Tag: Economy
NEWSWATCH: “Russia Thinks It Has Solved the Oil-Price Crisis; But it may just be more wishful thinking” – Fortune.com
The world’s major oil exporting economies have been putting together an agreement to freeze oil production levels, and Russia’s energy minister is optimistic that it will be effective in finally stopping the slide in oil prices …. * * * The news seemed to buoy the oil market…. But there’s plenty of reason to doubt that the action will bring […]
» Read moreNEWSWATCH: “Russia Achieves Tactical Success in the Middle East, But No Strategic Victory; Russia needs good ties with the West more than short-term gains in Ukraine and Syria” – Thomas Graham/YaleGlobal Online
… From the beginning of its military operation in Syria, Moscow has operated on the now indisputable proposition that … rampant unrest in the Middle East and … mounting challenges to the unity of the European Union are inextricably linked. The wager was that Europe would eventually seize an offer of cooperation in Syria to constrict the migrant flow and […]
» Read moreNEWSLINK: “Sources of Russia’s Stagnation” – Carnegie Moscow/Andrey Movchan
Mail.ru Overtakes Yandex as Most Valuable Russian Internet Company
(Moscow Times – themoscowtimes.com – March 1, 2016) Russian Internet giant Mail.ru Group has topped a ranking of the most valuable companies operating in the Russian Internet segment for the first time, according to a rating released by the Russian version of Forbes magazine Monday. Mail.ru Group includes the mail.ru portal as well as the Vkontakte and Odnoklassniki social networks, […]
» Read moreFitch Says Russia Forces Choice Between Sanctions and Ratings
(Bloomberg – bloomberg.com – Anna Baraulina, Anna Andrianova – February 29, 2016) Fitch Ratings Ltd. said it will probably stop issuing local ratings on Russian companies under new rules that make it impossible to abide by European Union and U.S. sanctions against Moscow. The rules create a dilemma for international firms because they run counter to the penalties imposed by […]
» Read moreTRANSCRIPT: [Putin at] Meeting with Gazprom CEO Alexei Miller
(Kremlin.ru – February 29, 2016) The head of Gazprom briefed Vladimir Putin on the company’s results in 2015, and discussed, in particular, gas supply figures for the domestic and European markets and the programme for connecting Russia’s regions to the gas network. President of Russia Vladimir Putin: Mr Miller, I have several questions to start our discussion, and then we […]
» Read moreRussia’s Economy Is Tanking, So Why Is Putin Smiling?
(Bloomberg – bloomberg.com – Evgenia Pismennaya, Anna Andrianova – February 29, 2016) With Russia mired in the longest recession in two decades, there hasn’t been a lot of good economic news lately. But there’s one indicator that’s looking up, and it’s the one that matters most to Vladimir Putin: His hard-currency reserves. The central bank held $379 billion in foreign […]
» Read moreNEWSLINK: “Are Russians Feeling the Economic Crisis?” – Carnegie Moscow/Denis Volkov
NEWSLINK: “Oil crisis hitting Russians hard” – CNN
NEWSLINK: “Despite Weathering Sanction Storm, Russia’s ‘Dutch Disease’ Gets Worse” – Forbes/Kenneth Rapoza
Moscow Times: Russian Middle Class Has Not Felt Impact of Economic Crisis
(Moscow Times – themoscowtimes.com – February 29, 2016) Russia’s middle class has not yet felt the impact of the economic crisis, the Kommersant newspaper reported Monday citing a report by the Institute of Sociology of the Russian Academy of Sciences. Most middle class Russians have retained their jobs and income levels, and many have even reduced their debt burden under […]
» Read moreNEWSLINK: “Russian Industry Workers Squeezed but Scared of Speaking Out” – AP
NEWSLINK: “Russian Unemployment Increased By About 5% In 2015” – Forbes/Mark Adomanis
Shuvalov: economic situation in Russia is difficult, there is no influx of guest workers to Russia
MOSCOW. Feb 26 (Interfax) – Russian First Deputy Prime Minister Igor Shuvalov said there is no big influx of foreign labor migrants to Russia amid the economic problems. “We need to understand that the economic situation in the country is very difficult. Migrants are not so active now as they were when our national currency was rather strong,” Shuvalov said […]
» Read moreRussia Seen Dodging Political Storm as Putin Rides Out Recession
(Bloomberg – bloomberg.com – Andre Tartar, Anna Andrianova – February 25, 2016) As Russia hunkers down for the second year of recession, most economists say a parliamentary election in September won’t unleash the kind of protests that rattled the country in 2011. There’s a 30 percent chance that economic distress will translate into political unrest, according to the median of […]
» Read moreWhat will Russia be like in 2030?
