Tag: Economy
NEWSLINK TASS: “Form of cooperation between Kudrin, government suits both sides – Putin”
Government incomes: Abyzov pulls into first place in 2015
MOSCOW. April 15 (Interfax) – Open Government Affairs Minister Mikhail Abyzov, the only member of the government on the Forbes list of billionaires, pulled ahead of other members of the government in terms of income last year, thanks to a near doubling of his own earnings and a decline for his main competitor, Alexander Khloponin. Abyzov and his wife had […]
» Read moreFormer Finance Minister in Line for Top Position at Putin’s Think Tank
(Moscow Times – themoscowtimes.com – Anastasia Bazenkova – April 13, 2016) Former Finance Minister Alexei Kudrin has been offered a senior position at Russia’s main think tank on economic policy and may participate in the development of a new economic strategy for the Kremlin. On Tuesday, Kudrin announced he would accept an offer to take a senior position at Russia’s […]
» Read moreWhat I Learned On Russian Television
(RFE/RL – rferl.org – The Daily Vertical: Brian Whitmore – April 15, 2016) I learned a lot more about the poor quality of Russian dairy products yesterday than I would care to know. I also learned that wages aren’t being paid, people can’t afford to buy medicine or pay utilities bills, that schools, kindergartens, and hospitals are being closed, that […]
» Read moreNEWSLINK: “Putin’s right-hand woman. The Russian economy is in a bad way, but Elvira Nabiullina has saved it from worse.” – The Economist
Russia’s in the red: As Russia’s personal debt crisis spirals out of control, collectors are turning to violence to ensure people pay on time. These stories aren’t for the fainthearted.
(opendemocracy.net – Sean Guillory – April 14, 2016) Sean Guillory lives in Pittsburgh, where he hosts the SRB podcast, a weekly podcast on Eurasian politics, history and culture, and blogs at seansrussiablog.org. You can follow him on Twitter @seansrussiablog. At this point, I should be numb to Russian horror stories. But several days ago, the following story struck a chord, […]
» Read morePutin doesn’t expect Western sanctions to be lifted soon, says Russia to keep countersanctions in place
MOSCOW. April 14 (Interfax) – Russian President Vladimir Putin does not expect the Western sanctions to be lifted from Russia in the near future. “I don’t think our partners will decide to lift the restrictions and limitations from our country in the near future,” Putin said during a Q&A session on Thursday. “Even though the Minsk Agreements on southeastern Ukraine […]
» Read moreNEWSWATCH: “Russia’s Most Important Bank Needs a Bailout. VEB faces task of paying off about $20 billion in foreign-currency debt.” – Wall Street Journal
When the Russian government needed to build up infrastructure in … Sochi ahead of the 2014 Winter Olympic Games, it turned to Russia’s most important lender: Vnesheconombank, the country’s state-owned development bank. … eventually holding the equivalent of at least $2.9 billion in overdue loans. … the bill is coming due. VEB for years kept its books in balance by […]
» Read moreNEWSWATCH: “Russian shopping mall activity continues 2016 recovery” – Intellinews.com
Following a shaky start to the year – three of the first four weeks in 2016 saw annual decreases in footfall – activity in Russian shopping malls appears to have turned the corner, with the positive data of February continuing into March …. Click here for Intellinews.com: Russian shopping mall activity continues 2016 recovery [featured image is file photo, not […]
» Read moreNEWSWATCH: “Investors Starting to Show Interest in Russia Again: Credit Suisse.” – Reuters
Investors are starting to look at Russia again after cutting off exposure amid geopolitical tensions two years ago, the head of Credit Suisse’s $60 million Russian Equity Fund said. There are no big inflows yet but a rebound in Russian stock markets in the past few months as the oil price and the rouble have picked up is encouraging interest […]
» Read moreWhy Hedge Funds Are Loading Up on Rubles
(Bloomberg – bloomberg.com – Elena Popina – April 10, 2016) Managers of some of the best-performing funds from Berlin to New York are buying Russian ruble assets as the currency has rebounded 23 percent from a record low. Stuart Sclater-Booth, who helps oversee more than $40 billion at Stone Harbor Investment Partners, turned overweight on the ruble in mid-February and […]
» Read moreThe pitchforks are coming; Farm workers in the depths of southern Russia are hardly a protest constituency, but corruption and corporate raids have pushed them to the brink. They may even take their grievances to Moscow – by tractor.
