(Moscow Times – themoscowtimes.com – November 20, 2015) Russia’s highest-paid executive last year with earnings of $27 million was Alexei Miller, the head of natural gas producer Gazprom, according to a ranking published by the Russian edition of Forbes magazine on Thursday that showed a sharp fall in the incomes of many of Russia’s top corporate bosses. Miller, 53, bucked […]
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(Bloomberg – bloomberg.com – Anna Andrianova – November 19, 2015) Russian wages and retail sales declined by the most since 1999, a sign consumer demand will remain a weak link in the economy’s efforts to break out of its first recession in six years. Real wages fell 10.9 percent in October from a year earlier, a deeper contraction than the […]
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(Bloomberg – bloomberg.com – Alexander Sazonov – November 13, 2015) [Charts here bloomberg.com/news/articles/2015-11-13/putin-s-gilded-cage-russia-s-rich-are-facing-cash-out-conundrum] It’s been a quarter century since the fall of the Soviet empire triggered one of history’s greatest wealth transfers. Now bankers are preparing for another as Russia’s first generation of capitalists makes way for the next. Confidential surveys of dozens of millionaires and billionaires conducted since European […]
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(Paul Goble – Window on Eurasia – Staunton, November 5, 2015) Many commentators are speculating on whether Russia’s elite groups, now threatened by Vladimir Putin’s policies, will find a way to remove him from office and install someone more to their liking. Andrey Piontkovsky has focused particular attention on this issue (nv.ua/opinion/piontkovskiy/putin-protiv-rossijskih-elit-78063.html). But this is only part of a larger […]
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(Business New Europe – bne.eu – Ben Aris in Moscow – September 14, 2015) It’s been just under a quarter of a century since the fall of the Soviet Union and in that time a relatively small group of men have become fabulously wealthy in the rough and tumble of Russia’s “wild capitalism”. As most of Russia’s tycoons are approaching […]
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(Business New Europe – bne.eu – Henry Kirby in London – July 2, 2015) Over four-fifths of Russia’s national wealth is held by just one-tenth of the overall population, according to the 2014 Global Wealth Databook, produced by financial services group Credit Suisse. The 84.8% of wealth held by the top decile of Russia’s population was the highest proportion measured […]
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(Bloomberg – bloomberg.com – Ilya Arkhipov and Henry Meyer – May 13, 2015) Expectant mothers in Moscow must wait as long as six weeks for ultra-sound scans, up from three days last year. Hospital outpatients pay for blood tests and X-rays that were free 12 months ago. And Marif Alekberov, a 27-year-old fireman with leukemia, is being told to find […]
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(RFE/RL – rferl.org – Maksym Savchuk, Daisy Sindelar – May 13, 2015) KYIV — An investigation by RFE/RL shows that Ukrainian leader Petro Poroshenko may have used his presidential influence to shut down investigations into a land deal aimed at building a private mansion on a historic site in the Ukrainian capital. Two reports broadcast on RFE/RL’s Ukrainian-language television program, […]
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(RFE/RL – rferl.org – Katya Gorchinskaya – KYIV, April 21, 2015) Yulia Tymoshenko didn’t have much of an income in 2014. The former Ukrainian prime minister spent part of the year in prison, part of it rehabilitating in the hospital, and much of it in back-to-back campaigns for president and parliament. But nevertheless, she managed to buy a luxury car, […]
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(Bloomberg – bloomberg.com – Leonid Bershidsky – April 16, 2015) Russian President Vladimir Putin has an optics problem: Even as he asks people to be patient with the economic turmoil brought on in part by his response to Western sanctions, new income and property declarations are demonstrating that he and his top staffers aren’t sharing the pain. During today’s four-hour […]
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(Business New Europe – bne.eu – Mark Adomanis in Philadelphia – March 25, 2015) As the Soviet Union collapsed in both Russia and Ukraine, small groups of extremely clever and even more ruthless men “privatized” (or if you prefer less exalted language “stole”) all of the prize industrial assets. Virtually overnight, these formerly mid-ranking bureaucrats and functionaries became billionaires, some […]
