Medvedev China Visit Sees Deal-signing Flurry

China Map

(Moscow Times – themoscowtimes.com – October 22, 2013) Russia’s state-owned development bank, VEB, agreed to borrow $1.9 billion from Chinese lenders, as part of Prime Minister Dmitry Medvedev’s visit to Beijing on Tuesday. But Medvedev used the occasion to call for more direct investment between the two countries, which would take economic ties up a notch, rather than relying on […]

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Putin and Singh Seek $9Bln Boost in Trade

India map

(Moscow Times – themoscowtimes.com – Gabrielle Tetrault-Farber – October 22, 2013) President Vladimir Putin and Indian Prime Minister Manmohan Singh met for bilateral talks in Moscow on Monday, signing a series of agreements to enhance economic and scientific cooperation, but failing to reach a consensus on the future of a Russian-operated nuclear power plant in southern India. Putin and Singh […]

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Study Says Education System Disappoints Market Needs

File Photo of U.S. Diplomat Teaching Class to Russian Students

(Moscow Times – themoscowtimes.com – Delphine d’Amora – October 22, 2013) The Russian education system is increasingly unable to meet the demands of the country’s labor market and shows little ability to fill vacancies in high-skill industries, according to a study released Tuesday. The second annual Hays Global Skills Index, published by global recruitment company Hays in association with Oxford […]

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Over third of Russians anticipate hard period – poll

File Photo of Cash, Coins, Line Graph

(Interfax – MOSCOW, October 21, 2013) Russians have mixed feelings about the country’s development scenarios in the near future. Some are optimistic and others suggest pessimistic scenarios, the Russian Public Opinion Studies Center (VTsIOM) told Interfax on Monday. Over a third of Russians (36%) claim a hard period is in store for the country. Most of such opinions are voiced […]

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Why Russia Doesn’t Need High Oil Prices

Oil Well file photo

(Institute of Modern Russia – http://imrussia.org – Olga Khvostunova – October 15, 2013) Oil price fluctuations that exceed $100 per barrel create comfortable conditions for Russia’s economy, as its budget is balanced at around $90 per barrel. Further escalation of the situation in the Middle East could bring oil prices up, seemingly playing into the Russian government’s hands. But according […]

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Russian GDP will grow 2% in 2013 in best case – PM

File Photo of Cash, Coins, Line Graph

(Interfax – GORKI, October 21, 2013) Russia’s gross domestic product will grow 2% this year in the best-case scenario, Prime Minister Dmitry Medvedev told the consulting council for foreign investments in Russia in Gorki on Monday. “In the eight months of 2013, Russian GDP grew 1.5%, although in 2012 there was four and some percent. The expectation for growth [this […]

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Russian Corporate Giants Get Mixed Review From Transparency International

Empty Boardroom

(Moscow Times – themoscowtimes.com – October 18, 2013) Russian companies have been handed middling ratings in an appraisal of 100 companies from 16 emerging markets released by Transparency International. Including six Russian companies ­ metal giants RusAl, Norilsk Nikel Evraz and Severstal, together with energy majors Gazprom and LUKoil ­ on three separate scores, the survey, which was released on […]

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World Economic Forum Gathers Leaders to Reignite Russia’s Economy

Cash, Calculator, Pen

(Moscow Times – themoscowtimes.com – Anatoly Medetsky – October 18, 2013) Kaluga shines so brightly in the regional investment firmament that it has regularly drawn cheers from President Vladimir Putin and various economists. Some of the reasons why the region, 160 kilometers southwest of Moscow, is leading the way as a target for new business ventures include the decision by […]

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Russia’s brave bet on organic growth

File Photo of Cash, Coins, Line Graph

(Business New Europe – bne.eu – Ben Aris in Moscow – October 17, 2013) Russia’s growth over the first nine months of this year was 0%, Deputy Economic Development Minister Andrei Klepach said on October 15. While the rest of the world is fixated on trying to spur growth, the Kremlin is largely ignoring the problem of its stagnating economy, […]

