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ST. PETERSBURG. March 13 (Interfax) – Former Russian finance minister Alexei Kudrin is apprehensive about possible Western sanctions against Russia and said limitations in the banking sector have already begun. “I can say quite definitely: credit line limits for Russia are being closed,” said Kudrin, who is currently a member of the Presidential Economic Council.
(Bloomberg – bloomberg.com – Matthew C. Klein – March 3, 2014) Matthew C. Klein is a writer for Bloomberg View You may have missed it amid the ongoing drama in Ukraine, but Russia’s central bank raised its main interest rate today to 7 percent from 5.5 percent — the single biggest increase in Russian benchmark
MOSCOW, March 4 (RIA Novosti) – An adviser to Russian President Vladimir Putin said Tuesday that authorities would issue general advice to dump US government bonds in the event of Russian companies and individuals being targeted by sanctions over events in Ukraine. Sergei Glazyev said the United States would be the first to suffer in
(Russia Beyond the Headlines – rbth.ru – Kira Egorova, Anna Sorokina, RBTH – February 19, 2014) On Wednesday morning, the ruble slid to a five-year low against the dollar on trading in the Moscow Exchange. Experts have tried to reassure investors arguing, that the ruble will gain ground soon The Euro also reached an all-time
(Moscow Times – themoscowtimes.com – Anna Dolgov – February 18, 2014) Russia’s promise to release the next payment of a promised $15 billion loan to the government of Ukraine’s President Viktor Yanukovych failed to help the country’s hryvnia currency, which fell by up to 1.6 percent against the dollar on Tuesday. Monday’s announcement by Finance
(Moscow Times – themoscowtimes.com – Delphine d’Amora – February 18, 2014) Mortgage lending is soaring as banks lower their rates, carrying with it both the benefits and potential drawbacks of a mortgage-greedy banking system. Until recently, Russian banks and consumers alike were skeptical of mortgages, and the rapidly escalating price of real estate did not
["Russia holds rate, warns of rises if inflation accelerates" - CentralBankNews.info - February 14, 2014 - http://www.centralbanknews.info/2014/02/russia-holds-rate-warns-of-rises-if.html] CentralBankNews.info covers Russia’s Central Bank and its decision to maintain its key policy rate at 5.50 per cent. The Central Bank cautions that it could raise rates if inflation exceeds the bank’s target, but asserts an expectation that
(Moscow News – themoscownews.com – Nathan Gray – January 28, 2014) The rapidly depreciating ruble recovered slightly on Tuesday, after recording a five-year low against the euro of 47.50 on Monday. On Tuesday afternoon, the Central Bank indicated a rate of 47.37 against the euro, and 40.36 against the weighted currency basket of dollars and
(Business New Europe – bne.ru – January 28, 2014) The pro-Russian leanings of Ukrainian President Viktor Yanukovych and his associates have triggered a national crisis following November’s shocking decision to back out of signing a deal that would have brought the country closer to the EU. Yet the Kremlin’s hold over Yanukovych may not be
(RIA Novosti – January 27, 2014) Around two-fifths of Russians have no idea why their government has committed to lending crisis-hit Ukraine $15 billion in taxpayer money, a survey has revealed. The loan announced in a surprise move late last year was designed to steer debt-strapped Ukraine through a potentially devastating looming balance of payments
MOSCOW, January 24 (RIA Novosti) The Russia ruble hit a historical record low Friday, dropping to 47.32 rubles per euro at tomorrow settlement date on the Moscow stock exchange. The previous all-time low dates back to February 3, 2009, when the ruble stood at 47.25 rubles per euro. The dollar traded at 34.52 rubles
MOSCOW, January 22 (RIA Novosti) President Vladimir Putin said Wednesday that there are too many banks in Russia, Prime business news agency reported. “We have just under a thousand banks. That is, of course, a large quantity of financial institutions for our economy,” Putin said during a meeting with a group of Moscow students.
