JRL NEWSWATCH: “Russia’s GDP growth slows in 1Q19, challenging the policy framework” – bne Intellinews/ Dmitri Dolgin (Russia ING)

Diverse Paper Currency, Coins, Line Graph

“Russian GDP growth slowed from 2.7% year on year in 4Q18 to just 0.5% y/y in 1Q19, well below expectations. Unlike most commentators, we attribute this slowdown to a pause in the state CAPEX rather than to the VAT hike. We also believe a policy response is more likely to come from the Finance Ministry rather than the Central Bank […]

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JRL NEWSWATCH “Russia ramps up bond sales ahead of possible U.S. sanctions; Moscow’s $1.1bn issuance comes after April fundraising smashed records” – Financial Times/ Max Seddon, Nikou Asgari

File Photo of Facade of Russian Finance Ministry

“… [Russia’s] finance ministry sold Rbs73bn ($1.1bn) in rouble-denominated bonds … Wednesday[,] … part of a plan to raise Rbs600bn in domestic debt this quarter. … [after] a record Rbs400bn in April – four times [Russia’s] monthly average – feeding strong investor appetite for high-yielding emerging market debt. … [Analysts regard the efforts] as a pre-emptive stockpiling … [against] the […]

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Fiscal rule already essentially in effect, might be formally introduced in 2018 – Belousov

Oil Well file photo

MOSCOW. April 17 (Interfax) – The new fiscal rule that restricts Russian budget spending of additional oil and gas revenue is essentially already in effect, and it might be formally introduced in 2018, Kremlin aide Andrei Belousov said. “The fiscal rule comes down to cutting off the level of spending at an oil price of $40 per barrel. We negotiated […]

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Russia Eyes Reforms to 13 Percent Flat Income Tax; A new series of reform proposals could tie tax rates to income levels

Cash, Calculator, Pen

(Moscow Times – themoscowtimes.com – Matthew Kupfer – February 22, 2017) #Russia has long prided itself on its simple 13 percent flat income #tax rate. But a series of reform proposals could push the country towards a progressive alternative. The Finance Ministry, the Economic Development Ministry and the Center for Strategic Research (CSR) are actively developing reforms for the Russian […]

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Russian MinFin adjusts revenue for 2016 budget to 13.74 trln rubles, spending to 16.1 trln rubles

Anton Siluanov file photo

MOSCOW. Oct 22 (Interfax) – The Russian Finance Ministry has increased the parameters for the revenue and spending of the 2016 federal budget to 13.738 trillion rubles and 16.098 trillion rubles, respectively, Russian Finance Minister Anton Siluanov told journalists. “Revenue is 13.7385 trillion and spending is 16.0987 trillion rubles,” he said. Earlier the draft budget envisaged revenue of 13.57 trillion […]

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