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Russian economy still stagnating, Q3 growth almost zero – Klepach

Andrei Klepach file photo

(Interfax – MOSCOW, October 16, 2013) The Russian economy is still stagnating, with zero GDP growth in Q3 this year on a seasonally adjusted basis, Deputy Economic Development Minister Andrei Klepach said at a meeting of the State Duma’s budget committee. “The forecast was that we would reverse the tendency for economic growth to slow and this stagnation, which we […]

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Putin Builds North Korea Rail to Circumvent Suez Canal

North Korea Map and Flag

(Bloomberg – bloomberg.com – Ekaterina Shatalova and Nicholas Brautlecht – October 15, 2013) Vladimir Putin is inching closer to his goal of turning Russia into a major transit route for trade between eastern Asia and Europe by prying open North Korea, a nuclear-capable dictatorship isolated for half a century. Russia last month completed the first land link that North Korea’s […]

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Russia Preparing Property Restrictions for Foreigners – Paper

Aerial View of Moscow From Beyond Stadium, file photo

(RIA Novosti – MOSCOW, October 16, 2013) Russia is drafting changes to the law that will bar foreigners from owning or renting real estate in the country without official permission, a state-owned newspaper said Wednesday. The Economic Development Ministry told Rossiiskaya Gazeta that it is in consultation about the legislation with law enforcement and migration agencies including the Federal Security […]

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Macroeconomic factors to work against oil prices in 2014 – Klepach

Andrei Klepach file photo

(Interfax – MOSCOW, October 16, 2013) Macroeconomic factors will work to push oil prices down next year, Deputy Economic Development Minister Andrei Klepach said during a meeting the State Duma budget committee. Klepach said that that, in the forecast for Russia’s socioeconomic development in 2014-2016, there is built in the hypothesis “that the rather high oil prices we are seeing […]

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Third of Russians say country is in economic crisis

File Photo of Cash, Coins, Line Graph

(Interfax – MOSCOW, October 15, 2013) A relative majority of Russians thinks that the national economic situation is deteriorating, and a third claims an economic crisis has already started, the Public Opinion Foundation said. Some 40% of the respondents polled in October alleged economic deterioration; the indicator stood at 28% two years ago. Discontent was expressed primarily by the respondents […]

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Russia to set up Federal Copyright Service

Igor Shuvalov file photo

(Interfax – MOSCOW, October 14, 2013) Russian First Deputy Prime Minister Igor Shuvalov chaired a meeting last week where it was decided that Russia would set up a Federal Copyright Service, Izvestia newspaper reported Monday. “The new structure will offer government services to register and protect intellectual property, legal regulation, supervision and coordination of authorities in this area,” the paper […]

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Only innovative economic model can ensure sustainable growth – Dvorkovich

Arkady Dvorkovich file photo

(Interfax – MOSCOW, October 14, 2013) Using reserve funds to support major investment projects and small and medium businesses can accelerate economic growth slightly for a few months, but an innovative model of growth needs to be implemented in the long-term, Deputy Prime Minister Arkady Dvorkovich said at a briefing for the upcoming Open Innovations international forum in Moscow. The […]

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Moscow – Riots and Working Class Antiheroes

Biryulyovo Riots file photo

(RIA Novosti – Natalia Antonova, Acting Editor-in-Chief of The Moscow News – October 15, 2013) There is a kind of sad poetry to Moscow’s working class neighborhoods. The box-like Khrushchev-era buildings that seem like gigantic children’s toys rather than real housing, the hilariously poor grammar on thousands of tacked up advertisements, the cracked pavement, the whispering trees, and  the stars […]

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RIA Novosti: Over Half of Russians Say Life is Hard, But Bearable – Poll

