(Interfax – December 31, 2015) The inflation in Russia has reached its highest value since 2008, mounting to 12.9 per cent for 2015, the Russian Federal Service of State Statistics (Rosstat) reported, as cited by Russian privately-owned news agency Interfax on 31 December. According to Rosstat, the preliminary calculations for December, which are based on data for a limited list […]
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RBTH has selected eight people and things from various fields of Russian life who had a significant influence on domestic and global affairs in their spheres in 2015. (Russia Beyond the Headlines – rbth.ru – ALEXEY TIMOFEYCHEV, RBTH – December 30, 2015) Statesmen Sergei Shoigu – the operation in Syria Russian Defense Minister since 2012. Previously Minister of Emergency Situations […]
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The murder of Boris Nemtsov was arguably the most discussed domestic political issue in Russia this year, along with the bankruptcy of Transaero, the blackout in Crimea and protests by long-haul truckers. (Russia Beyond the Headlines – rbth.ru – Igor Rozin – December 30, 2015) Nemtsov’s murder shocks the nation A woman holds a portrait of Russian opposition leader Boris […]
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(RFE/RL – Tom Balmforth – MOSCOW, January 3, 2016) 2015 has been a tough year for many Russians. The economy has been mired in recession. Dragged down by oil prices, the ruble has languished near record lows. The cost of a typical trip abroad has doubled in ruble terms, and U.S. and EU sanctions over Moscow’s interference in Ukraine have […]
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(Paul Goble – Window on Eurasia – Staunton, December 28, 2015) Given the increasing pessimism among Russians because of declines in their standard of living, Russia may be approaching a revolutionary situation, according to Yekaterina Dobrenkova; but the revolution may not succeed or it may turn out to be very different than the one the opposition hopes for. Earlier this […]
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(Moscow Times – themoscowtimes.com – December 28, 2015) 1. Have dinner on an ice-breaker yacht Take in the stunning Christmas lights of Moscow whilst meandering on the Moscow River on one of the new Radisson Hotel flotilla of ice breaking yachts that ply the water 365 days a year. You can dine in the on-board restaurant or simply just come […]
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(Moscow Times – themoscowtimes.com – Peter Hobson – December 26, 2015) [Charts here themoscowtimes.com/business/article/8-shades-of-crisis—russias-year-of-economic-nightmares/553703.html] Imagine Russia as a combustion engine. Oil and gas pumped from its vast territories wash through the economy as taxes, government spending and investment. Foreign currency from oil and gas sales is used to fund imported equipment and products on shop shelves. Cash from the energy […]
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(Paul Goble – Window on Eurasia Staunton, December 26, 2015) The number of people who speak Russian has declined by 100 million since 1989 or 27 percent, according to Leonid Slutsky, the chairman of the Duma committee on compatriots and Eurasian integration. (In 1989, 370 million said they spoke Russian; now, 270 million do.) But instead of seeing this as […]
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After sweeping YouTube and Netflix, Masha and the Bear looks to licensing. (Bloomberg – bloomberg.com – By Ilya Khrennikov – December 17, 2015) The bear has long been a ferocious projection of Russia’s power at home and abroad. Lately, a Russian bear that’s more like a kindly uncle has been winning hearts from Baltimore to Berlin: the affable and patient […]
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National currency lost half its value in the space of a year (Russia Beyond the Headlines – rbth.ru – ANNA KUCHMA, RBTH – December 23, 2015) The ruble has lost half its value in a span of just over a year. Since November 2014, foreign exchange value has been unregulated by the Russian Central Bank. Experts are divided in their […]
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(Kennan Institute – wilsoncenter.org/program/kennan-institute – Maxim Trudolyubov – December 15, 2015) Maxim Trudolyubov is a Senior Fellow at the Kennan Institute and the Editor-at-Large of Vedomosti, an independent Russian daily Measuring the success of Russia’s largest and most recent “cross-border” projects-Ukraine and Syria-is extremely difficult. What could be considered Russia’s ultimate goals there? We often assume that Russia has fixed, clearly […]
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(Kremlin.ru – December 22, 2015) Vladimir Putin attended the First Russian Internet Economy Forum. The First Russian Internet Economy Forum is taking place in Moscow on December 21-22. The plenary session, attended by representatives of the national IT industry and relevant ministries and agencies, is dedicated to initiatives for the long-term development programme of the Russian Internet segment and branches […]