Gathered at a forum in the heart of Siberia, leading Russian economists have outlined their vision for the country’s future. Discussions at the Krasnoyarsk Economic Forum focused on issues including decentralization, developing food technologies and healthcare. (Russia Beyond the Headlines – rbth.ru – ALEXEI LOSSAN, RBTH – February 25, 2016) The summer of 2016 should see the publication of Strategy-2030, […]
» Read moreInterfax: Novak considers $50 per barrel most appropriate from supply-demand standpoint
MINSK. Feb 25 (Interfax) – Oil prices are unlikely to rise above $60 per barrel and a price of $50 is optimal, Energy Minister Alexander Novak said. “Speaking fundamentally, the price cannot be high, above $50-$60 per barrel, because in this situation robust investment activity would resume, those projects where investment and production volumes are now falling would be implemented, […]
» Read moreMost Russian Monotown Residents Say Economic Situation Unbearable
(Moscow Times – themoscowtimes.com – February 25, 2016) A total of 59.8 percent of residents of Russia’s single-industry towns consider their socio-economic situation to be unbearable or hardly bearable, the RBC newspaper reported Thursday, citing a poll by the Federal Guard Service (FSO). Only 3.9 percent of respondents said the socio-economic situation in their town was favorable and 31.3 percent […]
» Read moreRussians Adjust to Increasing Poverty like Frogs to Gradually Warming Water, Kirillova Says
(Paul Goble – Window on Eurasia – Staunton, February 23, 2016) It has long been claimed that a frog who might jump out of a port of boiling water will stay quietly in a gradually warming pot, even though as a result, he will end up dead. In a new commentary, Kseniya Kirillova suggests that Russians are adapting to gradually […]
» Read moreCan Things Get Any Worse for Russia? You’re About to Find Out
Investors who’ve made a fortune in the country say that with oil’s plunge, the ruble’s collapse, and Putin in power, all bets are off (Bloomberg – bloomberg.com – Ksenia Galouchko and Henry Meyer – February 23, 2016) [Charts here bloomberg.com/news/articles/2016-02-24/putin-s-oil-despair-drives-lucky-few-investors-toward-the-exits] For a decade, Dmitri Barinov has been following the volatile economy of his homeland from the safe distance of Union […]
» Read moreNEWSLINK: “Russia set to lose population, power and influence, report predicts. [Straftor]” – News.com.au (Australia)
NEWSLINK: “Russian Government Official Looks Into Crystal Ball On EU Relations” [Alexei Ulyukayev] – Forbes/Kenneth Rapoza
NEWSLINK: “Medvedev takes action to limit growth of Russia’s gray economy” – RBTH/Gazeta.ru
NEWSLINK: “Should Russia get rid of its dependence on oil exports?” – TASS
Strategy-2030 to be formulated in coming months – Dvorkovich
KRASNOYARSK. Feb 19 (Interfax) – Russian government officials intend to formulate the country’s development strategy to the year 2030 in the next few months, Deputy Prime Minister Arkady Dvorkovich said, opening the plenary session of the Krasnoyarsk Economic Forum on Friday. “We have gathered not only in order to talk, but also to formulate solutions or approaches to solving the […]
» Read moreNEWSWATCH: “Russia government mulls five percent cut in defense procurement spending: sources” – Reuters
Russia’s government is considering cutting spending on defense procurement this year by 5 percent … a move that would extend the budget squeeze to a sector that up to now has been immune …. The proposal has support across several ministries and in other state institutions, enough for it to go forward for discussion at a cabinet meeting, the sources […]
» Read moreSomething’s Rotten in the State of Ukraine; International aid groups grow impatient with the government.
