Russia’s Ruble Shakes Off August Blues With First Gain in Decade

Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – Vladimir Kuznetsov – August 31, 2016) The Russian ruble headed for its first gain in August in a decade as a jump in oil prices and high domestic rates helped lure investors hunting returns in riskier emerging-market assets. The currency of the world’s biggest energy exporter traded little changed at 65.24 against the dollar by 3:02 […]

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Stealing a Peek at Russian Economic Uptick Before It Happens

Cash, Calculator, Pen

(Bloomberg – bloomberg.com – Andrey Biryukov – August 11, 2016) Prone to false starts since a crisis peaked last year, Russia’s economy is riding momentum that has it on the cusp of exiting the longest recession in two decades. As business sentiment perks up, leading indicators from demand for electricity to rail cargoes and container transport show the pulse of […]

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Vladimir Putin Is His Economy’s Worst Enemy

Vladimir Putin file photo with VOA logo; screen shot from video still

(Bloomberg – bloomberg.com – July 27, 2016 – Editorial) Russian President Vladimir Putin urgently needs to revive his country’s economy. His greatest obstacle will be himself. While Americans argue about the extent of Russia’s intervention in the U.S. presidential election, Putin is battling a recession at home. To that end, he has recently focused on the ruble’s exchange rate: A […]

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Putin Debt Binge Indulged While Russia Looks Good Next to Europe

Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – Vladimir Kuznetsov, Natasha Doff – July 20, 2016) No one’s complaining about record debt in Russia next year as an influx of foreign investors helps the government borrow its way out of recession. The Finance Ministry plans to quadruple domestic debt issuance to $20 billion in 2017 to fund a growing budget shortfall and avoid depleting […]

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TRANSCRIPT: [Putin at] Meeting of the Council for Strategic Development and Priority Projects

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

(Kremlin.ru – July 13, 2016) Vladimir Putin chaired the first meeting of the Presidential Council for Strategic Development and Priority Projects at the Kremlin. Before the meeting of the Council for Strategic Development and Priority Projects. Standing (from left to right): Presidential Aide Igor Levitin, Deputy Prime Minister Dmitry Kozak, Finance Minister Anton Siluanov. Sitting: Education and Science Minister Dmitry […]

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Putin Isn’t About to Let Go of the Crown Jewels After Alrosa

Empty Boardroom

(Bloomberg – bloomberg.com – Anna Andrianova, Andrey Biryukov – July 12, 2016) Hatched in harsh economic times, Russia’s latest wave of privatization is off to a mixed start, and a sequel is by no means guaranteed. The sale of a 10.9 percent stake in Alrosa PJSC was the biggest divestment of a state asset since the government reduced its stake […]

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NEWSWATCH: “Prokhorov’s Onexim says not selling all Russian assets” – Reuters

Mikhail Prokohrov file photo

Onexim Group, owned by tycoon Mikhail Prokhorov, said on Monday a newspaper report suggesting it had decided to sell all its assets in Russia was inaccurate. * * * On Monday, Vedomosti newspaper had reported that Prokhorov was searching for buyers of all his assets in Russia, quoting multiple unnamed sources. Onexim owns stakes in aluminium giant Rusal, potash producer […]

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Billionaire Tycoon Prokhorov to Sell All Russian Assets

Mikhail Prokohrov file photo

(Moscow Times – themoscowtimes.com – July 4, 2016) Billionaire Mikhail Prokhorov is to sell all of his Russian assets, the Vedomosti business daily reported Monday. Prokhorov’s ONEXIM investment group has various assets in mining, finance, energetics, development and the media. Its larger assets include a 20 percent stake at Russian company Uralkali, the world’s largest producer of potassium, and a […]

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Russian markets rode out Brexit volatility fairly smoothly – Nabiullina

Elvira Nabiullina file photo

ST. PETERSBURG. June 30 (Interfax) – Russian markets made it through the surge in volatility caused by the UK’s vote to leave the European Union fairly smoothly, Central Bank chief Elvira Nabiullina said at a financial conference on Thursday. “Speaking about Brexit, in or estimate its direct influence on the Russian financial system and economy will be fairly limited. We’ve […]

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NEWSWATCH: “Rival Kremlin camps prepare for battle over economy” – Reuters

Aerial View of Kremlin and Environs

Rival camps inside … Putin’s entourage are preparing to do battle … over whether the Russian state should keep its role as custodian of the economy. … the Kremlin presents a united front, especially in its stand-off with the West[;] in reality it is divided with Putin often having to act as umpire … On one side … is a […]

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RBTH: SPIEF 2016: Russia will attract only the best foreign technologies

