(Bloomberg – bloomberg.com – Scott Rose & Olga Tanas – February 26, 2012) Russian unemployment fell to a record low of 5 percent in August and September last year, less than the initially reported 5.2 percent, revised data released by the Federal Statistics Service show. Last month’s reading of 6 percent was unchanged, the Moscow-based service said in a report […]
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(Interfax – February 25, 2013) Prime Minister Dmitry Medvedev said that in order to develop the Russian economy it is necessary to increase the share of revenues from high-tech sectors and raise the standard of living in the country. Developing high-tech sectors “There are a number of challenges in the Russian economy to which we have not yet responded. First […]
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(Moscow Times – themoscowtimes.com – Alexander Bratersky – February 25, 2013) Russia has agreed to cancel most of Cuba’s $30 billion Soviet-era debt the country’s biggest debt cancellation in years, according to an agreement reached during Prime Minister Dmitry Medvedev’s visit to the Caribbean island late last week. Industry and Trade Minister Denis Manturov, who accompanied Medvedev during his […]
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(Window on Eurasia – Paul Goble – Staunton, February 21, 2013 – http://windowoneurasia2.blogspot.com/2013/02/window-on-eurasia-russia-faces-same.html) The Russian economy today despite some very positive numbers over the last year suffers from four macro-economic problems that not only will be difficult to correct but also resemble those the Soviet leadership faced in the 1970s and 1980s, according to the rector of the Presidential Academy […]
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(Russia Beyond the Headlines – www.rbth.ru – Alexey Dolinskiy, special to RBTH – February 21, 2013) In 2013, Russia will host the G-20 summit for the first time ever. Russia’s official presidency started in December 2012, but high-level meetings, culminating in the September 2013 St. Petersburg summit, are just beginning. Leading a global institution of the world’s most powerful countries […]
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(Moscow Times – themoscowtimes.com – Irina Filatova – February 21, 2013) The International Monetary Fund took an optimistic stance at Russia’s prospects Wednesday, saying that its economy could demonstrate a faster pace of growth over the next few years than the annual goal of 5 percent set by Prime Minister Dmitry Medvedev. To attain those growth rates, the government should […]
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MOSCOW. Feb 20 (Interfax) – The government program for the Social and Economic Development of the Far East and Baikal Region for the Period to 2025, drafted by the Far East Development Ministry, was discussed at a meeting held by First Deputy Prime Minister Igor Shuvalov, business daily Vedomosti reported on Wednesday. “The document was not officially submitted to the […]
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MOSCOW. Feb 20 (Interfax) – Russia should not boost domestic demand more quickly than it increases the economy’s productive potential, Senior Resident Representative of the International Monetary Fund (IMF) in Russia Odd Per Brekk told reporters in Moscow on Wednesday. On the basis of its latest research, the IMF has arrived at the conclusion that the Russian growth model of […]
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MOSCOW. Feb 19 (Interfax) – The long-term forecast for Russia’s social and economic development in the period to 2030 will be the foundation for the country’s long-term budget strategy, as well as federal and regional programs, Prime Minister Dmitry Medvedev said. “Long-term budget strategy, federal and regional programs should be formed on the basis of this document, but we need […]
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MOSCOW. Feb 18 (Interfax) – The G20 finance ministers and central bank governors have wrapped up their first meeting in Moscow, issuing quite an extensive document – a 26-point communique devoted to some of the main topics of the meeting, such as the global economy, financing of investment, government borrowing and sustainability of government debt, reform of the international financial […]
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(Moscow Times – themoscowtimes.com – Alexander Bratersky – February 19, 2013) Prime Minister Dmitry Medvedev has ordered the government to find ways to reduce bureaucratic obstacles to regional investment amid a drive to boost regional economies. Medvedev has called for the Economic Development, Finance and Regional Development Ministries to present proposals to increase regional investment, RIA-Novosti reported Monday, citing the […]
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MOSCOW, February 19 (RIA Novosti) The Russian government’s work in the next five years will be crucial to improving the system of state governance and the business climate, essential to restoring investor confidence and the level of investment to modernize the economy, Russian Prime Minister Dmitry Medvedev said on Monday. Medvedev made his comments while unveiling a long-term budget […]
