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 […]
» Read more
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 […]
» Read more
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 […]
» Read more
(Moscow Times – themoscowtimes.com – Dmitry Elovsky, Mikhail Fishman – December 17, 2015) The mob-style execution of Vladimir Petukhov, mayor of the Siberian oil capital Nefteyugansk, one summer morning in 1998 was not an unusual occurrence for the “wild 90s” era of Russian business. But it has returned to the spotlight as part of the reanimated prosecution of former Yukos […]
» Read more
(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 […]
» Read more
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 […]
» Read more
(Interfax – December 10, 2015) Russia is prepared to reduce its greenhouse gas emissions by another 5 percentage points, or to 70 percent of the 1990 level by 2030, the Russian Natural Resources and Environment Ministry reported Minister Sergei Donskoi as saying at the UN climate conference (COP21) in Paris. Donskoi sai that combating climate change is a national priority […]
» Read more
(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 […]
» Read more
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 […]
» Read more
Despite large number of female managers in Russia, experts caution that women are mostly active in small businesses. (Russia Beyond the Headlines – rbth.ru – ALEXEI LOSSAN, RBTH – December 7, 2015) While Russia is believed to have the largest proportion of women in senior managerial positions in the world, women are mostly active in small businesses. In the medium […]
» Read more
(Paul Goble – Window on Eurasia – Staunton, December 7, 2015) Pro-Kremlin writers have argued that the deteriorating economic situation will lead Russians to willingly tighten their belts, and opposition ones have suggested that economic problems will lead to political protests and even regime change. But both are wrong, Yevgeny Gontmakher says. In a commentary today, the Moscow economic analyst […]
» Read more
(Moscow Times – themoscowtimes.com – Joanna Kozlowska – December 4, 2015) Russian tour operators have seen increasing demand for tours to India, Thailand, and the UAE following restrictions on travel to Egypt and Turkey – Russians’ two preferred destinations in the first half of 2015, Russian media reported on Friday. At the same time, officials’ attempts to revive interest in […]
» Read more
(Moscow Times – themoscowtimes.com – Vasily Kolotilov – December 4, 2015) “I think I will set my car on fire soon. The tax will take us all down. I get 112 rubles a month in social payments for my kid – how am I supposed to raise him on that?” says Rasul, a truck driver from Russia’s North Caucasus republic […]
» Read more
(RFE/RL – rferl.org – Tom Balmforth – Explainer – MOSCOW, November 29, 2015) Russia’s size and broad range of environments, from the arid southern steppe to the frigid Arctic, expose the world’s largest country to many aspects of climate change. President Vladimir Putin is one of dozens of leaders expected to attend a UN conference on climate change that starts […]
» Read more
(Moscow Times – themoscowtimes.com – Justin Lifflander – November 28, 2015) Other countries have book fairs where publishers come to do business. The 17th International Book Fair for High-Quality Fiction and Non-Fiction – commonly simply referred to as “nonfiction” – taking place in Moscow this week is very much an event for readers. And as such it is a good […]
» Read more
A Skolkovo professor dispels some myths about doing business with Russians. (Russia Beyond the Headlines – rbth.ru – Moty Cristal – November 19, 2015) Moty Cristal is Professor of Professional Practice in Negotiation Dynamics at the Skolkovo Moscow School of Management There is a clear distinction between business in Russia and business with Russians. When people say, “doing business in […]
» Read more
(Russia Beyond the Headlines – rbth.ru – Alexei Lossan- November 20, 2015) Alexei Lossan is the RBTH Central Desk editor for business In November 2015, the World Bank released its annual Doing Business ranking, in which Russia managed to rise to 51st place. For the Russian economy, this ranking has a particular significance because the government has selected it as […]
» Read more
(Bloomberg – bloomberg.com – Alexander Sazonov – November 13, 2015) [Charts here bloomberg.com/news/articles/2015-11-13/putin-s-gilded-cage-russia-s-rich-are-facing-cash-out-conundrum] It’s been a quarter century since the fall of the Soviet empire triggered one of history’s greatest wealth transfers. Now bankers are preparing for another as Russia’s first generation of capitalists makes way for the next. Confidential surveys of dozens of millionaires and billionaires conducted since European […]
» Read more
(Moscow Times – themoscowtimes.com – Daria Litvinova – November 13, 2015) More crafts shops are appearing in Moscow every day, with more young men trading lucrative office jobs for the opportunity to make things themselves. In recent years, Moscow dandies have been moving away from cafes, barbershops and Internet-related startups toward trades like blacksmithing, printing and woodworking, putting down their […]
» Read more
