Russian GDP growth accelerates to 2.6% in April, economy grows 1.8% in 4M – Klepach

File Photo of Cash, Coins, Line Graph

(Interfax – MOSCOW, May 27, 2013) Russian GDP grew 2.6% year-on-year in April, compared with growth of 2% in March, the Economic Development Ministry estimates. The economy grew 1.8% year-on-year in January-April, Deputy Economic Development Minister Andrei Klepach said at a briefing. GDP grew 0.1% in April compared with March on a seasonally adjusted basis after rising 0.4% in March. […]

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Ambassador’s Notebook: Moscow as an International Financial Center

File Photo of Outdoor Electronic Sign with Russian Exchange Data

(RIA Novosti – Alexander Yakovenko – May 27, 2013)  [Former ambassaor to UK and Deputy Minister of Foreign Affairs of the Russian Federation] Since 2010, Russia has been consistently implementing the top priority national economic project to develop Moscow as an International Financial Center (MIFC). Major reforms to our national financial architecture demonstrate the new advantages of Russia’s financial market […]

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Sochi 2014: World’s most expensive Olympics; Russia is set to spend over $51 billion on the 2014 Winter Olympic Games in Sochi.

File Photo of Sochi Olympics Banner Near Highway in Warm Weather with Vehicle and Cyclicsts Nearby

(Russia Beyond the Headlines – rbth.ru – Daria Tikhonova, special to RBTH – May 28, 2013) The 2014 Sochi Winter Olympic Games are set to become the most expensive Olympics ever. Russia will have spent more than $51 billion on the Olympics by 2014. By comparison, China spent $45 billion on the 2008 Beijing Summer Olympics, and the UK invested […]

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Foreign direct investment in Russia soars 63.2% to $6.3 bln in Q1 – Rosstat

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(Interfax – MOSCOW, May 24, 2013) Foreign direct investment (FDI) in Russia grew 63.2% year-on-year in Q1 2013 to $6.304 billion, the Federal State Statistics Service (Rosstat) said. Overall foreign investment grew 65.4% to $60.436 billion. The FDI included $1.148 billion in equity investment, down 38%; $4.726 billion in loans from the foreign co-owners of companies, up 180%; $1 million […]

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Interfax: Over half of foreign investors see positive changes in Russia’s investment climate – Shuvalov

Igor Shuvalov file photo

(Interfax – KALININGRAD, May 24, 2013) More than half of foreign investors welcome positive changes in Russia’s investment policy, Russian First Deputy Prime Minister Igor Shuvalov said. “The government believes that the investment climate in Russia is improving now. This is what foreign investors are saying. As many as 53% foreign companies working in the country confirm this opinion,” Shuvalov […]

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Kudrin for PM?

Alexei Kudrin file photo

(Business New Europe – bne.eu – MOSCOW BLOG – May 27, 2013) There has been a lot of noise about the possibility of Russian Prime Minister Dmitry Medvedev being sacked and replaced by the former finance minister Alexei Kudrin. We think it will happen ­ just not yet, but possibly as soon as this autumn. Russian President Vladimir Putin is […]

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Putin’s Frustration Grows as Russia’s Economy Slumps

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(Bloomberg – bloomberg.com – Leonid Bershidsky – May 23, 2013) President Vladimir Putin’s popularity throughout much of Russia is founded on an implicit social compact: People have given up some freedom in return for economic prosperity. Now, Putin’s authoritarian ways could be killing the economic growth that has helped keep him in power. Time and time again, Russia’s leaders have […]

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No agreement in Russian government over economic growth measures – deputy PM

Igor Shuvalov file photo

(Interfax – May 23, 2013) First Deputy Prime Minister Igor Shuvalov has said there will be no recession in Russia in 2013, Russian Interfax news agency reported on 23 May. “The will be no recession this year. This is my short answer,” Shuvalov said at a briefing on 23 May. He said that currently the economy was not in a […]

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Russia will not have recession in 2013 – official

Igor Shuvalov file photo

(Interfax – May 23, 2013) Russian First Deputy Prime Minister Igor Shuvalov does not think that Russia will have a recession this year. “There won’t be a recession this year. Short answer,” he said at a Thursday briefing. The economy is not currently in a crisis situation. The issue is that the government is not satisfied with current growth levels […]

