Russia’s Economy at Risk of Delayed Recovery After Crimea Flareup

Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – Andre Tartar, Anna Andrianova – August 28, 2016) The recent flare up over Crimea may have just delayed Russia’s economic recovery. After President Vladimir Putin accused Ukraine of plotting terrorist attacks on the Black Sea peninsula this month, the chance that Western countries will scrap economic sanctions against Russia has declined, according to a Bloomberg survey […]

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Russia’s Ministry of Economic Development Pins Hopes on Rising Oil Prices

Oil Well file photo

(Moscow Times – themoscowtimes.com – August 30, 2016) Russia’s Ministry of Economic Development has announced a new “baseline plus” plan for the Russian economy, despite concerns that the country’s original economic strategy remains unbalanced, the Vedomosti business daily reported Tuesday. While the country’s current baseline plan is formed on the price of oil remaining stable at $40 per barrel for […]

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NEWSLINK RBTH: “Businessman takes hostages in Moscow bank in desperate plea to Putin”

Aerial View of Moscow From Beyond Stadium, file photo

On Aug. 24, a bankrupt businessman took the staff and customers of a bank in downtown Moscow hostage in a bid to attract the attention of Russian President Vladimir Putin to the plight of those in his position.

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Russians blame government for price rise, insufficient social protection – poll

Diverse Paper Currency, Coins, Line Graph

MOSCOW. Aug 25 (Interfax) – Russians mostly criticize the national government for “being unable to deal with the price rise and shrinking household income” (42%) and “failing to ensure social protection” (34%), the Levada Center told Interfax. The price rise problem is losing its topicality (48% in January 2016 vs. 55% in 2015), while social protection demands are on the […]

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How Bad are Things in Russia Today? Some People There are Now Pawning Their Teeth

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

(Paul Goble – Window on Eurasia – Staunton, August 21, 2015) The worsening economic situation in Russia is highlighted by many things but none more compelling than the fact that it is forcing ever more people there to pawn whatever items of value they have – including their teeth — and then not to be in a position to reclaim […]

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NEWSLINK RBTH: “Why is Russia postponing the privatization of its oil companies?”

Oil Well file photo

The Russian government has announced that it will postpone the privatization of state share packages in the Rosneft and Bashneft oil companies. Russian analysts believe that this is because the price being asked is not acceptable to buyers.

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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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Experts Predict ‘Lost Decade’ For Russia’s Stagnating Economy

Diverse Paper Currency, Coins, Line Graph

A lack of dialogue on economic incentives could threaten future growth (Moscow Times – themoscowtimes.com – Alexandra Prokopenko, Margarita Papchenkova – August 19, 2016) #Russia’s #economy needs powerful external stimuli or fundamental domestic reform in order to avoid further stagnation, a report from the Centre of Development at the Higher School of Economics (HSE) has claimed. The country’s gross domestic […]

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NEWSWATCH: “Russian government finds itself under social spending pressure in election season” – bne Intellinews

Two Babushkas file photo

The Russian government will discuss either indexing pensions by 8.6% on September 1 or making a one-time payment to pensioners …. Despite the ongoing efforts to consolidate the budget amid the unprecedented fiscal squeeze, the government might have to give in to increasing social spending as the two-year election season starts …. The Russian government needs to find RUB2 trillion ($31bn) from somewhere […]

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Russia’s New Poor Ashamed of Their Poverty and Try to Hide It, Sociologist Says

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

(Paul Goble – Window on Eurasia – Staunton, August 16, 2016) In Russia today, with the gap between rich and poor again widening, Olga Simonova says, “poverty is viewed not as an individual’s misfortune but as his fault.” As a result, while they complain to pollster, Russia’s new poor do not turn to the state even when it could help […]

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On Russian studies [and Re: “Opportunities and Constraints of Authoritarian Modernisation: Russian Policy Reforms in the 2000s”]