(Paul Goble – Window on Eurasia – Staunton, November 5, 2015) Many commentators are speculating on whether Russia’s elite groups, now threatened by Vladimir Putin’s policies, will find a way to remove him from office and install someone more to their liking. Andrey Piontkovsky has focused particular attention on this issue (nv.ua/opinion/piontkovskiy/putin-protiv-rossijskih-elit-78063.html). But this is only part of a larger […]
» Read more
Russia’s postal service joined forces with VTB Bank to establish Post Bank, a new retail lender with three times as many retail branches as the current leader, Sberbank. (Russia Beyond the Headlines – rbth.ru – Kira Egorova – November 4, 2015) Russia’s government approved the establishment of a massive new bank based on the country’s postal service, a move that […]
» Read more
(RFE/RL – Anna Shamanska – November 3, 2015) The arrest of a close associate of one of Ukraine’s most powerful oligarchs has pundits and the public wondering whether President Petro Poroshenko is finally cracking down on corruption or merely trying to silence political opponents. Hennadiy Korban, the head of the anti-Poroshenko UKROP party, was initially arrested at his home on […]
» Read more
(Moscow Times – themoscowtimes.com – Anastasia Bazenkova – November 3, 2015) Major foreign IT companies could suspend their investment in Russia or withdraw from the country altogether over restrictions in the Russian market, the Kommersant newspaper reported Monday. These restrictions include a Russian law that obliges state agencies to justify the purchases of foreign software from Jan. 1, 2016, as […]
» Read more
(Bloomberg – bloomberg.com – Stephen Bierman, Julian Lee – October 29, 2015) Russian oil output is poised to break a post-Soviet record for the fourth time this year as the nation’s producers once again prove themselves resilient to a slump in crude prices. Production of crude and a light oil called condensate is on track to reach 10.77 million barrels […]
» Read more
(Business New Europe – bne.eu – bne IntelliNews – October 19, 2015) Large investors are pessimistic about the outlook for the Russian market, according to a report by Global Counsel, which shows that some are reducing their exposure. Although some groups are holding their options open, and some are even seizing counter-cyclical opportunities, unless the business environment improves more groups […]
» Read more
(Moscow Times – themoscowtimes.com – Peter Hobson – October 20, 2015) Unpredictable lawmaking is undermining Russia’s ability to attract foreign investors, the Foreign Investment Advisory Council (FIAC) – a group of the biggest foreign companies working in Russia – told Prime Minister Dmitry Medvedev on Monday. A report by financial services group and FIAC member EY (Ernst & Young) into […]
» Read more
(Moscow Times – themoscowtimes.com – Anastasia Bazenkova – October 19, 2015) Foreign investment in Russian commercial property has hit a seven-year high as the weak ruble has made the market more attractive for international companies, the RBC newspaper reported Friday, citing a recent market study. Foreign capital accounted for 42 percent of investment in the commercial real estate market in […]
» Read more
(Business New Europe – bne.eu – Chris Miller in Moscow – October 15, 2015) Though Vladimir Yakunin was sacked from his post as head of state-owned Russian Railways back in August, the shock is still reverberating through Russia’s biggest and most powerful companies. A long-time friend of President Vladimir Putin, Yakunin was thought to be one of the most influential […]
» Read more
Russian hi-tech startups are growing rapidly in number, but to implement their inventions a revolution in the big business sector is also needed. (Russia Beyond the Headlines – rbth.ru – Victoria Zavyalova, RBTH – October 14, 2015) Russia is pursuing its innovation dream. Over the past eight years, 12 new science parks housing 775 startups were established in the country. […]
» Read more
Participants of the recent International Investment Forum in Sochi say that U.S. and EU sanctions on Russia are impeding international investment in innovative start-ups, with foreign companies not aware of what they can do under the new conditions. Meanwhile, according to Russian observers, several new innovative clusters may be created in Russia, including in Sochi. (Russia Beyond the Headlines – […]
» Read more
(RIA Novosti – Moscow, October 4, 2015) Former Russian Finance Minister Aleksey Kudrin believes that the situation on the labour market in the Russian Federation is not improving so far and forecasts that the period of layoffs will continue for some time. “It has now become clear that the situation is not improving, and mass layoffs are starting in the […]
» Read more
(Business New Europe – bne.eu – Jason Corcoran in Moscow – October 1, 2015) Goldman Sachs, Wall Street’s most profitable investment bank, has finally decided to trust Russian financiers to run its operation in Moscow. After reshuffling the deck, the bank said its business in Russia will now be now by Sergei Arsenyev and Dmitri Sedov, along with Tim Talkington, […]
» Read more
(Interfax – Moscow, October 1, 2015) Russian President Vladimir Putin has called on businessmen and entrepreneurs to render financial support to Russian human rights non-commercial organizations. “I fully and completely join the call and believe that we all together and I personally must urge, here, right now, I’m urging our citizens, all our business structures to render support to non-commercial […]
» Read more