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Medvedev: government officials should share economic risks by keeping money in Russia

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(Interfax – MOSCOW, May 22, 2013) Prime Minister Dmitry Medvedev believes that government officials and members of parliament should share economic risks with the rest of the country and keep their money in Russian banks, but he is not convinced that they should be prohibited from holding foreign assets. “Members of the government, State Duma deputies, administration officials should after […]

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Pushkov says Kudrin directly responsible for current state of Russian economy

Alexei Kudrin file photo

(Interfax – MOSCOW, May 21, 2013) Head of the Russian State Duma’s International Affairs Committee, the United Russia member, Alexei Pushkov, said that former Finance Minister Alexei Kudrin was responsible for the current state of the Russian economy. “Kudrin is better not to say anything on the current state of the economy. He is directly guilty of it. GDP dropped […]

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Medvedev generally pleased with govt’s performance

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(Interfax – SOCHI, May 19, 2013) Normal macroeconomic indices, the budget rule and privatization deals are the main results of the year that has passed since the government started working, said Prime Minister Dmitry Medvedev. “A year has passed, and it was filled with so many different events. However different opinions may be, the country kept developing, credit for which […]

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Medvedev blasts moves that may discourage private enterprise

File Photo of Dmitry Medvedev with United Russia Logos Behind Him

(Interfax – MOSCOW, May 18, 2013) Prime Minister Dmitry Medvedev has lashed out against legal initiatives that may discourage private enterprise. “It is a completely unacceptable situation that, as a result of some decisions, the total number of those who see entrepreneurial activities as their future occupation should decline,” Medvedev said at a meeting of the leadership of the ruling […]

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Russian Economic Ministry expects economic growth slowdown to reverse in Q2

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(Interfax – MOSCOW, May 16, 2013) The current trend of slowed economic growth in Russia might be reversed this quarter, according to the Russian Economic Development Ministry. “We anticipate that there will be a turning point in negative trends already in the second quarter and that economic growth will surpass 3% in the second half of the year,” Economic Development […]

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Russia yet to reverse income inequality trend – Rosstat head

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(Interfax – BRYANSK, May 16, 2013) 3.4% GDP growth in Russia is good, but there is still income inequality that proves the Russian economy has some flaws, Rosstat head Alexander Surinov told a press conference in Bryansk. “GDP growth rates have shrunk but there is still 3.4% growth. I have been in the statistics business for a long time. 3% […]

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Russia and the W.T.O.: Equality without Fraternity

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(Russia Beyond the Headlines – rbth.ru – Fedor Kikta, special to RBTH – May 15, 2013) Europe’s auto exporters are irked by Russia’s “scrappage tax” amid mounting environmental pressure. When Russia’s record 18-year-long bid to join the World Trade Organization finally concluded successfully last year, one of the last major stumbling blocks concerned car important tariffs. For the last decade […]

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Russia will improve investment climate, introduce innovations in any scenario – Medvedev

Dmitry Medvedev file photo

(Interfax – May 16, 2013) Russia will continue improving its investment appeal and introducing innovations regardless of the scenario of Russia’s socio-economic development adopted by the Russian government by 2016, Russian Prime Minister Dmitry Medvedev said. “We will continue improving the investment appeal, supporting the high-tech sectors, and introducing innovations regardless of what scenario will be eventuated,” Medvedev told a […]

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Russia should close gap between high consumption, low production efficiency – minister

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(Interfax – MOSCOW, May 15, 2013) Consumption in Russia is higher than production efficiency, and this could weaken the ruble and drive up inflation in the medium-term if labor productivity does not significantly improve, Economic Development Minister Andrei Belousov said while presenting at a Wednesday conference entitled ‘The National System of Competences and Qualifications,’ organized by the newspaper Vedomosti and […]

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Putin Said to Face Rift on Central Bank Role in Economy Plan

Russian Central Bank file photo

(Bloomberg – bloomberg.com – Evgenia Pismennaya & Olga Tanas – May 16, 2013) Russia’s government is split over empowering the central bank to support the economy as part of efforts to revive growth, leaving President Vladimir Putin to decide, according to an official familiar with the proposals. While the government suggests lowering bank loan rates, slowing utility-price increases and compelling […]

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Russian high-profile innovations centre insists it does not fund opposition

