(Interfax – December 12, 2015) Russian Finance Minister Anton Siluanov anticipates that price for oil in some periods of time in 2016 could drop to $30 per barrel. “We had hardly passed the budget before we saw that the macroeconomic situation was changing. It’s changing not for the better. We based our budget on the presumption that the price would […]
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(Interfax – December 11, 2015) The EU restrictive measures against Russia may not be prolonged on Dec. 14, a high-ranking EU official, who spoke on condition of anonymity, told reporters in Brussels on Dec. 11. The source assumed that the sanctions will be prolonged fully, but not necessarily on Dec. 14. The source said such a decision does not have […]
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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 […]
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(Russia Beyond the Headlines – rbth.ru – AJAY KAMALAKARAN, RBTH – December 10, 2015) Russia’s strategic and economic push towards Asia achieved mixed results in 2015, with Moscow strengthening ties with ASEAN countries and China, while its ties with Japan and Australia remained frosty. “When it comes to Asia, the biggest strategic economic gains came to Russia from the ASEAN […]
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(Interfax – December 10, 2015) Russia is prepared to reduce its greenhouse gas emissions by another 5 percentage points, or to 70 percent of the 1990 level by 2030, the Russian Natural Resources and Environment Ministry reported Minister Sergei Donskoi as saying at the UN climate conference (COP21) in Paris. Donskoi sai that combating climate change is a national priority […]
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In his annual interview to five of the country’s leading television channels on Dec. 9, Russian Prime Minister Dmitry Medvedev tackled topics ranging from the economy to defense, corruption, Crimea, and Ukraine’s $3 billion debt. RBTH presents a selection of highlights from the interview. (Russia Beyond the Headlines – rbth.ru – Igor Rozin – December 9, 2015) On economics “The […]
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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 […]
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Economic crisis: After a year of unprecedented economic turmoil, the country is in calmer waters but there are still challenges ahead. (Russia Beyond the Headlines – rbth.ru – DARIA LITVINOVA, SPECIAL TO RBTH – December 9, 2015) In the wake of sharply declining oil prices, a ruble that almost halved in value and the imposition of economic sanctions, many believed […]
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CNBC covers remarks by former Russian Finance Minister Alexei Kudrin, citing the ongoing impact of oil prices while also noting a need for Russian economic reforms, stymied by political considerations. … Kudrin acknowledged the ongoing impact of … commodities … ‘The drop in GDP (gross domestic product) this year mainly has to do with the drop in oil prices – […]
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(Government.ru – December 9, 2015) Prime Minister answered questions from TV anchors Irada Zeinalova (Channel One), Sergei Brilyov (Rossiya), Kirill Pozdnyakov (NTV), Yelizaveta Osetinskaya (RBC TV) and Mikhail Fishman (TV Rain). Sergei Brilyov: Good afternoon. On behalf of the media holding that hosts this broadcast it is my pleasure to welcome you on Rossiya 1, Rossiya 24 TV stations, as […]
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(Government.ru – December 1, 2015) Conference on the implementation of roadmaps for the national entrepreneurial initiative From Dmitry Medvedev’s opening remarks: The national entrepreneurial initiative has become a fundamentally new programme to improve the business climate in the country. This year will see the main stage of this paramount national project come to completion. The programme’s reforms were shaped by […]
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Leading businesswomen tell RBTH that the keys to success for female managers in Russia are being client-oriented, persistent and experienced. (Russia Beyond the Headlines – rbth.ru – ALEXEI LOSSAN, RBTH – December 8, 2015) When it comes to Russia’s economy, experts believe that women are mostly active in consumer-oriented sectors. “A lot depends on the sector in which the company […]
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Despite large number of female managers in Russia, experts caution that women are mostly active in small businesses. (Russia Beyond the Headlines – rbth.ru – ALEXEI LOSSAN, RBTH – December 7, 2015) While Russia is believed to have the largest proportion of women in senior managerial positions in the world, women are mostly active in small businesses. In the medium […]
