Davos to Raise Awkward Questions

File Photo of "World Economic Forum" Display at Davos from Past Session

(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 the Swiss alpine resort, in […]

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State Boosts Grip on Economy With Bank Crackdown

File Photo of Cash, Coins, Line Graph

(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 year would have gone to […]

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Interfax: Over $1 trillion moved out of Russia to offshore areas in 20 years – Federation Council Chair Matviyenko

Valentina Matviyenko file photo

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 years,” Matviyenko said in an […]

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RIA Novosti: Top Russian Companies Pledge to Reduce Offshore Dependency

Cash, Calculator, Pen

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 Metalloinvest have all made commitments […]

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Interfax: Fears for Russian banking sector stability “groundless” – Central Bank head

Elvira Nabiullina file photo

(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 are absolutely groundless,” she said. […]

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Interfax: Companies registered offshore will pay Russian taxes, receive no govt support – Putin

File Photo of Cash, Coins, Line Graph

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’ the economy] this year, I […]

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Tough regulation challenges Russian banking business

Cash, Calculator, Pen

(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 a feel of the expert […]

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Interfax: ‘De-offshoring’ Russian economy will yield ‘tens of billions’ in additional revenue – Siluanov

File Photo of Cash, Coins, Line Graph

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,” Siluanov told journalists on Thursday. […]

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Putin Stays Firm on Fulfilling Promises

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

(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 to raise living standards, have […]

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RIA Novosti: Russia Expects ‘Big Problems’ for Budget After 2016 – Finance Minister Siluanov

File Photo of Cash, Coins, Line Graph

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 is entering a period […]

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Investors fear recent bank closers

File Photo of Cash, Coins, Line Graph

(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 up Russia’s shadow economy could […]

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Individual Debt to Hit $300 Billion by End of 2013

Cash, Calculator, Pen

(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 financial volatility if the trend […]

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Interfax: Capital outflow from Russian equity funds continues unabated – analysts

Cash, Calculator, Pen

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 November 21 to November 27, […]

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US asset management giant pulls $100M from Russia

Cash, Calculator, Pen

(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 figures from Emerging Portfolio Fund […]

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Most approved government programs inconsistent with Russia’s budget – auditor

Tatiana Golikova file photo

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 laid at the foundation of […]

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CBR has high inflationary expectations – Yudayeva

Russian Central Bank file photo

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 have quantitative parameters of inflationary […]

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Technology Expert Sees Fear of Failure Inhibiting Russian Innovation

Artist's Conception of Nanotechnology Components

(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 of the necessary elements to […]

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Russia Launches Vote to Chose Ruble Symbol

Cash, Calculator, Pen

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 Cyrillic alphabets. “Written symbols for […]

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Interfax: Less than 0.1% of Russian public servants have foreign assets, mainly in CIS – Kremlin

Kremlin and St. Basil's

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 administration Sergei Ivanov told the […]

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Head of Ernst & Young predicts growth of foreign investments in Russia

File Photo of Outdoor Electronic Sign with Russian Exchange Data

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 said that “if we look […]

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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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How Wealthy Russians Buy a 2nd Passport

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

(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 in the citizenship-by-investment business. Select […]

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New head promises changes to Audit Chamber

Tatiana Golikova file photo

(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 opinion on what to look […]

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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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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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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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Capital outflow putting pressure on ruble, forcing forecast revisions

File Photo of Cash, Coins, Line Graph

(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 the depreciation of the ruble,” […]

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U.S. financial woes source of anxiety for Russia – Putin

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

(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 said at a meeting of […]

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Capital outflow from Russia not yet slowing, ruble not to weaken substantially – Klepach

Cash, Calculator, Pen

(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) will lose more reserves,” Klepach […]

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Mega financial regulator has been created in Russia

Russian Central Bank file photo

(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 Central Bank of the Russian […]

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Russian Investors Flock to Virgin Islands After Cypriot Crisis

Map of Caribbean Sea and Environs, Including Virgin Islands Highlighted by Red Box

(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 Virgin Islands, according to figures […]

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Russian Recession Risk Worsened as Banks Skimp on Loans

File Photo of Cash, Coins, Line Graph

(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 weaker economy prompts banks to […]

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Russia’s Wealthiest Selling Apartments in Moscow and Fleeing Country, Realtors Say

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

(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 one. Ever more wealthy Russians […]

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Credit card fraud in Russia 10-times less than elsewhere

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

(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 the company’s global average, VISA […]

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Spending Abroad by Russians to Hit $42 Billion in 2013

Cash, Calculator, Pen

(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 slowing down in some categories. […]

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Soviet ruble was destroyed brutally, in one day

File Photo of Cash, Coins, Line Graph

(Pravda.ru – Margarita Troitsyna – July 24, 2013) On July 24, 1993, 20 years ago, the Central Bank of Russia announced the withdrawal of Soviet banknotes from circulation. From that day, Soviet cash was no longer valid on the territory of Russia. The reform was carried out to curb inflation in the country, but it caused huge panic in the […]

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Russia typifies link between high interest rates and corruption

Cropped File Photo of Two Men in Business Suits Shaking Hands and Passing Cash

(Business New Europe – bne.eu – Ben Aris in Moscow – July 25, 2013) Corruption in Russia has helped drive up interest rates on loans to the point where it’s choking off economic growth. “Rates are high now and that makes it hard to do business,” Garegin Tosunyan, head of the Russian Association of Banks, said at the St Petersburg […]