(opendemocracy.net – Svetlana Bolotnikova – April 7, 2016) Svetlana Bolotnikova is a Russian journalist and correspondent for KavPolit, an online publication specialising in political developments in the Caucasus. Aleksei Volchenko, 37, is a farmer in Kalininsky district, in the Kuban area of southern Russia. There are no large cities or towns here, just stanitsy, Cossack villages. Residents either work their […]
» Read moreRussian Inflation Slows More Than Forecast as Ruble Shock Fades
(Bloomberg – bloomberg.com – Anna Andrianova – April 5, 2016) Russian inflation decelerated to the slowest pace in almost two years as withering consumer demand continues to weigh on prices and stronger oil propels a rally in the ruble. Consumer-price growth eased to 7.3 percent from a year earlier in March, compared with 8.1 percent in February, the Federal Statistics […]
» Read moreRussian Prime Minister: Ukraine Has ‘No Industry, or State’
(Moscow Times – themoscowtimes.com – April 5, 2016) Russian Prime Minister Dmitry Medvedev denounced Ukraine as having “neither industry, nor a state,” according to remarks published Monday on the Cabinet website. Medvedev was responding to a comment by an industry watchdog official, who compared mortality rates at Russia’s coal mines with those in Ukraine, in an attempt to defend Russia’s […]
» Read morePutin’s a Pauper, His Friends Are Rich
(Bloomberg – bloomberg.com – Leonid Bershidsky – April 4, 2016) Recent reports by two consortia of investigative journalists purport to have exposed the dealings and offshore accounts of some of Russian President Vladimir Putin’s closest associates. They don’t name him as a beneficiary of any account, suggesting that Putin is as poor as a church mouse — or would be […]
» Read moreRIA Novosti : Economic crisis is biting but Russians remain stoical, poll shows
(RIA Novosti – April 4, 2016) Russians are increasingly resigned about the state of the economy and do not think it will get better any time soon, according a new opinion survey. Pessimism grows A fraction over 37 per cent of respondents thought that the “crisis in the country” will extend beyond the next one or two years, according to […]
» Read moreNEWSWATCH: “Mikhail Lesin’s Strange Death in U.S. Follows a Fall From Russia’s Elite” – New York Times
It took more than four months for the city’s medical examiner to announce the cause of death … not a heart attack … but rather ‘blunt force injuries.’ But the autopsy left the manner of death undetermined. … fuel[ing] speculation … Lesin might have been murdered, presumably by a financial or political rival …. *** police … continue to treat […]
» Read moreNEWSLINK The New Yorker: “David Remnick interviews Garry Kasparov, the Russian chess grandmaster and political activist, about the Putin regime and Russia’s future.” [Audio Podcast]
NEWSWATCH: “Three Rules of Kremlin Power” – New York Times/Maxim Trudolyubov
… Stalin and … Putin … are very different leaders living in very different times. I just cannot help noticing that they seem to follow the same playbook for being a successful autocrat. … Rule No. 1 calls for attributing all victories to oneself — regardless of who or what contributed to the perceived success. … Rule No. 2: Failures […]
» Read moreNEWSLINK DailyBeast: “Putin’s Panama Papers Caper; Years of rumors about the Russian ruler’s incredible fortune moved a step closer to fact over the weekend with a leak that far eclipses WikiLeaks’ cables or Snowden’s revelations.”