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(Paul Goble – Window on Eurasia – Staunton, December 7, 2015) Pro-Kremlin writers have argued that the deteriorating economic situation will lead Russians to willingly tighten their belts, and opposition ones have suggested that economic problems will lead to political protests and even regime change. But both are wrong, Yevgeny Gontmakher says. In a commentary today, the Moscow economic analyst […]
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For over a month now, long-haul drivers in Russia have been engaged in a mass protest, staging rallies across the country, which have now reached Moscow. Truckers, especially those who are self-employed or work for small businesses, believe that the recently introduced additional toll for using federal highways will put their business on the brink of bankruptcy. (Russia Beyond the […]
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Electricity in Crimea has been partially restored: On Dec. 2 an underwater cable linked the peninsula’s electricity system with a Russian electrical grid. RBTH finds out why the Russian authorities were unprepared for the peninsula’s electricity being cut off by Ukrainian activists and asks whether the energy bridge will save Crimean residents from other infrastructure failures in the future. (Russia […]
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(Moscow Times – themoscowtimes.com – Vasily Kolotilov – December 4, 2015) “I think I will set my car on fire soon. The tax will take us all down. I get 112 rubles a month in social payments for my kid – how am I supposed to raise him on that?” says Rasul, a truck driver from Russia’s North Caucasus republic […]
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Ben Aris comments upon Russian President Vladimir Putin’s 2015 State of the Nation speech. In a tight one-hour speech to more than 1,200 state officials and dignitaries gathered in the Moscow Kremlin, the Russian leader urged the international community to unite in ‘one mighty fist’ against the terrorist scourge, while leaving no doubt as to whom he blamed for its […]
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(Moscow Times – themoscowtimes.com – Anna Dolgov – December 2, 2015) An economic recession and soaring grocery prices have prompted Russians to go online to trade household items for food, with scores of websites facilitating a barter system cropping up around the country. Russia’s main social network, VKontakte, has an array of online groups, targeting various cities, where local inhabitants […]
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Amid continuously falling incomes, debt help groups thrive as Russians turn to different solutions to repay loans. (Russia Beyond the Headlines – rbth.ru – ANNA KUCHMA, RBTH – December 2, 2015) In the past year, arrears on loans have reached record levels. Borrowers are finding it more difficult to repay their loans due to the steep devaluation of the ruble […]
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oDR correspondent Angelina Davydova is in Paris attending the UN climate conference COP21, where she’s keeping her eye on the Russian side of things… (opendemocracy.net – November 30, 2015) 30 November: Putin speaks Today was the first day of the UN climate conference in Paris (#COP21) and it began with 130 heads of state and government addressing the conference. This […]
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The Wall Street Journal covers efforts by the EU and Ukraine to consult with Russia over an upcoming EU-Ukrainian trade deal. Russia laid out a long list of demands for amending a sweeping trade deal between Ukraine and the European Union a month before the pact is due to be fully implemented…. at a fresh round of discussions among the […]
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(Bloomberg – bloomberg.com – Volodymyr Verbyany, Jake Rudnitsky – November 30, 2015) Your enemy’s bank is your friend. Or so Ukraine wants to believe after giving Russian banks a pass more than a year and a half into a separatist insurgency it blames on the Kremlin. Banks including state-run lenders sanctioned by the U.S. and the European Union have clung […]
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(Paul Goble – Window on Eurasia – Staunton, December 1, 2015) Russians have been so focused on events in Ukraine and now Syria that they have forgotten the most important thing: their future and that of their country is not connected with what is going on in those countries but what is taking place or not taking place in their […]
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(RFE/RL – rferl.org – Tom Balmforth – Explainer – MOSCOW, November 29, 2015) Russia’s size and broad range of environments, from the arid southern steppe to the frigid Arctic, expose the world’s largest country to many aspects of climate change. President Vladimir Putin is one of dozens of leaders expected to attend a UN conference on climate change that starts […]