Map of Russia

(RIA Novosti – MOSCOW, October 14, 2013) ­ Some 57 percent of Russians feel that life is hard but bearable, according to a new survey, five percentage points higher than in 2011. According to new poll results released by the independent Levada Center on Monday, 25 percent of respondents said that the phrase “things aren’t that bad, it’s livable” best […]

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Russia’s income inequality: the root of most evil

File Photo of Man Placing Stack of Large Bills into Inside Pocket of Suitcoat

(Moscow News – themoscownews.com – Natalia Antonova, Acting Editor-in-Chief – October 11, 2013) The issue of income inequality in Russia is nothing new. We are used to noting it – then filing it away somewhere as we get on with the rest of our lives. Rich people exist everywhere after all and it’s not as if the United States, to […]

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RIA Novosti: Russian Government to Cull Federal Officials

File Photo of Dmitry Medvedev Before Gold Flag with Elaborate Design

(RIA Novosti – MOSCOW, October 13, 2013) ­ Russian Prime Minister Dmitry Medvedev has ordered a cull of federal officials in the regions ahead of an upcoming three-year state budget crunch. Medvedev did not give any estimates for the number of officials facing the sack in 2014-2015 in his order, published on the government’s website on Sunday. The cull, to […]

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Interfax: Russian Internet economy expected to grow 3-6%/yr even amid global crisis

File Image of Stylized Eye Surrounded by Binary Code

(Interfax – MOSCOW, October 11, 2013) Russia’s Internet economy will continue to grow at a rate of 3-6% annually even if there is a global crisis, the head of the Russian Association for Electronic Communications (RAEC), Sergei Plugotarenko told reporters. “In preparing the study Runet Economy 2012-2013, we prepared four scenarios for the Internet economy’s development: innovation, stabilization, negative and […]

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Russia Keeps Investment Trust in US Treasuries

U.S. Treasury HH Series Savings Bond file photo

(RIA Novosti – MOSCOW, October 12, 2013) ­ The Russian government will not revise its policy of investing almost half of the country’s foreign exchange reserves in US Treasury securities despite growing fears of a looming US debt default, Russian Finance Minister Anton Siluanov said. “I don’t see the need for changing our reserve investment strategy at present,” Siluanov told […]

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Russia Holds Rates as Nabiullina Looks Past Slowing Economy

Elvira Nabiullina file photo

(Bloomberg – bloomberg.com – Olga Tanas & Scott Rose – October 14, 2013) Russia’s central bank left its main lending rate unchanged for a 13th month and removed a signal that it will keep monetary policy on pause as inflation dropped into its target range for the first time since August 2012. Bank Rossii left the one-week auction rate, its […]

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Governing on autopilot

File Photo of Vladimir Putin at Valdai Club 2013 Meeting, Adapted from Screenshot of Valdai Club Video at youtube.com

(opendemocracy.net – Andrei Kolesnikov – October 10, 2013) Moscow based journalist, editor of the op-ed section of Novaya Gazyeta, columnist of the Vedomosti daily and www.gazeta.ru web magazine. Author of three books, including biography of controversial politician Anatoly Chubais Like a crippled Dreamliner, the Russian economy is slowing to a standstill; the bureaucrats are ignoring instructions; even the scientists are […]

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Putin Leads Assault on Ukraine Favoring EU Over Russian Ties

Russian Naval Vessel in Ukrainian Port

(Bloomberg – bloomberg.com – Stepan Kravchenko & Daryna Krasnolutska – October 11, 2013) Russia is mounting a last-ditch offensive to torpedo Ukraine’s shift toward Europe as President Vladimir Putin seeks to salvage his dream of a common economic space in the former Soviet Union. As Ukraine pursues an accord on European Union integration, Russia has disrupted regional trade and sent […]

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Economy Faces Stagnation Unless Productivity Increases

File Photo of Cash, Coins, Line Graph

(Moscow Times – themoscowtimes.com – Lena Smirnova – October 10, 2013) The Russian economy will stagnate if companies do not increase their labor productivity, which currently averages at 40 percent of that of the Fortune 500 Global companies, according to an annual ranking that Expert Rating Agency presented Wednesday. High prices for natural resources and cheap labor are no longer […]

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No hope for Russia’s hi-tech sector?

