NEWSLINK CNBC: Why Russia is more confident: Finance Minister

Anton Siluanov file photo

Russia’s economy has been through a series of seismic shocks in the past year – but there are increasing reasons to be optimistic as the amount of money being pulled out of the country slows, according to the country’s Finance Minister, Anton Siluanov.

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Ukraine plays hard ball with private creditors

International Monetary Fund Logo Over Ukraine Flag

(Business New Europe – bne.eu – bne IntelliNews – April 20, 2015) Ukraine is ready to play hard ball in its bid to restructure $15.3bn in foreign debt, was the signal sent by Finance Minister Natalie Jaresko to corporate bondholders in Washington on April 17. The government wants to secure a $40bn bailout package assembled with the International Monetary Fund […]

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Russia Economy Recovering as Oil Reliance Eases, Dvorkovich Says

Arkady Dvorkovich file photo

(Bloomberg – bloomberg.com – David Tweed, Haslinda Amin – April 20, 2015) Russia’s economy showed signs of recovery in the first and second quarters amid a declining dependence on oil, Russian Deputy Prime Minister Arkady Dvorkovich said. “Oil prices are not as important to the Russian economy as before,” Dvorkovich told Bloomberg TV Monday at the World Economic Forum on […]

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Weak Russian Economic Data Blunt Putin’s Optimism

Diverse Paper Currency, Coins, Line Graph

(Moscow Times – themoscowtimes.com – Peter Hobson – April 20, 2015) The ruble slumped 4 percent and Moscow-listed stocks fell on Friday after official data showed that Russia’s economy contracted sharply in the first quarter of this year. The data, which showed a deep decline in real wages and consumer spending, came a day after President Vladimir Putin told Russians […]

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NEWSLINK CNBC: Russia has bigger concerns than oil, ruble: Deputy PM

Arkady Dvorkovich file photo

Faced with the triple whammy of plunging oil prices, currency volatility and Western sanctions, there’s no dearth of challenges for Russia’s ailing economy, but Deputy Prime Minister Arkady Dvorkovich said what hurts most is the scarcity of financing for new investments. “The shortness of financing for new investments is where the Russian economy is being hit in the most important […]

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Putin says Russia has weathered sanctions storm

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

(Business New Europe – bne.eu – bne IntelliNews – April 16, 2015) In an anticipated display of defiance towards Russia’s Western critics, President Vladimir Putin on April 16 said his country is not to blame for the continuing conflict in Eastern Ukraine, has now weathered the worst of the sanctions storm, and can expect economic growth to resume in two […]

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Moody’s: Russian inflation to peak at 17%-18% in Q2 2015, drop below 10% by mid-2016

Diverse Paper Currency, Coins, Line Graph

MOSCOW. April 15 (Interfax) – Moody’s Investors Service expects Russian inflation to peak at 17%-18% in the second quarter of 2015 and to drop below 10% by mid-2016 as the impact of the ruble’s depreciation fades, Moody’s said in a report on Russia’s banking sector in 2015. “Therefore Central Bank of Russia (CBR) is likely to loosen monetary policy on […]

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Eastern Ukraine returns to the ruble

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

(Business New Europe – bne.eu – Graham Stack in Kyiv, Mari Bastashevski in Donetsk – April 15, 2015) The Russian ruble is gaining ground against the hryvnia across rebel-held parts of East Ukraine’s Donbas region, 19 years after Kyiv introduced the national currency to end the country’s membership of the ruble zone. As Eastern Ukraine heads towards becoming a frozen […]

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NEWSLINK Reuters: Russia must review participation in international funds – finance minister

Anton Siluanov file photo

Russia must review its participation in international financial organisations because the country is paying too much in fees, Finance Minister Anton Siluanov said on Wednesday. http://www.reuters.com/article/2015/04/15/russia-crisis-internationalfunds-idUSR4N0X602D20150415

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NEWSLINK AFP: More gloom ahead for Moscow and former Soviet region, says IMF

Diverse Paper Currency, Coins, Line Graph

The International Monetary Fund on Tuesday predicted more pain for the Russian economy and gloom around the ex-Soviet region despite positive noises from Moscow that the worst of the crisis might be over. Russia’s economy is expected to shrink by 3.8 percent this year as sanctions imposed by the West over the conflict in Ukraine and low oil prices push […]

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Putin’s Mideast Gains Trump $27 Billion Loss From Iran Agreement

