Category: Budget

Russia, Despite Military Ventures, Cut Defense Spending By Most In Decades

Budget, Military, United States, U.S.-Russian Relations
Russian Soldiers Marching

(Article ©2018 RFE/RL, Inc., Radio Free Europe/Radio Liberty – rferl.org – May 2, 2018 – also appeared at rferl.org/a/russia-despite-ventures-syria-ukraine-cut-military-spending-last-year-most-since-1998-economic-collapse-western-sanctions-recession/29203634.html) Western sanctions and a long recession forced Russia’s military to slash spending by 20 percent last year, its first drop in nearly two decades, a closely followed think-tank report said. Despite Russia’s flexing of its military muscle around the world, with its […]

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NEWSWATCH: “The Russian pension system’s 2018 deficit will be twice as big as predicted” – Meduza

Budget, JRL NewsBlog, Pensions, Pensioners, Retirees, Politics, Government, Protests, Elections
File Photo of Elders Walking in Russia

“Russia’s Labor Ministry has amended the Pension Fund’s 2018 budget to reflect a deficit that’s more than twice as high as predicted, rising from 106.6 billion rubles ($1.7 billion) to 256.8 billion rubles ($4.1 billion). The Pension Fund is expected to earn just 66.7 billion rubles ($1.1 billion), while spending 83.5 billion rubles ($1.3 billion). Spokespeople for the Pension Fund […]

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Kudrin sees budget maneuver adding 0.5%-1% to Russian GDP growth

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections
Alexei Kudrin file photo

MOSCOW. April 24 (Interfax) – The so-called budget maneuver, which the Center for Strategic Research (CSR) sees as one of the main conditions for achieving sustainable economic growth and a tangible improvement in Russians’ living standards, will make it possible to achieve additional annual economic growth of 0.5% to 1%, CSR chairman and former Finance Minister Alexei Kudrin said in […]

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NEWSWATCH: “Putin to Back $162 Billion Spending Spree for New Term” – Bloomberg

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections
Cash, Calculator, Pen

“… Putin is planning a roughly 10 trillion-ruble ($162 billion) increase in spending on health care, education and infrastructure, hoping to kick-start sputtering economic growth in his new presidential term, according to people familiar with the plans. …. Some of the new spending will be offset with cuts … — the budget already calls for gradual reductions in military spending […]

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Kremlin Officials Split Over Putin’s Economic Promises

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections
Cash, Calculator, Pen

(Moscow Times – themoscowtimes.com – March 23, 2018) Russian fiscal policymakers are wrangling over how to fulfil newly re-elected President Vladimir Putin’s spending promises, with one senior Kremlin figure advocating a quick but painful revenue grab and another a more radical overhaul of taxation. During his campaign Putin promised higher healthcare and infrastructure spending, but did not say how this […]

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NEWSWATCH: “Russian Voters Left Guessing at Putin’s Economic Plan” – Reuters

Budget, Economy, Business, Investment, Trade, JRL NewsBlog, Politics, Government, Protests, Elections
Cash, Calculator, Pen

“… Putin will enter Sunday’s election with little agreement among his top policymakers on an economic strategy for his next term …. Many Russians … prospered … [when] high oil prices contribut[ed] to bumper growth rates before … 2008 …. But the economy sank into recession after Western … sanctions … [over] Ukraine. A collapse in oil prices and the […]

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NEWSWATCH: “Life in Vladimir Putin’s Russia explained in 10 charts” – BBC/ Alex Murray, Tom Housden, Anastasia Napalkova, Sandra Rodriguez Chillida, Joy Roxas, Zoe Bartholomew

Budget, Economy, Business, Investment, Trade, Foreign Policy, Security, Visas, Health, Epidemics, Substance Abuse, JRL NewsBlog, Media, Internet, Social Media, Television, Military, Politics, Government, Protests, Elections
Map of Russia and Russian Flag adapted from images at state.gov