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Russia urges G20 to tell market about its debt policy guidance

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

(Interfax – MOSCOW, July 17, 2013) Russia urges the G20 nations to inform the markets about their debt policy guidance. “We think it would be advisable to put medium-term debt policy guidelines for countries with a lot of debt on the agenda for the G20 meeting [of finance ministers, which takes place in Moscow at the end of the week],” […]

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Senators Choose Business or Power

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

(Moscow Times/RIA Novosti – July 16, 2013) Though the spring session of the upper house of parliament is over, it might not signal an end to the steady stream of wealthy senators who have stepped down as the Kremlin put forward new restrictions on officials owning assets abroad. The nine members of the 166-seat Federation Council who have left since […]

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Nabiullina Seen Holding Russia Rates as Inflation Limits Options

Elvira Nabiullina file photo

(Bloomberg – bloomberg.com – Scott Rose & Olga Tanas – July 10, 2013) Elvira Nabiullina will probably kick off her tenure as Russia’s monetary policy chief by holding rates as inflation remains above target, which her predecessor blamed for the lack of monetary easing the past nine months. The central bank will leave the refinancing rate at 8.25 percent at […]

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High-ranking civil servants won’t have right to accept money from abroad – government

Kremlin and St. Basil's

(Interfax – MOSCOW, July 9, 2013) Prime Minister Dmitry Medvedev has signed an anti-corruption directive which prohibits civil servants from engaging in activities funded by foreign or international organizations. The ban will apply to civil servants employed by the Pension Fund, Social Insurance Fund, Federal Mandatory Health Insurance Fund and other organizations where appointments and dismissals are ordered by the […]

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Rising Financial Literacy among Russians is a State Priority

Cash, Calculator, Pen

(Moscow Times – themoscowtimes.com – Irina Filatova – July 10, 2013) The name Lyonya Golubkov is well-known to many Russians from the 1990s television advertising campaign that encouraged millions of people to put their money into MMM, a vast financial pyramid whose subsequent collapse caused devastating losses. Choosing investment instruments is still a problem for most Russians as the financial […]

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Anti-money-laundering plan to increase Rosfinmonitoring’s role – Transparency International

Hands Opening Envelope Containing Cash

(Interfax – MOSCOW, June 27, 2013) Yelena Panfilova, the head of the Russian office of Transparency International, sees President Vladimir Putin’s statement on plans to draw up a national anti-money-laundering plan as a sign of strengthening the Financial Monitoring Agency’s (Rosfinmonitoring) functions. “I believed that Rosfinmonitoring had been the one responsible for answering these problems all these years. Rosfinmonitoring does […]

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Russian ministry proposes balancing budget in 2014-2016 by cutting transfers, spending

Anton Siluanov file photo

(Interfax – MOSCOW, June 25, 2013) Russia’s Finance Ministry is proposing three maneuvers to balance the federal budget in 2014-2016 – reduce transfers to the Pension Fund of Russia (PFR), cut budget earmarks for government procurements and postpone some spending on the government arms program until after 2016, Finance Minister Anton Siluanov told reporters on Monday. “Right now the situation […]

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Finance Minister Says Ruble Devalution Not on Agenda

File Photo of Cash, Coins, Line Graph

(Moscow Times – themoscowtimes.com – June 24, 2013) Finance Minister Anton Siluanov said that there are no plans to devalue the ruble, despite claims he made last Tuesday that a weaker currency could boost revenues and growth. “Devaluation will not be carried out in Russia under any circumstances,” Siluanov said Sunday during an interview with Central Television NTV, adding that […]

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Weaker Ruble Unlikely to Boost Growth – Russian Central Bank

File Photo of Cash, Coins, Line Graph

(RIA Novosti – ST. PETERSBURG, June 20, 2013) ­ The Russian government’s plans to weaken the ruble in a bid to stimulate faltering economic growth is unlikely to yield results, Central Bank First Deputy Chairman Alexei Ulyukayev said on Thursday. Finance Minister Anton Siluanov on Monday said the government is looking for measures to stimulate economic growth in Russia, including […]

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Customs Union Frauds Behind 40% of Russia Capital Flight

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

(RIA Novosti – MOSCOW, June 20, 2013) Fictitious import contracts with entities from Customs Union member states Belarus and Kazakhstan accounted for 40 percent of Russia’s net capital outflow last year, business daily Vedomosti reported on Thursday citing Central Bank data. About $10 billion could have been laundered through fake imports schemes via Kazakhstan, the Central Bank said in a […]

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Russia Lost $25 Bln in 3 Years in Transfer Scams – Banker

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

(RIA Novosti – MOSCOW, June 19, 2013) Shell companies have illegally funneled 760 billion rubles ($25 billion) from Russia in the past three years, outgoing Central Bank chief Sergei Ignatyev said on Wednesday, Vedomosti business paper reported. Ignatyev who is leaving his post next week after serving three consecutive terms, made the statement in a report to the Russian parliament […]

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Putin’s Central Banker Nabiullina Recites Verlaine as Regulator

Elvira Nabiullina file photo

(Bloomberg – bloomberg.com – Evgenia Pismennaya – June 12, 2013) Vladimir Putin is handing the keys of his central bank to a poetry-loving Francophile who pays homage to the victims of Russia’s totalitarian past. The first woman to head a Group of Eight central bank, Elvira Nabiullina’s appointment surprised even herself, according to four colleagues who asked not to be […]

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