JRL NEWSWATCH: “Russia, wary of U.S. sanctions, puts saving before growth” – Reuters/Darya Korsunskaya

Diverse Paper Currency, Coins, Line Graph

“Russia’s drive to fill state coffers to give itself a $200 billion buffer against threats like new U.S. sanctions … will come at the expense of economic growth. … With oil prices high, Russia has been steadily siphoning revenues from its major export into the National Wealth Fund (NWF). It has also raised oil industry taxes, hiked value-added tax and […]

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RUSSIALINK: “U.S. ‘Love’ of Sanctions Won’t Stop Moody’s Upgrading Russia” – Moscow Times

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

(Moscow Times – themoscowtimes.com – October 29, 2018) Moody’s Investors Service thinks it’s likely that the U.S. will sanction Russia’s sovereign debt. But it might just upgrade the country to investment grade anyway. “Those sanctions are likely to come because they would target what the administration has in mind: trying to impose pain on Russia,” Moody’s analyst Kristin Lindow said […]

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JRL NEWSWATCH: “Regional Elections Rundown” – Bear Market Brief (Sept. 28, 2018)

Russia Regions Map

“Moscow’s political control over regional governments is slipping, opening the door for local elites to gain greater control …. [including] greater de facto control over natural resources, creating opportunities for external investment but … increasing corruption risks …. [T]rend[s] [are] rooted in a sustained decline in living standards … also prompt[ing] unprecedented protest activity and a more confrontational … ‘systemic’ […]

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NEWSLINK: “Aiming at Putin With Sanctions, U.S. May Hit Emerging World” – Bloomberg/Olga Tanas, Anna Andrianova, Alexandra Stratton, Gregory White, Alec McCabe

Diverse Paper Currency, Coins, Line Graph

“… What was scaring investors was happening down the street from the IMF lecture, in a Senate hearing where legislators were debating new sanctions on Russia. One of the proposals under consideration has been dubbed the ‘bill from hell,’ in part because it includes a ban on buying new sovereign debt. …”

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NEWSLINK: “How Bill Browder Became Russia’s Most Wanted Man; The hedge-fund manager has offered a fable for why the West should confront Putin” – The New Yorker/Joshua Yaffa

File Photo of William Browder Seated at Table with Microphone as Woman Listens, with Image Watermark Saying Presented by Library of Congress with U.S. House of Representatives Seal, adapted from image at house.gov

“… In 2009, Browder’s tax adviser Sergei Magnitsky testified that the Russian police and tax authorities had attempted to steal two hundred and thirty million dollars in Russian taxes paid by Browder’s Moscow-based investment firm, Hermitage Capital. Magnitsky was arrested, and died in a pretrial detention center in Moscow. In the years that followed, Browder strenuously lobbied for a law […]

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RUSSIALINK: “Russia Can Weather Any New U.S. Sanctions, Says Moody’s” – Moscow Times

Diverse Paper Currency, Coins, Line Graph

(Moscow Times – themoscowtimes.com – August 7, 2018) Russia will be able to weather new sanctions from the United States following a series of steps it took to reduce its vulnerability to future penalties, said Moody’s analyst Kristin Lindow. The U.S. levied sanctions against businesses held by Kremlin-linked oligarchs in April as punishment for alleged interference in the 2016 presidential […]

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JRL NEWSWATCH: “U.S. to impose ‘crushing’ set of sanctions on Russia’s debt and oil” – bne Intellinews/Ben Aris

American Flag and Partial View of U.S. Capitol Dome, adapted from image at aoc.gov

“A proposed ‘crushing’ bipartisan bill introduced by the … Senate … will not be debated until … autumn and many … harsh terms could be considerably watered down, Luis Saenz, … co-head of equities at BCS Global Markets said …. [The] bill … targets Russian debt and energy companies, designed to punish Russia for interfering in the U.S. presidential election, […]

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JRL NEWSWATCH: “Russia dumped 84% of its American debt. What that means” – CNN/Matt Egan

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

“… Between March and May, Russia’s holdings of US Treasury bonds plummeted by $81 billion, representing 84% of its total US debt holdings. … Maybe Russia just wanted to diversify its portfolio, as the central bank stated. Or perhaps Russia was seeking revenge for Washington’s crippling sanctions on aluminum maker Rusal. …. Even at Russia’s recent peak of $105.7 billion in […]