“1. Fewer people are poor … 2. But wage growth has stalled recently … 3. More people have a car, and there are more microwaves than households … 4. Russians fell in love with Ikea … 5. And champagne … There’s some dispute over how much Russians drink. … 6. … the internet took off … 7. But circuses are […]

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Russia should allocate at least 3.4 trln rubles for demographic development within next 6 years – Putin

Budget, Politics, Government, Protests, Elections, Population Disaster, Demographics
Couple in Hospital with Newborn

MOSCOW. March 1 (Interfax) – At least 3.4 trillion rubles should be allocated for demographic development within the next six years, Russian President Vladimir Putin said in his annual address to the Federal Assembly on Thursday. “We will have to allocate at least 3.4 trillion rules for demographic development measures and for the welfare of mothers and children within the […]

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NEWSWATCH: “‘Russia’s Arctic military construction bigger than other countries’ – Shoigu” – Interfax-AVN

Arctic, Budget, JRL NewsBlog, Military, Politics, Government, Protests, Elections
Map of Arctic Highlighting Permafrost, adapted from image at nasa.gov

With regard to Russian military construction in the Arctic: “[Says] Russian Defense Minister Sergei Shoigu … ‘Since 2013, we have built 545 installations on over 710,000 square meters under Far North conditions. No other country in the world has carried out such massive construction on the Arctic latitudes’” Apparently with regard to broader Russian military infrastructure: “‘The geography of construction […]

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Interfax: Russia could have budget surplus of 1.2% of GDP, NWF could grow 3.5 trillion rubles in 2018 – Econ Ministry

Budget, Economy, Business, Investment, Trade
Diverse Paper Currency, Coins, Line Graph

MOSCOW. Feb 13 (Interfax) – Russia could have a budget surplus of 1.2% of GDP in 2018 if current oil prices persist, the Russian Economic Development Ministry said in its latest monthly monitoring report. The National Welfare Fund (NWF) could in that case grow by 3.5 trillion rubles or around $60 billion at the current rate, it said. The NWF […]

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NEWSWATCH: “Starving Wolf No Longer: Can Russia Sustain Its Military? Russia is having to balance its demand for more advanced weapons with a slew of other priorities” – Moscow Times/Michael Kofman

Budget, JRL NewsBlog, Military, Politics, Government, Protests, Elections
Russian Soldiers Marching

“… the military … will probably continue operations [in Syria]. … [and] continue to fuel its other major conflict, Ukraine … supporting proxy forces in breakaway republics in the … east. But … Russia’s … Armed Forces are at a crossroads. Divergent spending priorities, resource constraints and myriad dilemmas loom …. * * * The Armed Forces may expand, but … […]

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NEWSWATCH: “Putin to Push State-of-Nation Speech Closer to March Vote, Officials Say” – Bloomberg/Stepan Kravchenko, Ilya Arkhipov, Evgenia Pismennaya

Budget, Economy, Business, Investment, Trade, JRL NewsBlog, Politics, Government, Protests, Elections
Vladimir Putin file photo with VOA logo; screen shot from video still

“The Kremlin has decided to delay … Putin’s annual state-of-the-nation speech to [take place] closer to the March 18 vote [providing] a key platform … to lay out priorities for his next presidential term, according to three officials familiar with the plans. … Putin is expected to discuss proposals for higher spending on popular domestic programs like health and education, while […]

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NEWSLINK: “Russia Weighs Biggest Spending Spree Since Putin’s Re-Election” – Bloomberg/Andrey Biryukov, Ilya Arkhipov, Evgenia Pismennaya, Anna Andrianova, Olga Tanas

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections
Putin Descending a Staircase

“Russia’s government is discussing a proposal to turn on the fiscal taps in what would be the biggest domestic spending spree since President Vladimir Putin last ran for re-election in 2012. …”

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NEWSLINK: “Russia’s Regions Strike Back: Provincial Leaders Want More From Moscow” – Carnegie Moscow/ Andrey Pertsev

