Putin’s Reliance on American Commerce Has Never Been Greater

File Photo of Boeing 747, adapted from image at navy.mil

(Bloomberg – bloomberg.com – Jake Rudnitsky, Ilya Arkhipov – June 15, 2016) U.S. becomes Russia’s No. 5 partner as trade war hits EU worse Boeing, Cargill, Yum! lead U.S. companies expanding in Russia President Vladimir Putin loves to reel off statistics, but here’s one he may not trumpet at his annual investment forum in St. Petersburg this week: Russia’s reliance […]

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Sanctions agenda may be discussed during Putin-Juncker meeting at SPIEF

EU Map

(Interfax – June 14, 2016) Russian President Vladimir Putin and European Commission President Jean-Claude Juncker can touch on the issue of sanctions at their meeting planned during the St. Petersburg International Economic Forum on June 16, Russian Presidential Aide Yury Ushakov said. “The agenda [of sanctions and countersanctions] will certainly be voiced, because, as we know, the issue of sanctions, […]

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Economy ministry expects rate cut to have moderate impact, sees room for further cut

Central Bank of Russia file photo

MOSCOW. June 14 (Interfax) – The Central Bank of Russia’s decision on Friday to lower its key interest rate to 10.5% from 11% will have a positive, but “fairly moderate” impact on the economy, and there is still room for a further rate cut, a spokesman for the Economic Development Ministry told Interfax. “This decision will have a positive impact, […]

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New Bill Forces Russian Companies to Disclose Owner Information

Russian State Duma Building file photo

(Moscow Times – themoscowtimes.com – June 8, 2016) Russia’s State Duma has passed a new bill obliging companies to disclose information on their beneficiaries at the request of the authorities, the TASS news agency reported Tuesday. The bill was prepared as part of the country’s push to improve economic transparency and decrease the use of offshore holdings. Russian President Vladimir […]

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RBTH: Russian business repatriates money from offshore zones

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Russian entrepreneurs have decided to bring their money back home from offshore havens. Statistics show that the largest amounts have returned to Russia from the Bahamas, the British Virgin Islands and Bermuda. Additionally, $1 billion or more has entered Russia from such countries as Germany, France and the UK. (Russia Beyond the Headlines – rbth.ru – ALEXEI LOSSAN, RBTH – […]

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Why is Russia borrowing money on the foreign markets?

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The Russian Finance Ministry has issued 10-year Eurobonds worth $1.75 billion with an annual yield of 4.75 percent. What is Moscow hoping to achieve with the issue, who has lent money to Russia, and how likely are they to get their money back? These and other questions are answered here. (Russia Beyond the Headlines – rbth.ru – ALEXEI LOSSAN, RBTH […]

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Pravda.ru: West shocked to discover revival of Russian economy

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(Pravda.ru – Lyuba Lulko – May 26, 2016) Western media have started to notice positive changes in the Russian economy. Russia is an attractive country for foreign investors. Domestic investors have been showing signs of life as well – they were ready to buy the stock of Russian Eurobonds. Sanctions no longer frighten people, because there are long-term attractive projects […]

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Putin’s Longstanding Plan for Long-Term Confrontation with the West Being Implemented Ever More Rapidly, Illarionov Says

Kremlin and River

(Paul Goble – Window on Eurasia – Staunton, May 28, 2016) For the last decade, Vladimir Putin has pursued a plan to isolate his country from the outside world by pursuing rearmament and confrontation with the West, Andrey Illarionov says. Now, there is evidence that the Kremlin leader is stepping up his efforts I that direction even during the current […]

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Was Russia’s First Bond Sale in 3 Years a Success?

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(Moscow Times – themoscowtimes.com – Peter Hobson – May 26, 2016) [Chart here themoscowtimes.com/business/article/was-russias-first-bond-sale-in-3-years-a-success/570254.html] Bidding opened suddenly on the morning of May 23. After a three-year absence from international markets, and with very little warning, Russia announced it wished to borrow billions of dollars. The Finance Ministry sought to help finance a yawning budget deficit caused by the low price […]

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Russia Hails Eurobond Triumph as Traders Ask: Who Bought It?