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(Russia Beyond the Headlines – www.rbth.ru – Ben Aris, special to RBTH – Februray 19, 2013) The size of Russia’s shadow economy undermines recent efforts to improve the business climate. Russia has lost $782.5 billion in “illicit” capital flight over the last 18 years while $552.9 billion of illegal money has entered the country over the same period of time, […]
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(Moscow Times – themoscowtimes.com – Alexander Bratersky – February 18, 2013) Leaders of the Group of 20 said Saturday that global economic growth remains weak despite government measures, but they agreed to avoid currency wars intended to stimulate the economy by devaluing their money. A meeting of the group’s finance ministers and central bankers was held in Moscow for the […]
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(Kremlin.ru – February 15, 2013) The Kremlin, Moscow Vladimir Putin met at the Kremlin with the Group of Twenty Finance Ministers and Central Bank Governors. Russia is currently chairing the G20. The situation in global finances and the G20 countries’ actions to stimulate global economic growth and restore confidence in financial markets were the main subjects of discussion. The G20 […]
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(Moscow Times – themoscowtimes.com – Irina Filatova – February 18, 2013) The head of the Organization for Economic Cooperation and Development promised Friday that accession to the club of the world’s most economically advanced countries won’t take Russia as long as its entry into the World Trade Organization. “It will not take 17 years,” Angel Gurria told Finance Minister Anton […]
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(Moscow News – themoscownews.com – Nathan Gray – February 18, 2013) KRASNOYARSK – Sony opened an Internet cafe in Krasnoyarsk last week. The coffee was free, the Internet and the computer use were free, but there were two catches: first, it was only open three days, and second, you had to be registered for the Krasnoyarsk Economic Forum to visit. […]
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(Business New Europe – bne.eu – February 15, 2013) In a sign of the times, Russias statistics agency, Rosstat, is going to add the cost of hooking up to the internet and monthly spending on mobile phone bills to the consumer basket that is used to calculate inflation, amongst other things. The Russian economy is increasingly being driven by consumer […]
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MOSCOW. Feb 14 (Interfax) – Russian President Vladimir Putin has demanded that special services’ interference in business disputes be stopped. “I want to emphasize particularly that being dragged into commercial disputes, putting pressure on business, and creating various artificial obstacles and barriers to the implementation of investment projects is unacceptable,” Putin said at a Federal Security Service (FSB) expanded board […]
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(Moscow Times – themoscowtimes.com – Rachel Nielsen – Februry 14, 2013) He has had long discussions with Microsoft founder Bill Gates, sits on the Skolkovo Foundation’s board of trustees with Prime Minister Dmitry Medvedev and presidential aide Elvira Nabiullina and heads a company investing $1 billion of federal money into next-generation technology startups. These weighty responsibilities are the most recent […]
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(Business New Europe – bne.com – February 14, 2013) Russian President Vladimir Putin called for an end to the long Soviet-era habit of classifying geological data as a state secret. As part of the new look Russia-can-do Inc, that he hopes will bring in more investment, the president said the information on the size and location of the countrys natural […]
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(Interfax – February 13, 2013) In mid-February Russia starts hosting the first G20 meetings of its presidency. The most challenging economic problems the world is facing today are on the agenda. Russia, to which Mexico passed the G20 presidency in December, is beginning to host the first meetings of the Group of Twenty Finance Ministers and Central Bank Governors. They […]
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MOSCOW, February 14 (RIA Novosti) Nothing can stop or slow down the reintegration of the post-Soviet space, Russian President Vladimir Putin said on Thursday. “We’ve heard some recent nervous and outspoken remarks regarding integration in the post-Soviet space. Let’s put them down to the emotional rhetoric of these politicians,” Putin said at a meeting of FSB (Federal Security Service) […]
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MOSCOW. Feb 12 (Interfax) – Healthcare, heavy industries and agriculture should be the primary areas of foreign investments, respondents told the Public Opinion Foundation in 100 towns and cities in 43 regions on February 2-3. Sixty-three percent of 1,500 respondents believe Russian authorities are interested in attracting foreign investments, 7% doubt that and 30% know nothing about investment plans of […]
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(Bloomberg – bloomberg.com – Scott Rose – February 12, 2013) Illicit capital outflows from Russia were as much as $211.5 billion between 1994 and 2011 as the underground economy moved funds abroad, according to Global Financial Integrity, a group that studies financial flows. Total illicit outflows were $9.99 billion in 2011, down from a peak of $41.6 billion in 2010, […]