TRANSCRIPT: [Putin at] Meeting with Government members
(Kremlin.ru – March 30, 2016) Vladimir Putin held a meeting with Government members. The subjects on the agenda included priority draft laws to improve the business climate. The meeting participants also examined the transition to new procedures for payment of property tax based on cadastral value. President of Russia Vladimir Putin: Colleagues, Today, we will hear from the Economic Development […]
» Read moreNEWSLINK ReadRussia/Mark Adomanis: “Russia’s Oil Problem”
Budweiser Is Having a Ball in Russia
(Bloomberg – bloomberg.com – Ilya Khrennikov – March 30, 2016) Budweiser is enjoying an unlikely source of growth in Russia’s declining beer market, even as the all-American brand continues to struggle at home. In a country where brewing output has fallen more than 30 percent since 2008, the self-proclaimed King of Beers is growing sales at a double-digit pace, according […]
» Read moreNEWSLINK RussEurope: “Implications of ACRA” [Analytical Credit Rating Agency]
Russian minister and U.S. ambassador discuss privatization, sanctions
(Interfax – March 28, 2016) The Russian privatization and sanctions against Russia were discussed during the meeting between Russian Economic Development Minister Alexei Ulyukayev and UEc.S. Ambassador to Russia John Tefft in Moscow on March 28, along with other aspects of the Russia-U.S. trade and economic cooperation. “We have discussed a broad spectrum of the Russian-American economic ties, including both […]
» Read moreInterfax: Growth of oil, gas reserves in 2016 to exceed their production – Rosnedra
MOSCOW. March 29 (Interfax) – The growth of oil and gas reserves in 2016 will exceed their production, head of the Federal Subsurface Resources Agency (Rosnedra), Yevgeny Kiselev, told journalists. “I think that we will keep the parameters that were set down in the state program. Simple reproduction, an increase in production levels will be provided. As a rule, we […]
» Read moreNEWSLINK Intellinews: “INTERVIEW: Putin’s visible hand – Russia economy doomed to 4 years of stagnation” [Natalia Orlova]
TRANSCRIPT: [Putin at] Plenary session of the RSPP congress
(Kremlin.ru – March 24, 2016) Vladimir Putin took part in a plenary session of the Russian Union of Industrialists and Entrepreneurs (RSPP) congress. The RSPP congress took place within the framework of the Russian Business Week. The discussions focussed on economic issues and improving the business climate. After the RSPP congress, the President also met with board members of the […]
» Read moreUkraine’s Economy Plummeted By Nearly 10 Percent In 2015
(RFE/RL – rferl.org – March 22, 2016) Ukraine’s battered economy shrank by 9.9 percent in 2015 due to implosions in the financial sector and consumer demand, the state statistics service reported on March 21. The stunning fall last year followed a drop of nearly 7 percent in 2014, the year Russia annexed Crimea and Ukraine’s war with Russia-backed separatists broke […]
» Read moreScience parks: Russia’s secret weapon, or Potemkin village?
Sanctions are hampering Russia’s modernization and economic growth, but the country is determined to develop new technologies. Science parks are a crucial part of the national innovation strategy. How many have been built in the country recently, and what exactly are they doing? RBTH has the answers. (Russia Beyond the Headlines – rbth.ru – VICTORIA ZAVYALOVA, RBTH – March 21, […]
» Read moreNEWSLINK Russia Direct: “The Russian ruble rollercoaster; With rising prices for oil, the Russian ruble is on the rebound. But how much more can the ruble really strengthen given the underlying weakness of the Russian economy?”
NEWSLINK Politico.eu/Tony Brenton: “Don’t wait for Russia to take the first step. The continent risks backsliding into a Cold War unless the West opens its eyes to the failure of its sanctions program”
NEWSLINK TASS: “Russia’s ex-finance minister predicts 1.5-2% GDP decline in 2016” [Kudrin]
NEWSLINK Forbes/Mark Adomanis: “Russian Industrial Production Rebounded Modestly In February”
Russia, Inc.: From “structural reforms” of the 2000s to austerity policies today, neoliberalism has been and remains an organic part of the Putin regime
(opendemocracy.net – Ilya Matveev – March 16, 2016) Ilya Matveev is a researcher and lecturer based in St Petersburg, Russia. He is a founding editor of the online publication Openleft.ru and a member of the research group Public Sociology Laboratory. In December 2014, Vladimir Putin gave his usual annual speech to Russia’s Federal Assembly. This speech turned out to be […]
» Read moreRussia ups investment in U.S. Treasuries $4.8 billion in January
MOSCOW. March 16 (Interfax) – Russia increased investment in US Treasuries for the third successive month in January, this time by approximately $4.8 billion, according to data from the U.S. Department of the Treasury and the Federal Reserve. Russian investment in UST grew $6.1 billion last year as a whole. Russia, which held $96.9 billion in UST at the end […]
» Read morePutin’s $50 Billion Oil Cache Gives Russia Luxury to Ignore ECB
(Bloomberg – bloomberg.com – Olga Tanas – March 13, 2016) Russian central bankers have fewer reasons to offer relief to their recession-wracked economy than you might think. Their decision whether to resume an interest rate-cutting cycle this week is almost beside the point as the government of Vladimir Putin lubricates the economy in the background with oil wealth amassed in […]
» Read moreInterfax: Poll: Most Russians not ready to join protests
(Interfax – March 14, 2016) Seventy percent of Russians have called unlikely mass protests against falling living standards and in defense of their rights, yet the percentage has reduced by seven points since October 2015 (77 percent), the Levada Center told Interfax. The share of Russians who deem economic protests to be possible has grown by a third, from 18 […]
» Read moreNEWSWATCH Washington Post: “As energy prices drop, ordinary Russians are protesting”
… Once prosperous enough to afford expensive Moscow apartments, they are now staggering under an economic burden fueled by geopolitical conflict and the plummeting price of oil. * * * Russia’s foreign-policy adventures … in Ukraine … in Syria — have tied up state resources …. The drop in energy prices has drained government coffers and sent the ruble skidding […]
» Read moreRussia’s Government Doesn’t See the Economic Downslide As a Threat
In his latest comment on key developments impacting the Russian economy, Sergey Aleksashenko, nonresident senior fellow at the Brookings Institution and former deputy chairman of the Russian Central Bank, reviews the government’s controversial efforts to battle the economic crisis. (Institute of Modern Russia – imrussia.org – March 3, 2016) Unnecessary Government? Today, it seems the Russian government itself no longer […]
» Read moreMoscow’s authoritarian future
Recent moves against Moscow’s street traders don’t only violate Russia’s Constitution and hurt the economy. They also consolidate the regime’s power. (opendemocracy.net – Anastasiya Ovsyannikova – March 9, 2016) Anastasiya Ovsyannikova is an economist and journalist. She has worked for F5 and Cityboom.ru, as well as Moscow’s Sakharov Center. The overnight demolition of 104 street kiosks in Moscow last month […]
» Read moreWhere does the Russian Orthodox Church get its money from?