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(Bloomberg – bloomberg.com – Andrey Biryukov, Lyubov Pronina – May 25, 2016) Russia hailed its sale of $1.75 billion of Eurobonds as a triumph in the face of sanctions and “unprecedented pressure” from U.S. and European Union governments. While Finance Minister Anton Siluanov said the deal showed foreigners have “trust” in Russia, investors expressed concern the bond won’t be admitted […]

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NEWSWATCH: “Former U.S. diplomat criticizes Canada’s ‘weakness’ on Russia” [Michael McFaul] – The Globe and Mail (Canada)

Memorial Flowers and Photo of Sergei Magnitsky

… Obama’s former ambassador to Russia says Canada is showing a ‘sign of weakness’ by not pushing ahead with a promised U.S.-style Magnitsky Act that would punish Russians deemed to be human-rights violators with visa bans and asset freezes. … McFaul, who served as the U.S. envoy to Moscow from 2012 to 2014 and before that was … Obama’s special […]

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NEWSWATCH: “‘Anti-travelogue’ on Putin’s Russia wins £10,000 Ondaatje prize. Nothing Is True and Everything Is Possible by Peter Pomerantsev takes prize honouring writers who best ‘evoke the spirit of a place” – The Guardian

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… Pomerantsev said he had been struck by the ‘state-reinforced psychology of the new Russia, the insistence that all identities are mutable, that nothing is true and everything is possible.’ Born in Ukraine and now living in London, Pomerantsev has worked as a journalist, film-maker and as a consultant for the EU and World Bank. * * * Judge and […]

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Interfax: Foreign investors believe in Russia’s prospects despite sanctions – Shuvalov

Igor Shuvalov file photo

(Interfax – May 22, 2016) Foreign investors believe in the prospects of Russian economy and are setting up their productions here, Russian First Deputy Prime Minister Igor Shuvalov said in the Sunday Evening with Vladimir Solovyev show on Rossiya 1 (VGTRK) television on May 22. “If you take a look at how many new plants are opening now [in the […]

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Is neoliberalism applicable to Russia? A response to Ilya Matveev; Attempts to call the Putin regime “neoliberal” get one fundamental thing wrong: capitalism doesn’t exist in Russia.

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(opendemocracy.net – Anastasiya Ovsyannikova – May 20, 2016) Anastasiya Ovsyannikova is an economist and journalist. She has worked for F5 and Cityboom.ru, as well as Moscow’s Sakharov Center. oDR recently published an article by Ilya Matveev, “Russia, Inc”, which positioned neoliberalism as an organic part of the Putin regime. The intense discussion that followed brings us back to two central […]

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TRANSCRIPT: [Excerpts: Medvedev at] The 6th St Petersburg International Legal Forum

Dmitri Medvedev file photo

(Government.ru – May 18, 2016) Dmitry Medvedev attended a plenary session titled Trust in Law – Mechanism for Global Crisis Resolution. The St Petersburg International Legal Forum was launched in 2011 and is a major platform for dialogue between politicians, lawyers, economists and scientists who represent various economic and legal systems. The forum seeks to promote ways to modernise the […]

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Interfax: Lower key rate would not boost Russian economy – Central Bank

Russian Central Bank file photo

MOSCOW. May 16 (Interfax) – Lowering the key interest rate in current conditions would not result in growth for the real economy, Dmitry Tulin, first deputy governor of the Central Bank, said in the State Duma, during a discussion of the Central Bank’s annual report. “We take into consideration the factor of the impact of monetary policy on the state […]

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Panama Papers: Are Russian entrepreneurs actually moving back onshore?

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The latest information published from the Panama Papers shows that some Russian billionaires began closing their offshore companies after the beginning of the governmental de-offshorization campaign in 2015. (Russia Beyond the Headlines – ALEXEI LOSSAN, RBTH – rbth.ru – May 16, 2016) According to the business newspaper RBK Daily, the expanded database of the so-called Panama Papers, published in May […]

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Hedge Funds Reap Big Rewards From Roller-Coaster Russian Markets

File Photo of Outdoor Electronic Sign with Russian Exchange Data

(Bloomberg – bloomberg.com – Elena Popina – May 15, 2016) Russian assets, which are among the most volatile in the world, are bringing hedge fund managers the best returns in emerging markets. Funds with a geographical focus on the country have gained an average 29 percent since the start of 2015, more than any others geared toward major developing nations, […]

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Ukraine’s Free Trade Deal Was Just a Start

EU Map

(Bloomberg – bloomberg.com – Leonid Bershidsky – May 11, 2016) Ukraine’s free trade agreement with the European Union was so controversial that it caused the former Soviet republic’s break with Russia, which had opposed the closer ties with Europe. Several months in, it looks like the deal is benefiting the EU more than it is helping Ukraine. That doesn’t mean […]

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Russia Ratifies International Agreement on Financial Information Exchange

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

(Moscow Times – themoscowtimes.com – May 12, 2016) Russia has signed an international agreement on the exchange of financial information, state news agency TASS reported Thursday. The head of Russia’s Federal Taxation Service (FNS) Mikhail Mishustin said that Russia will join the global system of data exchange between tax authorities in different countries in 2018. “This will allow us to […]

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Putin’s Decade-Old Dream Realized as Russia to Price Its Own Oil

Oil Well file photo

(Bloomberg – bloomberg.com – Eduard Gismatullin – April 27, 2016) Russian President Vladimir Putin is on the verge of realizing a decade-old dream: Russian oil priced in Russia. The nation’s largest commodity exchange, whose chairman is Putin ally Igor Sechin, is courting international oil traders to join its emerging futures market. The goal is to increase revenue from Urals crude […]

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NEWSLINK Foreign Policy/DAVID FRANCIS, LARA JAKESA: “‘Sanctions Are a Failue…Let’s Admit That.’ With Europe debating re-opening economic ties to Russia, have U.S. sanctions on Moscow lost their teeth?”