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Russia plans to set up a new presidential council to promote economic innovation, as business deals are unveiled. (Russia Beyond the Headlines – rbth.ru – ALEXEI LOSSAN, RBTH – June 21, 2016) Participants in the St. Petersburg International Economic Forum (SPIEF) have signed agreements worth $15.8 billion, the executive secretary of its organizing committee, Anton Kobyakov, has announced. The official […]

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Putin Said to Weigh $11 Billion Rosneft Sale to China, India

File Photo of Rosneft and Russian Flags Next to Rosneft Banner

(Bloomberg – bloomberg.com – Elena Mazneva, Ilya Arkhipov – June 19, 2016) Vladimir Putin is considering selling part of Russia’s corporate crown jewels to China and India as the president struggles to meet spending commitments before his possible re-election bid in less than two years. Russia has been seeking buyers for 19.5 percent of state oil champion Rosneft OJSC and […]

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Investments in Russia’s economy declining both because of structural problems, oil price drop – Putin

Diverse Paper Currency, Coins, Line Graph

ST. PETERSBURG. June 18 (Interfax) – A decline in investments in Russia’s economy can be explained by both the lower oil prices and investors’ worries about problems in Russia’s economy, Russian President Vladimir Putin said. “It’s both this and that,” Putin said while meeting with top managers of international news agencies in St. Petersburg on Friday, when asked whether the […]

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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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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?

Cash, Calculator, Pen

(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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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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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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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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Interfax: Business confidence rises in Russian extractive, manufacturing sectors

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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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Ford Mulls New Russia Investment as Quarterly Sales Jump 93%

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(Bloomberg – bloomberg.com – Andrey Lemeshko, Yuliya Fedorinova – April 14, 2016) Ford Motor Co., which spent more than $1.5 billion with a partner in the past five years to build cars and engine factories in Russia, is studying new investments in the country in a bet on economic recovery. The national car market could still become Europe’s biggest, and […]

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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

Cash, Calculator, Pen

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

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(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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Trump’s New Russia Adviser Has Deep Ties to Kremlin’s Gazprom

Donald Trump

Carter Page brings a “real-world” resume-and says his close relations with Russian business are a strength. (Bloomberg – bloomberg.com – Zachary Mider – March 30, 2016) A globe-trotting American investment banker who’s built a career on deals with Russia and its state-run gas company, Carter Page says his business has suffered directly from the U.S. economic sanctions imposed after Russia’s […]

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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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Russia, Inc.: From “structural reforms” of the 2000s to austerity policies today, neoliberalism has been and remains an organic part of the Putin regime

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(opendemocracy.net – Ilya Matveev – March 16, 2016) Ilya Matveev is a researcher and lecturer based in St Petersburg, Russia. He is a founding editor of the online publication Openleft.ru and a member of the research group Public Sociology Laboratory. In December 2014, Vladimir Putin gave his usual annual speech to Russia’s Federal Assembly. This speech turned out to be […]

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Russia ups investment in U.S. Treasuries $4.8 billion in January

Portion of U.S. Treasury Department Building Facade, North Side, with Sculpture of Alexander Hamilton

MOSCOW. March 16 (Interfax) – Russia increased investment in US Treasuries for the third successive month in January, this time by approximately $4.8 billion, according to data from the U.S. Department of the Treasury and the Federal Reserve. Russian investment in UST grew $6.1 billion last year as a whole. Russia, which held $96.9 billion in UST at the end […]

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The Russia-Ukraine Bond Dispute: Another Frozen Conflict?

Map of Ukraine, Including Crimea, and Neighbors, Including Russia

Subject: The Russia-Ukraine Bond Dispute: Another Frozen Conflict? Date: Sun, 6 Mar 2016 From: Peter Clateman <pclateman@yahoo.com> Transnational Dispute Management transnational-dispute-management.com This article will be published in a future issue of TDM (2016). Check website for final publication date for correct reference. This article may not be the final version and should be consideredas a draft article. About TDM TDM […]

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The Russia-Ukraine Bond Dispute: Another Frozen Conflict?

Maidan Square in Kiev, Ukraine

Subject: The Russia-Ukraine Bond Dispute: Another Frozen Conflict? Date: Sun, 6 Mar 2016 From: Peter Clateman <pclateman@yahoo.com> Transnational Dispute Management transnational-dispute-management.com This article will be published in a future issue of TDM (2016). Check website for final publication date for correct reference. This article may not be the final version and should be consideredas a draft article. About TDM TDM […]

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Fitch Says Russia Forces Choice Between Sanctions and Ratings

File Photo of Outdoor Electronic Sign with Russian Exchange Data

(Bloomberg – bloomberg.com – Anna Baraulina, Anna Andrianova – February 29, 2016) Fitch Ratings Ltd. said it will probably stop issuing local ratings on Russian companies under new rules that make it impossible to abide by European Union and U.S. sanctions against Moscow. The rules create a dilemma for international firms because they run counter to the penalties imposed by […]