Middle East Map

(Bloomberg – bloomberg.com – Henry Meyer, Stephen Bierman – April 14, 2015) As Russian President Vladimir Putin has shown in Crimea and eastern Ukraine, he’s willing to take an economic hit to expand his political influence. He’s taking the same approach with Iran. Lifting sanctions and allowing Iranian oil onto global markets would threaten to deepen the plunge in crude […]

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Russia Sees Further Drop in Capital Outflows as Economy Adjusts

Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – Olga Tanas, Anna Andrianova – April 14, 2015) Russian capital outflows will slow further as bonds and the ruble stage a comeback following a sell-off last year, Finance Minister Anton Siluanov said. Net outflows will slow to $15 billion in the second quarter after a “sharp decline” in the previous three months, bringing the total for […]

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Interfax: Fall of Russian economy less than expected – Medvedev

Dmitri Medvedev file photo

MOSCOW. April 14 (Interfax) – The Russian economy for January-February 2015 declined 1.9% year-on-year and the reduction was less than was forecast, Russian Prime Ministry Dmitry Medvedev said at an expanded meeting of the Finance Ministry on Tuesday in Moscow. “At the start of the year, we noted a certain decline of the economy. In January-February it was 1.9%, according […]

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Russian Capital Flight Slows to $32.6 Billion in First Quarter

Cash, Calculator, Pen

(Moscow Times – themoscowtimes.com – April 10, 2015) Net capital outflow from Russia was $32.6 billion in the first quarter of the year, down from $72.9 billion in the previous three months, suggesting that panic over Russia’s economic crisis has receded, data published this week by the Central Bank showed. Capital flight from Russia nearly tripled in 2014 from the […]

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Almost all net capital outflow from Russia in Q1 due to debt payments – CBR

Diverse Paper Currency, Coins, Line Graph

MOSCOW. April 13 (Interfax) – The private sector net capital outflow from Russia of $32.6 billion in the first quarter of 2015 was almost completely due to payments on the foreign debt of the private sector, which amounted to $29.8 billion, the Central Bank of Russia (CBR) said in comments released by its press service. Another $2.9 billion of the […]

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Millions of Russians Edge Toward Poverty as Economic Pressure Mounts

File Photo of Older Russian Woman Shopping in Grocery Store

(Moscow Times – themoscowtimes.com – Howard Amos – April 13, 2015) Clutching two plastic bags full of clothes she had just collected from a charity center in central Moscow, Svetlana Burkutskaya said that rising prices were making it harder for her to find enough money to put food on the table for her three school-age children. “There is not sufficient […]

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Chart – Putin ratings defy grim economic outlook

Diverse Paper Currency, Coins, Line Graph

(Business New Europe – bne.eu – Henry Kirby in London – April 10, 2015 – bne.eu/content/story/bnechart-putin-ratings-defy-grim-economic-outlook) 25 years after Ronald Reagan left the White House, it would seem that Russia has its own ‘Teflon President’ in Vladimir Putin. The Russian president’s consistently high ratings show that his and Reagan’s similarities go beyond a Hollywood penchant for horse riding and rifle-toting, […]

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RIA Novosti: Russian ex-minister [Kudrin] says turned down government job offers over “half-hearted” reforms

Alexei Kudrin file photo

(RIA Novosti – April 7, 2015) Aleksey Kudrin, Russia’s finance minister from 2000 to 2011, has said he still receives offers to return to the government but has turned them down because of “half-hearted” reforms, RIA Novosti (part of the state-owned International News Agency Rossiya Segodnya) reported on 7 April. “My leaving the government, as is well-known, was related to […]

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World Bank warns of looming two-year recession in Russia

World Bank Building

(Russia Beyond the Headlines – rbth.ru – Alexei Lossan, RBTH – April 8, 2015) A report released by the World Bank projects no economic growth in Russia either in 2015 or 2016. This forecast is at odds with the figures from the Russian Ministry of the Economy, which predicts an economic growth of 2.3 percent as early as in 2016. […]

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Ulyukayev: GDP decline won’t exceed 3% in 2015; industrial output to drop 1%-1.5%

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

MOSCOW. April 8 (Interfax) – The decline in Russia’s GDP in 2015 will not exceed 3%, industrial production will drop 1%-1.5%, and investment in fixed assets will fall 11%, Economic Development Minister Alexei Ulyukayev said. “We assume that this year under the most conservative estimate of the oil market situation – $50 per barrel – we will have a decline […]

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Moscow Times: Ruble Hits New 2015 Highs in World’s Best Currency Rebound