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(RFE/RL – rferl.org – Sergei Khazov-Cassia – December 19, 2015) VEGARUS, Russia — The stream bounces gaily on its bed of pebbles as it passes through this tiny village in Russia’s republic of Karelia, some 70 kilometers from the Finnish border. Up until 1939, the pristine, wooded area was part of Finland. Today, despite its proximity to one of Europe’s […]
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(Bloomberg – bloomberg.com – Natasha Doff and Marton Eder – December 20, 2015) A two-year feud between Ukraine and Russia is on the verge of being played out in a London courtroom after the government in Kiev defaulted on $3 billion in bonds. Ukrainian President Petro Poroshenko followed through on months of threats on Friday by reneging on the debt […]
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(Bloomberg – bloomberg.com – Anna Andrianova – December 21, 2015) A renewed sell-off in oil means the Russian economy will be testing new lows for much of next year. With crude trading near the lowest since mid-2004, banks including JPMorgan Chase & Co. say a second year of recession is all but inevitable. JPMorgan reversed its call for 0.5 percent […]
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The difficult economic conditions have forced Russian businesses to reassess, which could be a good thing in the long run. (Russia Beyond the Headlines – rbth.ru – Ben Aris – December 21, 2015) Sanctions imposed by Western nations on Russia over its involvement in the Ukraine crisis and absorption of Crimea have hurt the country’s economy, but not mortally wounded […]
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(Bloomberg – bloomberg.com – Dina Khrennikova – December 20, 2015) [Charts here bloomberg.com/news/articles/2015-12-20/siberian-surprise-the-numbers-behind-russia-s-oil-resilience] OPEC has been putting a squeeze on rival oil producers by refusing to cut production to curb a global oversupply. Russia has no intention of succumbing to the pressure. “I will tell you when Russian companies are for sure going to decrease production — when oil costs […]
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Analysts have reacted to the latest collapse of oil prices with varying forecasts. Some believe oil prices are on their way down to the critical level of $35, which would keep the Russian economy in recession. Others, however, including Western analysts, are of the opinion that 2016 may see the first shoots of recovery. (Russia Beyond the Headlines – rbth.ru […]
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Russian Christmas – celebrated in January – is still a noncommercial family occasion. December is now the main month for holiday shopping. (Russia Beyond the Headlines – rbth.ru – ALEXEI LOSSAN, RBTH – December 21, 2015) According to the city’s press services, festivals and fairs, such as the Journey to Christmas, are engines of development for tourism, business activities and […]
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Russia’s middle class, which was growing in the early 2000s, has born the brunt of the economic downturn along with small-business owners. (Russia Beyond the Headlines – rbth.ru – ALEXANDER BRATERSKY, SPECIAL TO RBTH – December 22, 2015) They created their wealth in the 1990s, enjoyed the fruits of the oil-rich 2000s and hoped to give their children a better […]
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Reuters covers Russian President Vladimir Putin’s admission at a press conference that Russian personnel are present in conflict-torn eastern Ukraine, even while disputing whether that meant regular Russian troops were present. … Putin said … Russia did have personnel in eastern Ukraine who were carrying out certain military tasks but denied Moscow had deployed regular troops …. ‘We never said […]
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The Wall Street Journal reports on Russian President Vladimir Putin’s December address, and prospects of Russian budget cuts prompted by oil-related economy downturns. … Putin said on Thursday that the government may have to cut the federal budget because of a plunge in oil prices, but tried to reassure Russians that the worst of the economic crisis was over. At […]
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(Bloomberg – bloomberg.com – Andrew Mayeda – December 17, 2015) The International Monetary Fund’s executive board ruled that a bond sold by Ukraine to Russia should be considered official sovereign debt, putting pressure on Ukrainian officials to start restructuring talks with their Russian counterparts. Russia bought a $3 billion bond from the government of former Ukrainian President Viktor Yanukovych in […]
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(Moscow Times – themoscowtimes.com – Peter Hobson – December 17, 2015) [Chart here themoscowtimes.com/business/article/is-russias-cheap-oil-nightmare-coming-true/553010.html] Picture the scene. It is 2016, oil costs on average $35 per barrel, and Russia’s recession rolls into its second year. The economy shrinks by 2-3 percent. Unemployment creeps up, and wages continue to fall, depressing consumer spending. The ruble devalues, driving up inflation. To keep […]