The Russian Orthodox Church is not only a religious organization, but also a large corporation that does business. (Russia Beyond the Headlines – rbth.ru – ANNA KUCHMA, RBTH – March 9, 2016) In 2014, the Russian Orthodox Church received $75.7 million of revenues from ceremonies, sales of religious literature and donations, according to the Federal Tax Service. All of this […]
» Read moreRussia’s Oil Dilemma Explained
(Bloomberg – bloomberg.com – Stephen Bierman -March 8, 2016) [Charts here bloomberg.com/news/articles/2016-03-09/russia-s-dilemma-squeeze-oil-industry-without-strangling-growth-ilk2y8i4] While the world focuses on Russia’s oil-freeze talks with OPEC, there are discussions behind closed doors in the Kremlin that will have a much more significant impact on the nation’s energy industry. The petrodollars that underpin Russia’s national budget are evaporating. When crude prices were high, increasing revenue […]
» Read moreRussia Missed Its Chance to Be Like America
(Bloomberg – bloomberg.com – Leonid Bershidsky – March 4, 2016) Many Russians feel the U.S. and their country are much alike. Both are vast, they share a sense of adventure, along with underlying lawlessness and violence, and in both, the infrastructure often is an afterthought. So what is keeping Russia from turning into another America — a democratic nation and […]
» Read moreNord Stream 2: Is Russian gas politically incorrect?
A lobbying campaign against the extension of the Nord Stream 2 gas pipeline, spearheaded by Gazprom together with five European energy majors, has now engulfed the European Parliament. What are the arguments of the opponents and are they business-focused or politically motivated? (Russia Beyond the Headlines – rbth.ru – VLADIMIR MIKHEEV, SPECIAL TO RBTH – March 4, 2016) Twelve members […]
» Read moreWill Russia End Up Controlling 73% of Global Oil Supply?
(Oilprice.com – Rakesh Upadhyay – March 6, 2016) Russia has played a master stroke in the current oil crisis by taking the lead in forming a new cartel, but it’s a move that could spell geopolitical disaster. The meeting between Russia, Qatar, Saudi Arabia and Venezuela on 16 February 2016 was the first step. During the next meeting in mid-March, […]
» Read moreA crisis is the best time to invest in the world’s future consumers
Despite Russia’s difficult economic situation, 30 Russian and international companies – without intentions of making an immediate profit – have invested in the biggest educational entertainment center in Europe, KidZania. As a reward they hope to bring up loyal consumers for the future. (Russia Beyond the Headlines – rbth.ru – MKarpova, RBTH – March 7, 2016) Would you like to […]
» Read moreNEWSLINK TASS: “Expert: 2035 Master Plan of Russian Oil Sector Development suggests output decline.”
Why we don’t publish articles about Putin
Mainstream media in the west and Russia is fixated on the Russian president. Here’s why we’re not. (opendemocracy.net – MAXIM EDWARDS, THOMAS ROWLEY, NATALIA ANTONOVA, MIKHAIL KALUZHSKY – March 4, 2016) Maxim Edwards is Commissioning Editor at oDR. Tom Rowley is lead editor at oDR. Natalia Antonova is Associate Editor at oDR. Mikhail Kaluzhsky is Lead Russian-Language Editor at oDR. […]
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