Skolkovo File Photo

(Interfax – May 15, 2013) The head of the Skolkovo Foundation, tycoon Viktor Vekselberg, has denied reports that the innovations centre has been financing the opposition in Russia, privately-owned Interfax news agency reported on 15 May. Asked by journalists whether the Skolkovo Foundation may have been involved in financing the opposition movement in Russia, he said: “No, it is categorically […]

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Russia could join OECD in two years if politics do not get in way, official says

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(Interfax – MOSCOW, May 15, 2013) Russia could complete negotiations to join the Organization for Economic Cooperation and Development (OECD) in two years if this issue is not politicized, Vladimir Tkachenko, Russia’s representative in talks to join the organization, said in an interview with Interfax. “If we’re talking about a timeframe, then technically all work could in principle be finished […]

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Two Russias – Moscow and the Rest – Once Again Eye Each Other Warily

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(Window on Eurasia – Paul Goble – Staunton, May 13, 2013) The idea that “Moscow is not Russia” has long been a commonplace among both residents of the capital and residents of the portions of Russia beyond the ring road, but the two are increasingly dissimilar, raising the possibility that a conflict between the capital and the rest of the […]

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Desperation and hope in a Russian village

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(Moscow News – themoscownews.com – Alexandra Ilina, Moskovskiye Novosti – May 8, 2013) GALKINSKOYE, Sverdlovsk region – The village of Galkinskoye is no different from any of the other towns and villages around the Urals city of Yekaterinburg, with its old wooden houses, rickety fences and decaying former farm buildings. However, in 2008, Vasily Melnichenko came up with the idea […]

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Ever Fewer Russians Interested in Starting Their Own Businesses

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(Window on Eurasia – Paul Goble – Staunton, May 7, 2013) Only seven percent of Russian citizens currently engage in entrepreneurial activity and few of the remainder even consider that a possibility, according to the Global Entrepreneurial Survey, which ranks Russia 67th out of 69 countries in terms of the number of people who form and operate new companies. Olga […]

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Half of Russians live customary life, 25% restrain themselves – poll

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(Interfax – MOSCOW, May 7, 2013) Most Russians claim they are accustomed to contemporary living conditions yet 54% admit “life is hard but tolerable,” sociologists said. “The number of such citizens has declined over past months (from 85% in December),” the Russian Public Opinion Study Center (VTsIOM) told Interfax on Tuesday presenting a recent poll. Meanwhile, the number of respondents […]

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Businesses Expect Russian Economy to Grow

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(Moscow Times – themoscowtimes.com – May 8, 2013) A growing number of Russian businessmen expect the country’s economy to grow in the next 12 months, according to a quarterly survey by Grant Thornton International released Wednesday The latest survey data, when compared to last year’s results, shows an increase in the number of Russian business leaders who are annoyed with […]

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Industrial Catastrophe in Post-Soviet Russia

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(Cato Institute – cato.org – Andrei Illarionov – May 1, 2013) It is challenging to calculate the industrial output for post-socialist transition economies. However, through meticulous work based on internationally recognized statistical standards over two decades, two Russian economists currently associated with the Higher School of Economics in Moscow, Eduard Baranov and Vladimir Bessonov, were able to produce a statistical […]

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Pouring govt money into economy more likely to fuel inflation than production – Kudrin

Alexei Kudrin file photo

(Interfax – MOSCOW, April 30, 2013) Massive injections of government money into the Russian economy will do more to fuel inflation than to accelerate growth in production, the government should act to extend greater economic freedom, former Finance Minister Alexei Kudrin, who now chairs the Civil Initiatives Committee, believes. “When the government starts going in with its money through development […]

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Russia’s 20 Biggest Billionaires Keep Riches From Putin

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(Bloomberg – bloomberg.com – Robert LaFranco & Alex Sazonov – May 1, 2013) Alisher Usmanov, Russia’s richest person, moved control of most of his $20 billion fortune last year to a holding company based in the British Virgin Islands, a collection of more than 60 isles 5,600 miles away from Moscow. The company, USM Holdings, controls the billionaire’s most valuable […]

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AmCham finds business as usual

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(Moscow News – themoscownews.com – Nathan Gray – April 29, 2013) The American Chamber of Commerce cleared the decks straightaway at its annual investment conference last week, in the wake of a difficult year in Russian-U.S. political relations. “One of the purposes of this conference is to emphasize the fact that basically it’s business as usual, despite some of the […]