(Moscow Times – themoscowtimes.com – Anatoly Medetsky – January 21, 2014) In a country like Russia, where a fair share of consumer goods come from abroad, the government’s efforts to move to a more flexible exchange rate for the domestic currency could rattle retailers and restaurants big time. Real estate brokers and others dealing in
(Moscow Times – themoscowtimes.com – January 22, 2014) Russians should not keep their savings in rubles, as the currency is likely to depreciate, the head of the Banking Institute at the Higher School of Economics Vasily Solodkov said. “From now on, ruble exchange rate fluctuations against dollar and euro will be far more significant,” newspaper
(Moscow Times – themoscowtimes.com – Anatoly Medetsky – January 20, 2014) Russian delegates at this week’s World Economic Forum in Davos could have to field uneasy questions about the country’s economic slowdown at a time when Western economies are regaining their confidence. Russia’s economic aid to Ukraine is also likely to surface during discussions at
(Moscow Times – themoscowtimes.com – Alexander Panin – December 26, 2013) For some bank depositors, the second half of 2013 has been a year to increase their intimacy with the state, whether they wanted to or not. Anyone with funds in the more than 30 small and medium-sized commercial banks that lost their licenses this
MOSCOW. Dec 25 (Interfax) – More than $1 trillion has been siphoned off from the Russian economy to offshore territories in the past 20 years, Russian Federation Council Chair Valentina Matviyenko said on Wednesday. “According to estimates by numerous experts, over $1 trillion worth of Russian capitals has been funneled to offshore jurisdictions in 20
MOSCOW, December 19 (RIA Novosti) Several top Russian companies have announced plans to reduce their use of offshore holding structures after President Vladimir Putin repeated calls for “deoffshorization” last week, according to a Russian newspaper report Thursday. Aluminum producer Rusal, telecoms giant MTS, truck maker Kamaz, state-owned hydroelectric conglomerate RusHydro and iron ore miner
(Interfax – Moscow, December 18, 2013) Russia’s banking sector has improved its financial indicators in 2013 and concerns over its stability are groundless, Elvira Nabiullina, chairwoman of the Central Bank of Russia, said on Wednesday [18 December] at a conference organized by the Association of Russian Banks. “Concerns over the stability of Russia’s banking sector
MOSCOW. Dec 12 (Interfax) – Companies with Russian assets that are registered in foreign jurisdictions have to pay taxes according to Russian law, while at the same time will receiving no government support, state contracts, or VEB credits, Russian President Vladimir Putin has said. “As nothing [has been done about this] in this sphere [‘de-offshoring’
(Russia Beyond the Headlines – rbth.ru – Alexandra Kulikova, special to RBTH - December 12, 2013) In early December Adam Smith Conferences held the 20th anniversary Russian Banking Forum in London aimed at looking at what the future holds for Russia’s banks. The timing of the Russian Banking Forum this year was perfect to have
MOSCOW. Dec 12 (Interfax) – Initiatives to “de-offshore” the Russian economy, as voiced in President Vladimir Putin’s annual address to the Federal Assembly on Thursday, will make it possible to secure additional budget revenue totaling “tens of billions of rubles,” Finance Minister Anton Siluanov said. “I think it will be tens of billions of rubles,”
(Moscow Times – themoscowtimes.com – Anatoly Medetsky – December 6, 2013) President Vladimir Putin on Thursday said the government would have to improve the country’s economic performance in order to fulfill his campaign promises. He also complained that his tap water was sometimes brown from rusty pipes. Putin’s decrees from May last year, which seek
MOSCOW, December 6 (RIA Novosti) Russia’s Finance Ministry predicted serious difficulties Friday for the budget in 2016 and 2017 as slowing economic growth means there will be insufficient funds available to honor spending commitments. Short term and long term growth forecasts for the Russian economy have been cut repeatedly this year, with officials warning
(Russia Beyond the Headlines – rbth.ru – Marina Maksimova, special to RBTH – Deccember 5, 2013) The Russian Central Bank has revoked the license of several large banks as part of what it says is a fight against corruption and a shadow economy. Banking industry experts are worried that the Central Bank’s efforts to clean
(Moscow Times – themoscowtimes.com – November 29, 2013) Russians will have racked up 10 trillion rubles ($300 billion) in debt by the end of this year, Vedomosti reported Friday, citing the Central Bank. Increasing consumer lending in Russia this year has created concern that the market may be overheating, with officials voicing concerns over possible
MOSCOW. Nov 29 (Interfax) – The outflow of capital from funds focused on Russian equities continued for the fifth consecutive week and exceeded $130 million from November 21 through 27, about the same as a week earlier, Emerging Portfolio Fund Research (EPFR) reported. Exchange traded funds (ETF) focused on Russian equities lost $37 million from
(RIA Novosti – November 22, 2013) US asset management giant BlackRock pulled more than $100 million from its Russian investments over a seven-day period beginning last week, the Prime news agency reported Friday. The amount is about a third of the investment that BlackRock, the world’s largest money manager, has in Russia, Prime said, citing
MOSCOW. Nov 14 (Interfax) – The parameters of 40 Russian government programs approved in 2012-2013 are inconsistent with the budget plan for 2014-2016, the chairman of the Audit Chamber, Tatyana Golikova said in an interview published by Rossiyskaya Gazeta on Thursday. “This refers to 40 state programs approved by the government in 2012-2013, which were
