RUSSIALINK RBTH: “Informal economy in Russia grows to record levels. The informal economy is being helped by economic decline, on the one hand, and the growth of technologies and Internet-markets for work and part-time work, on the other.”

Russian Migrant Workers file photo

“In 2016, employment in the informal sector of Russia’s economy set a record level for the last 10 years, reports Rosstat, the Russian Statistics Agency (the information was published (in Russian) by the RBC business daily in mid-April).  Rosstat believes that the informal employment category consists of those people who work in enterprises that are not registered as a legal entity, that […]

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TRANSCRIPT: [Putin at] Meeting with Government members

Aerial View of Kremlin and Environs

(Kremlin.ru – April 26, 2017) Vladimir Putin held a meeting with Government members to discuss import substitution in industry and agriculture. Other subjects of discussion included preparations for children’s summer holidays, work on the draft law on responsible treatment of animals, and the programme to build or reconstruct village cultural centres. President of Russia Vladimir Putin: Good afternoon colleagues. Today, […]

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NEWSWATCH: “A shortage of women in technology? Not in Russia” – Washington Post/ Gene Marks

File Image of Stylized Eye Surrounded by Binary Code

If you’re part of the #technology industry in the United States, then you’ll no doubt agree it’s a man’s world. TechCrunch reported … on the ‘pipeline problem’ … 18 percent of undergraduate computer science degrees and 26 percent of computing jobs are … held by #women. … [and] five percent of leadership positions in the technology industry …. the share of women in […]

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NEWSLINK: “Russia and the “Resource Curse”: When the Kremlin’s Policy is Counterproductive for the Economy” – Carnegie Moscow Center/Forbes.ru/ ANDREY MOVCHAN, PAVEL KOSHKIN)

Oil Well file photo

“How can Russia overcome the “resource curse”? What countries should be an example for Moscow? What consequences can the Russian flawed economic policy lead to? Why could the authorities’ attempts to save their power by any means be dangerous for economic growth? Andrey Movchan, the director of the Economic Policy Pogram at the Carnegie Moscow Center, sheds light on these […]

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NEWSLINK: “Russia and the “Resource Curse”: When the Kremlin’s Policy is Counterproductive for the Economy” – Carnegie Moscow Center/ Forbes.ru/ ANDREY MOVCHAN, PAVEL KOSHKIN)

Oil Well file photo

“How can Russia overcome the ‘resource curse’? What countries should be an example for Moscow? What consequences can the Russian flawed economic policy lead to? Why could the authorities’ attempts to save their power by any means be dangerous for economic growth? Andrey Movchan, the director of the Economic Policy Pogram at the Carnegie Moscow Center, sheds light on these […]

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NEWSLINK: “Unequal Russia: is anger stirring in the global capital of inequality?” – The Guardian (UK)  

Cash, Calculator, Pen

“With the richest 10% owning 87% of all the country’s wealth, Russia is rated the most unequal of the world’s major economies. Amid falling oil prices and a wave of protests, Shaun Walker asks how Russians really feel about life’s inequalities. …”

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RUSSIALINK RBTH: “Why does ExxonMobil need Russia’s Arctic region? Even though the price of extracting oil in the Arctic is very expensive, ExxonMobil still wants to strengthen its position in the Russian market.”

Arctic Map

“The U.S. Government will not give the green light to oil major ExxonMobil Corporation and other American companies that seek to drill in areas covered by U.S. sanctions against Russia, Treasury Secretary Steven Mnuchin said on April 21. …”

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Kudrin sees sanctions as primarily negative for Russian economy

Alexei Kudrin file photo

KRASNOYARSK. April 21 (Interfax) – Sanctions are having a negative impact on the Russian economy, the chairman of the Center for Strategic Research (CSR), former Finance Minister Alexei Kudrin said. “We are sooner losing position on the global market. The problem is not only related to the drop in oil prices and sanctions. Sanctions are in general very sensitive and […]