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(Business New Europe – bne.eu – Derek Brower in London – January 13, 2015) Corruption in Vladimir Putin’s Russia has sprouted its own sub-genre for Western publishers. Few of the many books, though, have the laser-like focus or amass the same devastating detail as Karen Dawisha’s “Putin’s Kleptocracy: Who Owns Russia?” (Simon & Schuster, New York: 2014). Thanks to Britain’s […]
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(Bloomberg – bloomberg.com – Ilya Khrennikov – November 20, 2014) It’s a hot day in Krasnodar, deep in southern Russia. The action is hot on the soccer field, too. Ari, the local club’s Brazilian striker, takes a pass from the left flank and scores a beautiful goal. Ari (full name Ariclenes da Silva Ferreira) then wheels away in celebration to […]
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(Moscow Times – themoscowtimes.com – November 6, 2014) More than 60 percent of Russians think it is impossible to get rich honestly in their country, according to a survey published Wednesday by the Levada Center, an independent pollster. Fifteen percent of respondents said that it was possible to become wealthy honestly 15 to 20 years ago, but that times have […]
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(Window on Eurasia – Paul Goble – Staunton, October 30, 2014) Members of Russian elites see Vladimir Putin as the only person who can maintain the existing system in which they are beneficiaries and protect them from having to go head to head with the Russian people as a whole, Aleksandr Skobov says. Consequently, they will stick with him even […]
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(opendemocracy.net – Yelizaveta Surnacheva – October 16, 2014) Yelizaveta Surnacheva is a journalist at Kommersant. In the last six months, Russian officials, oligarchs, CEOs of state-owned businesses, parliamentary deputies, and regional governors have found themselves in a new world, with new missions, new economic circumstances, and new mechanisms for decision-making. Not many are comfortable with it, but enough of them […]
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(Moscow Times – themoscowtimes.com – Alexey Eremenko – August 11, 2014) Many extreme sports, from snowboarding to air racing, are known health hazards. But only one can lead to indiscriminate beating, allegations of terrorism, jail and even self-imposed exile – and all you need to do is take a stroll through supposedly public land. Dozens of Russian officials, from President […]
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(Business New Europe – bne.eu – June 12, 2014) Wealth of Russian households increased 21.9% in 2013 to reach $1.92tn. The figures are disclosed in a survey “Riding a Wave of Growth: Global Wealth 2014” made public by The Boston Consulting Group (BCG) and seen by RBC daily. Whilst calculating overall wealth, BCG took account of total cash savings and […]
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(Moscow Times – themoscowtimes.com – June 10, 2014) The number of households whose wealth exceeds $1 million in Russia has grown by 18,5 percent in 2013, reaching 213,000 last year, the Boston Consulting Group said in a report. Russia thereby maintained the position it held in 2012, ranking 13th worldwide in terms of the number of millionaire households, the consulting […]
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(Moscow Times – themoscowtimes.com – Christopher Brennan – March 20, 2014) Opposition leader Alexei Navalny, currently under house arrest in connection with a criminal case against him, has written an op-ed for the New York Times in which he calls for sanctions on officials and businessmen connected to President Vladimir Putin. Saying that previous U.S. and EU sanctions in response […]
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MOSCOW, February 18 (RIA Novosti) – Russia’s leading opposition activist Alexei Navalny published material Tuesday allegedly showing that a prominent lawmaker and son of nationalist firebrand Vladimir Zhirinovsky owns an undeclared $2.5 million apartment abroad with seven toilets and a balcony Jacuzzi. Igor Lebedev, deputy speaker of the State Duma, bought the property in Dubai in 2009 but failed to […]
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(Business New Europe – bne.eu – February 14, 2014) Most Russians (60%) think that the financial standing of their families will not change during the nearest year, according to findings of a survey conducted by the Russian Public Opinion Research Center (VCIOM). The Russian people have been in such downbeat mood over the past ten years 17% of respondents expect […]
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(Moscow Times – themoscowtimes.com – Anatoly Medetsky – January 29, 2014) The only billionaire in the country at the head of a political party, Gleb Fetisov, has sold out of all his assets, showing his resolve to jostle for a greater role in current affairs. Worth an estimated $1.9 billion, Fetisov let the word out about the move at a […]