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RUSSIALINK: “Large Russian Companies Are Turning Inward; The mobile operator Megafon’s plan to delist in London is the latest sign that the West is becoming inhospitable” – Leonid Bershidsky/Bloomberg

Hand Pulling Cash from Envelope

“The planned delisting of Megafon PJSC, Russia’s second-biggest mobile operator, from the London Stock Exchange is no ordinary event. The company is one of the most liquid Russian stocks trading overseas, and its exit is further evidence that the country’s businesses are turning inward as exposure to the West becomes increasingly problematic. In 2011, almost 70 Russian companies’ depositary receipts […]

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JRL NEWSWATCH: “Surprise, Maryland – your election contractor has ties to Russia” – Washington Post Editorial

Baltimore Inner Harbor and Skline file photo, adapted from image at epa.gov by Steven C. Welsh, www.stevencwelsh.com :: www.stevencwelsh.info

“… an Internet technology company with which [Maryland] contracts to hold electronic voting information is connected to a Russian oligarch … ‘very close’ to … Putin. Maryland leaders did not know about the connection until the FBI told them. Maryland[] … chose a company to keep electronic information on voter registration, election results and other … data. … [a] company […]

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RUSSIALINK: “Russia’s Rating Agency Says More Sanctions Are Key Economic Risk” – Moscow Times

Truck at Russian Border Crossing

(Moscow Times – themoscowtimes.com – July 10, 2017) The possibility of more Western sanctions against Moscow is the key risk for the Russian economy, as much of 21 percent of which has already felt the impact of existing sanctions, Russia’s Analytical Credit Ratings Agency said in a report on Tuesday. Western sanctions are expected to weigh on Russia’s oil-dependent economy […]

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Russia’s Oil Sector Is Facing A Massive Tax Overhaul

Oil Well file photo

(Oilprice.com – Irina Slav – June 11, 2018) A major tax overhaul in Russia’s oil industry is about to start pressuring the earnings of major oil companies. Refiners will be hit hardest as the overhaul will increase the tax burden on downstream operations while the upstream sector will see taxes shift from production-based to profit-based. Last week, the Finance and […]

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RUSSIALINK: “Moscow prefers G20 to G8, has not asked to return – minister” – Interfax

File Photo of G7 Leaders and other Officials Around Round Table at the Hague, with Flags

(Interfax – June 9, 2018) Russia’s Foreign Minister Sergei Lavrov has said Russia has never asked to be readmitted to the G8, and considers the G20 group a more promising format for the future, Interfax news agency reported on 9 June. “We’ve never asked to come back,” Lavrov said on Russia’s state-owned Channel One TV, the report said, noting that […]

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JRL NEWSWATCH: “Russia woos a Europe feuding with U.S. over tariffs, Iran” – Christian Science Monitor/Fred Weir

EU Map

“The scene at [SPIEF:] … Putin … flanked by French President Emmanuel Macron, Japanese Prime Minister Shinzo Abe, International Monetary Fund Managing Director Christine Lagarde, and Chinese Vice President Wang Qishan. * * * Trump has slapped tariffs on steel and aluminum exports from the [EU] … and warned … U.S. sanctions might be imposed on European companies participating in […]

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NEWSWATCH: “Londongrad oligarchs are being forced back to Russia’s embrace; As sanctions bite, tycoons feel hemmed in by Vladimir Putin’s power” – Financial Times/Max Seddon

File Photo of British Parliament Building, Big Ben, Thames, adapted from image at loc.gov

“…. once ideal go-betweens between Russia and the west. … [s]uddenly, oligarchs are too Russian for a west eager to clean up its act and too western for a Russia hunting for ‘enemies of the people.’ … the nature of oligarchy … has changed dramatically …. Putin shifted the power dynamic …. under an unwritten rule: they were allowed to […]

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JRL NEWSWATCH: “World Cup to Have Little Impact on Russia’s Economy: Moody’s” – Reuters

File Image of Soccer Ball, Field, Stadium with Lights, adapted from image at fbi.gov