File Image of Stylized Eye Surrounded by Binary Code

(Russia Beyond the Headlines – rbth.ru – Artem Zagorodnov, RBTH –  October 9, 2013) Most Russians do not believe in Russia’s future as a leading hi-tech exporter, a Debate Night this week at Moscow’s Technopolis revealed. The fact that Russia currently accounts for 26 percent of the world’s high-tech exports was no deterrent to this week’s Debate Night at Moscow’s […]

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Russian President Says His Country Interested In Recovery Of U.S. Economy

File Photo of Cash, Coins, Line Graph

(RIA Novosti – Denpasar, Indonesia, October 8, 2013) The Russian Federation is interested in recovery of the US economy and hopes that, being caused by a domestic political situation, the issue will be solved as soon as possible, Russian President Vladimir Putin has said, noting that this issue was not specifically discussed at the APEC summit. (Passage omitted: the US […]

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Putin: Obama’s decision not to attend APEC Bali summit justified, I would have done the same

File Photo of Vladimir Putin Leaning Towards Barack Hussein Obama With Flags Behind Them

(Interfax – BALI, October 7, 2013) The absence of U.S. President Barack Obama from the APEC Bali summit is quite understandable, Russian President Vladimir Putin said. He said he would have done the same. “We can see what is going on in U.S. domestic politics and this situation is not easy. I think the decision of the U.S. president not […]

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TRANSCRIPT: Press statement and [Putin] answers to journalists’ questions following the APEC summit

Map of Asia-Pacific Highlighting APEC Member States

(Kremlin.ru – Bali, Indonesia – October 8, 2013) PRESIDENT OF RUSSIA VLADIMIR PUTIN: Good afternoon, ladies and gentlemen, colleagues, I want to note that the APEC summit had good, practical outcomes. Let me recall once again that the Asia-Pacific region is home to more than 40 percent of the world’s population; it generates 56 percent of global GDP and accounts […]

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IMF Says Russian Economic Growth Model Exhausted

File Photo of Cash, Coins, Line Graph

(RIA Novosti – MOSCOW, October 9, 2013) The International Monetary Fund warned in a report published Wednesday that Russia’s economic model has exhausted itself and predicted that future growth will be constrained by negative demographic trends. The IMF’s annual World Economic Outlook said that the Russian economy has managed to grow on the back of rising oil prices and by […]

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Putin: productivity gains must accelerate to shift from raw materials

Oil Well file photo

(Interfax – MOSCOW, October 2, 2013) The current challenge for the Russian economy is the need to accelerate labor productivity gains, since the current slow pace means that the economic orientation on raw materials extraction will continue, President Vladimir Putin said in Moscow on Wednesday at the Russia Calling investment forum organized by VTB Capital. “For Russia, the main, crucial […]

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Cabinet Reviews Detailed Plans on Supporting Small Entrepreneurs

Cash, Calculator, Pen

(Moscow Times – themoscowtimes.com – Anatoly Medetsky – October 3, 2013) The Cabinet on Thursday discussed moves to back small and medium-sized businesses with greater access to loans and state contracts as a way to spur the flagging economy. “We must make a serious breakthrough in the field of investment, the field of labor productivity, the field of diversification of […]

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Electrifying Russia’s business climate

Empty Boardroom

(Business New Europe – bne.eu – Artem Zagorodnov in Moscow – October 3, 2013) One of Vladimir Putin’s first acts on being inaugurated president on May 7, 2012 concerned launching a series of “road maps” to improve Russia’s position in the World Bank’s “Doing Business” survey from 118th place to 50th by 2015 and 20th by 2018, by slashing bureaucracy […]

