Classes Aimed at Raising a New Generation of Russian Businessmen

Cash, Calculator, Pen

(Moscow Times – themoscowtimes.com – Alexandra Tyan – July 28, 2015) The newly renovated VDNKh park in northern Moscow is investing in the future with the Young Investor School, which will open at Pavilion 14 early next month. Starting on Aug. 6, every Thursday and Friday, children between the ages of 8-14 can learn about the career of investment banking […]

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Pension Age for Russian Officials to Be Raised

Kremlin and Saint Basil's File Photo

(Moscow Times – themoscowtimes.com – July 28, 2015) Russia’s Labor Ministry plans to raise the retirement pension age for state officials to 65 from 60, according to a statement published Monday, as the government scrambles to cut spending amid a recession. The Labor Ministry said it had drawn up legal amendments that would bar officials from receiving retirement pay before […]

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Power to the people; As Electric Yerevan showed, governments throughout Central and Eastern Europe and Eurasia will face the risk of social and political unrest when they move to compel their citizens to pay market rates for electricity.

Electrical Yard file photo

(Business New Europe – bne.eu – Ben Aris in Moscow and Nick Allen in Berlin – July 27, 2015) The Electric Yerevan protests in Armenia burned brightly before police finally quashed them in early July. But the issue of electricity tariffs that sparked the protests will not go away: nearly half the countries in Emerging Europe also face a similarly […]

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U.S. may keep sanctions for years, Russia to run economy, trade accordingly – PM

Dmitri Medvedev file photo

(Interfax – July 24, 2015) Russia will be developing its economic and trade policies assuming that the United States may keep the sanctions it imposed on Russia over the Ukraine crisis for many more years, Prime Minister Dmitriy Medvedev has said. Interfax news agency quoted Medvedev as saying in an interview to the Slovenian newspaper DELO ahead of a visit […]

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NEWSWATCH Wall Street Journal/Stephen Hadley, Robert Zoellick: Crucial Weapons in the Defense of Ukraine. Without debt reduction and more aid, a young democracy could vanish.

International Monetary Fund Logo Over Ukraine Flag

Writing in The Wall Street Journal, Stephen Hadley and Robert Zoellick address the issue of Western assistance for Ukraine amidst the Russo-Ukrainian War, including financial and debt-related assistance. Russia’s aggression against Ukraine is an assault on the vision that emerged from the end of the Cold War of a Europe whole, free and at peace. For that vision to be realized, the […]

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Medvedev Upbeat About Russian Economy, Ties With Europe

Dmitri Medvedev file photo

(RFE/RL – rferl.org – July 24, 2015) Russian Prime Minister Dmitry Medvedev said he expects Russia’s recession-hit economy to start growing again at the end of the year, while he hopes for improving economic ties with friendly countries in southeastern Europe. “I think that the economy will return to the path of growth in late 2015, early 2016. It won’t […]

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Ukrainian President’s Russian Candy Factory Wins Case Against Russian Taxman

File photo of Barack Obama and Petro Poroshenko facing one another, with Obama gesturing

(Moscow Times – themoscowtimes.com – July 23, 2015) A local court has sided with a Russian chocolate factory owned by Ukrainian President Petro Poroshenko in a dispute with the tax authorities, news agency RIA Novosti reported Wednesday citing a court statement. The decision is a rare victory for the Roshen Confectionary Factory in Lipetsk, about 440 kilometers south of Moscow, […]

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RBTH: Success in the U.S.: How Three young Soviet-born entrepreneurs made it; Strong family ties and work ethics were key for these young businessmen

United States Map, adapted from image at epa.gov

(Russia Beyond the Headlines – rbth.ru – Aleksandra Efimova, special to RBTH – July 13, 2015) I recently spoke with three young entrepreneurs, each born in the Soviet Union. I wanted to discover if these sharp and accomplished young businesspeople shared common threads that could be followed back to their Soviet origins. Leon Oks, founder of iCanvas, is 34 years […]

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Russian Single-Industry Towns Face Crisis

Dmitri Medvedev file photo

(Moscow Times – themoscowtimes.com – July 23, 2015) Most of Russia’s single-industry towns are at risk of economic collapse that would cause massive social dislocation and see millions of Russians lose their livelihoods, Prime Minister Dmitry Medvedev was quoted as saying Wednesday. Some 14 million Russians live in the 319 Russian towns that, in a holdover from the Soviet era, […]

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Putin frees small business from inspections for three years

cash-register

(Moscow Times – themoscowtimes.com – July 14, 2015) Russian President Vladimir Putin has signed a law giving small companies a three-year holiday from regular inspections, a measure lawmakers hope will spur the development of small business in the country, according to a document published Tuesday [14 July] on the government’s legal information website. Small business is relatively underdeveloped in Russia, […]

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Majority of Russians think it is impossible to make millions honestly