“The 2018 soccer World Cup will have little lasting impact on the Russian economy … Moody’s Investors Service said …. Russia will host [the tournament] … in 11 cities … having spent billions of dollars on preparations. … Moody’s finding is at variance with an assessment … by former deputy prime minister Arkady Dvorkovich …. [S]ectors expected to benefit most […]

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RUSSIALINK TRANSCRIPT: “St. Petersburg International Economic Forum plenary session; Vladimir Putin spoke at the plenary session of the 22nd St Petersburg International Economic Forum [Excerpts]” – KremlinRu

File Photo of St. Petersburg Economy Forum Outdoor Banners and Building Facade

(Kremlin.ru – May 25, 2018 – http://en.kremlin.ru/events/president/news/57556) Foreign heads of state and government, heads of major Russian and international companies and banks, leading experts and politicians from around the world were invited to the forum. Honorary SPIEF guests include French President Emmanuel Macron and Prime Minister of Japan Shinzo Abe. The plenary session participants also include IMF Managing Director Christine […]

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RUSSIALINK: “American Businesses in Russia Are Struggling After U.S. Sanctions, Survey Says” – Moscow Times

Cash, Calculator, Pen

U.S. sanctions have created new difficulties for American businesses working in Russia, a recent survey of companies has said. Last month, the United States sanctioned several Russian companies and businessmen for alleged meddling in the 2016 U.S. election and other “malign activities.” Russia vowed to inflict “precise and painful” damage to the U.S. in response, this week passing a bill […]

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NEWSLINK: “The Definitive Story Of How Trump’s Team Worked The Trump Moscow Deal During The Campaign” – Buzzfeed

Donald Trump

“… Talks to construct the 100-story building continued …. The tower — a sheer, glass-encased obelisk situated on a river — would have soared above every other building in Moscow …. the sharply angled skyscraper would have climaxed in a diamond-shaped pinnacle emblazoned with the word “Trump,” putting his name atop the continent’s tallest structure. …”    

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RUSSIALINK: “Ambassador Huntsman views strengthening of business ties as basis for improvement of Russian-U.S. relations” – Interfax

File Photo of John Huntsman, Men in Military Uniforms and Others, adapted from image at army.mil

MOSCOW. May 15 (Interfax) – Business ties between Russia and the United States should serve as the foundation for the improvement of bilateral relations, U.S. Ambassador to Russia Jon Huntsman said. “There of course remain profound disagreements between our governments on a number of policy issues, thankfully relations between our people, and that includes business relationships, remain strong. It is […]

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NEWSWATCH: “Amid international pressure, Russia’s economy is a mix of the good, the bad and the ugly” – CNBC/Dawn Kissi

Diverse Paper Currency, Coins, Line Graph

“… Russia ‘maintained strong growth underpinned by solid productivity, with a sustainable growth trend estimated at 2-2.5 percent,’ … [but] the rebound obscures … ‘one of the few countries in the world with negative population growth, which reduces their overall growth potential.’ The population shrinkage – by some measures at around 0.4 percent – dampens productivity, making growth above 2 […]

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RUSSIALINK: “How Western Sanctions Will Alter Ties Between Russian Big Business and the Kremlin” – Carnegie Moscow/Tatyana Stanovaya

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

“The United States’ latest round of sanctions has hit Russia hard. In the future, the Russian state will have to share the emerging risks and minimize socioeconomic consequences for the impacted regions and industries. This will lead to a new wave of property redistribution based upon state – not economic – interests. …”

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NEWSWATCH: “Russia in interesting times: increased risk bad; weaker ruble good” – bne Intellinews/Chris Weafer

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

“… April 6 U.S. sanctions [represent a significant shift] in terms of risk … actual and perceived, for foreign investors and companies …. The … Treasury Department … expanded the risk paramaters … targeting oligarchs and their business interests … previously it was assumed that sanctions expansion would be confined to political targets and individuals considered close to the president […]

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NEWSWATCH: “Russia’s Bondageddon” – bne Intellinews/Ben Aris

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

“Russian assets are nuclear toxic waste again. On April 6 the U.S. Treasury Department … released a new set of targeted sanctions aimed at some of Russia’s biggest businessmen and their companies, and unleashed chaos on the markets. Russian assets were hot until the new sanctions, with foreign investors piling into Russia’s sovereign ruble-denominated debt as one of the best […]