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Interfax: Business confidence rises in Russian extractive, manufacturing sectors

Diverse Paper Currency, Coins, Line Graph

MOSCOW. April 26 (Interfax) – The business confidence index in the Russian extractive industry grew for the third straight month in April, while the index in the manufacturing sector also grew, the Federal State Statistics Service (Rosstat) said. The business confidence index in the Russian extractive sector improved to minus (-) 2% in April, from -3% in March, -4% in […]

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NEWSWATCH Reuters: “Russia Grants Ukraine’s Request to Delay Eurobond Case Defense”

International Monetary Fund Logo Over Ukraine Flag

Russia has agreed to allow Ukraine extra time to file its defence with a British court … Russia filed a lawsuit … demanding repayment of the $3 billion Eurobond …. Ukraine insists Russia must accept restructuring terms agreed with other foreign creditors. … Ukraine had until March 19 to file its defence although it was granted an extension until April […]

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Putin Swears Off Stimulus as Policy Mix Moves Toward ‘Orthodoxy’

Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – Anna Andrianova – April 17, 2016) It was by no means the showstopper of President Vladimir Putin’s annual call-in with Russians, complete as it was with digs at the U.S. and justice dispensed on live television. Two days after Bank of Russia Governor Elvira Nabiullina urged reforms and warned against the “big illusion” of using inflation […]

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Were the Panama Papers Planted? Who Cares.

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(Bloomberg – bloomberg.com – Leonid Bershidsky – April 15, 2016) Last week, a respected Russia scholar in the U.S. speculated that the Kremlin might be behind the so-called Panama Papers, the big dump of data about offshore accounts that has implicated several countries’ officials in shady dealings. And on Thursday, President Vladimir Putin of Russia blamed the U.S. for the […]

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What I Learned On Russian Television

Map of Russia and Russian Flag adapted from images at state.gov

(RFE/RL – rferl.org – The Daily Vertical: Brian Whitmore – April 15, 2016) I learned a lot more about the poor quality of Russian dairy products yesterday than I would care to know. I also learned that wages aren’t being paid, people can’t afford to buy medicine or pay utilities bills, that schools, kindergartens, and hospitals are being closed, that […]

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Putin doesn’t expect Western sanctions to be lifted soon, says Russia to keep countersanctions in place

Truck at Russian Border Crossing

MOSCOW. April 14 (Interfax) – Russian President Vladimir Putin does not expect the Western sanctions to be lifted from Russia in the near future. “I don’t think our partners will decide to lift the restrictions and limitations from our country in the near future,” Putin said during a Q&A session on Thursday. “Even though the Minsk Agreements on southeastern Ukraine […]

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NEWSWATCH: “Russia’s Most Important Bank Needs a Bailout. VEB faces task of paying off about $20 billion in foreign-currency debt.” – Wall Street Journal

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When the Russian government needed to build up infrastructure in … Sochi ahead of the 2014 Winter Olympic Games, it turned to Russia’s most important lender: Vnesheconombank, the country’s state-owned development bank. … eventually holding the equivalent of at least $2.9 billion in overdue loans. … the bill is coming due. VEB for years kept its books in balance by […]

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NEWSWATCH: “Investors Starting to Show Interest in Russia Again: Credit Suisse.” – Reuters

File Photo of Outdoor Electronic Sign with Russian Exchange Data

Investors are starting to look at Russia again after cutting off exposure amid geopolitical tensions two years ago, the head of Credit Suisse’s $60 million Russian Equity Fund said. There are no big inflows yet but a rebound in Russian stock markets in the past few months as the oil price and the rouble have picked up is encouraging interest […]

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Why Hedge Funds Are Loading Up on Rubles

Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – Elena Popina – April 10, 2016) Managers of some of the best-performing funds from Berlin to New York are buying Russian ruble assets as the currency has rebounded 23 percent from a record low. Stuart Sclater-Booth, who helps oversee more than $40 billion at Stone Harbor Investment Partners, turned overweight on the ruble in mid-February and […]

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On My Mind

Hand Pulling Cash from Envelope

(RFE/RL – rferl.org – Brian Whitmore – April 11, 2016) In many ways, corruption is the new communism. The Soviet Union sought to spread communism and establish a bloc of nations loyal to Moscow. Vladimir Putin’s Russia seeks to spread its corrupt business model to establish a bloc of nations dependent upon Moscow. The Soviet Union tried to co-opt Westerners […]

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Panama Papers scandal: What was the reaction in Russia?