Hand Pulling Cash from Envelope

(Business New Europe – bne.eu – Francesca Moll in London – July 23, 2015) Most Russians believe that the country’s millionaires earned their money dishonestly, according to a recent survey. In a survey by the independent pollster Levada Centre, an overwhelming 70% of respondents answered “no” when asked if they thought you can earn millions of rubles honestly now in […]

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Russia Braces for Longest Recession in Decades With $50 Oil

Oil Wells File Photo

(Bloomberg – bloomberg.com – Olga Tanas – July 22, 2015) For an economy that lives and dies by crude prices, the latest downturn in the world oil market means Russia’s recession may stretch into next year for the longest slump in two decades. Russia’s first economic slump since 2009 looked like it would plateau as oil gained 40 percent from […]

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Economic Crisis Driving Foreigners Out of Russia – Experts

Map of Commonwealth of Independent States, European Portion

(Moscow Times – themoscowtimes.com – Daria Litvinova – July 21, 2015) Foreigners that used to live and work in Russia are now fleeing en masse, the Federal Migration Service has revealed. Since January 2014, 41 percent of Spanish nationals, 38 percent of British nationals, 36 percent of U.S. nationals and 31 percent of German nationals have left Russia, the Noviye […]

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Russia’s Beating the BRICS in 2015 on Turnaround Potential

Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – Maria Levitov – July 19, 2015) Which country would you invest in: a fast-growing economic powerhouse with a world-beating stock market or a tottering former superpower embroiled in a proxy war and heading for a recession? If at the start of 2015 you had chosen the second, Russia, you would be walking away with risk-adjusted returns […]

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NEWSWATCH Wall Street Journal/Ariel Cohen: How Russia Could Become a Food Superpower

File Photo of Wheat Field in Kenya, adapted from image at usda.gov

Writing in the Wall Street Journal, Ariel Cohen addresses historical shifts in Russian agriculture, and what the future might hold. Russia could be a food superpower, given its vast soil and water resources. It still may become one, but the question is whether the food will be Western or Chinese. Since the beginning of the Ukrainian conflict, the Russian economy has […]

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NEWSWATCH Deutsche Welle: Russia less-than-charitable toward charities.

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

Deutsche Welle covers governmental threats to charitable activities in Russia, including the saga of Dynasty and “foreign agent” labeling. … A law that calls those who receive funds from outside the country ‘foreign agents,’ an economic downturn that’s seen the market contract by 10 percent with no end in sight … sanctions that have seen the value of the ruble plummet to … anywhere […]

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BNE: Number of Ukrainians in food poverty increases sixfold in two years

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

(Business New Europe – bne.eu – Henry Kirby in London – July 14, 2015) The number of Ukrainians who consider themselves to be in food poverty has increased sixfold in the last two years, according to a study by international polling firm TNS Global. The survey asked 5,000 Ukrainians if they considered themselves wealthy enough to buy certain goods, ranging […]

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Russian Government Failing to Stem Rising Poverty

Diverse Paper Currency, Coins, Line Graph

(Moscow Times – themoscowtimes.com – Anna Dolgov – July 20, 2015) The government is failing to protect Russians who are falling into poverty at the fastest rate for nearly two decades, an economist said in an interview published Monday. The soaring inflation that followed Western sanctions against Moscow for its annexation of Crimea and meddling in eastern Ukraine is eroding […]

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NEWSWATCH The Times (UK): U.S. ready to switch off cash supply to Putin. The US proposals mark a dramatic escalation in financial sanctions against Moscow.

treasury-bldg-631

The London Times reports on U.S. efforts to bring greater financial pressure against the Putin regime over the conflict in Ukraine. The United States is ready to starve Russia of access to western credit if President Putin fails to meet demands for peace in Ukraine. The punitive measures against Mr Putin’s inner circle of oligarchs and their extensive business interests […]

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Weak ruble is the ‘new norm’

Diverse Paper Currency, Coins, Line Graph

(Business New Europe – bne.eu – Chris Weafer of Macro-Advisory – July 17, 2015) It is axiomatic that every major sporting event has a distinctive theme tune and every financial crisis has at least one unique descriptive slogan or buzzword. In Russia today the competition for that catchphrase is between “localisation” and “the new norm”. A great deal has already […]

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Poverty Hits ‘Critical’ Level – Government

Russian Migrant Workers file photo

(Moscow Times – themoscowtimes.com – July 15, 2015) Poverty in Russia has reached “critical” levels, a deputy prime minister said, after government data showed a sharp increase in the number of people living below the poverty line. “Unfortunately, predictions are coming true: According to official statistics, the number of poor people has reached 22 million. This is critical,” Deputy Prime […]

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NEWSLINK Australian Financial Review: How Russia proved to be the best BRICS bet in 2015