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections, Regions, Cities, Municipalities
Russia Regions Map

“Russian regional leaders are rediscovering their power and their ability to fight with Moscow over budgets and autonomy. Discontent over Moscow siphoning off regional funds has reached a breaking point, while Tatarstan is in a new contest with the center over regional language rights. …”  

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Kudrin says govt studying his proposals at Putin’s instructions

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections
Alexei Kudrin file photo

MOSCOW. Nov 25 (Interfax) – Alexei Kudrin, head of the Center of Strategic Research and Committee of Civic Initiatives and former Russian finance minister, says President Vladimir Putin has instructed the government to analyze his proposals on Russia’s development strategy. “I reported the key provisions of our proposals on the country’s development strategy to him. That primarily concerns the budget […]

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Interfax: Russia’s defense spending tops 5.3% of GDP, near $70 bln – PwC

Budget, Economy, Business, Investment, Trade, Military, Politics, Government, Protests, Elections
File Photo of Close-Up of Line of Russian Soldiers in Dress Uniforms for Parade

MOSCOW. Nov 15 (Interfax) – Russia ranks seventh among the world’s major defense-industry players, with defense expenditures totaling $69.2 billion, PricewaterhouseCoopers (PwC) said in a statement regarding its second Global Defense Perspectives report. In the current rating, Russia occupies seventh place; its defense expenditures amount to 5.32% of GDP and total $69.2 billion. It has moved up one position since […]

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RUSSIALINK TRANSCRIPT: “Russia Calling! Investment Forum” – KremlinRu

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections
Vladimir Putin file photo with VOA logo; screen shot from video still

(kremlin.ru – Oct. 24, 2017) Vladimir Putin spoke at the annual Russia Calling! Investment Forum organized by VTB Capital. This year’s event is being held under the slogan Manage the Difficulties, Control the Risks. The forum is the leading event in attracting portfolio and strategic investment in the Russian economy and promotes effective cooperation between Russian businesses and international investors. […]

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NEWSWATCH: “OPEC Pushes Russia to Continue Helping on Oil Prices” – Wall Street Journal/ Benoit Faucon, Summer Said, Nathan Hodge

Budget, Economy, Business, Investment, Trade, Middle East, North Africa, Oil, Gas, Energy, Saudi Arabia
File Photo of King Salman of Saudi Arabia Seated Next to Saudi Flag and Gesturing, adapted from image at defense.gov

As King Salman becomes the first Saudi Monarch to visit Moscow, The Wall Street Journal reports on efforts by OPEC to keep Russia in an ad hoc coalition to suppress global oil production. “Saudi Arabia and OPEC are lobbying Russia to stay on board with their efforts to raise oil prices, amid signals that Moscow wants to end its participation in costly […]

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Putin Budget Points to Another Lost Decade for Russia, ‘Nezavisimaya Gazeta’ Says

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections
File Photo of Kremlin Aerial View, adapted from .gov source

(Paul Goble – Window on Eurasia – Staunton, October 4m 2017) The three-year budget the Russian government has proposed suggests that Russia will continue to stagnate, poverty will continue to grow, and the country will fall further and further behind the developed world and even its nearest neighbors, according to the editors of Nezavisimaya gazeta. In a lead article today, […]

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Siluanov names three structural areas for state budget spending in 2018-2020

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections
Anton Siluanov file photo

MOSCOW. Sept 18 (Interfax) – The social sphere, defense and support for the national economy are the main areas of Russian federal budget spending in 2018-2020, Finance Minister Anton Siluanov said. “The bulk of spending is stipulated for allocation to the social sphere – this is 36.4% – and defense – 29%. We are fulfilling the plan for arms and […]

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NEWSLINK: “Greasing the public’s hands: how oil and gas taxes financed the Kremlin’s social contract” – Bear Market Blog/ Miranda Lupion