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The Wall Street Journal covers disruptions to Russian travel plans, amidst travel bans imposed by the Kremlin following Turkey’s shoot-down of a Russian military jet and a suspected terrorist downing of a Russian airliner in Egypt. Turkey and Egypt were popular destinations, offering hotels and services far better than Russian equivalents at a reasonable price. Six million Russians visited Turkey […]
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Reuters covers remarks by former Russian oil tycoon, former prison inmate, political activist Mikhail Khodorkovsky. President Vladimir Putin will survive Western sanctions and lower oil prices but the Kremlin chief has brought such stagnation that Russia could eventually collapse, former tycoon Mikhail Khodorkovsky said …. Russia’s richest man, who was arrested in 2003 after falling foul of Putin and released […]
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(Moscow Times – themoscowtimes.com – Justin Lifflander – November 28, 2015) Other countries have book fairs where publishers come to do business. The 17th International Book Fair for High-Quality Fiction and Non-Fiction – commonly simply referred to as “nonfiction” – taking place in Moscow this week is very much an event for readers. And as such it is a good […]
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(Bloomberg – bloomberg.com – Leonid Bershidsky – November 26, 2015) [Charts here bloombergview.com/articles/2015-11-26/putin-doesn-t-mind-oil-s-fall] Russia’s economic decline this year is often attributed to low oil prices. Yet Russia has performed considerably worse than most of its oil-exporting peers, so there must be another reason. Marek Dabrowski, co-founder of the Center for Social and Economic Research in Warsaw and a professor at […]
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(Bloomberg – bloomberg.com – Andre Tartar and Olga Tanas – November 30, 2015) [Chart here http://www.bloomberg.com/news/articles/2015-11-29/the-30-oil-cliff-that-economists-see-threatening-russia-in-2016] For Russia, $30 is the number to watch. Crude prices at that level will push the economy to depths that would threaten the nation’s financial system, according to 63 percent of respondents in a Bloomberg survey. Lower prices for the fuel are next year’s […]
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The Wall Street Journal covers Russia’s response to Turkey’s shoot-down of a Russian military jet. Russia has reacted with fury to the incident and vowed to retaliate by clamping down on trade and business ties. … Turkish President … Erdogan dismissed Mr. Putin’s demands that Ankara apologize or offer compensation …. Turkey has provided evidence that it gave repeated warnings […]
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The Wall Street Journal reports on the performance of Russian corporate bonds. From adversity comes opportunity. But given the degree of adversity facing Russia at the end of 2014—sanctions over Ukraine, plummeting oil prices, a collapsing currency—it is surprising quite how much of an investment opportunity it has turned out to be this year. Russian corporate bonds are the best […]
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A Skolkovo professor dispels some myths about doing business with Russians. (Russia Beyond the Headlines – rbth.ru – Moty Cristal – November 19, 2015) Moty Cristal is Professor of Professional Practice in Negotiation Dynamics at the Skolkovo Moscow School of Management There is a clear distinction between business in Russia and business with Russians. When people say, “doing business in […]
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(Interfax – November 21, 2015) Russia’s GDP would have been 1.5 percent higher if sanctions had not been imposed against Moscow, former Russian Finance Minister and Committee of Civil Initiatives Chairman Alexei Kudrin has said, pointing out that no positive effect from the sanctions has been seen in any industry. “The sanctions have considerably complicated the situation in the country. […]
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(Moscow Times – themoscowtimes.com – November 20, 2015) Russia’s highest-paid executive last year with earnings of $27 million was Alexei Miller, the head of natural gas producer Gazprom, according to a ranking published by the Russian edition of Forbes magazine on Thursday that showed a sharp fall in the incomes of many of Russia’s top corporate bosses. Miller, 53, bucked […]
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(Russia Beyond the Headlines – rbth.ru – Alexei Lossan- November 20, 2015) Alexei Lossan is the RBTH Central Desk editor for business In November 2015, the World Bank released its annual Doing Business ranking, in which Russia managed to rise to 51st place. For the Russian economy, this ranking has a particular significance because the government has selected it as […]
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(Bloomberg – bloomberg.com – Anna Andrianova – November 19, 2015) Russian wages and retail sales declined by the most since 1999, a sign consumer demand will remain a weak link in the economy’s efforts to break out of its first recession in six years. Real wages fell 10.9 percent in October from a year earlier, a deeper contraction than the […]