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MOSCOW. Jan 10 (Interfax) – The Russian government’s decision to appraise gifts received by officials has certain logic but the possibility to prevent a gift business allowing officials to “launder” bribes is the question, Foundation for Effective Politics President Gleb Pavlovsky said. “What is the political meaning of this decision? It will make sense to decide whether we want officials […]
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(Interfax – January 10, 2014) Russian Prime Minister Dmitry Medvedev has signed a governmental resolution ordering an appraisal of all of the gifts received by the country’s civil servants during official events. The government’s press service said, citing the document, that Russian civil servants will be required to report all of their presents within three days after they were received […]
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(Moscow Times – themoscowtimes.com – January 10, 2014) Prime Minister Dmitry Medvedev has signed an order requiring state officials to hand over to the state any gifts they receive that are worth more than 3,000 rubles ($90), but gives them an option of buying the presents back. The anti-corruption measure requires government officials to report any gifts within three days […]
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(Moscow Times – themoscowtimes.com – January 6, 2014) Alisher Usmanov retained his title as Russia’s richest businessman in 2013 with a net worth of $20.2 billion, according to a Bloomberg ranking of the world’s 200 wealthiest persons. Usmanov, whose fortune grew by $1.3 billion last year, qualified as the world’s 36th richest person in the ranking, which also saw 10 […]
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(Bloomberg – bloomberg.com – Ilya Khrennikov – November 29, 2013) Sergey Galitskiy took less than two decades to build OAO Magnit (MGNT) from scratch into Russia’s retail leader. With the wealth that’s brought him, the billionaire is training local kids to challenge the country’s soccer elite. Galitskiy, 46, created FC Krasnodar in 2008 and since then has spent more than […]
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(Business New Europe – bne.eu – Ben Aris in Moscow – December 18, 2013) Russian joke from the 1990s: Two Novy Russkis (New Russians) meet on the street. “Nice tie. How much did it cost?” the first asks the second. “Its Hermes. It cost a $100!” answers the second. “You’re crazy! I know where you can buy the same one […]
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(Interfax – Moscow, November 27, 2013) The average [monthly] salary of civilian employees in federal state bodies in January-September was R81,600 [just under 2,500 dollars at the current rate of exchange], which was 34.7 per cent up on the same period in 2012, a Rosstat [Federal State Statistics Service] press release says. The administration of the Russian president remains the […]
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[One photo here: http://www.themoscowtimes.com/news/article/navalny-publishes-photos-of-officials-suspected-luxury-real-estate/490387.html] (Moscow Times – themoscowtimes.com – November 28, 2013) Opposition leader Alexei Navalny has published photographs on his blog of a luxury cottage cooperative said to be owned by top United Russia officials including deputy chief of staff Vyacheslav Volodin. On Tuesday, Navalny’s LiveJournal account published several aerial shots which show the Sosny dacha complex in the […]
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(Moscow Times – themoscowtimes.com – November 28, 2013) The stereotype of the profligate New Russian no longer applies according to a recent survey, which found that 80 percent of high-income Russians regularly save up with an eye to future purchases. These members of the economic elite try to put aside at least four rubles out of every 10 they earn, […]
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MOSCOW. Nov 22 (Interfax) – The level of poverty in Russia rose to 13.0% in the first half of 2013, from 12.5% a year previously, the Federal State Statistics Service (Rosstat) said. Rosstat said 18.4 million Russians were living below the poverty line, up 0.7 million from the same period of last year. Rosstat estimates the subsistence threshold at 7,372 […]
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(Moscow Times – themoscowtimes.com – Lena Smirnova – November 13, 2013) The first Russians to dispose of free wealth in nearly a century are putting down the institutional roots of philanthropy, but donations trail behind the sums shelled out by donors in the U.S., Britain and China, according to a report released by private bank Coutts on Tuesday. Coutts Million […]