Diverse Paper Currency, Coins, Line Graph

(Moscow Times – themoscowtimes.com – Howard Amos – April 8, 2015) The Russian currency strengthened rapidly Wednesday as a recent rally driven by greater confidence in the ruble and easing international tensions overpowered the downward pressure of a sliding oil price. The ruble jumped over 3 percent in morning trading to 53.4 against the U.S. dollar before weakening slightly to […]

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Russian store assistants smiling more, says customer service report

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

(Russia Beyond the Headlines – rbth.ru – Marina Obrazkova, RBTH – April 7, 2015) Russia has come 15th out of 69 countries for the friendliness of its customer service, according to data from the Smiling Report, an annual evaluation of how warmly shoppers are greeted around the world. Analysts and industry insiders say that Russia’s approach to customer service has drastically changed in […]

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Will Putin Rescue Greece’s Tsipras?

Ancient Temple Ruins in Greece with Tourists

(Moscow Times – themoscowtimes.com – Howard Amos – April 7, 2015) As Greek Prime Minister Alexis Tsipras prepares for talks with President Vladimir Putin during a visit to Moscow beginning on Wednesday, experts, officials and European leaders have been left guessing whether the two men might hammer out an economic deal. The meeting was announced less than a month ago […]

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No artificial liquidity crunch – Nabiullina

File Photo of Elvira Nabiullina at OECD Event, at Podium and On Large Video Screen

MOSCOW. April 7 (Interfax) – There’s no artificial deliberate liquidity crunch in Russia, Elvira Nabiullina, head of the Central Bank, said. “There’s no artificial liquidity crunch,” she said. She said the ruble was strengthening due to the stabilization of oil prices, and end to peak foreign debt repayments and a high key rate. “Some people have described the ruble’s strengthening […]

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Half of Russians say political, economic position of their country mediocre – poll

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

(Interfax – April 6, 2015) Fifty percent of Russians are happy with their life, which is 7 percent more than a year ago (43 percent), the Russian Public Opinion Study Center (VTsIOM) said. Twenty percent are not happy (14 percent in 2014) and 28 percent have mixed feelings (42 percent in 2014), the center said, quoting a poll of 1,600 respondents […]

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NEWSLINK New York Times: Greece Should Be Wary of Mr. Putin

Ancient Temple Ruins in Greece with Tourists

The Greek government is facing a series of daunting challenges. It has to come up with money to pay off maturing debts, revive its devastated economy and renegotiate its loan agreements with other countries in the eurozone. Given those difficulties, it might be tempting — though misguided — for Prime Minister Alexis Tsipras to seek financial or other support from […]

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Russia’s Shrinking Services Sector Less Miserable Than Before

Diverse Paper Currency, Coins, Line Graph

(Moscow Times – themoscowtimes.com – Delphine d’Amora – April 3, 2015) Cautious optimism is beginning to emerge in Russia’s services sector, even as business activity continues to drop and the Russian economy veers toward recession, a report by international bank HSBC found. The services sector continued to shrink in March, but at a much slower rate than in February, when business […]

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Russia takes over presidency of BRICS group

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

(Business New Europe – bne.eu – bne IntelliNews- April 3, 2015) Founding a $100bn currency reserve pool, launching the New Development Bank, and progress toward the peaceful settlement of world conflicts should be the hallmarks of Russia’s presidency of the BRICS grouping of emerging powers, the country’s leadership pledged after taking the helm on April 1. “The Russian presidency will […]

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Ruble whipsaws top forecasters as worst currency becomes best

Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – Ksenia Galouchko – MOSCOW, April 6, 2015) For one of the toughest jobs in financial markets, try predicting the ruble. As Russia’s currency went from the world’s worst performer to the best in the first three months of this year, it caught out even the most accurate forecasters. Oil’s drop to near a six-year low and […]

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Sexism in Russia: On the retreat but still a long way to go

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

(Russia Beyond the Headlines – rbth.ru – Marina Obrazkova, RBTH – April 4, 2015) There is a prevalent idea in Russian society that men and women should behave according to some unwritten standards. However, it is the country’s women that are affected much more by discrimination. What kinds of problems does this create in daily life and how long is […]

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Domestic political stability in Russia depends on Ukraine – report