(Bloomberg – bloomberg.com – Elena Popina – September 27, 2015) [Chart here bloomberg.com/news/articles/2015-09-27/bank-of-america-seeing-life-signs-in-russia-s-foundering-economy] Bank of America Corp. is starting to see faint signs of an economic recovery in Russia. The magnitude of a slowdown in capital investment is easing, while corporate profits have been increasing, a combination that Vladimir Osakovskiy, the bank’s chief economist in Moscow, said could mark a […]
» Read more
The Russian government has announced that it is seeking to source equipment for offshore oil production from new countries due to the impact of sanctions by the European Union and the United States. However, as experts note, the development of Arctic fields is being hindered by low oil prices. (Russia Beyond the Headlines – rbth.ru – Alexei Lossan, RBTH – […]
» Read more
(Moscow Times – themoscowtimes.com – Anastasia Bazenkova – September 25, 2015) A dramatic decline in consumer spending in recession-hit Russia has not scared foreign retailers away from starting new business in the country, research published on Thursday found. In the three months from July to September, 14 new foreign retailers have set up shop in Russia – two more than […]
» Read more
(Moscow Times – themoscowtimes.com – Peter Hobson – September 25, 2015) Oil and gas companies earned 98 percent of all profits made by large Russian firms last year, a new ranking showed, making a mockery of attempts to wean Russia off its reliance on energy exports. A list by the RBC news agency of the biggest 500 Russian companies – […]
» Read more
(Oilprice.com – Colin Chilcoat – September 24, 2015) Winning and losing is largely a matter of perspective, and that’s no different in today’s low oil price environment. Still, certain data and metrics can provide a more incorruptible viewpoint on the carnage, or lack thereof. In that regard-and to the surprise of many-count Russia’s oil majors among the current winners. Ranked […]
» Read more
(Moscow Times – themoscowtimes.com – September 22, 2015) Twenty-eight percent fewer customers are walking through the doors of the average Moscow shopping center than two years ago, according to data from market researchers Watcom cited by the Kommersant newspaper. The slump in visitor numbers comes after years of expanding consumer spending in Russia as an oil boom fueled an emerging […]
» Read more
(Moscow Times – themoscowtimes.com – September 21, 2015) The Russian government will ban production of goods using genetically modified organisms (GMOs), Deputy Prime Minister Arkady Dvorkovich was quoted as saying Friday. “The question is complicated, but the decision was made: We are not going to produce any food products using genetically modified organisms,” Dvorkovich said at an agricultural forum, the […]
» Read more
(Business New Europe – bne.eu – Ben Aris in Moscow – September 15, 2015) [Charts here bne.eu/content/story/foot-traffic-russias-leading-shopping-malls-tumbles] Foot traffic at Russia’s leading malls is collapsing because of the grinding crisis that has seen real incomes fall the first time in a decade and a half, according to the most accurate index measuring Russians’ shopping habits. Moscow boasts some of the […]
» Read more
(Business New Europe – bne.eu – Ben Aris in Moscow – September 14, 2015) It’s been just under a quarter of a century since the fall of the Soviet Union and in that time a relatively small group of men have become fabulously wealthy in the rough and tumble of Russia’s “wild capitalism”. As most of Russia’s tycoons are approaching […]
» Read more
(Moscow Times – themoscowtimes.com – September 15, 2015) St. Petersburg State University has become the first Russian institution to enter the top 50 of a Financial Times global ranking of business schools. The English-language Masters in Management program at St. Petersburg State University’s Graduate School of Management placed 46th in the survey, up from 56th last year and 65th in […]
» Read more
If a foreign company in Russia repeats the recent success of Italian energy company in Egypt and discovers a strategic deposit on Russian territory, it will be able to develop that deposit. Experts expect the relevant amendments to the Russian legislation to attract investment in exploration. (Russia Beyond the Headlines – rbth.ru – Anna Kuchma, RBTH – September 1, 2015) […]
» Read more
(Oilprice.com – Colin Chilcoat – August 25, 2015) Winters are the stuff of legend in Russia and – despite a fair bit of warming – winter 2015/16 is shaping up to be one of the harshest, and most formative, in recent memory. After a brief period of respite – and muted acceptance of the “new normal” – to start the […]
» Read more
(Business New Europe – bne.eu – Graham Stack in Kyiv – August 24, 2015) PrivatBank, Ukraine’s largest lender partly owned by controversial oligarch Ihor Kolomoisky, is under criminal investigation by the authorities for fraudulently diverting around what was then about $1.8bn, the bank has confirmed. “We are aware of the existence of criminal proceedings. PrivatBank fully cooperates with the investigators […]
» Read more
(Moscow Times – themoscowtimes.com – Anastasia Bazenkova – August 25, 2015) Even though Moscow retail property owners are increasingly willing to offer favorable lease terms to clients, Moscow’s central streets continue to lose their tenants who are forced to close their outlets due to the economic crisis. In the first half of the year, the vacancy rate in prime locations […]
» Read more