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(Moscow Times – themoscowtimes.com – Alexander Winning – February 13, 2013) President Vladimir Putin on Tuesday submitted a bill to the State Duma that seeks to ban government officials from holding overseas bank accounts or owning foreign-issued bonds and shares. The legislation, part of a raft of measures proposed by the president that ostensibly target corruption and foreign influence in […]
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(Moscow Times – themoscowtimes.com – Irina Filatova – February 12, 2013) One-fifth of Russians believe that doing business in the country is easier for foreigners than for local businessmen, a survey has revealed. Twenty percent of participants in a poll by the Public Opinion Foundation believe that foreign investors working in Russia enjoy more benefits than their local peers, since […]
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(Bloomberg – bloomberg.com – Scott Rose & Olga Tanas – February 12, 2013) Russia’s central bank refrained from easing borrowing costs after inflation surged to a 15-month high, warning of the threat of faster price growth and defying government calls for lower rates to support the slowing economy. Bank Rossii held the refinancing rate at 8.25 percent for a fifth […]
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(Moscow News – themoscownews.com – Irina Granik, Moskovskiye Novosti – February 11, 2013) Old arguments have risen again in the government, after the publication of the “Five Years of Effectiveness” economic program earlier this month. The themes, as before, are how much money should remain in the state reserve in case of a crisis, and how to finance investment projects […]
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(Ambassador Michael McFaul – Russia Beyond the Headlines – www.rbth.ru – February 8, 2013 – Michael Mcfaul is the U.S. Ambassador in Russia) A year ago, I arrived in Moscow to represent my country as the U.S. Ambassador to the Russian Federation. This is a good moment to reflect on the state of U.S.-Russian relations and my role in developing […]
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MOSCOW. Feb 11 (Interfax) – The Russian Presidential Experts Directorate has compiled several measures aimed at de-offshorization of the Russian economy, the head of the directorate, Ksenia Yudaeva, said. As well as privatization inside Russia, reforming regulations for investing pension savings and easing the tax regime for investors, the measures suggested include the creation of a special arbitration court and […]
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NOVO-OGARYOVO. Feb 11 (Interfax) – President Vladimir Putin has emphasized the need for “soft force” mechanisms in Russian Foreign Ministry operations. “Obviously, ‘classic’ diplomacy is, if not particularly out of date, then seriously transformed. You and your colleagues have to deal with the economy, developing business relations, supporting various economic projects and opening new promising markets,” Putin told Russian Foreign […]
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(Interfax – February 8, 2013) Half of Russia’s trade turnover is with the EU, and EU countries are the main sources of foreign investment in the Russian economy despite the crisis, Russia’s permanent envoy to the EU Vladimir Chizhov told reporters before Diplomats’ Day, which is marked on Feb. 10. “Russian-EU relations can’t stagnate because the Russian economy and the […]
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MOSCOW. Feb 7 (Interfax) – The rate of Russian economic growth this year will not be any more than 3%-3.5%, Citi economist for Russia and Commonwealth of Independent States countries Natalya Novikova thinks. Novikova told the press on Thursday that Citi analysts are not expecting a significant decline in the price of oil this year, but the problem for the […]
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(RFE/RL – www.rferl.org – Daisy Sindelar – February 8, 2013) Many people enjoy the fireworks and celebrations that come with Chinese New Year. Not everyone, however, is enthusiastic about the upcoming Year of the Snake, which begins February 10. For one thing, the Year of the Snake is traditionally considered a less fortuitous cycle in the 12-year Chinese zodiac than […]
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MOSCOW, February 8 (RIA Novosti) The market value of Russia’s government owned assets is more than 50 percent higher than the country’s 2012 GDP, but the authorities say the property’s management is not always effective. The Russian government held a meeting Thursday to try to work out a concept in the sphere of managing federal property. Russia’s Federal Agency […]
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(Interfax – February 7, 2013) Russian Prime Minister Dmitriy Medvedev has said that public officials of all levels should leave the boards of directors of state companies, Russian privately-owned Interfax news agency reported on 7 February. He also criticized the procedure for approving state company directors. “In future only professional directors should work on boards; state employees should leave,” Medvedev […]