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Subject: What is going on in Russia? The views and values of ordinary Russians Date: Thu, 17 Dec 2015 From: Karen Hewitt <karen.hewitt@conted.ox.ac.uk> I am attaching the talk which I have given (with adaptations) to various groups of non-professionals who are interested in Russia. Some professionals in the audience, sometimes, but it was not intended for them. — What is […]
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Former Deputy Finance Minister and former deputy governor of the Russian Central Bank Sergei Alexashenko speaks about the economic challenges currently facing Russia, including sanctions, crisis management, the need for reform, and the country’s dependence on oil. (Russia Beyond the Headlines – rbth.ru – MIKHAIL BOLOTIN, SPECIAL TO RBTH – December 16, 2015) RBTH: Recently economic experts have been speaking […]
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The International Monetary Fund has allowed lending to countries that are in arrears on their debts to sovereign creditors. This decision will allow the fund to continue the program of assistance to Ukraine, even if the country does not return the $3 billion it owes to Russia. Russian experts claim the new policy undermines the foundations of the global financial […]
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(Government.ru – December 13, 2015) Ahead of his visit to China, Dmitry Medvedev gave an interview to the Chinese daily. Question: Russia and China are good neighbours, reliable partners and friends. The leaders of the two countries frequently meet each other and are consistent in their efforts to strengthen bilateral relations as a comprehensive strategic partnership, which has already become […]
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(RFE/RL – Carl Schreck, Mumin Shakirov – December 11, 2015) Russian entrepreneur Dmitry Potapenko’s address to a recent economic roundtable in Moscow began routinely enough, with a snapshot of his retail and food businesses at home and abroad. Things escalated quickly from there. With a Kremlin-loyal federal lawmaker looking on, the plainspoken Potapenko proceeded to upbraid the Russian government for […]
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MOSCOW. Dec 11 (Interfax) – Russia is still interested in attracting foreign investors despite the economic and political problems, Russian Prime Minister Dmitry Medvedev, opening a meeting of the governmental commission on the control of foreign investments in Russia. “Despite certain internal economic difficulties, foreign political problems, the exacerbation of the international situation, it is obvious that Russia is still […]
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(Interfax – December 12, 2015) Russian Finance Minister Anton Siluanov anticipates that price for oil in some periods of time in 2016 could drop to $30 per barrel. “We had hardly passed the budget before we saw that the macroeconomic situation was changing. It’s changing not for the better. We based our budget on the presumption that the price would […]
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(Interfax – December 11, 2015) The EU restrictive measures against Russia may not be prolonged on Dec. 14, a high-ranking EU official, who spoke on condition of anonymity, told reporters in Brussels on Dec. 11. The source assumed that the sanctions will be prolonged fully, but not necessarily on Dec. 14. The source said such a decision does not have […]
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Writing in The Moscow Times, Sergei Alexashenko assesses trends in the Russian economy and some of the factors impacting them. Russia’s economy is faring poorly …. Gross domestic product has swung back to a level last seen in the first of 2008 and the economy has essentially stagnated over the last seven years. * * * The situation in Russia is not […]
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(Russia Beyond the Headlines – rbth.ru – AJAY KAMALAKARAN, RBTH – December 10, 2015) Russia’s strategic and economic push towards Asia achieved mixed results in 2015, with Moscow strengthening ties with ASEAN countries and China, while its ties with Japan and Australia remained frosty. “When it comes to Asia, the biggest strategic economic gains came to Russia from the ASEAN […]
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In his annual interview to five of the country’s leading television channels on Dec. 9, Russian Prime Minister Dmitry Medvedev tackled topics ranging from the economy to defense, corruption, Crimea, and Ukraine’s $3 billion debt. RBTH presents a selection of highlights from the interview. (Russia Beyond the Headlines – rbth.ru – Igor Rozin – December 9, 2015) On economics “The […]
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The acrimony between Moscow and Ankara over the downing of a Russian bomber in Syria has cut Russians off from Turkish produce, and reduced their vacation options to boot.