Map of Commonwealth of Independent States, European Portion

(Russia Beyond the Headlines – rbth.ru – Yekaterina Sinelschikova, RBTH – April 6, 2015) A newly published report titled “Between Crimea and the Crisis” puts forward two scenarios of Russia’s future, both of which predict serious domestic upheavals. Everything hinges on the outcome of the Ukrainian conflict. How likely are these scenarios? RBTH investigates. Russia will be swept by moods […]

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Russian inflation slows to 1.2% in March, annual rises to 16.9% – Rosstat

Diverse Paper Currency, Coins, Line Graph

MOSCOW. April 6 (Interfax) – Inflation in Russia slowed to 1.2% in March from 2.2% in February, 3.9% in January and 2.6% in December, the Federal State Statistics Service (Rosstat) said. This was slightly above the 1.1% that analysts predicted in a consensus forecast for Interfax. It was also higher than the 1% that Rosstat itself estimated, although that was […]

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NEWSLINK Los Angeles Times: Russian middle class watches relative prosperity fade away

Cash, Calculator, Pen

Like many Russians who climbed into an emerging middle class in recent years, Miller is watching his relative prosperity vanish. The plummet in global oil prices since last summer and Western sanctions imposed on Russia over its seizure of Ukrainian territory last year have cut deeply into the national budget, which depends on hydrocarbon exports for more than half of […]

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Is There a Feud Over a New Tsar in the Kremlin?

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

(Institute of Modern Russia – imrussia.org – Donald N. Jensen – April 1, 2015 – article also appeared at imrussia.org/en/analysis/politics/2217-is-there-a-feud-over-a-new-tsar-in-the-kremlin) Vladimir Putin’s ten-day absence from the public eye has become the most discussed event in Russia this past month, and also highlights the country’s crisis of governance. According to Donald Jensen, resident fellow of the Center for Transatlantic Relations, keeping the increasingly […]

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Not all EU-Russia trade disputes are about politics

EU Map

(Business New Europe – bne.eu – Iana Dreyer in Brussels – April 2, 2015) It looks like part of the trade war, but it isn’t. The World Trade Organization is about to set up its fourth dispute settlement panel in two years between Brussels and Moscow. One could mistake this as a sign of the growing trade tensions amid the […]

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World Bank Predicts Sanctions Pain, Poverty Rise for Russia

World Bank Building

(Moscow Times – themoscowtimes.com – Howard Amos – April 2, 2015) The World Bank predicted Wednesday that Russia’s economy will contract by 3.8 percent this year and continue to underperform in the years to come amid the continuing impact of Western sanctions. Economic problems will also drive down real wages and push about 5 million more Russians into poverty this […]

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Kudrin to Putin: Use Your Popularity to Save Russia’s Economy

Alexei Kudrin file photo

(Moscow Times – themoscowtimes.com – Apri 1, 2015) President Vladimir Putin should use the sky-high rating he has earned on the back of the Ukraine crisis to reform the economy, former Finance Minister Alexei Kudrin was quoted as saying Tuesday. “Global leaders’ high ratings are a basis for trust and to conduct reforms,” Kudrin said, news agency RBC reported. “If this […]

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Russia improves – but don’t get too carried away yet

Cash, Calculator, Pen

(Business New Europe – bne.eu – CONFERENCE CALL: Marcus Booth in London – April 1, 2015) Russia has experienced a “significant rally” in recent weeks, amid “wide acknowledgement” that the country has “significant financial cushions and liquidity buffers,” Andreas Kolbe of Barclays told attendees at the “EMTA Special Seminar “Russia/Ukraine: An Update” on March 26. At the panel session, hosted […]

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Moscow Times: Only 2% of Russians Concerned Over Ruble’s Collapse – Poll

Diverse Paper Currency, Coins, Line Graph

(Moscow Times – April 1, 2016) Only 2 percent of Russians count the ruble’s collapse among the most important issues facing their country, according to a recent survey by state pollster VTsIOM. When asked the question “Which problems do you believe are the most important for the country as a whole?” 21 percent of respondents chose “the economy,” 17 percent […]

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NEWSWATCH Reuters: World Bank sees protracted recession in Russia

World Bank Building

[“World Bank sees protracted recession in Russia” – Reuters – March 31, 2015] Reuters covers pessimistic forecasts by the World Bank of Russia’s near-term economic prospects. Russia faces a protracted recession as the impact of Western sanctions lingers and oil prices stay low, the World Bank said in a report published on Wednesday. In its baseline scenario, the bank expected Russia’s […]

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NEWSWATCH Moscow Times: Russia Has Ukraine’s Economy in a Choke Hold