Aerial View of Kremlin and Environs

Subject: On Russian studies Date: Fri, 12 Aug 2016 From: Brian D Taylor <bdtaylor@maxwell.syr.edu> Thanks again for all you do with JRL. It’s a very valuable resource. I would like to say, though, that “real Russian studies” are not particularly rare. If you ask social scientists who study Russia, they could point you to many detailed analyses of practically every […]

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NEWSWATCH: “Why Ukraine and Russia Need Each Other” – Nicolai Petro/Russian Politics

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

Ukraine needs ….  the restoration of those economic ties with Russia that clearly benefit the Ukrainian economy, at least until Ukraine develops stable alternative markets. …. a stop gap measure needed to stop the hemorrhaging of resources, manpower, and capital, and to win Ukraine time and breathing space for economic reform …. Nor do I see it as a matter […]

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NEWSWATCH: “Russian Public Assessments of the Putin Policy Program: Achievements and Challenges” – John P. Willerton/Russian Politics

Aerial View of Kremlin and Environs

A decade and a half into the Putin team’s tenure, what are Russians’ policy concerns, and how do they accord with Putin team priorities and actions? What is the level of public support for Putin and his team, and how do Russians assess the Putin team’s policy record to date? * * * … survey results reveal that Putin and […]

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NEWSWATCH: “Turkey’s Erdogan Patches Up Relations With Putin” – Wall Street Journal

Turkey map

… Putin and … Erdogan mended fences in a high-profile meeting Tuesday, bolstering their governments’ ties as both face strained relations with the West. … Erdogan’s first trip abroad since the Turkish coup attempt … signals his willingness to look to Moscow, traditionally the counterweight to Western influence in the Middle East. But Western leaders say Turkey … crucial to […]

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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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TRANSCRIPT: [Putin at] Meeting of ASI Expert Council

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

(Kremlin.ru – July 21, 2016) Vladimir Putin took part in a meeting of the Agency for Strategic Initiatives (ASI) Expert Council, which is marking its 5th anniversary. The President also visited an exhibition presenting projects that have received ASI support over various years, in particular, new developments in medicine, communications, transport, housing and utilities, agriculture, continued and vocational education, and […]

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Goldman Sees Russian Oil Output Topping Soviet Record by 2018

Oil Well file photo

(Bloomberg – bloomberg.com – Stephen Bierman – July 20, 2016) Russia’s oil output will exceed the former Soviet record set almost 30 years ago by the end of 2018 as low-cost fields allow producers to defy the slump in prices, according to Goldman Sachs Group Inc. Production will climb by 590,000 barrels a day over the next three years to […]

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Hybrid Business — The Risks In The Kremlin’s Weaponization Of The Economy

Hand Pulling Cash from Envelope

(RFE/RL – rferl.org – Commentary: Mark Galeotti, Anna Arutunyan – July 20, 2016) Mark Galeotti is a senior research fellow at the Institute of International Relations Prague and director of the consultancy Mayak Intelligence. Anna Arutunyan is a Moscow-based journalist and writer, author of The Putin Mystique. “How many divisions does the pope have?” Josef Stalin was meant to have […]

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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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Russia’s Consumers Still in Shock as They Cut Back on Food and Medicine

Cash, Calculator, Pen

(Bloomberg – bloomberg.com – Olga Tanas – July 19, 2016) With stores from near the Arctic to the foothills of the Caucasus Mountains, Magnit PJSC would be the first to know when the Russian consumer is back. Instead, the nation’s largest supermarket chain has just come across something it’s never seen. Billionaire Sergey Galitskiy’s retailer, which operates almost 13,000 outlets […]

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TRANSCRIPT: [Putin at] Meeting with Commissioner for Entrepreneurs’ Rights Boris Titov

Boris Titov file photo

(Kremlin.ru – July 18, 2016) Boris Titov presented to the President the Commissioner for Entrepreneurs’ Rights annual report. President of Russia Vladimir Putin: Good afternoon Mr Titov. Have you prepared your report? Commissioner for Entrepreneurs’ Rights Boris Titov: Yes, Mr President. I am ready to present what will be my third report since my appointment as Commissioner for Entrepreneurs’ Rights. […]