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Even though most Russian newspapers wrote about the discovery of the Panama offshore bank accounts belonging to politicians and businessmen close to Vladimir Putin, public reaction to the scandal was rather muted. Russians exchanged jokes and comments about the information policy of the main Russian TV channels, which, unlike the newspapers, did not report on the scandalous leak. (Russia Beyond […]

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Russian Inflation Slows More Than Forecast as Ruble Shock Fades

Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – Anna Andrianova – April 5, 2016) Russian inflation decelerated to the slowest pace in almost two years as withering consumer demand continues to weigh on prices and stronger oil propels a rally in the ruble. Consumer-price growth eased to 7.3 percent from a year earlier in March, compared with 8.1 percent in February, the Federal Statistics […]

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Russian Prosecutor General’s Office to Investigate Panama Papers

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(Moscow Times – themoscowtimes.com – April 5, 2016) The Russian Prosecutor General’s Office will investigate data contained in the Panama Papers about Russians involved in offshore companies, press secretary Alexandr Kurennoi said Tuesday, the Interfax news agency reported. “The main goal of the inquiry will be to find out if Russian nationals mentioned in the documents acted according to the […]

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Putin’s a Pauper, His Friends Are Rich

Putin Descending a Staircase

(Bloomberg – bloomberg.com – Leonid Bershidsky – April 4, 2016) Recent reports by two consortia of investigative journalists purport to have exposed the dealings and offshore accounts of some of Russian President Vladimir Putin’s closest associates. They don’t name him as a beneficiary of any account, suggesting that Putin is as poor as a church mouse — or would be […]

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Panama Papers scandal: Who is Russia’s Sergei Roldugin?

File Photo of Kremlin Tower, St. Basil's, Red Square at Night

One of the sections of the international journalistic investigation into corruption offshore networks used by the world’s rich and powerful is devoted specifically to Russia. It focuses on renowned cellist Sergei Roldugin, who is also godfather to one of Russian President Vladimir Putin’s daughters. (Russia Beyond the Headlines – rbth.ru – YEKATERINA SINELSCHIKOVA, RBTH – April 5, 2016) On Sunday […]

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‘Nothing To See Here’: Russia Shrugs At Latest Allegations Against Putin

File Photo of Kremlin Tower, St. Basil's, Red Square at Night

(RFE/RL – rferl.org – Robert Coalson -April 1, 2016) Earlier this week, Russian presidential press secretary Dmitry Peskov warned that Western media outlets planned an “information dump” aimed “personally” at President Vladimir Putin with the intention of “disrupting the situation in the country.” A couple days later, on March 31, the Reuters news agency published a report on alleged connections […]

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NEWSWATCH: “Putin associates had $2 billion in offshore accounts, report says” – Washington Post

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An international collection of journalists published a report Sunday on the financial activities of a dozen current and former world leaders that said associates of Russian President Vladimir Putin have moved as much as $2 billion through offshore accounts. …  based on a data leak of 11.5 million records for 214,488 entities connected to people in more than 200 countries or territories. […]

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NEWSWATCH AP: “The Latest: Russian media keep mum on offshore scandal”

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Russian media are keeping mum about the $2 billion found in offshore accounts linked to close friends of President Vladimir Putin. … an international coalition of more than 100 media outlets … details how politicians use banks, law firms and offshore shell companies to hide their assets. Putin’s close friends including a cellist from St. Petersburg were shown to be […]

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NEWSWATCH Organized Crime and Corruption Reporting Project (OCCRP): “UKRAINE: THE PRESIDENT’S OFFSHORE TAX PLAN”

Petro Poroshenko file photo, with additional men in background, adapted from image at state.gov

… actions by his financial advisers and Poroshenko himself … worth an estimated US$ 858 million, make it appear that the candy magnate was more concerned about his own welfare than his country’s – going so far as to arguably violate the law twice, misrepresent information and deprive his country of badly needed tax dollars during a time of war. […]

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Russia’s top investigator says Khodorkovsky acquired Yukos shares illegally

Vladimir Markin file photo

(Interfax – March 25, 2016) Russia’s Investigations Committee is close to proving that the shareholders of dissolved oil company Yukos acquired their shares unlawfully, spokesman Vladimir Markin has said. This would give Russia grounds to not pay the Yukos shareholders a 50bn dollars in damages pursuant to a 2014 Hague ruling. “This is a case that can be characterised by […]

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