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Russia Beyond the Headlines – Russia: Surprising on the upside

File Photo of Cash, Coins, Line Graph

(Russia Beyond the Headlines – rbth.ru – David Gray, managing partner of PwC Russia, special to RBTH – October 1, 2013) David Gray of PwC Russia explains how business opportunities can often be undervalued by foreigners based on his own 19 years in Moscow. Like an analyst giving a share tip, I think that I should start by admitting that, […]

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Putin Confronts Economy’s Long-Term Flaws

File Photo of Cash, Coins, Line Graph

(Moscow Times – themoscowtimes.com – Guennadi Moukine – October 3, 2013) The worst of the economic crisis is over and the economy is under control, but it is time to steer the economy back into growth mode, President Vladimir Putin said at an investment forum Wednesday. He was speaking at the Russia Calling! VTB Capital event in Moscow, where he […]

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TRANSCRIPT: [Putin at] Russia Calling! Investment Forum

File Photo of Vladimir Putin at Valdai Club 2013 Meeting, Adapted from Screenshot of Valdai Club Video at youtube.com

(Kremlin.ru – Moscow – October 2, 2013) Vladimir Putin took part in the fifth annual “Russia Calling!” Investment Forum, organised by VTB Capital. The theme of this year’s forum is New Horizons for Growth: How to Reach Them. The “Russia Calling!” Investment Forum provides a platform for developing dialogue between Russian business and the international investment community. Prominent political and […]

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In Russia, the consumer reigns supreme

File Photo of Cash, Coins, Line Graph

(Russia Beyond the Headlines – rbth.ru – Natalia Orlova, Chief Economist at Alfa Bank in Moscow, special to RBTH – October 1, 2013) How Russia’s macroeconomics indicate it’s a booming consumer, not oil, economy. Although Russian economic growth slowed to a mere 1.4 percent year-on-year in the first half of 2013, the domestic consumer trend remains solid. Russia’s current economic […]

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How Russia leads the G20 in support for business

File Photo of Russia-Hosted G20 Banners Outdoors Before Yellow and White Facade of Historic-Looking Building

(Russia Beyond the Headlines – rbth.ru – Alexander Ivlev, special to RBTH – September 30, 2013) EY’s country managing partner on how Russia took 1st place among the G20 countries for coordinated business support and why it’s easier to file taxes here than in the U.S. There is a growing recognition among the G20 countries of the invaluable role played […]

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TRANSCRIPT: Dmitry Medvedev’s interview with Rossiya 24 TV channel

Dmitry Medvedev file photo

(Government.ru – Sochi, Krasnodar Territory, September 28, 2013) Anna Schneider: Good afternoon, Mr Medvedev. Thank you for finding the time to come here. Dmitry Medvedev: Good afternoon. Anna Schneider: The forum is about to complete its work. What results have been achieved? What are your personal impressions? How is this year’s forum different from the previous ones in terms of […]

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Shuvalov: Russia to suspend megaprojects, develop transport infrastructure

Igor Shuvalov file photo

(Interfax – VLADIVOSTOK, September 28, 2013) – Russia will take a break in megaprojects under the current complex circumstances but will continue to develop its transport infrastructure. “There will be no such megaprojects as the Sochi Games in 2014 but there will be other very important projects, such as transport infrastructure for greater passenger and cargo mobility. They will not […]

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Dmitry Medvedev’s article: The time of simple solutions is past

File Photo of Dmitry Medvedev Before Gold Flag with Elaborate Design

(Government.ru –  Dmitry Medvedev – September 27, 2013) [English translation of commentary published in Vedomosti, September 27, 2013] 1. The beginning Five years ago it became obvious that a global economic catastrophe was beginning. I remember very well the first G20 anti-crisis summit meeting in Washington and the views which I and the majority of my colleagues expressed there. From […]