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CNN reports on Russian President Vladimir Putin’s political standing and the reaction by the Russian citizenry to the impact of sanctions, embargoes and economic downturn. Russia’s middle class has had a tough time recently, but they aren’t blaming … Putin for it. [In addition to restrictions on certain travel and imports] … The ruble has lost more than half its […]
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(RIA Novosti – December 8, 2015) Russian ambassador to the People’s Republic of China Andrey Denisov has denied that Russia’s “eastward turn” – its visible attempt to improve relations with countries in the Asia-Pacific region, primarily China – was a response to the introduction of sanctions against Russia by several Western countries; rather, he said, it had been mooted over […]
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Economic crisis: After a year of unprecedented economic turmoil, the country is in calmer waters but there are still challenges ahead. (Russia Beyond the Headlines – rbth.ru – DARIA LITVINOVA, SPECIAL TO RBTH – December 9, 2015) In the wake of sharply declining oil prices, a ruble that almost halved in value and the imposition of economic sanctions, many believed […]
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CNBC covers remarks by former Russian Finance Minister Alexei Kudrin, citing the ongoing impact of oil prices while also noting a need for Russian economic reforms, stymied by political considerations. … Kudrin acknowledged the ongoing impact of … commodities … ‘The drop in GDP (gross domestic product) this year mainly has to do with the drop in oil prices – […]
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MOSCOW. Dec 9 (Interfax) – The Russian government is not planning to raise taxes in the country in the next few years, Russian Prime Minister Dmitry Medvedev said. “Currently a decision has been made, it was supported by the president, that we in the next few years will not touch the tax system in general and we will not touch […]
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(Government.ru – December 9, 2015) Prime Minister answered questions from TV anchors Irada Zeinalova (Channel One), Sergei Brilyov (Rossiya), Kirill Pozdnyakov (NTV), Yelizaveta Osetinskaya (RBC TV) and Mikhail Fishman (TV Rain). Sergei Brilyov: Good afternoon. On behalf of the media holding that hosts this broadcast it is my pleasure to welcome you on Rossiya 1, Rossiya 24 TV stations, as […]
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(Government.ru – December 1, 2015) Conference on the implementation of roadmaps for the national entrepreneurial initiative From Dmitry Medvedev’s opening remarks: The national entrepreneurial initiative has become a fundamentally new programme to improve the business climate in the country. This year will see the main stage of this paramount national project come to completion. The programme’s reforms were shaped by […]
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Leading businesswomen tell RBTH that the keys to success for female managers in Russia are being client-oriented, persistent and experienced. (Russia Beyond the Headlines – rbth.ru – ALEXEI LOSSAN, RBTH – December 8, 2015) When it comes to Russia’s economy, experts believe that women are mostly active in consumer-oriented sectors. “A lot depends on the sector in which the company […]
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(Moscow Times – themoscowtimes.com – December 8, 2015) The Russian ruble has continued its slide to dramatic lows, falling to 69 against the U.S. dollar on Monday for the first time since September, according to news reports. The euro, too, reached a two-month high, climbing to 75 rubles on Monday evening, with Russian analysts linking the ruble’s downward spiral to […]
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