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Oil Must Go to $40 and Stay There to Buy Russia Some Reforms

Oil Wells File Photo

(Bloomberg – bloomberg.com – Anna Andrianova, Andre Tartar – July 18, 2016) [Charts here bloomberg.com/news/articles/2016-07-17/oil-must-go-to-40-and-stay-there-to-buy-russia-reforms-at-last] At an oil price of $40 or below, Russian President Vladimir Putin introduced a flat income tax, built a sovereign wealth fund and delivered speeches to the Bundestag in German. When it was over $100, he fought two wars with neighbors and splashed over $40 […]

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NEWSWATCH: “An Unfinished Bridge, and Partnership, Between Russia and China” – New York Times

Asia Map

The New York Times covers Russo-Chinese relations and delays in Russia fulfilling its part of a joint arrangement to build an international bridge across the Amur River. … The bridge abruptly stops, hanging in the air high above the river just short of the Russian shore at Nizhneleninskoye …. The gap … left by Russia’s failure to build its own, […]

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PRESS RELEASE: Jamestown Launches ‘Russia in Decline’ Project

Kremlin and River

(Jamestown Foundation – jamestown.org – July 14, 2016) JAMESTOWN LAUNCHES ‘RUSSIA IN DECLINE’ PROJECT The Jamestown Foundation is proud to officially unveil a special project, Russia in Decline, which seeks to shed light on the possible futures facing the Russian Federation based on currently observable trends of a country trapped on a downward trajectory. This project is headed by longtime […]

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Reluctantly, Russia Starts Sell-Off of Major State Companies

Empty Boardroom

(Moscow Times – themoscowtimes.com – Peter Hobso – July 14, 2016) Back in April, President Vladimir Putin was asked at a press conference why he planned to sell state companies just when the market was at bottom. Putin’s reply was blunt: “We need the money.” Russia was, after all, in a bind. A deep recession and plunging oil prices meant […]

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Helping Russia’s broken women to get back on their feet

Kremlin and Saint Basil's File Photo

Dozens of crisis centers operate in Russia to help women caught up in desperate situations and left without help from their families. Some of them have nowhere to live, while others are trying to get away from their alcoholic, wife-beating husbands. (Russia Beyond the Headlines – rbth.ru – OLEG SKRIPNIK, SPECIAL TO RBTH – July 14, 2016) There are three […]

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Putin Peers Into Shadows Where 30 Million Toil on Fringes

Hands Opening Envelope Containing Cash

(Bloomberg – bloomberg.com – Evgenia Pismennaya, Ilya Arkhipov – July 13, 2016) Just about every other worker in Russia has gone missing. Uncounted by statisticians and invisible to tax collectors, a population the size of Texas — or about 30 million people — plies its trade in the nooks and crannies of what’s become known as the “garage economy.” There, […]

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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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Russia’s Savior From Oil’s Drop Is Now Snuffing Out Recovery

Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – Andrey Biryukov – July 6, 2016) Russia is finding the flip side of a flexible currency less and less appealing. A free-floating ruble, its antidote to the crash in oil prices, is now working against an economy mired in the second year of recession. As crude soared by more than a third in March and April, […]

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Here’s What Putin Wants From Central Bank as Elections Near

Central Bank of Russia file photo

(Bloomberg – bloomberg.com – Anna Andrianova, Andre Tartar – July 5, 2016) Helping your president win elections doesn’t have to compromise a central bank’s independence, at least not in Russia. Monetary policy is aligning with politics before Vladimir Putin’s biggest test at the ballot box since he returned to the presidency in 2012. By claiming the upper hand in the […]

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After Initial ‘Painful Reaction,’ Russians ‘Quietly Adapting to Crisis,’ New Survey Finds

Cash, Calculator, Pen

(Paul Goble – Window on Eurasia – Staunton, July 5, 2016) Dostoyevsky’s observation that “man is not a pig; he can get used to anything” is being confirmed by the attitudes of Russians about the economic crisis they find themselves in. If their first response was to cry out in pain, now, a new study finds, they “quietly adapting” to […]