St. Basil's Domes

Russia’s surge in fortunes presents a contrast with the events of December, when stocks tumbled almost 9 percent and the ruble sank to a record, prompting the central bank to raise interest rates to the highest in more than a decade. That marked the peak of turmoil that had begun with Russia’s annexation of Crimea in March and crude oil’s […]

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Why Russians fear August

Forest Fire file photo

(Business New Europe – bne.eu – Chris Weafer of Macro-Advisory – July 10, 2015) As we all know only too well, winters are long and cold in Russia while summers are relatively short but quite pleasant. Once Easter has passed, people start marking the calendar until they can throw off their winter armour and re-open their dachas. August is the […]

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RBTH: Seventy percent of Russians opposed to compromise on sanctions – report

russia-economy

According to a new Levada Center opinion poll, 70 percent of Russian citizens believe that Russia should not make any sanctions-related concessions, even though a third of the population has admitted that sanctions are a problem. However, despite these difficulties, Russians continue to back President Vladimir Putin, whose popularity rating has never been higher. Experts have several theories for why […]

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Putin calls for BRICS to assert financial independence from West

File Photo of Flags of BRICS Nations and BRICS Logo from Past Summit

(Business New Europe – bne.eu – bne IntelliNews – July 10, 2015) With a total GDP of $32 trillion and uniting 43% of the world’s population, the BRICS grouping of emerging powers took an assertive global stance at its annual summit in the Russian city of Ufa, as it unrolled plans to rival Western-dominated financial institutions. Marking the organisation’s seventh […]

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Interfax: Putin says Eurasia’s not a chessboard, it’s our home

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

(Interfax – July 9, 2015) Russia and its neighbours in the Eurasian landmass should not be treated as a “chessboard” or a “geopolitical playing field”, Russian President Vladimir Putin said on 9 July in remarks reported by privately-owned Russian news agency Interfax. “For us, this isn’t a chessboard, it’s not a geopolitical playing field – this is our home, and […]

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NEWSLINK Christian Science Monitor: Back-to-back Russia-hosted summits put Putin in coveted starring role.

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

Images of a Putin alongside leaders of other large countries, signing economic deals, will reinforce Russia’s argument that it doesn’t need the West. It’s a seductive view, but a superficial one, say analysts

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Russia Signals Tighter Ruble Reins as Economy Braces for Shocks

Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – Anna Andrianova, Andrey Biryukov, Olga Voitova – July 9, 2015) Russia is asserting more control over its currency as crises from Greece to China create new vulnerabilities for the recession-hit economy. Russia is succeeding at keeping the ruble within an “acceptable corridor” while maintaining its reserves and a positive trade balance, President Vladimir Putin said on […]

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Are The E.U. And Asia Turning A Blind Eye To Russian Sanctions?

Mercator Projection Satellite Image of Earth

(Oilprice.com – Robert Berke – July 8, 2015) In a previous article on Oilprice, I questioned whether western sanctions imposed on Russia were being regularly breached by E.U. and Asian companies, noting that sanctions only work if all countries unite behind them. In June, the Financial Times reported that only one year after being imposed, the sanctions are eroding. It […]

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Russian weapons face West’s economic wall

asia-map-400

(Russia Beyond the Headlines – rbth.ru – Rakesh Krishnan Simha, special to RBTH – July 8, 2015) Despite being technologically ahead, Russian weapons face a virtual ban in the West. However, the picture is entirely different in Asia. Russian weapons are good enough for China and India – countries flush with cash and able to afford the best – but […]

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Moscow Times: Poll: Nearly Half of Russians Favor Decent Wages Over Free Speech

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

(Moscow Times – themoscowtimes.com – Daria Litvinova – July 8, 2015) More than 40 percent of Russians would be willing to forgo the right to free speech and the freedom to travel abroad if Russian authorities would guarantee “decent” salaries and pensions, a poll released Tuesday by independent pollster the Levada Center revealed. Forty-two percent of Russians said they preferred […]

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Seven New Laws That Will Change the Face of Russia

Russian State Duma Building file photo

(Moscow Times – themoscowtimes.com – Ivan Nechepurenko – July 8, 2015) Russian lawmakers have kept themselves very busy this year. Over the course of its spring session, which ended Friday, Russia’s State Duma passed a total of 278 new laws. The majority of these were unremarkable – ratifications to international agreements, minor budgetary adjustments and a busload of measures aimed […]

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What Does Greece’s ‘No’ Vote Mean for Russia?

Ancient Temple Ruins in Greece with Tourists

(Moscow Times – themoscowtimes.com – Anastasia Bazenkova, Delphine d’Amora – July 7, 2015) As EU leaders gather Tuesday to seek an answer to Greece’s sweeping rejection of international bailout terms, Russia -the EU’s third-largest trading partner – is quietly waiting to see where the chips fall. Hailed as a victory for democracy by Greece’s new far-left leaders, the resounding “no” […]

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Is Russia Ready To Make A Comeback?