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How Elvira Nabiullina Can Improve Russia’s Central Bank

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(Bloomberg – bloomberg.com – Andrey Kostin – April 29, 2013) Andrey Kostin is chairman of VTB Group, Russia’s second- largest lender. He is also chairman of the B20 financial- stability task force. Russia’s central bank is about to get a new chairman and, as at the Bank of England, the imminent arrival of a new broom has raised expectations of […]

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Russian economy could grow 6% annually in 2014-2016 with structural modernization – minister

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(Interfax – MOSCOW, April 29, 2013) The Russian economy could be in a position to achieve 6% annual growth in 2014-2016 with structural modernization, Economic Development Minister Andrei Belousov said. “The use of these reserves (structural modernization mechanisms) will enable us to enter a trajectory of 6% growth in 2014-2016 and almost 7% a year in 2017-2020. This level is […]

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Putin Purse Tightening Hobbles Medvedev in Race to Deadline

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(Bloomberg – bloomberg.com – Olga Tanas & Irina Reznik – April 29, 2013) President Vladimir Putin rejected calls for fiscal stimulus, limiting Prime Minister Dmitry Medvedev’s options as he races to meet a deadline for submitting a plan to revitalize Russia’s economy. First Deputy Premier Igor Shuvalov said Putin dismissed proposals to aid flagging growth by boosting federal spending at […]

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In Marathon Show, Putin Pledges to Stay the Course

Kremlin and Moscow Environs Aerial View

(Moscow Times – themoscowtimes.com – Jonathan Earle – April 26, 2013) President Vladimir Putin pledged to stay the course on a range of key issues, from macroeconomic policy to the battle with corruption and the composition of Prime Minister Dmitry Medvedev’s Cabinet, during a record-breaking live call-in show broadcast on national television on Thursday. The annual show, which lasted an […]

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U.S. Investors Underline Importance of Trade Ties Over Political Rifts

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(Moscow Times – themoscowtimes.com – Anatoly Medetsky – April 25, 2013) ExxonMobil was a highlight of an investment conference in Moscow on Wednesday, attended by U.S. Ambassador Michael McFaul, where speakers discussed the prospects of U.S. business in Russia. Organized by the American Chamber of Commerce in Russia, the event sought to emphasize trade and investment despite political tensions between […]

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Russia clowns about

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(Buiness New Europe – bne.eu – Ben Aris in Moscow – April 25, 2013) There is no competition in Russia. The revenues are fake. You have to control the whole sector to make money.” This comment was made by Oleg Tinkoff on one of the panels at Sberbanks recent investment conference, “The Russia Forum”, yet this highly successful Russian serial […]

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Sobyanin Says Investment in City Economy Hits Pre-Crisis Level

Sergei Sobyanin file photo

(Moscow Times – themoscowtimes.com – Alexander Bratersky – April 24, 2013) Moscow Mayor Sergei Sobyanin said Tuesday that investment into the city’s economy reached the pre-crisis level, citing commercial real estate as an example. Twice as much is being invested in Moscow’s commercial real estate as in London, he said at a high-profile panel on the city’s development held by […]

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Experts Predict Recession Driven by Internal Factors

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(Moscow Times – themoscowtimes.com – April 24, 2013) Intrinsic deficiencies rather than external shocks can turn the current slowdown in the Russian economy into a full-blown recession, research conducted at the Higher School of Economics has found. Valery Mironov and Vadim Kanonov from the school’s Center for Economic Development said Russia was vulnerable to sliding into an “autonomous recession” even […]

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Kudrin denies discussing his possible transfer to Kremlin with Putin

Alexei Kudrin file photo

(Interfax – MOSCOW, April 23, 2013) Former Russian Finance Minister Alexei Kudrin has said that he did not discuss any job offers with President Vladimir Putin on April 22. Kudrin attended a Putin-chaired session on economic issues in Sochi on Monday as an expert. “As I left the hall, I had a chance to meet with Vladimir Vladimirovich (Putin) on […]

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Putin Seeks Proposals to Spur Economic Growth