International Monetary Fund Logo Over Ukraine Flag

[“Russia Has Ukraine’s Economy in a Choke Hold” – Moscow Times – Josh Cohen – Mar. 31, 2015] Writing in The Moscow Times, Josh Cohen considers Russia’s impact on Ukraine’s economy, including within the context of Russia’s impact on efforts to restructure Ukraine’s debt in connect with bailout financing. … to paraphrase Clausewitz, while the Minsk II cease-fire continues to hold in […]

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NEWSWATCH AP: Former Putin allies question his political course

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

[“Former Putin allies question his political course” – AP – NATALIYA VASILYEVA – March 31, 2015] As Russian President Vladimir Putin marks 15 years in power, former advisors such as Alexei Kudrin are raising concerns over the impact of his current policies, such as the economic fallout of Putin’s aggressive foreign policy. … in a rare show of dissent several long-time […]

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NEWSWATCH AP: American farmer among the winners in sanctions-hit Russia

Eurasia Map

[“American farmer among the winners in sanctions-hit Russia” – AP – James Ellingsworth – Apr. 1, 2015] AP examines the impact of Ukraine-related Western sanctions on Russia, such as increased prices for some farmers, instability in international projects, and evolving energy relations between Russia and China. The impact of sanctions, and a Russian embargo, on agriculture is apparently mixed. Russia’s ‘counter-sanctions’ ban on food imports […]

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Russians With Houses on State Land Get Right to Buy Plots at Discount

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

(Moscow Times – themoscowtimes.com – March 31, 2015) Russians with homes and cottages located on state-owned land now have the exclusive right to buy that land – and at a reduced rate, according to an order signed by Prime Minister Dmitry Medvedev and published on the government’s website Monday. “For a citizen possessing a residence, dacha or garage on the […]

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Russian money infects London

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

(Business New Europe – bne.eu – Ben Aris in Moscow – March 31, 2015) Walk down Oxford Street into Knightsbridge and the signs “we speak Russian” are pasted inside the windows of many high-end shops. Bishops Avenue in north London has become one of the world’s most expensive addresses and is home to several oligarchs in exile. The lingua franca […]

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Worker Strikes Will Only Boost Kremlin’s Popularity, Say Analysts

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

(Moscow Times – themoscowtimes.com – Gabrielle Tétrault-Farber – March 31, 2015) Withheld salaries, unforeseen firings and pay cuts have amplified discontent in an array of Russia’s economic sectors, leading to a handful of strikes political analysts said Monday were more likely to bolster workers’ support for the Kremlin than weaken it. A scattering of Russian teachers, builders and factory workers […]

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Putin’s Economic Team Plays Houdini

Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – Leonid Bershidsky – March 27, 2015) [Charts here http://www.bloombergview.com/articles/2015-03-27/putin-s-economic-team-plays-houdini] Last week, the Russian central bank’s currency reserves increased for the first time since last July, showing that the economy may have moved past the panic caused by last year’s oil price slump. Perhaps Russia’s improving indicators will convince Western governments that economic sanctions are having no […]

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Expats in Russia: No longer a boom – but not all doom and gloom

Diverse Paper Currency, Coins, Line Graph

(Russia Beyond the Headlines – rbth.ru – Bryan MacDonald, special to RBTH – March 30, 2015) The ruble’s calamitous fall against the euro and dollar this winter and a well-publicised recession makes Russia less attractive for expats than anytime in recent memory. But are they really leaving the country? Bryan MacDonald discovers that how the economy is faring back home […]

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IMF ties itself into knots over status of Russia’s loan to Ukraine

International Monetary Fund Logo Over Ukraine Flag

(Business New Europe – bne.eu – Ben Aris in Moscow – March 27, 2015) A confusing argument has broken out over the crucial question of whether Ukraine’s $3bn worth of bonds held by Russia and due in December are “official” debt or not. The answer is important because if the bonds are “official” and Ukraine doesn’t pay them, the International […]

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Russian Souvenirs Make Up to 500% Profit Online Despite Political Faceoff

Russia Nesting Dolls file photo, adapted from image wiesbaden.army.mil with photo credit Anemone Rueger

(Moscow Times – themoscowtimes.com – Peter Spinella – March 30, 2015) Russia’s relations with the West may have reached lows unparalleled since the Cold War, but the trend for kitschy Russian and Soviet souvenirs abroad appears to be as popular as ever, bringing vendors a pretty penny. Selling souvenirs on online marketplaces such as eBay and Etsy can yield a […]

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