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NEWSWATCH: “The Economic Ramifications of Conflict in Ukraine” – Stratfor

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

The conflict in eastern Ukraine has dealt a particularly heavy blow to its economic relationship with Russia. Much of Ukraine’s industrial production was taken offline …. The country lost a sizable share of its exports … [and]  GDP saw a double-digit contraction. Kiev… [the EU] and [the] United States, slapped Russia with sanctions … [over] Crimea and Donbas; Moscow responded in kind …. […]

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RUSSIALINK TASS: “Putin’s spokesman dismisses rumors about plans to appoint Kudrin as prime minister”

Alexei Kudrin file photo

“Rumors linking the activities of former Finance Minister Alexei Kudrin, Head of Russia’s Center for Strategic Research, with his possible appointment as prime minister are nothing more than political exercises, Russian Presidential Spokesman Dmitry Peskov told reporters. The Kremlin spokesman pointed out that Kudrin was a broad-range expert ‘so it is only natural that he has an opinion on a […]

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In Annual Report, Medvedev Says Russian Economy Avoided Catastrophe

Dmitri Medvedev file photo

(RFE/RL – rferl.org – April 19, 2017) Russian Prime Minister Dmitry Medvedev has promised not to raise taxes in 2017 and vowed to consider indexing retirement payments for working pensioners, delivering a moderately upbeat annual report on the troubled economy. Addressing the lower house of parliament on April 19, Medvedev said the Russian economy had avoided “catastrophe” despite low world […]

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TRANSCRIPT: [Medvedev:] Government report on its performance in 2016. (transcript continued)

Dmitri Medvedev file photo

(Government.ru – April 19, 2017) State Duma of the Federal Assembly, Moscow Excerpts from the transcript: Dmitry Medvedev: Already in the fourth quarter of 2016, the economy showed a small increase of 0.3 percent. As of late 2016, we had a major slowdown in the decline of GDP compared to a fall of almost 3 percent in 2015. Such figures […]

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Russia Still Migrant Magnet Even as Wages Stay Below China’s

Russian Migrant Workers file photo

(Bloomberg – bloomberg.com – Olga Tanas – April 19, 2017) The vast pool of labor across Russia’s porous borders is relieving strains in the labor market, helping drain the economy of inflationary pressure as it accelerates after almost two years of recession. A steady flow of arrivals has continued even as shrinking wages and Russia’s worst currency crisis since 1998 […]

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Government forecast for annual GDP growth of 1.5% in 2018-2020 does not meet president’s goal – Belousov

Diverse Paper Currency, Coins, Line Graph

MOSCOW. April 17 (Interfax) – The government’s forecast for Russian GDP growth in 2018-2020 of 1.5% a year under the baseline scenario does not meet the goal set by the president of achieving growth higher than the global average in 2019-2020, presidential aide Alexander Belousov told journalists. The government forecast for 2% GDP growth in 2017 is “the maximum possible […]

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Fiscal rule already essentially in effect, might be formally introduced in 2018 – Belousov

Oil Well file photo

MOSCOW. April 17 (Interfax) – The new fiscal rule that restricts Russian budget spending of additional oil and gas revenue is essentially already in effect, and it might be formally introduced in 2018, Kremlin aide Andrei Belousov said. “The fiscal rule comes down to cutting off the level of spending at an oil price of $40 per barrel. We negotiated […]

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TRANSCRIPT: [Putin at] Working meeting with Prime Minister Dmitry Medvedev

File Photo of Dmitry Medvedev and Vladimir Putin with Heads Bowed Over Microphone

Mr Medvedev briefed Vladimir Putin on the key points of the report on the Government’s work in 2016, which will be presented to the State Duma on April 19. President of Russia Vladimir Putin: Mr Medvedev, on April 19 you will present to the State Duma the Government’s report on its work last year. What will you be presenting? What […]

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RUSSIALINK RBTH: “Russia’s economy needs a recipe for growth; The country’s economy has left the recession, but growth rates are still low. Will Russia be able to return to the high pre-crisis indicators?”