Budget, Economy, Business, Investment, Trade, Newslinks, Oil, Gas, Energy, Politics, Government, Protests, Elections
Gas Flame file photo

“This past month, Russian news outlet RBC published a detailed report breaking down the revenue sources that funded the Kremlin’s 2016 federal budget. While the headline, “50 Companies Furnished Half of the Russian Budget’s Tax Revenue,” may come as no surprise to those familiar with the country’s business landscape, the fine print is worth a double take. In 2016, revenue […]

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NEWSWATCH: “Russia to spend $2.5 bln on Trans-Siberian, Baikal-Amur railroads. Investment is first stage in expanding railroad capacity to increase exports from Far East Russia.” – Asia Times

Budget, Central Asia, Far East, Siberia, APEC, JRL NewsBlog, Politics, Government, Protests, Elections, Regions, Cities, Municipalities, Transportation
Russia Map

“Russian [sic] has approved US$2.5 billion to expand and modernize the Trans-Siberian and Baikal-Amur railways as part of a larger rail project to boost economic growth and exports from the country’s Far East region that borders the Pacific Ocean. … Putin has given the green light for the government to allocate money from the National Welfare Fund for this stage of […]

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NEWSLINK: “Russia’s government moves from war budget to election budget” – bne Intellinews/ Ben Aris

Budget, Economy, Business, Investment, Trade, Military, Newslinks, Politics, Government, Protests, Elections
Diverse Paper Currency, Coins, Line Graph

“The Russian government has moved from a war budget to an election budget as social spending soars and defence spending is cut. With the presidential election now only a year away, which Russian President Vladimir Putin, virtually unopposed, is expected to easily win, the Russian government has changed its budgetary focus and boosted social spending to soften up the electorate. […]

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RUSSIALINK: “Putin announces cuts to defence spending in 2018” – RIA Novosti

Budget, Military, Politics, Government, Protests, Elections
File Photo of Russian Tanks in Military Parade

(RIA Novosti – August 15, 2017) Russian President Vladimir Putin has announced cuts to defence spending in 2018 as a part of next year’s federal budget, state-owned news agency RIA Novosti reported on 15 August. “I would like to recall that significant savings are under review for next year’s budget, and incidentally, by means of reducing spending on defence. This […]

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NEWSWATCH: “Russia to become a net borrower for first time in a decade” – bne Intellinews

Budget, Economy, Business, Investment, Trade, Pensions, Pensioners, Retirees, Politics, Government, Protests, Elections
Diverse Paper Currency, Coins, Line Graph

“… Russia has been dipping into its rainy day Reserve Fund to cover the federal budget deficit but this fund is due to run out of money sometime next year. Now the government is actively preparing to dip into its other sovereign fund, the National Welfare Fund, that was set up to meet future pension payments, but now will be […]

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Russia Sticks to Conservative $40 Oil Forecast for 2018 Budget

Budget, Oil, Gas, Energy
Oil Well file photo

(Bloomberg – bloomberg.com – Olga Tanas – June 29, 2017) The Russian government is sticking to its conservative assumptions for oil prices as it drafts the budget for the next three years, relying mainly on domestic borrowing to finance the deficit in order to preserve its rainy-day funds. Oil prices are running above the government’s $40-a-barrel forecast, but growing supply […]

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NEWSWATCH: “The Wars of the Future: Russian Defense Ministry’s New Modernization Plan; Upcoming re-armament program will offer clues on how Russia sees the future of war” – Moscow Times/ Michael Kofman

Budget, JRL NewsBlog, Military
Russian Mobile ICBM Parade File Photo

“… Delayed for two years owing to economic and budgetary volatility, the next phase of the State Armament Program (GPV), covering 2018-2025, is due to be finalized and signed by September. … [to] determine not just what Russian armed forces get next year, but the weapons and systems they will fight with into the 2030s. * * * … the […]

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VIDEO NEWSWATCH: “U.S. shale, trade and sanctions worry Russian Finance minister as economy gets back on track” – CNBC/ Geoff Cutmore, Alexandra Gibbs