(Bloomberg – bloomberg.com – Leonid Ragozin – February 18, 2016) Two years have passed since a popular uprising in Kiev toppled a Russia-backed regime in Ukraine. The glory of that people power moment has faded, and Western supporters are losing patience with the government as corruption hampers efforts to jump-start the economy. The gross domestic product of the war-plagued country […]
» Read moreNEWSLINK: “Economic data suggests Russian slump past worst” – Reuters
The One Shock Russia Dodged Is Set to Catch Up With Putin
(Bloomberg – bloomberg.com – Olga Tanas – February 18, 2016) [Charts here bloomberg.com/news/articles/2016-02-17/the-one-shock-sidestepped-by-russia-is-catching-up-with-putin] Russia’s longest recession in two decades is proving a test too far for the labor market. After deflecting pressure in 2015 with salary reductions, part-time work and unpaid vacations, companies are increasingly opting to cut jobs as the economy enters its second year of contraction. As Russia’s […]
» Read moreRussia and OPEC trio agree to freeze oil production, but no cuts
Russia, Saudi Arabia, Qatar and Venezuela have announced their readiness to freeze oil production volumes at January levels but fell short of agreeing to cut production by 5 percent as was earlier anticipated. Market analysts believe this agreement is a loss for Russian diplomacy – as a result of the deal, oil prices and the related value of the ruble […]
» Read moreWeak Ruble Draws Foreign Tourists to Russia for Summer Vacations
(Moscow Times – themoscowtimes.com – February 18, 2016) The number of foreign tourists booking summer vacations in Russia has risen by 30 percent amid the weakening of the ruble, the Kommersant newspaper reported Wednesday, citing a study by the Momondo online reservation system. Demand for trips to Russia during the summer months among German travelers – who made the most […]
» Read moreNEWSLINK: “Small businesses cower after Moscow’s night of bulldozers” – Reuters
NEWSLINK: “The Russian Connection Between Syria and Ukraine. Moscow may try to link cooperation in the Syrian crisis to relief from sanctions.” – The National Interest/Joseph Nye
RBTH: Even if Russia and OPEC tango, oil prices won’t budge an inch
As Russian officials consider trying to forge an agreement with OPEC in order to help push up oil prices, they are missing an unfortunate truth – factors such as the discord within the oil producers’ body, the positions of Saudi Arabia and Iran and the strength of the dollar all mean that the price of oil is unlikely to bounce […]
» Read moreTRANSCRIPT: [Putin at] Meeting with President of the Russian Union of Industrialists and Entrepreneurs Alexander Shokhin
(Kremlin.ru – February 15, 2016) The agenda included dialogue between business and the authorities and issues the business community is discussing currently and will examine further at the Russian Union of Industrialists and Entrepreneurs (RSPP) annual congress. President of the Russian Union of Industrialists and Entrepreneurs Alexander Shokhin: Mr President, let me start by thanking you for our regular meetings. […]
» Read moreNEWSLINK: “Signs Of Patience Running Thin In Russia” – Forbes/Kenneth Rapoza
NEWSLINK: “Russia and Three OPEC Members Agree to Freeze Oil Output” – New York Times
TRANSCRIPT: Dmitry Medvedev’s meeting with Russian and German business leaders at the Munich Security Conference
(Government.ru – February 13, 2016) Dmitry Medvedev: Mr Buechele, colleagues. I welcome you to our breakfast on this Saturday morning. It’s this kind of morning meal where you don’t usually have the chance to eat anything. The goal of such meetings is naturally different. I consider this meeting to be useful and timely. Despite all that’s going on and all […]