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NEWSWATCH: “The Rusal Case Is a Failure of U.S. Sanctions; There are ways to hit Putin’s shadowy cronies without hurting top Russian firms” – Bloomberg/Leonid Bershidsky

“… Most of the $1 trillion that has fled Russia to the West since the Soviet Union’s collapse isn’t owned by the old-school ‘oligarchs.’ It was the corrupt officials and the little-known regime clients who moved it overseas. The West is still doing little to track that wealth and its owners; it’s looking under the lamp, not in the shadows where […]

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RUSSIALINK: “Influential economist says sanctions-hit Russian firms must not be compensated” – Interfax

Alexei Kudrin file photo

(Interfax – April 21, 2018) Former Finance Minister Alexei Kudrin has said the Russian government should not compensate Russian companies which have been hit by US sanctions. “Companies should be helped so that they don’t stop, but you don’t have to…[ellipses in original] compensate billionaires for the loss in their value,” Interfax news agency quoted Kudrin as saying on 21 […]

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NEWSWATCH: “Russia is opposed to ‘sanction-swapping’ with the U.S. – but is prepared to defend itself, finance minister says” – CNBC

Anton Siluanov file photo

“Russia stands ready to retaliate against the latest round of U.S. sanctions … Finance Minister Anton Siluanov [said] …. The U.S. slapped sanctions on several Russian oligarchs, businesses and agencies thought to have ties to … Putin …. prompt[ing] a dramatic market sell-off in Moscow …. Siluanov told CNBC: ‘We are not in favor of sanction-swapping. Nevertheless, our MPs (members […]

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Moody’s says Russian economy resilient to latest U.S. sanctions

Diverse Paper Currency, Coins, Line Graph

(Moscow Times – themoscowtimes.com – April 19, 2018) Rating agency Moody’s Investors Service said on Wednesday Russia’s strong public and external finances would shield its economy from the impact of the latest U.S. sanctions. However, the sanctions will be credit negative for some Russian debt issuers, especially Russian aluminum giant United Company Rusal Plc, Moody’s said in a report. The […]

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NEWSWATCH: “U.S. postpones fresh sanctions on Russia, Kremlin retaliation options limited” – bne Intellinews/Ben Aris

Nikki Haley file photo, adapted from image at usembassy.gov

“The Trump administration postponed imposing yet another round of sanctions to the ‘near future’ in the wake of … airstrikes on Syria. … Nikki Haley said … the U.S. would impose fresh sanctions … that would primarily target Russia’s defence sector and single out companies … linked to chemical weapon production. Russia’s markets opened flat … the next day … […]

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RUSSIALINK: “Can Russia Afford Its Save-a-Billionaire Relief Program? Russia’s poorest will end up footing the bill” – Moscow Times/ Vedomosti/ Pavel Aptekar, Vladimir Ruvinsky

Cash, Calculator, Pen

“… new sanctions … the West imposed against companies and businesspeople with close Kremlin ties pose a new challenge for the Russian government and economy. Like in 2014, the authorities have already promised support to those targeted …. ‘Supporting those who support you’ might make sense politically, but how much of this … can the Russian economy bear? * * […]

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NEWSWATCH: “Russia’s Trade With the West Surges Even as Sanctions Mount; Last year’s increase, three years after penalties tied to annexation of Crimea, shows limits of curbs in longer term” – Wall Street Journal/Andrea Thomas, James Marson, Stefan Lange

File Photo of G7 Leaders and other Officials Around Round Table at the Hague, with Flags

” …. The U.S. and Europe’s largest nations, including France and Germany, saw exports to and imports from Russia skyrocket in 2017 after three years of decline. … at their highest levels since 2014, the year Russia invaded Ukraine and annexed Crimea …. The turnaround could be short-lived. … [After] Washington … unveiled fresh sanctions … in the latest U.S. […]

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NEWSWATCH: “Medvedev threatens Russian counter-measures on U.S. goods” – Financial Times/Kathrin Hille