Budget, Economy, Business, Investment, Trade, JRL NewsBlog, Oil, Gas, Energy, United States, U.S.-Russian Relations
Anton Siluanov file photo

[Scroll down for embedded video] “… Following last week’s decision by oil producers to extend output cuts by nine months to March 2018, Siluanov told CNBC that OPEC’s decisions would give opportunity [sic] for prices to stay at present levels, but that both producers and the ministry had to be on alert for any market changes. …” ‘On the one […]

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

Budget, Economy, Business, Investment, Trade, Oil, Gas, Energy, Politics, Government, Protests, Elections
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

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections
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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TRANSCRIPT: [Vladimir Putin, Mikhail Men, Alexander Novak, Nikolai Nikiforov, Vitaly Mutko at] Meeting with Government members

Budget, Economy, Business, Investment, Trade, Oil, Gas, Energy, Politics, Government, Protests, Elections, Sports, Olympics, World Cup
Map of Russia and Russian Flag adapted from images at state.gov

(kremlin.ru – February 1, 2017) Vladimir Putin met with Government members to discuss possibilities for further developing treasury monitoring of budget spending, the situation with co-funded housing development, and a number of other current issues. President of Russia Vladimir Putin: Good afternoon colleagues. Today, we will discuss the results of work and further development for treasury monitoring of budget spending. […]

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Russian government gives general approval to 2017-2019 draft budget

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections
Cash, Calculator, Pen

GORKI. Oct 13 (Interfax) – The Russian government on Thursday gave its general backing to the draft federal budget for 2017 and the planning period 2018 and 2019, the Cabinet’s press office told reporters. The draft socio-economic forecast for the period was also approved. “All the documents submitted for approval at the Cabinet meeting were approved. There will be some […]

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Russia to Increase Military Spending While Slashing Welfare Budget

Budget, Economy, Business, Investment, Trade, Military, Politics, Government, Protests, Elections
Russian Mobile ICBM Parade File Photo

(Moscow Times – themoscowtimes.com – October 4, 2016) Russia’s military spending is set to increase by 679 billion rubles ($10 billion) despite the welfare budget decreasing by 375 billion rubles ($6 billion), the Gazeta.ru news website reported Tuesday, citing a source in the government. The government’s finance ministry published a bill of amendments to the welfare budget on Monday, announcing […]

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TRANSCRIPT: [Putin at] Meeting on budget planning

Budget, Politics, Government, Protests, Elections
Tower and Building Inside Kremlin

(Kremlin.ru – September 28, 2016) Vladimir Putin chaired a meeting on federal budget planning. Participants discussed the budget policy priorities for the upcoming period. President of Russia Vladimir Putin: Colleagues, Government efforts to draft the federal budget are entering the final stage. By November 1, the draft is to be submitted to the 7th State Duma. I am confident that […]

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Russian Finance Ministry not proposing progressive income tax scale after 2018

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections
Cash, Calculator, Pen

MOSCOW. Sept 7 (Interfax) – The Russian Finance Ministry has not suggested introducing a progressive income tax scale after 2018. “We’re not proposing a progressive income tax scale [after 2028]. We’re not discussing one and we’re not proposing one,” Deputy Finance Minister Ilya Trunin told reporters. The Vedomosti newspaper has quoted sources as saying the Finance Ministry had suggested several […]

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NEWSWATCH: “Russian government finds itself under social spending pressure in election season” – bne Intellinews

Budget, Economy, Business, Investment, Trade, JRL NewsBlog, Politics, Government, Protests, Elections
Two Babushkas file photo

The Russian government will discuss either indexing pensions by 8.6% on September 1 or making a one-time payment to pensioners …. Despite the ongoing efforts to consolidate the budget amid the unprecedented fiscal squeeze, the government might have to give in to increasing social spending as the two-year election season starts …. The Russian government needs to find RUB2 trillion ($31bn) from somewhere […]