Diverse Paper Currency, Coins, Line Graph

(Russia Beyond the Headlines – rbth.ru – SERGEI ALEXASHENKO, SPECIAL TO RBTH – April 13, 2017) The author is a senior fellow at The Brookings Institution (Washington). In 1993-1998 he was deputy finance minister and deputy chairman of the Russian Central Bank. The Russian economy has hauled itself out of the recession – Rosstat, Russia’s statistics agency, the Economy Ministry, […]

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Usmanov denies Navalny’s allegation of illegal transfer of mansion, land to SotsGosProyekt Foundation

Alisher Usmanov file photo

MOSCOW. April 12 (Interfax) – USM Holdings founder Alisher Usmanov says he transferred a plot of land and a mansion to the SotsGosProyekt Foundation in exchange for another plot of land for his sister. “My sister, Gulbakhor Burkhanova, […] wanted to live near me after the death of our parents. […] [Foundation head Ilya] Yeliseyev told me about Foundation projects […]

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Fixing Russia’s Growth for Economists Takes One Ruble at a Time

Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – Olga Tanas, Andre Tartar – April 9, 2017) The ruble’s “serious weakening,” as forecast by Russia’s Economy Ministry, may be seriously good for growth. While the authorities in Russia have wavered this year over the benefits and disadvantages to the economy of a strong exchange rate, analysts are coming down on the side of depreciation. A […]

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NEWSWATCH: “In Russia, The World’s Largest Lake Takes On The World Bank and Mongolian Power Build-Up” – Forbes/ Kenneth Rapoza

Lake Baikal and Environs Satellite Photo

“The biggest fresh water lake in the world is under attack … again … this time from Mongolian power companies with help from the World Bank looking to build two hydroelectric dams that draw from an important Russian river. … the World Bank held public hearings in Russia to discuss environmental impact studies around Lake Baikal in Russia, moving two mid-sized […]

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Trump Lacks Room to Move on Sanctions on Russia, Economists Say

File Photo of White House with South Lawn and Fountain

(Bloomberg – bloomberg.com – Andre Tartar, Anna Andrianova – April 3, 2017) What a difference three months can make. Donald Trump dropped enough hints during the campaign and in the run-up to his inauguration as U.S. president to turn most economists into believers in an imminent easing of sanctions imposed against Russia over the crisis in Ukraine. But as scandals […]

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Putin Is Up, But Russians Are Feeling Down

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

(Bloomberg – bloomberg.com – Leonid Bershidsky – April 3, 2017) Russia’s long recession is officially over: In the fourth quarter of 2016, the country’s economy grew 0.3 percent, and growth appears to be continuing. Consumer sentiment is in positive territory for the first time since 2014. The numbers indicate that President Vladimir Putin’s Russia is regaining some of its lost […]

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NEWSLINK: “Russia’s March manufacturing PMI continues its strongest expansion since 2011” – bne Intellinews

Diverse Paper Currency, Coins, Line Graph

“Russian manufacturing continues its strongest expansion since 2011 in March with the Markit PMI score of 52.4, almost the same as the previous month’s 52.5, while positive sentiment amongst Russian manufacturers reached a 22-month high. …”

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Russian Economy Crawled to Growth With Recession in Rearview

Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – Olga Tanas – March 31, 2017) Russia’s economy returned to growth at the end of 2016, turning the page on seven consecutive quarters of contraction that laid waste to the middle class after oil prices crashed. Gross domestic product gained 0.3 percent from a year earlier in the fourth quarter after a decline of 0.4 percent […]

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TRANSCRIPT: The Arctic: Territory of Dialogue international forum. [excerpts re Putin]