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Can Things Get Any Worse for Russia? You’re About to Find Out

Diverse Paper Currency, Coins, Line Graph

Investors who’ve made a fortune in the country say that with oil’s plunge, the ruble’s collapse, and Putin in power, all bets are off (Bloomberg – bloomberg.com – Ksenia Galouchko and Henry Meyer – February 23, 2016) [Charts here bloomberg.com/news/articles/2016-02-24/putin-s-oil-despair-drives-lucky-few-investors-toward-the-exits] For a decade, Dmitri Barinov has been following the volatile economy of his homeland from the safe distance of Union […]

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Ukraine Bond Rout Worsens on Bets Political Tussle to Block Aid

Maidan Square in Kiev, Ukraine

(Bloomberg – bloomberg.com – Natasha Doff – February 8, 2016) Ukrainian bonds slid, sending the yield on the nation’s shortest-dated restructured debt above 11 percent for the first time, as a political shakeup raised the likelihood for further delays to an international bailout that’s keeping the country afloat. The $1.15 billion of bonds maturing in September 2019 dropped 2.22 cents […]

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Investment in oil and gas exploration may drop 10-15% in 2016

Gas Facility file photo

(Interfax – February 7, 2016) Investment in geological exploration for oil and gas in Russia may reduce 10-15% in 2016, Minister of Natural Resources and Ecology Sergei Donskoy said in a program aired by the NTV television channel. “Investment in hydrocarbon [exploration] will reduce somewhere between 10% and 15%, somewhere between these two digits,” he said. The minister said that […]

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Ukrainian Bonds Plummet as Government Unity Efforts Stumble

Map of Ukraine, Including Crimea, and Neighbors, Including Russia

(Bloomberg – bloomberg.com – Natasha Doff, Daryna Krasnolutska – February 5, 2016) Ukrainian government bonds plunged as efforts faltered to shore up the ruling coalition after a key reformer quit and accused presidential party members of corruption. Notes issued in November after a $15 billion restructuring are poised for their worst week in the wake of comments from the parliament […]

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Kremlin: Privatization of Russian companies open for foreign investors

Dmitry Peskov file photo adapted from image at kremlin.ru/wikimedia commons

(Interfax – February 2, 2016) Privatization of Russian companies is open for foreign investors, and Russia is interested in attracting new foreign partners, the Kremlin has said. “Russia has always been interested in foreign investors; we value cooperation with those who continue to operate on the Russian market and we are interested in an inflow of fresh investments,” Kremlin press […]

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Russia’s Great Shift Downward; Putin has shown little interest in changing the economic model.

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(Bloomberg – bloomberg.com – Carol Matlack – January 28, 2016) For Russia’s battered economy, 2016 already looks miserable. The ruble has slumped to record lows as oil prices have fallen 11 percent since Jan. 1, to around $30 a barrel. The government, which gets nearly half its revenue from oil and gas, is scrambling to plug a 1.5 trillion-ruble ($19.2 […]

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Sweden delivers judgment in favor of Russia in dispute with Yukos holders

Map of Sweden and Environs

(Interfax – January 28, 2016) A Swedish appeals court upheld Russia’s appeal filed earlier in its dispute with the Spanish investment funds, which were holders of American Depositary Receipts (‘ADRs’) of Yukos, Kommersant newspaper reported on Jan. 28. The appeals court acknowledged the fact that the Arbitration Institute of the Stockholm Chamber of Commerce that sustained the funds’ claims to […]

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RBTH: Investors could benefit from Russia’s economic turmoil

File Photo of Outdoor Electronic Sign with Russian Exchange Data

As the Russian economy hits hard times, with business incomes falling, government spending facing cuts and the ruble losing value, RBTH spoke to Sergei Katyrin, president of Russia’s Chamber of Commerce and Industry, to find out how foreign companies are enduring the current “perfect storm” for business. (Russia Beyond the Headlines – rbth.ru – ILYA KROL, RBTH – January 28, […]

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NEWSLINK Russia Direct: “Doing business in Russia: High risk, but also high reward. New Report “The Magnetic Push and Pull of the Russian Economy: What’s Next for Investors in Russia?” examines how the Russian economy has changed over the past year and what new opportunities have emerged there for foreign investors.”

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Putin urges government to be ready for any economic scenario

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(Interfax – January 13, 2016) Russian President Vladimir Putin has told the government to closely monitor changes in the economic situation and be ready for any turn. “We should be ready for any scenario,” he said at a meeting with Cabinet members. The president drew attention to how the situation changes on the markets. “I know that the government has […]

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