Dmitri Medvedev file photo

“Moscow has threatened to hit imports from the U.S. or even products made by American companies in Russia as a retaliation against the crippling sanctions imposed Washington last week that battered Russian markets and have pushed Russian aluminium company Rusal to the brink. … Medvedev … said … that the government would ‘look into’ the possibility of counter-measures on ‘a […]

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NEWSWATCH: “Trump Says U.S. Could Help Russian Economy” – Reuters

Vladirmir Putin and Donald Trump Sitting in Chairs with Flags Behind, adapted from image at whitehouse.gov

“… Trump … said the U.S. could aid Russia’s economy and sought an end to what he called an ‘arms race,’ lamenting that relations with Moscow had reached an all-time low. …Trump … on Twitter warned Russia that missiles ‘will be coming’ in Syria following a suspected chemical attack and chided … Putin for being ‘partners’ with … Assad. … […]

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Ruble Falls Further, Russian Officials Seek To Calm Nerves

Diverse Paper Currency, Coins, Line Graph

(Article ©2018 RFE/RL, Inc., Radio Free Europe/Radio Liberty – rferl.org – April 10, 2018 – also appeared at rferl.org/a/russia-ruble-continues-fall-officials-seek-to-calm-nerves/29156379.html) The Russian ruble is falling for a second straight day following the imposition of new U.S. sanctions, while the Central Bank chief and other officials are seeking to calm investors in the wake of a big sell-off in shares of Russian companies […]

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‘No Doubt’ Russia Can Weather U.S. Sanctions, Economic Development Minister Says

Diverse Paper Currency, Coins, Line Graph

(Moscow Times – themoscowtimes.com – April 10, 2018) Russia’s Economic Development Minister has promised that the country will be able to withstand losses suffered since the latest round of U.S. sanctions triggered sell-offs. The ruble sank to its lowest exchange rate against the U.S. dollar and euro since December 2016 on the second day of losses. Stocks in major Russian […]

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RUSSIALINK TRANSCRIPT: “[Putin at] Meeting of the Council for Science and Education” – KremlinRu

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

(Kremlin.ru – February 8, 2018) The President held a meeting of the Council for Science and Education in Novosibirsk. The agenda focused on the sector’s main tasks and prospects, as well as the key areas of international research and technical cooperation. Transcript of meeting of the Council for Science and Education President of Russia Vladimir Putin: Good afternoon, colleagues, I […]

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NEWSWATCH: “U.S. Sanctions Would Be ‘Economic War’ to Head of Russia’s VTB; Personal sanctions would be preferable to institutional ones, Kostin says” – Bloomberg/Jake Rudnitsky, Francine Lacqua

VTB Bank File Photo

“As Moscow braces for a possible expansion of U.S. sanctions, the head of Russia’s second-biggest bank said any further restrictions on the nation’s lenders would be tantamount to ‘economic war.’  * * * While VTB has been subject to restrictions on raising financing since 2014 after Russia’s annexation of Crimea from Ukraine, new sanctions could go as far as cutting off […]

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NEWSLINK: “Russia’s Break From a Recession Was Fleeting” – Bloomberg/ Anna Andrianova

Diverse Paper Currency, Coins, Line Graph

“After suffering its longest economic contraction this century, Russia may just have had the shortest recovery. JPMorgan Chase & Co. says the world’s biggest energy exporter probably capped last year with two consecutive quarters of contraction — or a technical recession — a surprise cooldown that ranged from struggling consumer spending to a flop in industrial output. …”

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Lucy Komisar: Re: “Developments re Browder”

Kremlin and Saint Basil's File Photo

Subject: Developments re Browder Date: Sat, 30 Dec 2017 From: Lucy Komisar you might be interested in one of these 1 About the new Magnitsky List – Browder targeted a lawyer involved in the $230 million tax refund fraud ten years ago who he had ignored since then. the man was put on the list exactly 2 months after he […]

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NEWSWATCH: “Russia moves up to 35th place in the World Bank’s annual ‘Doing Business’ index” – bne Intellinews

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

“… Russia is ranked 35th in the 2018 issue of the World Bank’s Doing Business 2017 report published on October 31, moving up five places …. Another international rating, the 2017 Economic Freedom Index compiled by the Heritage Foundation in February, placed Russia in the 114th position in the ‘Mostly Unfree’ category … with a score of 57.1 of 100. … the […]