Map of Arctic Highlighting Permafrost, adapted from image at nasa.gov

(Kremlin.ru – March 30, 2017) Vladimir Putin is taking part in the filurth international forum The Arctic: Territory of Dialogue. The forum’s theme this year is People and the Arctic. The participants are discussing ways to improve the quality of life in the Arctic, maintain its unique environmental potential, boost sustainable socioeconomic development of the Arctic regions and strengthen international […]

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Russia Can Wait for $70 Oil Before Re-Entering Arctic Waters

Arctic Map

(Bloomberg – bloomberg.com – Elena Mazneva, Dina Khrennikova – March 29, 2017) Russia can wait for a sustained recovery in oil prices before drilling again in Arctic waters, relying for now on less costly regions even as rival producer Norway accelerates development of its northerly fields. “We estimate production costs for the Russian Arctic offshore in the range of $70 […]

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NEWSWATCH: “New Fears in Ukraine’s Coal Country; A factory and its workers face economic hardship from conflict and blockades” – U.S. News/Katherine Jacobsen

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

“… Two years later a blockade in eastern Ukraine now threatens the future of the Avdiivka plant and the health of Ukraine’s already shaky economy. Activists, with the support of some politicians, initiated the blockade in January with the intention of halting trade between businesses in Ukrainian and separatist-held territories. In mid-March the government in Kiev joined in, reversing itself […]

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Putin Nominates Bank of Russia Head Nabiullina for New Term

Elvira Nabiullina file photo

(Bloomberg – bloomberg.com – Olga Tanas, Stepan Kravchenko – March 22, 2017) Russian President Vladimir #Putin told Bank of #Russia Governor Elvira Nabiullina he plans to nominate her for a new 5-year term, praising her stewardship of the central bank as the country emerges from the longest recession this century. “The central bank under your leadership has done a #great […]

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NEWSLINK: “PUTIN’S ECONOMY IS SO BAD, MANY RUSSIANS CAN’T AFFORD NEW SHOES” – Newsweek

Diverse Paper Currency, Coins, Line Graph

“To see the state of Vladimir Putin’s economy, look down at Russians’ feet. The weakening ruble is making Russians more cautious about their purchases, and annual shoe sales across the country have dropped in recent months as Russians wait for their footwear to completely wear out before buying new ones ….”

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This Recovery Isn’t for Everyone as Inequality Reshapes Russia

(Bloomberg – bloomberg.com – Olga Tanas – March 22, 2017) A snapshot of Russia’s consumer welfare painted a picture of a country increasingly cleaved by inequality. A surprise deterioration of retail sales in February, alongside an unexpected plunge in real disposable incomes, is adding to evidence of what Morgan Stanley is calling an “uneven consumer recovery” driven by rising disparity […]

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Why the Comey Hearing Was Frightening to a Russian

Gas Facility file photo

(Bloomberg – bloomberg.com – Leonid Bershidsky – March 21, 2017) Leonid Bershidsky is a Bloomberg View columnist. He was the founding editor of the Russian business daily Vedomosti and founded the opinion website Slon.ru. Monday’s hearing on Russia’s alleged interference in the U.S. presidential election and the alleged contacts between Donald Trump’s campaign and the Kremlin yielded inspiring news for […]

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TRANSCRIPT: [Putin at] Council for Strategic Development and Priority Projects meeting

Kremlin and River

(Kremlin.ru – March 21, 2017) Vladimir Putin chaired a meeting of the Presidential Council for Strategic Development and Priority Projects at the Kremlin. Participants in the meeting reviewed progress in the implementation of priority projects in healthcare, as well as measures aimed at enhancing labour efficiency. Transcript of the meeting of the Council for Strategic Development and Priority Projects President […]

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TRANSCRIPT: [Putin at] Working meeting with Natural Resources and Environment Minister Sergei Donskoy

Russia Map

(Kremlin.ru – March 20, 2017) Mr Donskoy briefed the President on measures to enhance the efficiency of subsoil resource use, develop a system of protected natural zones, and support eco-tourism. President of Russia Vladimir Putin: Mr Donskoy, we discussed with you on many occasions the question of effective subsoil use. I know the Ministry has prepared a roilange of instruments, […]

