seen the crisis

Russian Farmers Will Need Years to Fill Gaps Left by Food Ban

File Photo of U.S. Dairy Cows

(Moscow Times – themoscowtimes.com – Delphine d’Amora – August 15, 2014) Russian politicians have declared the recent bans on Western imports a golden opportunity for Russian agriculture – but farmers and economists warn that upping production is a question of years, not months, and closing the market will not be enough to solve its problems.

Russia May Soon Return to Soviet-Style Price Controls

File Photo of Older Russian Woman Shopping in Grocery Store

(Moscow Times – themoscowtimes.com – August 15, 2014) After a 20-year hiatus, direct Soviet-style price controls on the retail sector may be coming back, as the government strives to fight price hikes in supermarkets following Moscow’s decision to ban swathes of Western food imports in retaliation for sanctions over the crisis in Ukraine. The Federal

Business New Europe: Sanctions “unbearable” for EU, will be cancelled in 3 months

File Photo of Cash, Coins, Line Graph

(Business New Europe – bne.eu – Danske Bank – August 13, 2014) We analyse the economic and financial impact of the Ukrainian crisis with a special focus on our footprint Nordic markets. We view the situation in Ukraine as far from de-escalating as fighting continues in Donetsk and Lugansk, which we expect to weigh on

Fewer Russians Worry About Inflation Despite Predictions of Higher Food Prices

File Photo of U.S. Dairy Cows

(Moscow Times – themoscowtimes.com – August 13, 2014) Fewer Russians are concerned about inflation than they were a month ago, a new poll published Tuesday showed, even as analysts warned recession was inevitable and that a ban on many foreign food items would push up prices for consumers. The state-run Russian Public Opinion Research Center

Russia’s Boom Business: Forced Labor In Prisons

File Photo of Pussy Riot Members in Courtroom Enclosure, With Man Showing Papers to One While Female Guard Looks On

(RFE/RL – rferl.org – Vladimir Abarinov – August 11, 2014) When Nadezhda Tolokonnikova arrived at penal colony IK-14 in August 2012, a deputy warden proudly announced: “As far as my political convictions go, I am a Stalinist.” Tolokonnikova soon learned what that meant in practice. One year into her sentence for “hooliganism motivated by religious hatred,” the Pussy Riot

Interfax: Russian GDP growth slows to 0.8% in Q2 – Rosstat

File Photo of Cash, Coins, Line Graph

MOSCOW. Aug 11 (Interfax) – Russian year-on-year GDP growth slowed to 0.8% in Q2 2014, from 0.9% in Q1, the Federal State Statistics Service (Rosstat) said in a preliminary estimate. The Economic Development Ministry estimated the economy would grow 1.1% in Q2. Rosstat will unveil more details in the middle of September. The Econ Ministry

RIA Novosti: Russia to Use All Possible Measures in WTO to Contest Sanctions – Putin’s Press Secretary

WTO Logo

SOCHI, August 11 (RIA Novosti) – Kremlin spokesman Dmitry Peskov said Moscow has a wide range of possible responses to Western sanctions under the rules of the World Trade Organization that can be used by any member. “There is a whole range of measures and defined tools within the WTO which, of course, each WTO

RIA Novosti: Russia’s Food Embargo ‘Smart’ Response to Western Sanctions – U.S. Economist

File Photo of U.S. Dairy Cows

WASHINGTON, August 7 (RIA Novosti), Lyudmila Chernova – Russia’s food embargo is a smart move on Moscow’s part that is set to show the United States and its allies that Russia is not going to give in to Western pressure, an American economist and co-director of a US-based research center told RIA Novosti Thursday. “It

Interfax: Naryshkin hopes Europe will understand risk of unwinding sanctions spiral

Russian State Duma Building file photo

MOSCOW. Aug 8 (Interfax) – Russia’s response to the anti-Russian measures taken by the West was forced and further unwinding of the “sanctions spiral” is absurd and dangerous, Russian State Duma Speaker Sergei Naryshkin said. “As to the measures taken by Russia on the countries that initiated or support anti-Russia sanctions, they are a response

Interfax: Embargoed countries supply over 10% of Russia’s pork, fish and fruit, less of other foods

Truck at Russian Border Crossing

MOSCOW. Aug 7 (Interfax) – The countries from which Russia has just banned food imports supply over 10% Russia’s pork, fish and fruit, Agriculture Minister Nikolai Fyodorov told a briefing. Russia consumes 2.345 million tonnes of beef, but the embargoed suppliers, the EU, United States, Australia, Norway and Canada supply 59,000 tonnes of this. The

Interfax: Proposal to ban Western airlines from using trans-Siberian routes is “on the table” – Medvedev

Dmitry Medvedev file photo

MOSCOW. Aug 7 (Interfax) – Russian Prime Minister Dmitry Medvedev has said that Russia is considering a potential ban on European and U.S. air carriers using trans-Siberian routes as a possible retaliatory step against Western sanctions targeting Russia’s low-cost airline Dobrolet. “The government of the Russian Federation is considering a number of retaliatory steps. But

Moscow Times: Who Is Benefiting From West-Russia Sanctions War?