MOSCOW. Nov 14 (Interfax) – The Central Bank of Russia (CBR) acknowledges that it has very high inflationary expectations, the bank’s first deputy chief, Ksenia Yudayeva, said during a session of the State Duma committee for economic policy, innovative development, and entrepreneurship on Thursday. “Only just today I had a meeting on this subject. We
(Moscow Times – themoscowtimes.com – Guennadi Moukine – November 5, 2013) Despite its extraordinary scientific capacity, a stated desire to be competitive and the availability of capital, it may take several generations before Russia’s investment in innovation will bear fruit, a report by MIT on the country’s role in global innovation shows. Russia has many
MOSCOW, November 5 (RIA Novosti) The Russian Central Bank launched a public competition Tuesday to find a symbol that will represent the ruble alongside other major world currencies. For the next month, visitors to the Central Bank’s website can vote for one of five variations on the letter R in both the Latin and
MOSCOW. Oct 30 (Interfax) – Some 1,600 Russian officials have property and bank accounts abroad, mainly real estate in CIS countries. “It has been established that presently slightly over 1,600 municipal and government officials have foreign assets. Given all the statistical errors this is less than 0.1% of all pubic servants,” head of the Kremlin
GORKI. Oct 21 (Interfax) – The world’s largest companies are planning to increase investments in Russia soon, Mark Weinberger, Global Chairman & CEO of Ernst & Young, said. Weinberger told journalists after a Foreign Investment Advisory Council meeting that “68% of the companies who invest in Russia are planning on increasing investments soon.” He also
(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
(Moscow Times – themoscowtimes.com – Sam Skove – October 18, 2013) When Nuri Katz, founder of investment firm Apex Capital, heads for the customs gate, he gets to decide which of his three passports to use – a privilege that his Russian clients would pay up to 5 million euros to enjoy. Katz is
(Interfax – MOSCOW, October 17, 2013) New Audit Chamber Chairman Tatiana Golikova says she plans to use her experience as a financier when planning changes to the work of the chamber. “I think there will be changes. If only because I have been professionally engaged in finance all my life and I have my own
(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
(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
(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
(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
(Interfax – MOSCOW, September 25, 2013) The growing capital outflow from Russia is putting pressure on the ruble, the Economic Development Ministry said in an economic forecast for 2014-2016 published on Tuesday. “The increase in private capital outflow in 2013 from $30 billion to $70 billion, according to the forecast, was an important factor in
(Interfax – VALDAI, Russia. September 19, 2013) Russia is worrying about the current state of the U.S. finance system with its “unbelievable sovereign debt and budget deficit,” Russian President Vladimir Putin said. “How will the situation develop? This has a direct effect on the global economy, it’s a real source of anxiety for everyone,” Putin
(Interfax – MOSCOW, September 16, 2013) Capital outflow from Russia is not yet slowing but the ruble will not weaken to any great extent, even if oil prices fall, Deputy Economic Development Minister Andrei Klepach told Interfax. “The ruble will not weaken substantially even if oil prices fall markedly. The Central Bank (in that event)
(Russia Beyond the Headlines – rbth.ru – Tatyana Lisina, special to RBTH – September 9, 2013) A mega regulator of the entire financial market began work in Russia on Sept. 1. According to experts, this will have a positive impact on the economy as a whole and increase Russia’s investment attractiveness. On Sept. 1, the
(Moscow Times – themoscowtimes.com – Irina Filatova – August 19, 2013) President Vladimir Putin’s calls for domestic companies to repatriate their funds back home from offshore jurisdictions have fallen on deaf ears, with almost half of the $67 billion investment by Russian residents abroad in the first quarter of this year settling in the British
(Bloomberg – bloomberg.com – Olga Tanas & Agnes Lovasz – August 19, 2013) Elena Dibova was ready to pledge her 15 million-ruble ($456,000) apartment to get financing for her metal-safe business. As her bank dragged its feet, she hit the roadblock companies across Russia face as the economy sinks. Corporate-lending growth has plunged as the
(Window on Eurasia – Paul Goble – Staunton, August 14, 2013) Many in the Russian Federation and the West were shocked when European countries recently published figures showing that thousands of Russians are now seeking asylum or at least permanent residence abroad, but Russian realtors say that behind these numbers is an even more disturbing
(Business New Europe – bne.eu – July 25, 2013) Despite its image as a den of high tech thieves international credit card company VISA reports that fraud in Russia is 10-times less than in its other markets. The company said that card fraud in Russia costs it 5 kopecks per 1,000 annually, a tenth of
(Moscow Times – themoscowtimes.com – July 25, 2013) Russians will spend 1.7 trillion rubles ($42 billion) abroad in 2013, which represents an increase of 13 percent over last year according to an annual study Citibank released Thursday, though half that amount is being spent online. But while spending abroad continues to increase annually, growth is
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