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(Bloomberg – bloomberg.com – Maria Levitov – November 18, 2015) Reining in stimulus just became a lot easier for at least one of the world’s policy makers: Elvira Nabiullina. Signs this week that Russia’s isolation in global politics may be coming to an end set off a rally in the nation’s assets as investors bet sanctions over Ukraine will get […]
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(Russia Beyond the Headlines – rbth.ru – ANNA KUCHMA, RBTH – November 18, 2015) Russia’s Central Bank is to inject 1 trillion rubles ($15 billion) in banknotes into circulation in December, allegedly to cover a seasonal demand for cash. The regulator’s first deputy chairman Georgy Luntovsky announced the upcoming cash issue on Nov. 12. According to the Central Bank, the […]
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Following the G20 summit in Antalya, Turkey on Nov. 15-16, RBTH presents an overview of the four most interesting events and statements concerning Russia made at the meeting of world leaders. (Russia Beyond the Headlines – rbth.ru – ALEXEY TIMOFEYCHEV, RBTH – November 17, 2015) 1. Unplanned meeting between the U.S. and Russian presidents Russian President Vladimir Putin and his […]
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(Bloomberg – bloomberg.com – Alexander Sazonov – November 13, 2015) [Charts here bloomberg.com/news/articles/2015-11-13/putin-s-gilded-cage-russia-s-rich-are-facing-cash-out-conundrum] It’s been a quarter century since the fall of the Soviet empire triggered one of history’s greatest wealth transfers. Now bankers are preparing for another as Russia’s first generation of capitalists makes way for the next. Confidential surveys of dozens of millionaires and billionaires conducted since European […]
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(Interfax – November 13, 2015) Around 90 percent of the investments made into Russia in the past year are the resources of the Asian market, Russian President Vladimir Putin said in an interview with the Interfax and Anadolu news agencies on Friday ahead of the G20 summit in Antalya. “Obviously, cooperation with Asian partners in attracting funds gains special relevance […]
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(Moscow Times – themoscowtimes.com – Daria Litvinova – November 13, 2015) More crafts shops are appearing in Moscow every day, with more young men trading lucrative office jobs for the opportunity to make things themselves. In recent years, Moscow dandies have been moving away from cafes, barbershops and Internet-related startups toward trades like blacksmithing, printing and woodworking, putting down their […]
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(Russia Beyond the Headlines – rbth.ru – ALEXEY TIMOFEYCHEV – November 13, 2015) Russia’s will look for promote the Russian Far East as an investment destination at the upcoming East Asia Summit in Malaysia. Economic and investment cooperation will be high on Russia’s agenda at the 10th annual edition of the East Asia Summit (EAS), which will take place in […]
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(Interfax – November 11, 2015) The Economic Development Ministry expects that Russia’s GDP will fall less fast in the fourth quarter than it did in the third, Economic Development Minister Aleksey Ulyukayev announced at a meeting with entrepreneurs from Baden Wuerttemberg in Moscow on 11 November. RIA Novosti news agency quoted him as saying that the economy was expected to […]
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(Interfax – November 11, 2015) Russian Prime Minister Dmitry Medvedev has for the first time definitively supported the future raising of the retirement age without saying when this decision may be made. At present, the retirement age in Russia is 60 years for men and 55 years for women. The Finance Ministry insists there is no other way to resolve […]
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(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 […]
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MOSCOW. Nov 9 (Interfax) – Russia’s merchandise imports from outside the CIS plunged 37.9% year-on-year in January-October 2015 to $132.84 billion, the Federal Customs Service (FCS) said, citing preliminary data. In October alone, imports from non-CIS countries totaled $14.375 billion, down 35.9% year-on-year. Imports declined 36.5% in October 2015 year-on-year for food goods and raw materials for their production to […]
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(Paul Goble – Window on Eurasia – Staunton, November 8, 2015) To the extent that falling prices for natural resources will force Moscow to rely on the development of other sectors, the Russian economy faces another and perhaps even more serious hit in the near term – a dramatically smaller workforce, each of whose members will have to support significantly […]
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