Truck at Russian Border Crossing

(Moscow Times – themoscowtimes.com – Alexey Eremenko – August 6, 2014) The recent Western sanctions, the harshest in decades, are meant to stun Russia’s economy. But one person’s loss is another one’s gain – and this is also true for companies and countries in a globalized world. Following the U.S.’s example, the European Union last

RIA Novosti: Poll Shows Happiness Index in Russia Remains High

Map of Russia

MOSCOW, August 5 (RIA Novosti) – Happiness index in Russia has remained at 78 points for the past three months despite the increasing sanctions burden, according to the country’s opinion research agency VCIOM. A public opinion poll conducted by the All-Russian Public Opinion Research Center (VCIOM) showed Tuesday that the “satisfaction with life” index has

Interfax: Russians give economic situation good assessment – VTsIOM

File Photo of Cash, Coins, Line Graph

MOSCOW. Aug 5 (Interfax) – The figures of social wellbeing of Russian citizens are at record levels for the third month in a row and the index of assessing economic situations reached historical maximums in July, the All-Russia Public Opinion Research Center (VTsIOM) said on Tuesday. Sociologists calculated the index of Russian satisfaction with life,

Sanctions on Technology Imports Leave Russia Playing Catch Up

Truck at Russian Border Crossing

(Moscow Times – themoscowtimes.com – Alexander Panin – August 4, 2014) The impact of the EU’s latest and harshest sanctions on Russia will be felt most keenly in the country’s economic sectors that are largely dependent on state-of-the-art Western technology, ranging from the extraction of hydrocarbons to civil aircraft production, analysts said. The European Union

New Western Sanctions May Severely Hurt Russian Economy

File Photo of Cash, Coins, Line Graph

(RFE/RL – rferl.org – Charles Recknagel – July 30, 2014) The latest round of EU and U.S. sanctions over Ukraine will restrict Moscow’s access to what Russia arguably needs most: Western financing and new technology. Here are five things to know about the sanctions and their impact. How much could the sanctions hurt Russia? This

Russia Beyond the Headlines Press Digest: U.S. and EU sanctions are pushing Moscow toward Beijing

Collage of Russian Newspapers

(Russia Beyond the Headlines – rbth.ru – Sofia Savina, special to RBTH – July 30, 2014) RBTH presents a selection of views from leading Russian media on the latest developments in Ukraine, featuring widespread reaction to the imposition of yet another wave of sanctions against Russia by the U.S. and the EU, as well as

RIA Novosti: Flight MH17 is Trump Card in US’ Information War with Russia

File Photo of Vladimir Putin and Barack Obama Seated with Flags Behind

(RIA Novosti – Ekaterina Blinova – July 25, 2014) Praising the ruthless military operation by Kiev against both armed rebels and unarmed civilians, American neocons have also been inciting Washington to launch wide-raging economic warfare against Russia in recent months. Thus, unsurprisingly, when the Ukrainian government released information on the Malaysia Airlines flight MH17 catastrophe,

Ukraine update

Ukraine Map and Flag

(Business New Europe – bne.eu – Tim Ash, Standard Bank – July 24, 2014) What is now clear on the ground is that Ukraine is at war, and with significant casualties suffered now by both sides on a daily basis – tens of lives lost almost daily now. The conflict is also causing very significant

RIA Novosti: Kiev Receives Russia’s Risk Assessment of Ukraine’s EU Association

EU Map

BRUSSELS, July 23 (RIA Novosti) – Kiev received Moscow’s list of potential risks that Ukraine’s association with the European Union could present to Russia’s economy, Ukraine’s Foreign Minister Pavlo Klimkin told journalists. “Just yesterday, we received Russia’s perception of the potential risks,” Klimkin said on Tuesday. Ukraine signed the agreement on its association with the

RIA Novosti: Russia to Protect Economy From Risks Posed by Ukraine’s EU Association

File Photo of Cash, Coins, Line Graph

MOSCOW, July 23 (RIA Novosti) – Moscow will have to resort to protective measures if Ukraine’s association deal with the European Union poses risks for the Russian economy, Russian Prime Minister Dmitry Medvedev said Wednesday. «We believe that the risks remain quite serious, especially concerning technical regulations and standards of sanitary and phytosanitary control. That’s

Ukrainian Cows Kidnapped, Trafficked to Russia, Police Say

File Photo of U.S. Dairy Cows

(Moscow Times – themoscowtimes.com – July 18, 2014) Against the backdrop of blistering diplomatic tensions between Moscow and Kiev, a 172-head herd of cows has been illegally trafficked across the Russian border, the Luhansk region branch of Ukraine’s Interior Ministry claimed Thursday. The herd went missing Wednesday night from a farm in Luhansk region’s Belovodsky