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RUSSIALINK RBTH: “Why Russia does not want to join OPEC; Russia sees oil club as a competitor, though they share tactical interests”

Oil Well file photo

(Russia Beyond the Headlines – rbth.ru – MARIA KUTUZOVA, SPECIAL TO RBTH) Russia is not considering joining OPEC, Russia’s Energy Minister Alexander Novak has told a U.S. conference. Speaking during the CERAWeek Oil Conference in Houston, Texas early March Novak added: “But our cooperation with the oil exporting countries has proven to be necessary and useful.” He has often spoken […]

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Russians Happier Than They Look, UN Study Shows

UN Building file photo

(Moscow Times – themoscowtimes.com – March 20, 2017) Don’t be misled by those grumpy faces on the Moscow metro: Russia is the 49th happiest place on Earth and it is becoming happier, a new study has found. The United Nation’s yearly World Happiness Report measures “subjective well-being” in 155 countries along criteria such as GDP per capita and life expectancy, […]

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TRANSCRIPT: [Putin at] Plenary session of Congress of Russian Union of Industrialists and Entrepreneurs

Cash, Calculator, Pen

(Kremlin.ru – March 16, 2017) Vladimir Putin addressed a plenary session of the Congress of the Russian Union of Industrialists and Entrepreneurs. The congress is being held as part of the X Russian Business Week (RBW) on March 13-17, hosted by the Russian Union of Industrialists and Entrepreneurs. The RBW participants coordinate proposals on key areas of interaction between the […]

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RUSSIALINK RBTH: “Vice-premier: Russia has a unique phenomenon – workers are officially poor”

Cash, Calculator, Pen

Olga Golodets speaks out about worrying trend in the country: despite having regular jobs, millions of people are stuck below the poverty line due to poor wages. (Russia Beyond the Headlines – rbth.ru – March 16, 2017) Russian Vice-Premier Olga Golodets has highlighted the fact that alarmingly low wages in the country are keeping people with regular jobs below the […]

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TRANSCRIPT: [Putin at] Meeting with General Director of Agency for Strategic Initiatives Svetlana Chupsheva

Kremlin and River

(Kremlin.ru – March 15, 2017) Vladimir Putin had a working meeting with General Director of the Agency for Strategic Initiatives [ASI] Svetlana Chupsheva. The discussion focussed on the Agency’s work on key activity areas, in particular, developing the investment climate and business activity in Russia and support for social and business projects. President of Russia Vladimir Putin: Ms Chupsheva, have […]

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TRANSCRIPT: [Putin] Meeting with Government members

Kremlin and River

(Kremlin.ru – March 14, 2017) Vladimir Putin held a meeting with Government members in the Kremlin. President of Russia Vladimir Putin: Good afternoon, colleagues, We will begin with s number of current issues. The epidemic level seems to be on the decline, but the situation is still serious. Even Mr Medvedev could not stay out of harm’s way, and caught […]

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Russia Wants Immigrants the World Doesn’t;  While Europe and the U.S. tighten border controls, former Soviet states are encouraged by Moscow to send their workers.

Russian Migrant Workers file photo

(Bloomberg – bloomberg.com – Leonid Ragozin – March 14, 2017) [Text with photos here bloomberg.com/news/features/2017-03-14/russia-s-alternative-universe-immigrants-welcome] On a brutally cold February day, hundreds of laborers from Uzbekistan mill around in the snow and mud of a construction site 10 miles outside Moscow. Surrounding them are a series of unfinished 18-story apartment blocks meant to serve as homes for Russian military officers. […]

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NEWSLINK: “Russian inflation falls below 5% for the first time since Soviet days” – bne Intellinews/Ben Aris

Diverse Paper Currency, Coins, Line Graph

“Russia’s consumer price inflation … dropped below 5% for the first time since the fall of the Soviet Union more than a quarter of a century ago. Inflation was 4.6% y/y in February, according to Rosstat, down from 5% in January and in line with the Bloomberg consensus for the month. …”