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We Are Right, You Are Wrong: Russia’s Response to Brexit

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

(Kennan Institute – wilsoncenter.org/program/kennan-institute – Maxim Trudolyubov – June 29, 2016) Maxim Trudolyubov is a Senior Fellow at the Kennan Institute and the Editor-at-Large of Vedomosti, an independent Russian daily. Mr. Trudolyubov was the editorial page editor of Vedomosti between 2003 and 2015. He has been a contributing opinion writer for The International New York Times since the fall of […]

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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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Russian Oil Exports Set for Record as Europe Competition Grows

Oil Well file photo

(Bloomberg – bloomberg.com – Stephen Bierman and Dina Khrennikova – July 3, 2016) Russian crude exports are on track to set a record this year, which is intensifying competition in Europe as Iran boosts shipments to the region. Exports rose 4.9 percent to 5.55 million barrels a day in the first half of the year from the same period in […]

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TRANSCRIPT: [Putin at] Meeting with Alexei Repik, President of Delovaya Rossiya national public organisation

Cash, Calculator, Pen

(Kremlin.ru – June 30, 2016) Vladimir Putin discussed with Delovaya Rossiya President Alexei Repik the results of the union’s activity over the past 15 years and ways of improving the business climate in Russia. President of Russia Vladimir Putin: Good afternoon, Mr Repik. This year marks 15 years since Delovaya Rossiya was founded. A great deal has been accomplished during […]

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Russia Seeks to Reassure Over Brexit Volatility

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

(Voice of America – voanews.com – Daniel Schearf – June 29, 2016) As Britain and Europe struggle to come to terms with the British vote in favor of leaving the European Union, financial markets are roiling across the globe, including in Russia. Even before the vote for a British EU exit, the head of Russia’s largest bank, Sberbank, warned that […]

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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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Moscow a safe haven? Brexit erodes perceptions of political risk

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

(Bloomberg – bloomberg.com – NATASHA DOFF, KSENIA GALOUCHKO – June 28, 2016) Britain’s vote to quit the European Union has flipped perceptions of global political risk on their head. Brazil’s new government and Russia’s isolation represent a buying opportunity for Europe’s biggest asset manager as political chaos across the continent erodes developed economies’ traditional haven status. Even before the Brexit […]

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Russia Takes $6.2 Billion Bite Out of Banks to Soak Up Cash

Central Bank of Russia file photo

(Bloomberg – bloomberg.com – Olga Tanas, Anna Baraulina – June 28, 2016) It’s been blamed for fighting inflation at the expense of the economy and turning its targets into “fetishes.” Now Russian lenders say the central bank’s latest swipe at price risks is putting pressure on their bottom line and credit. Reserve-ratio requirements will be increased by 75 basis points […]

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The Corner of Russia’s Economy Where Crisis Rages Unabated

Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – Andrey Biryukov – June 26, 2016) As Russia’s government counts the months to an economic rebound, a bellwether of investment is nearing levels of distress last seen during the throes of a recession seven years ago. The value of construction works plunged 9 percent from a year earlier in May, the worst showing since October, even […]

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Wealthy Russian Families Lose Up to 75% of Their Income in 2015

Cash, Calculator, Pen

(Moscow Times – themoscowtimes.com – June 24, 2016) Wealthy Russian families lost between 25 and 75 percent of their income in 2015, the Vedomosti business daily reported Thursday, citing the Russian Wealth Report 2016. On average, families with an annual income between 15 million and 100 million rubles ($235,000 to $1.5 million) lost 45 percent of their revenue, according to […]

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RBTH: Four possible effects of Brexit on Russia’s economy

EU Map

Rather than being a boon, UK’s possible exit from the EU could cast the Russian economy into troubled waters. (Russia Beyond the Headlines – rbth.ru – ALEXEI LOSSAN, KIRA EGOROVA, RBTH – June 27, 2016) Despite Russia being called one of Brexit’s possible beneficiaries, in reality the UK’s potential exit from the EU poses more risks for the Russian economy […]

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