Russian Billionaires in ‘Horror’ as Putin Risks Isolation

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(Bloomberg – bloomberg.com – Henry Meyer, Irina Reznik, Ilya Arkhipov – July 21, 2014) Russia’s richest businessmen are increasingly frantic that President Vladimir Putin’s policies in Ukraine will lead to crippling sanctions and are too scared of reprisal to say so publicly, billionaires and analysts said. If Putin doesn’t move to end the war in

Business Mood Brightens, But Won’t Save Russian Economy, Study Finds

File Photo of Cash, Coins, Line Graph

(Moscow Times – themoscowtimes.com – Delphine d’Amora – July 16, 2014) Economic sentiment among Russian businesses improved in the second quarter, but the effect was largely seasonal and shot through with troubling long-term trends, a study published by the Higher School of Economics found. As the mood in retail and the services industry brightened –

Interfax: Most Ukrainian industrial production facilities will stop with severance of diplomatic ties with Russia – Federation Council members

Federation Council file photo

MOSCOW. July 16 (Interfax) – Members of the Russian Federation Council believe that Ukraine would experience grave socioeconomic consequences from the possible severance of diplomatic relations with Russia. Nikolai Ryzhkov, Federation Council member and the head of a public committee for support of the residents of southeastern Ukraine, described remarks by Ukrainian officials suggesting that

Russian Government Sets Up Four-Year Plan to Boost Productivity

Cash, Calculator, Pen

(Moscow Times – themoscowtimes.com – Delphine d’Amora – July 14, 2014) In an effort to transform Russia’s oil-dependent economy into a sustainable engine of growth, the government has unveiled a series of legal and financial measures aimed at fulfilling President Vladimir Putin’s ambitious pledge to increase Russia’s labor productivity 50 percent by 2018. Approved Wednesday

Russia’s capital flight hits 75 billion dollars

File Photo of Cash, Coins, Line Graph

(Interfax – Moscow, July 9, 2014) According to an assessment by the Central Bank of Russia, the net export of capital by banks and companies from the Russian Federation in the first half of 2014 was 74.6bn dollars. That is 120 per cent higher than in the first half of 2013 (33.7bn dollars), the Bank

RIA Novosti: Ukrainian Crisis Harmless for Russian Financial System – Central Bank

Russian Central Bank file photo

MOSCOW, July 8 (RIA Novosti) – The consequences for the Russian financial system if the crisis in Ukraine further escalates will be limited, according to a review of financial stability conducted by the Central Bank of Russia (CBR) for the fourth quarter of 2013 and the first quarter of 2014. “The possible direct consequences for

How Bulgaria’s Bank Run Affects Ukraine’s European Dream

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(Bloomberg – bloomberg.com – Ian Wishart, Elizabeth Konstantinova – July 3, 2014) Joining the European Union was meant to give Bulgaria a fresh start. Try telling that to Anna Dimitrova. “Bulgaria didn’t gain from the EU as much as it could have, because it’s mismanaged by corrupt politicians,” said Dimitrova, a law student, in central

Concern in Russia as foreign tourist numbers slump

File Photo of Airplane Approaching Runway About to Land

(Russia Beyond the Headlines – rbth.ru – Viktor Kuzmin, special to RBTH – July 3, 2014) Tourist operators in Russia have expressed alarm at a substantial drop in the number of foreign visitors coming to the country in 2014. Key figures in the tourist industry speculate that the fall in tourist numbers may be a

Why Putin Is in Trouble With 86% Approval

Vladimir Putin file photo

(Bloomberg – bloomberg.com –  Evgenia Pismennaya, Henry Meyer, Brad Cook – June 27, 2014) One month he wins the Olympics and kudos from world leaders. The next he grabs Crimea and gets kicked out of their most exclusive club. Now he’s facing a recession with few tools to fight it save the public’s love. Even

EU Association Agreements Not Seen as Threat to Russian Economy

EU Map

(Moscow Times – themoscowtimes.com – Gabrielle Tétrault-Farber – June 27, 2014) With Ukraine, Georgia and Moldova set to sign the economic sections of association agreements with the European Union on Friday, analysts say the deals will have minimal impact on the Russian economy but will further broaden the political schism between Russia and its neighbors.

RIA Novosti: Ukraine, Moldova to Lose Billions over EU Association Deals

Ukraine Map and Flag

MOSCOW, June 26 (RIA Novosti) – Ukraine and Moldova’s struggling economies could face multi-billion-dollar losses after signing association agreements with the European Union, Russian experts warn. “Countries that sign this association [deal] agree to fall in line with all EU directives, standards and technical regulations – and this is at their own expense. Even if

Russian stocks hit 5-month high as Putin rescinds right to use military force in Ukraine

File Photo of Outdoor Electronic Sign with Russian Exchange Data

(Business New Europe – bne.eu – Ben Aris in Moscow – June 25, 2014) Russian stocks hit a five-month high on June 24 after President Vladimir Putin asked Russia’s upper house of parliament to repeal a law that granted him the right to use military force in Ukraine, as investors speculate the standoff with the

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