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NEWSWATCH: “Online dissidents expose the Russian prime minister’s material empire; The truth about Dmitry Medvedev lives on the Internet” – Washington Post

Dmitri Medvedev file photo

“… #Medvedev has been seen in [items] … ordered online and delivered to an address linked to a web of companies and charities controlled by close confidants and relatives. After months spent probing the network, the Anti-Corruption Foundation, headed by opposition activist Alexei #Navalny, has released a video and documentation it says show … Medvedev has accumulated more than $1 billion worth of […]

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NEWSLINK: “Russian corporate governance comes in from the ‘Caveman era'” – bne Intellinews/Jason Corcoran

“Russia’s new corporate governance code … in place for two years, is being increasingly adhered to, according to market participants. Other reforms undertaken by the Moscow Exchange – as well as an increase in domestic liquidity – is accelerating the trend for more companies to list in the Russian capital rather than in London. …” [featured image is file photo, […]

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Russia Is Running on More Than Just the Black Stuff; The world’s largest energy producer is out of its longest recession in two decades

Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – Anna Andrianova- March 7, 2017) [Charts here bloomberg.com/news/articles/2017-03-07/russia-is-running-on-more-than-just-the-black-stuff] Russia has exited recession, with a little help from the boys in uniform, a major statistical revision – and the global oil price. And not just any recession, but its longest in two decades. So what happened? 1. Is the economy really out of the woods? Actually, the […]

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The Russian Billionaires on Bloomberg’s Rich List; Only a select few of Russia’s oligarchs make it to the top of the world’s rich lists.

Hand Pulling Cash from Envelope

(Moscow Times – themoscowtimes.com – Katie Davies – March 6, 2017) Russia is home to droves of millionaires, business owners and oligarchs: but only a select few make it to the top of the world’s rich lists. Just eight Russian businessmen have made it into the top 100 of Bloomberg’s Billionaire Index. Together, they boast an estimated net worth of […]

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NEWSWATCH: “Russia pushes to rid itself of ‘Potemkin’ banks by 2019” – Reuters/Alexander Winning, Andrey Ostroukh

“Russia plans to extend a review of bank licenses for another two years, shutting down scores more banks after closing hundreds in the past four years, mostly for committing fraud or other crimes …. Vasily Pozdyshev, a deputy governor at Russia’s central bank, says … his team is still finding more propping up criminal activity and would need until 2019 …. […]

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NEWSWATCH: “This Is the Russia You’re So Afraid Of?” – New York Times/Maria Antonova

Russia Regions Map

“… neglect began after the Communist system collapsed and has continued …. Russia is projecting its power from Ukraine to Syria to Western Europe…. [there are] allegations that the Kremlin meddled in the American presidential election …. support for … Putin is high and disdain for America … serves as … an artificial social cohesive …. Most people’s lives focus on economic survival … but … state television […]

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NEWSLINK: “A TALE OF TWO CITIES” – Irrussianality/Paul Robinson

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

“‘Putin projects Russian might. A decaying town tells a different story’. So says Maria Antonova in an article in Sunday’s New York Times. Antonova comes from the town of Donskoi in Tula province, a few hours south of Moscow, and her grandfather was mayor in Soviet times. After the USSR collapsed, Donskoi’s industry collapsed too. Now, says Antonova, the town […]

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NEWSWATCH: “Kyiv Post Editorial: Russia’s War Against Ukraine: Borders Harden”

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

“After three years of war, the Russians are hardening their stance towards Ukraine. Without a stronger response from the West and Ukraine’s leaders, Ukraine stands to forever lose parts of the eastern Donbas now under Russian-separatist control. … amount[ing] to 2.5 percent of Ukraine’s territory or 15,341 square kilometers. The Russian side has begun a campaign to nationalize Ukrainian businesses […]

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