» Read moreTRANSCRIPT: Dmitry Medvedev’s speech at the panel discussion – Munich Security Conference
(Government.ru – February 13, 2016) Dmitry Medvedev: Ladies and gentlemen, distinguished colleague Mr Valls, distinguished Mr Ischinger, my speech will be of a more general nature, but I hope it will be useful. The first cold war ended 25 years ago. This is not long in terms of history, but it is a considerable period for individual people and even […]
» Read moreMajority of Russians Consider Impoverishment Country’s Main Threat
(Moscow Times – themoscowtimes.com – February 12, 2016) Fifty-three percent of Russians consider the impoverishment of citizens and rising prices to be the major threats facing the country, the Interfax news agency reported Friday, citing the results of a recent poll by the independent Levada Center pollster. The other threats that Russia currently faces, according to respondents, include the economic […]
» Read moreRussia Sends Medvedev to Munich Seeking Sanctions Relief
(Moscow Times – themoscowtimes.com – Matthew Bodner – February 12, 2016) At last year’s Munich Security Conference, Foreign Minister Sergei Lavrov took to the stage to defend Russia’s actions in Ukraine. Scheduled between German Chancellor Angela Merkel and the U.S. vice president, Lavrov faced a tough sell. He did his best to toe the government line, declaring Russia’s annexation of […]
» Read moreNEWSLINK RBTH/Kommersant: “Russian retail figures retreat to 1970 levels as crisis deepens. The Ministry of Economy has published figures revealing the Russian retail sector’s worst performance in over 40 years as inflation remains high. The report also shows a rise in the number of people in the country living below the poverty line”
NEWSLINK: “The Future of Ukrainian Small Farmers under Threat under the IMF Mandate” – Oakland Institute
NEWSWATCH: “Weak Oil Prices Fuel Ukrainian Hopes of a More Conciliatory Russia” – Wall Street Journal
The Wall Street Journal covers Russian economic vulnerability amidst falling oil prices and its possible impact on efforts to resolve the Russo-Ukrainian conflict . Ukraine’s political elite is hoping that plummeting oil prices will restrain neighboring Russia’s interventionist ambitions—and give Western sanctions on Russia a bit more bite. … diplomatic overtures have raised hopes in Kiev that Moscow—which annexed Crimea […]
» Read moreMoscow’s Overnight Demolition Blitz Sparks Legal Debate
(Moscow Times – themoscowtimes.com – Daria Litvinova, Vasily Kolotilov – February 11, 2016) You could hear a young woman yelling, but her voice was diluted in the sound of bulldozers, smashed glass and metal. “What are you doing?! There are people still in there! Stop it!” she said. Several police officers stood outside, watching the bulldozer do its work without […]
» Read moreNEWSLINK: “Moscow Demolition: A Primer in Russian Propaganda” – Moscow Times/Michele A. Berdy
NEWSWATCH: “Mortgages vs. pensions and blasts from the past”
BNE covers the impact of the Russian economic crisis on mortgage holders, and resulting unrest. Russia is in a painful place and freeing the ruble in November last year may be acting as a very effective shock absorber in the face of plummeting oil prices, but it also means that the brunt of the pain is being borne by the […]
» Read moreRussians Spend More Than They Earn For First Time Since 1998
(Moscow Times – themoscowtimes.com – February 10, 2016) The spending of Russians exceeded their income in 2015 for the first time in 18 years, the Kommersant newspaper reported Wednesday, citing the Center of Macroeconomic Analysis and Short-term Forecasting. According to the Rosstat state statistics service, the expenditures of Russians exceeded their revenues by 418 billion rubles ($5.3 billion). In 2014, […]
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