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(Moscow Times – themoscowtimes.com – Anatoly Medetsky – April 23, 2013) President Vladimir Putin has said he expects a list of proposals for spurring the economy to be ready by the middle of next month. The list must contain the often conflicting proposals that Cabinet ministers, Kremlin staff and economists put forward at a meeting Monday, Putin said. He made […]

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Belousov upbeat about investment inflow, says capital flight a myth

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(Interfax – SOCHI, April 22, 2013) Economic Development Minister Andrei Belousov has described claims that capital outflow from Russia has assumed a “gigantic” scope as a myth. “Assertions that capital outflow has assumed a gigantic scope, and that there are signs of capital flight are a myth,” Belousov told reporters after a meeting on economic issues chaired by President Vladimir […]

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Long-term consequences of extraordinary measures taken in Cyprus are not known yet – Putin

Cyprus Map

(Interfax – SOCHI, April 22, 2013) Russian President Vladimir Putin said the long-term consequences of the extraordinary measures taken in Cyprus are not known yet. “We see what methods of resolving debt problems are used on specific countries, I mean Cyprus, where the measures that have been taken essentially undermine confidence in the financial system,” Putin told a meeting on […]

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Russian deputy PM hints at political pressure on innovation centre graft probe

Skolkovo File Photo

(Interfax – April 18, 2013) Russian Deputy Prime Minister Vladislav Surkov said on 18 April that “certain forces” are trying to undermine the country’s budding innovation centre, Skolkovo, which is being investigated for embezzlement, privately-owned Russian news agency Interfax reported. Surkov, who is a member of the Skolkovo Foundation’s board of trustees, was speaking following a raid by Federal Security […]

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Skolkovo Office Searched in Corruption Probe

Skolkovo File Photo

(Moscow Times – themoscowtimes.com – Ivan Nechepurenko – April 19, 2013) The downtown office of the Skolkovo Foundation was searched Thursday as part of an ongoing corruption scandal involving two former executives whom the Investigative Committee accused of using a fraudulent tender to steal 23.8 million rubles ($789,000). A spokesman for Skolkovo ­ Russia’s high profile project to diversify its […]

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Russian economy not in recession; no urgent need for economic stimulus – Shuvalov

Igor Shuvalov file photo

(Interfax – MOSCOW, April 18, 2013) The Russian government does not have to undertake immediate action to stimulate economic growth, First Deputy Prime Minister Igor Shuvalov said. There is “dissatisfaction with the pace of economic growth,” he said, but the Russian economy is not in recession. “This is no place for emotions. Of course there can be stimulation of one […]

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New Wealthy Russians Join Forbes Rich List

File Photo of Man Placing Stack of Large Bills into Inside Pocket of Suitcoat

(RIA Novosti – MOSCOW, April 18, 2013) ­ Moscow’s chief obstetrician, a deputy to Russia’s voucher privatization architect Anatoly Chubais and the rector of a university where President Vladimir Putin defended his thesis are among the lucky ones who have joined Forbes’ 2013 Wealthiest Russian Businessmen List published on Thursday. Alisher Usmanov, the owner of Metalloinvest metals giant and a […]

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Most Russian regions would rank speculative grade – S&P

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(Interfax – MOSCOW. April 17, 2013) Most of Russia’s regions would rank speculative grade, Standard & Poor’s Ratings Services said. In an article published on April 16 and titled “Most Russian Regions’ Creditworthiness Is Below Investment Grade Due To A Weak Intergovernmental System, Economy, And Management”, S&P explains its estimate of the credit quality of all 83 Russian regions. The […]

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Police Raid Medvedev’s Innovation Hub Over Fraud Inquiry

Skolkovo File Photo

(Bloomberg – bloomberg.com – Ilya Arkhipov & Henry Meyer – April 18, 2013) Russian police raided the Skolkovo innovation hub, a project championed by Prime Minister Dmitry Medvedev, a day after his speech to parliament was overshadowed by a leaked video. Investigators talked today to the foundation’s head, billionaire Viktor Vekselberg, and other top officials, Skolkovo spokesman Roman Shcherbakov said […]

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Investment questions for Russia’s closed cities

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(Moscow News – themoscownews.com – Nathan Gray – April 15, 2013) One of the most famous and secretive features of the Soviet Union, closed cities – known today in Russian as ZATOs – still dot the country, though in far fewer numbers than during the Cold War. The cities, which numbered upward of 100 throughout the different republics in the […]

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