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NEWSWATCH: “Russia Uses Its Oil Giant, Rosneft, as a Foreign Policy Tool” – New York Times/ Clifford Krauss

File Photo of Rosneft and Russian Flags Next to Rosneft Banner

“Russia is increasingly wielding oil as a geopolitical tool, spreading … influence … and challenging the interests of the United States. … Moscow risks running into trouble … lend[ing] money and mak[ing] deals in turbulent economies and shaky political climates. The strategy faces a crucial test this week in Venezuela, a Russian ally that must come up with a billion dollars to avert […]

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Russia to increase salmon aquaculture

Spawning Salmon File Image, adapted from image at fws.gov

(The Fish Site – thefishsite.com – Jaroslaw Adamowski – October 30, 2017) Russia’s largest farmed fish producer, Russian Aquaculture, is developing its farm network across the country at a time when the country’s authorities are making increased efforts to develop the sector and reduce their dependency on fish imports. Russian Aquaculture currently owns cultivation rights for 30 salmon and trout sites […]

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NEWSWATCH: “Russia’s economic recovery not enough for higher rating: Moody’s” – Reuters/ Andrey Ostroukh

Diverse Paper Currency, Coins, Line Graph

“Economic recovery in Russia is not strong enough to convince Moody’s rating agency to upgrade its sovereign credit rating as the country still lacks sufficient structural reform …. Moody’s downgraded Russia’s rating to below investment grade in early 2015 as Russia’s economy slipped into recession amid a rapid drop in oil prices and Western sanctions … over [Russia’s] role in the Ukrainian […]

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NEWSLINK: “Putin Disappoints Investors With Quick Exit From Moscow Forum” – Bloomberg/ Ksenia Galouchko, Jake Rudnitsky, Andrey Biryukov, Anna Baraulina

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

“… Putin left some guests at Moscow’s main investment forum surprised and disappointed after he broke with his tradition of taking questions from the audience and left after a brief speech. After comments that lasted about 12 minutes at a panel at the VTB Capital Forum on Tuesday, Putin left the stage, leaving behind the sanctioned lender’s Chief Executive Officer Andrey […]

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Russia Goes All In On Arctic Oil Development

Arctic Map

(Oilprice.com – Tsvetana Paraskova – October 19, 2017) Neither sanctions nor persistently low oil prices are hindering Russia’s ambitions or plans to develop oil resources in its sections of the Arctic. In April, state-controlled oil giant Rosneft started drilling the northernmost well on the Russian Arctic shelf in the Khatangsky license area in the Laptev Sea. In June, Rosneft struck […]

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Interfax: Oreshkin sees positive foreign investor sentiment regarding Russian economy recovery

Diverse Paper Currency, Coins, Line Graph

(Interfax – GORKY, Oct. 16) Russian Economic Development Minister Maxim Oreshkin said he saw positive sentiment among foreign investors regarding a recovery in the Russian economy. “Today’s meeting was definitely characterized by overall positive sentiment regarding the fact that the Russian economy has begun to recover and that economic growth has taken off. Companies feel this in their financials,” Oreshkin […]

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Saudi Arabia to Plan Russia Deals, Deepening Energy Ties

File Photo of King Salman of Saudi Arabia Seated Next to Saudi Flag and Gesturing, adapted from image at defense.gov

(Bloomberg – bloomberg.com – Wael Mahdi , Elena Mazneva, Ilya Arkhipov – October 3, 2017) Saudi Arabia is looking at unprecedented deals to acquire #oil and #gas assets in Russia, deepening ties between the world’s largest energy exporters as the Saudi king prepares to visit Moscow later this week. OPEC’s biggest crude producer is considering investing in Russia’s largest oil […]

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NEWSLINK: “Little cash for Russia’s new Arctic development program; Ambitions are sky-high, but much hinges on private investments” – The Independent Barents Observer/ Atle Staalesen

Arctic Map

“… The new Russian Arctic program has undergone major revision since the Ministry of Economic Development was commissioned to make a draft. The Ministry first proposed to allocated 209 billion rubles (€3.1 billion) of state cash to program implementation. Later, the sum was reduced to only 12 billion rubles (€177 million). Originally, the program was to cover the period until […]

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