Interfax: Ulyukayev: GDP likely to decline in 2015 if low oil prices persist

Alexei Ulyukayev file photo

MOSCOW. Oct 24 (Interfax) – If current prices for oil persist in 2015, Russian GDP, retail trade, real incomes and investment will all decline, Ulyukayev said at a business breakfast hosted by Rossiiskaya Gazeta.” “If the current price of oil persists, then as soon as this year there will be practically no growth in real individual incomes and retail trade. […]

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Interfax: Probability Russia enters recession below 50% based on initial April data – Ulyukayev

Alexei Ulyukayev file photo

ST. PETERSBURG. May 23 (Interfax) – The initial economic data for April, including industrial output, indicates that the probability that Russia will enter a recession in the second quarter is below 50%, Economic Development Minister Alexei Ulyukayev told journalists on the sidelines of the St. Petersburg International Economic Forum. In any case, he said, economic activity is expected to pick […]

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RIA Novosti: Russia’s Rating Cut Expected, Not Affecting Investors – Minister

File Photo of Cash, Coins, Line Graph

MOSCOW, April 25 (RIA Novosti) – Russian Minister of Economic Development Alexei Ulyukayev said Friday that a recent downgrade in Russia’s financial rating was expected and partially due to politically motivated decisions, but is not affecting investors’ behavior. International ratings agency Standard & Poor’s cut Russia’s rating to BBB- from BBB Friday and kept its outlook negative, amid the ongoing […]

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Some Multi-National Companies Ignoring Western Sanctions Against Russia

Truck at Russian Border Crossing

(Voice of America – Mil Arcega – April 21, 2014) Western sanctions are hurting Russia’s economy. That’s according to the country’s economic minister, who says Russia’s economic output is shrinking as investors take their money elsewhere. But some western companies are bucking that trend – expanding business interests in Russia – even as the U.S. and European allies consider wider […]

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Minister Plans Accelerated Privatization

File Photo Rosneft and Russian Flags Next to Rosneft Banner

(Moscow Times – themoscowtimes.com – January 29, 2014) Improvements in the stock market mean that the privatization of several large state corporations can be accelerated, and the sale of 19 percent of the country’s largest oil firm Rosneft can be fast-tracked to this year, Economic Development Minister Aleksei Ulyukayev said. Stakes in Rosneft, Aeroflot, shipyard Sovcomflot, Novorossiysk Commercial Sea Port, […]

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Interfax: Consumer demand the Russian economy’s main driving force – Ulyukayev

Alexei Ulyukayev file photo

MOSCOW. Dec 25 (Interfax) – Consumer demand is the main driving force of a Russian economy that is slowing for internal reasons, Economic Development Minister Alexei Ulyukayev said in an interview with the Rossiya 24 TV channel. “The main problems are our domestic ones. Low investment activity now complements export limitations. The only part of this engine that is in […]

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Ulyukayev says wrong to give overly optimistic forecasts

File Photo of Cash, Coins, Line Graph

MOSCOW. Dec 9 (Interfax) – The Russian Ministry of Economic Development says it considers it wrong to give unrealistically upbeat forecasts, Economic Development Minister Alexei Ulyukayev told journalists in Moscow on Monday. Ulyukayev was commenting on a statement by presidential aide on economic issues Andrei Belousov that the Economic Development Ministry and Finance Ministry are not looking for additional reserves […]

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RIA Novosti: Minister Admits Russia’s Economic Growth Slower Than Expected

File Photo of Cash, Coins, Line Graph

MOSCOW, November 13 (RIA Novosti) ­ Russia’s GDP growth is likely to remain below this year’s goal of 1.8 percent, Russia’s Economic Development Minister Alexei Ulyukayev said Wednesday. The Federal Statistics Service said Tuesday that Russia’s GDP had grown 1.2 percent on a year earlier in the third quarter of 2013, the same pace as in the previous three months. […]

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Risk of not implementing new development model the main risk for Russia – Ulyukayev

File Photo of Cash, Coins, Line Graph

(Interfax – SOCHI, September 27, 2013) Russian Economic Development Minister Alexei Ulyukayev said the main risk for the Russian economy was the risk of not implementing a new economic development model. There are external and internal risks that can affect the rate of economic growth, he said. “But I think the major risk us the risk that we will nit […]

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RIA Novosti: Russia’s Economy at Worst Since Global Crisis – Minister

File Photo of Cash, Coins, Line Graph

(RIA Novosti – MOSCOW, September 18, 2013) Russia’s gross domestic product (GDP) is growing too slowly to pull the country out of its worst economic situation since the 2008 global financial crisis, the country’s economic development minister said Wednesday, and the stagnation is unlikely to improve in 2014. Alexei Ulyukayev said during a “government hour” meeting in the State Duma […]

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State to Keep Rosneft and RusHydro in New Privatization Plan

Alexei Ulyukayev file photo

(RIA Novosti – MOSCOW, June 27, 2013) ­ Russian oil giant Rosneft, hydropower holding company RusHydro and the nation’s second-largest lender VTB Bank are among assets that should stay under state control, Economics Minister Alexei Ulyukayev said on Thursday after presenting the government’s new privatization plan for 2014-2016. “Proceeding from the current state of world markets and problems with the […]

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Contradiction between ‘modernizers,’ ‘conservatives’ farfetched – Ulyukayev

Alexei Ulyukayev file photo

(Interfax – MOSCOW, June 25, 2013) Russia’s new economic development minister, Alexei Ulyukayev, considers farfetched a contradiction between “modernizers” and “conservatives.” “Sometimes you read about a contradiction between stability and development. There are modernizers, who are for development, and there are conservatives, who are for stability,” Ulyukayev said as he met with ministry staff. “But it doesn’t happen that way. […]

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Poet and Free-Market Liberal Ulyukayev Takes Over as Economy Minister

Alexei Ulyukayev file photo

(Moscow Times – themoscowtimes.com – Alexander Bratersky – June 25, 2013) The newly appointed Economic Development Minister Alexei Ulyukayev said Monday that his main task was to prevent a recession, while Prime Minister Dmitry Medvedev said the government expected a 400 billion ruble ($12 billion) budget deficit in 2014. Ulyukayev, who served as first deputy chairman of the Central Bank […]

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Economic policy aims under Ulyukayev unchanged, means of achieving them could alter – experts

Alexei Ulyukayev file photo

(Interfax – MOSCOW, June 24, 2013) The appointment of Alexei Ulyukayev as new Russian economic development minister will not alter the fundamental objectives of economic policy, but could alter the tactics by which those aims are achieved, experts told Interfax. Do jobs change people? Ulyukayev’s appointment in place of Andrei Belousov will not result in major changes in economic policy, […]

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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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Ulyukayev Considers $10Bln Quarterly Flight ‘Acceptable’

Cash, Calculator, Pen

(Moscow Times – themoscowtimes.com – Howard Amos – January 17, 2013) A capital outflow of up to $10 billion every three months would be an acceptable level under current macroeconomic conditions, a leading figure at the Central Bank said. Russia saw $56.8 billion leave the country in 2012, stoking fears that the Kremlin is struggling to control capital flight and […]

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