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(Moscow Times – themoscowtimes.com – Lena Smirnova – February 6, 2013) Bill Mayfield is utterly convinced Russia is ready to embrace more expat workers. He’s so sure it’s not hard for foreigners even those who don’t speak a single word of Russian to find work here that he’s written a book about it. “What are expats good at […]
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(Moscow Times – themoscowtimes.com – Anatoly Medetsky – February 6, 2013) Agriculture Minister Nikolai Fyodorov on Tuesday asked for an additional $1.4 billion in farming subsidies this year, as grain prices are growing and WTO commitments are taking effect. Total federal spending on supporting farmers was initially projected at 158 billion rubles ($5.3 billion) this year. Following a less-than-spectacular crop […]
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(Interfax – February 6, 2013) The share of food and beverages (including alcohol) in the consumer basket of Russians is one of the highest in the world, said the Central Bank. That share is 37.7% in Russia, versus 23.1% in Brazil, 21.6% in South Africa, 19.1% in Japan, 5.3% in the USA and 13.5% in Germany. In India, the share […]
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(Bloomberg – bloomberg.com – Henry Meyer and Ilya Arkhipov – February 6, 2013) Prime Minister Dmitry Medvedev is clinging to his job as President Vladimir Putin grows increasingly frustrated with his protege’s inability to boost growth, three current and former Kremlin advisers said. Putin criticized Medvedev’s government last week for failing to adapt to a “post-crisis” economic model. That followed […]
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(Bloomberg – bloomberg.com – Henry Meyer – February 5, 2013) “Are you totally out of your mind?” Russian newspaper tycoon Alexander Lebedev exclaimed as he jumped to his feet. He stared combatively at property developer Sergei Polonsky, who had taunted Lebedev for ridiculing his claim to be a major charity donor. As tempers flared during the recording of a TV […]
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(Bloomberg – bloomberg.com – Jason Corcoran – February 4, 2013) Goldman Sachs Group Inc. (G) has been hired by the Russian government to burnish the nation’s image overseas and attract more institutional investors. The bank has signed a three-year agreement with the Economy Ministry and the Russian Direct Investment Fund to advise on issues such as communicating government decisions and […]
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(Business New Europe – www.bne.eu – Moscow Blog – February 5, 2013) Russian Prime Minister Dmitry Medvedev called on the government to pick up the pace of economic growth and raise it to 5% in the near future, which might “require some changes in the budget policy.” The battle lines are being drawn for probably one of the most important […]
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(Moscow Times – moscowtimes.com – Nikolaus von Twickel and Irina Filatova – Februry 4, 2013) One year before they kick off, the Sochi Winter Olympics have already bagged a world record. They will go down as the most expensive games in history. The cost will top 1.5 trillion rubles ($50 billion) in state and private investment, and three-quarters of that […]
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(Russia Beyond the Headlines – www.rbth.ru – Daria Gonzales – February 5, 2013) Today, the provocative label of “dead town” smothers a thousand human tales of departure, relocation, and long waits in the hopes of a flat in a new city. Yet, not all residents of these nearly uninhabited places have the desire to leave. RBTH explores the lives of […]
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(Moscow Times – themoscowtimes.com – Irina Filatova – February 1, 2013) Finance Ministry and Central Bank officials on Thursday called for strict adherence to existing budget policy, saying the measure is critical to achievement of the high rates of economic growth set by Prime Minister Dmitry Medvedev. Attaining an annual 5 percent increase in gross domestic product is “very ambitious,” […]
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(Moscow Times – themoscowtimes.com – Anatoly Medetsky – February 1, 2013) Prime Minister Dmitry Medvedev took the floor in the Kremlin on Thursday to outline a wide range of goals for his Cabinet, in a move seen as a show of unwavering support for him from President Vladimir Putin. Most of the goals, such as improving the conditions for business, […]
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(Kremlin.ru – January 31, 2013) Vladimir Putin chaired an expanded meeting of the Government of the Russian Federation. The meeting discussed the guidelines for the Government’s performance through 2018. * * * PRESIDENT OF RUSSIA VLADIMIR PUTIN: Good afternoon, colleagues, Last year we outlined a strategy for our activities in the long term. We identified our priorities and targets in […]
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MOSCOW. Jan 31 (Interfax) – The main risks that Russia faces are not external, but internal, Russian Prime Minister Dmitry Medvedev said at an expanded government session on Thursday. “And all the main risks are not external, but internal. I’m referring to the forecast reductions in the working-age population, the low quality of state management, the far-from-ideal investment climate, the […]
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