Gas Flame file photo

(Oilprice.com – Colin Chilcoat – July 6, 2015) As world markets nervously react to any news out of Greece, a sense of calm prevails in Russia. In short, a Greek sovereign default and exit from the euro zone is unlikely to inflict much damage on the Russian economy, already largely isolated from western financial markets. That’s not to say the […]

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Russia most likely to have 10.5% inflation for year – Ulyukayev

Diverse Paper Currency, Coins, Line Graph

MOSCOW. July 7 (Interfax) – Russia is must likely to have 10.5% inflation for this year, Economic Development Minister Alexei Ulyukayev said. “Our official forecast is 11.9%. We won’t be changing it before we submit our adjusted forecast to the government. Officially it will remain such until September. But right now we see the most likely dynamic as falling to […]

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Perspectives on Russia: June 2015

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

Subject: Perspectives on Russia: June 2015 Date: Sun, 05 Jul 2015 From: Sharon Tennison <sharon@ccisf.org> Sharon Tennison has worked for 30 years in Russia and the CIS, creating numerous multi-year, multi-million dollar programs to provide training for Soviet and Russian citizens to gain independence and skills designed for self governance. She is founder and President of the Center for Citizen […]

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RBTH: Why Gazprom became so flexible

Gas Facility file photo

(Russia Beyond the Headlines – rbth.ru – Alexei Lossan, RBTH – July 6, 2015) Russia’s natural gas giant is planning to put three billion cubic meters of gas up for auction – yielding to pressure from European customers, experts say. It may also scrap plans to stop Ukrainian gas transits, reducing supply risks linked to the construction of a new […]

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Saudi Arabia to invest $10bn in Russia via fund

Middle East Map

(Business New Europe – bne.eu – bne IntelliNews – July 7, 2015) Saudi Arabia’s Public Investment Fund, a sovereign wealth fund, will invest $10bn in Russia via the government-run Russian Direct Invest Fund (RDIF), in what will be Saudi Arabia’s biggest ever investment in Russia. “This is a landmark transaction, one of the largest transactions in the realm of sovereign […]

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Attack on Chubais Ally Marks Death of Russian Meritocracy – Experts

FSB Building file photo

(Moscow Times – themoscowtimes.com – Ivan Nechepurenko – July 4, 2015) The criminal case opened this week against Leonid Melamed, the founder of Russia’s flagship innovations project, is directed against its divisive current head Anatoly Chubais, and reflects Russia’s drift away from a merit-based ruling elite, pundits told The Moscow Times on Friday. Rusnano’s reformist head Chubais has long been […]

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And now … a murder rap for Khodorkovsky?

Mikhail Khodorkovsky file photo

(Business New Europe – bne.eu – MOSCOW BLOG: Ben Aris in Moscow – July 2, 2015) On June 30, the spokesman for Russia’s Investigative Committee, Vladimir Markin, made a shocking allegation. He accused the former head of Yukos oil major Mikhail Khodorkovsky of ordering the 1998 murder of Vladimir Petukhov, the mayor of Nefteyugansk, and several other crimes. The announcement […]

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Ruble’s Top Forecaster Sees Deeper Rout as Companies Repay Debt

Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – Ksenia Galouchko – July 2, 2015) Sanctions are once again catching up on the ruble. While still the best performer in the world this year, no emerging-market currency has fallen more in the past month as the effect of rebounding oil prices faded. Approaching foreign-debt payments and a shrinking economy probably mean it has a further […]

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Russia Beyond the Headlines: Dismissal of American vice rector in Nizhny Novgorod causes controversy

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

(Russia Beyond the Headlines – rbth.ru – Yekaterina Sinelschikova, RBTH – July 3, 2015) The dismissal of an American lecturer from a leading position at a Russian university following an “incriminating” report on television sparked talk of an increase in the harassment of foreigners. Russian lawmakers are planning to introduce a “patriotic stop list” – a list of foreign funds […]

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Is Saudi Arabia Leaving The U.S. Behind For Russia?

Middle East Map

(Oilprice.com – Robert Berke – July 1, 2015) The news from the recent St. Petersburg Economic Forum, which took place from June 18 to 20, inspired a torrent of speculation on the future direction of energy prices. But the real buzz at the conference was the unexpected but much publicized visit of the Saudi Deputy Crown Prince, as an emissary […]

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Russia comes out worst in wealth equality study

Hand Pulling Cash from Envelope

(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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NEWSLINK Christian Science Monitor: Anti-Americanism provides big boost to Russia’s small IT businesses

Putin and Obama with U.S. and Russian Flags

Russia’s economic conditions seem like they couldn’t be less hospitable to starting a new company. But small software firms are starting to thrive, in part because of Western sanctions

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