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(Kremlin.ru – October 30, 2013) The Chief of Staff of the Presidential Executive Office spoke with journalists about the results of auditing declarations by civil servants and staff at state corporations, as well as companies with state participation, conducted in 2013. Sergei Ivanov reminded journalists that anticorruption standards apply to all civil servants and officials, certain categories of municipal offices […]
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(Russia Beyond the Headlines – rbth.ru – Olga Ivanova, RBTH – October 30, 2013) RBTH features the 30 most promising and successful Russian entrepreneurs under the age of 30 The most successful young entrepreneurs in Russia will receive international exposure with the launch of the 30 under 30 special feature [http://rbth.ru/30under30/list], which will be published on Oct. 30 by Russia […]
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(Interfax – MOSCOW, October 21, 2013) Russians have mixed feelings about the country’s development scenarios in the near future. Some are optimistic and others suggest pessimistic scenarios, the Russian Public Opinion Studies Center (VTsIOM) told Interfax on Monday. Over a third of Russians (36%) claim a hard period is in store for the country. Most of such opinions are voiced […]
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(Moscow News – themoscownews.com – Natalia Antonova, Acting Editor-in-Chief – October 11, 2013) The issue of income inequality in Russia is nothing new. We are used to noting it – then filing it away somewhere as we get on with the rest of our lives. Rich people exist everywhere after all and it’s not as if the United States, to […]
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(Moscow Times – themoscowtimes.com – Anatoly Medetsky – September 9, 2013) First Deputy Prime Minister Igor Shuvalov on Tuesday griped about proposed raises in government salaries, describing them as insufficient, adding to the unabated broadsides aimed at the federal budget plan for next year. His comments highlighted the tensions bred by a lower-than-expected increase in government spending. “The salaries that […]
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(Moscow Times – themoscowtimes.com – Des Brown – September 25, 2013) “Meet the Russians,” a reality entertainment show produced by Fox TV, will start broadcasting in Britain on Sept. 25. It estimates there are 300,000 Russians now resident in London, and it intends to look at a cross section of the most flamboyant ones. “Prepare to enter a jaw-dropping world […]
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(Bloomberg – bloomberg.com – Leonid Bershidsky, an Editor and Novelist, is a Bloomberg View contributor – September 17, 2013) If you’ve ever wondered about the size of Russian President Vladimir Putin’s private fortune, allow me to offer a clue: He doesn’t need one. From time to time, Western journalists and bloggers speculate about whether Putin is one of the world’s […]
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(RIA Novosti – MOSCOW, September 6, 2013) A number of high-ranking Russian officials have provided false information in their income declarations, the head of the presidential administration said Friday. “I would like to avoid naming names, but we have some concrete results concerning exposed facts of officials providing false information,” Sergei Ivanov said on the sidelines of the G20 […]
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(Business New Europe – bne.eu – August 21, 2013) With Moscow about to vote for a new mayor this September, opposition blogger and candidate for the job Alexei Navalny is doing what he does best: exposing the sweet little earners that come from being well connected. In this case it is Anna Sobyanina, the daughter of Moscow’s incumbent mayor, Sergei […]
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(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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(Moscow Times – themoscowtimes.com – Irina Filatova – August 13, 2013) A seven-story apartment complex on a quiet Moscow street just a five minute walk from the Cabinet building is widely known as the White House, not only thanks to the color of its facade. The house is reportedly home to high-profile government officials inhabiting vast apartments valued at millions […]
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(RIA Novosti – MOSCOW, August 5, 2013) Four environmental activists in southern Russia have been given lengthy jail terms for extorting money from a real estate developer, though they denied the accusations, Russian media reported. Four employees of the Gelendzhik Human Rights Center in the Krasnodar Region were given jail terms of between eight and 13 years in a […]
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