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NEWSWATCH: “Russian Village Resists Privatization Effort Championed by Putin. Locals, activists and lawmakers rally to prevent sale of century-old state-owned dairy plant.” – Wall Street Journal

Agriculture, Budget, Economy, Business, Investment, Trade, JRL NewsBlog, Politics, Government, Protests, Elections
Map of Russia and Russian Flag adapted from images at state.gov

The Russian government’s privatization drive soured in a village called Milk. The dairy plant here that for more than a century has churned out Russia’s most-recognizable brand of butter was scheduled to be auctioned in mid-February, the latest target to raise cash for the budget. But after locals, activists and lawmakers held rallies and petitioned President Vladimir Putin and other […]

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TRANSCRIPT: [Putin] Meeting with Russian Media

Budget, Economy, Business, Investment, Trade, Europe, EU, Greece, Population Disaster, Demographics
Ancient Temple Ruins in Greece with Tourists

(Kremlin.ru – May 28, 2016) Following the Russian-Greek talks, Vladimir Putin met with Russian media representatives. Question: Mr President, may I ask you a question about domestic policy rather than talks with Greece? Vladimir Putin: Are you having trouble sleeping? Remark: I am. The whole country is thinking about this issue. Vladimir Putin: Go ahead. Question: Mr Medvedev visited Crimea […]

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Was Russia’s First Bond Sale in 3 Years a Success?

Budget, Economy, Business, Investment, Trade
Cash, Calculator, Pen

(Moscow Times – themoscowtimes.com – Peter Hobson – May 26, 2016) [Chart here themoscowtimes.com/business/article/was-russias-first-bond-sale-in-3-years-a-success/570254.html] Bidding opened suddenly on the morning of May 23. After a three-year absence from international markets, and with very little warning, Russia announced it wished to borrow billions of dollars. The Finance Ministry sought to help finance a yawning budget deficit caused by the low price […]

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Putin’s Advisors to Outline Russian Economic Reform

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections
Diverse Paper Currency, Coins, Line Graph

(Moscow Times – themoscowtimes.com – May 23, 2016) Russia’s latest economic reform package is set to cut state spending and raise the retirement age, the Vedomosti newspaper reported Monday. The reforms, which are due to be discussed Wednesday May 25 by President Vladimir Putin’s economic council, will focus heavily on stimulating domestic investment. It is the first time the council […]

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Putin walks fiscal tightrope; deficits seen to 2020

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections
Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – ANDRE TARTAR AND OTT UMMELAS – May 7, 2016) If the Russian government’s in-house forecaster is right that muted oil prices are here to stay, budget deficits will stretch to the end of this decade, according to a Bloomberg survey of analysts. Under the Economy Ministry’s projection that oil will average $40 a barrel through 2019, […]

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Russia’s Oil Dilemma Explained

Budget, Economy, Business, Investment, Trade, Oil, Gas, Energy
Oil Well file photo

(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 […]

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TRANSCRIPT: [Medvedev on] The Government’s action plan to ensure stable socioeconomic development in 2016

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections
Dmitri Medvedev file photo

(Government.ru – February 18, 2016) Excerpts from Dmitry Medvedev’s opening remarks at the Government meeting: The budget sector and the real sector are overstrained today due to low oil prices and sanctions, so there have been a lot of proposals to be included in the plan but far from all of them were incorporated into the final version. We need […]

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NEWSWATCH: “Russia government mulls five percent cut in defense procurement spending: sources” – Reuters

Budget, Economy, Business, Investment, Trade, JRL NewsBlog, Military
File Photo of Russian Tanks in Military Parade

Russia’s government is considering cutting spending on defense procurement this year by 5 percent … a move that would extend the budget squeeze to a sector that up to now has been immune …. The proposal has support across several ministries and in other state institutions, enough for it to go forward for discussion at a cabinet meeting, the sources […]

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