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Medvedev Bets on Private Business in Hard Economic Times

Dmitry Medvedev file photo

(Moscow Times – themoscowtimes.com – By Anatoly Medetsky – September 28, 2013) Prime Minister Dmitry Medvedev warned Friday that the economy had fallen on hard times and identified the private sector as the engine for future growth. Medvedev made what was one of the key political statements of his premiership at the annual International Investment Forum in Sochi after numerous […]

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TRANSCRIPT: Medvedev at Twelfth International Investment Forum Sochi-2013

File Photo of Cash, Coins, Line Graph

(Government.ru – Sochi, Krasnodar Territory – September 27, 2013) The main focus of the forum is economic growth and quality of life, including foreign direct investment, comprehensive regional development and expansion of transport infrastructure through private investment. The participants also discussed social issues, including healthcare, participation of private medical organisations in the mandatory medical insurance system, social development policies for […]

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Risk of not implementing new development model the main risk for Russia – Ulyukayev

File Photo of Cash, Coins, Line Graph

(Interfax – SOCHI, September 27, 2013) Russian Economic Development Minister Alexei Ulyukayev said the main risk for the Russian economy was the risk of not implementing a new economic development model. There are external and internal risks that can affect the rate of economic growth, he said. “But I think the major risk us the risk that we will nit […]

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World Bank: Russian Energy Strength is Economic Weakness

Oil Well file photo

(OilPrice.com – Daniel J. Graeber – September 26, 2013 – article also appeared at http://oilprice.com/Finance/the-Economy/World-Bank-Russian-Energy-Strength-is-Economic-Weakness.html; a version of the article also appeared in The Christian Science Monitor as “Is Russia’s economy running out of gas?” at http://www.csmonitor.com/Environment/Energy-Voices/2013/0926/Is-Russia-s-economy-running-out-of-gas) The head of the World Bank in Russia said Wednesday he was alarmed by the slowdown in the Russian economy.  The bank said the […]

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TRANSCRIPT (continued): [Putin at] meeting of the Valdai International Discussion Club (transcript concluded)

File Photo of Vladimir Putin at Valdai Club 2013 Meeting, Adapted from Screenshot of Valdai Club Video at youtube.com

(Kremlin.ru – Novgorod Region, September 19, 2013) [Complete transcript here http://eng.kremlin.ru/transcripts/6007] VLADIMIR PUTIN: And one more question for our American friend and colleague. What will the United States do about the budget deficit, the debt that has reached an incredible size? It is the largest debt in the United States’ post-war history. How will the situation unfold moving forward? This […]

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Medvedev Bemoans Fear of ‘Incomprehensible,’ ‘Unpredictable’ Russia

Dmitry Medvedev file photo

(RIA Novosti – MOSCOW, September 27, 2013) ­ Russian Prime Minister Dmitry Medvedev has said that investors have an “irrational fear” of Russia, a country he described as “incomprehensible” and “sometimes unpredictable,” in a long opinion piece published Friday in a Russian newspaper. The article of over 3,000 words was titled “The Time of Simple Solutions Has Passed” and focused […]

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How former Soviet countrymen resettle in Russia

Map of European Portion of Former Soviet Union

(Russia Beyond the Headlines – rbth.ru – Lyudmila Nazdracheva, special to RBTH – September 26, 2013) This year, thanks to a program that facilitates the return of nationals to Russia, around 15,000 people have moved back to the country. The plans for the program estimated the influx of returning émigrés to be in the hundreds of thousands per year, and […]

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Russia’s new regulatory overlord

Russian Central Bank file photo

(Business New Europe – bne.eu – Ben Aris in Moscow – September 25, 2013) Russia leapt 10 places in the latest “Economic Freedom of the World” report, released in September by Canada’s Fraser Institute, to 101st place largely thanks to its financial reforms. The US fell 13 spots, largely because of its financial mess. The Kremlin is regularly lambasted for […]

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