Category: Economy, Business, Investment, Trade

‘Why Didn’t You Run?’ – The Inside Story on the Arrest of Russian Billionaire Dmitry Kamenshchik

Corruption, Law, Police, Courts, Crime, Economy, Business, Investment, Trade, Human Rights, Politics, Government, Protests, Elections, Terrorism
File Photo of Kremlin Tower, St. Basil's, Red Square at Night

(Moscow Times – themoscowtimes.com – Peter Hobson – February 25, 2016) On the morning of Feb. 18, Dmitry Kamenshchik, Russia’s 27th-richest tycoon, packed a backpack with some spare clothes, a toothbrush, and shoes without laces – the essentials for a stint in prison. The billionaire owner of Moscow’s Domodedovo Airport was unemotional, says his lawyer. Ten days earlier, three current […]

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What will Russia be like in 2030?

Economy, Business, Investment, Trade, Politics, Government, Protests, Elections
Kremlin and Saint Basil's File Photo

Gathered at a forum in the heart of Siberia, leading Russian economists have outlined their vision for the country’s future. Discussions at the Krasnoyarsk Economic Forum focused on issues including decentralization, developing food technologies and healthcare. (Russia Beyond the Headlines – rbth.ru – ALEXEI LOSSAN, RBTH – February 25, 2016) The summer of 2016 should see the publication of Strategy-2030, […]

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Interfax: Novak considers $50 per barrel most appropriate from supply-demand standpoint

Economy, Business, Investment, Trade, Oil, Gas, Energy, Politics, Government, Protests, Elections
Offshore Oil Rig file photo

MINSK. Feb 25 (Interfax) – Oil prices are unlikely to rise above $60 per barrel and a price of $50 is optimal, Energy Minister Alexander Novak said. “Speaking fundamentally, the price cannot be high, above $50-$60 per barrel, because in this situation robust investment activity would resume, those projects where investment and production volumes are now falling would be implemented, […]

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Most Russian Monotown Residents Say Economic Situation Unbearable

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

(Moscow Times – themoscowtimes.com – February 25, 2016) A total of 59.8 percent of residents of Russia’s single-industry towns consider their socio-economic situation to be unbearable or hardly bearable, the RBC newspaper reported Thursday, citing a poll by the Federal Guard Service (FSO). Only 3.9 percent of respondents said the socio-economic situation in their town was favorable and 31.3 percent […]

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Russians Adjust to Increasing Poverty like Frogs to Gradually Warming Water, Kirillova Says

Economy, Business, Investment, Trade, Foreign Policy, Security, Visas, Russia & the West
Cash, Calculator, Pen

(Paul Goble – Window on Eurasia – Staunton, February 23, 2016) It has long been claimed that a frog who might jump out of a port of boiling water will stay quietly in a gradually warming pot, even though as a result, he will end up dead. In a new commentary, Kseniya Kirillova suggests that Russians are adapting to gradually […]

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Can Things Get Any Worse for Russia? You’re About to Find Out

Economy, Business, Investment, Trade, Oil, Gas, Energy, Politics, Government, Protests, Elections
Diverse Paper Currency, Coins, Line Graph

Investors who’ve made a fortune in the country say that with oil’s plunge, the ruble’s collapse, and Putin in power, all bets are off (Bloomberg – bloomberg.com – Ksenia Galouchko and Henry Meyer – February 23, 2016) [Charts here bloomberg.com/news/articles/2016-02-24/putin-s-oil-despair-drives-lucky-few-investors-toward-the-exits] For a decade, Dmitri Barinov has been following the volatile economy of his homeland from the safe distance of Union […]

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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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Strategy-2030 to be formulated in coming months – Dvorkovich

Economy, Business, Investment, Trade, Politics, Government, Protests, Elections
Arkady Dvorkovich file photo

KRASNOYARSK. Feb 19 (Interfax) – Russian government officials intend to formulate the country’s development strategy to the year 2030 in the next few months, Deputy Prime Minister Arkady Dvorkovich said, opening the plenary session of the Krasnoyarsk Economic Forum on Friday. “We have gathered not only in order to talk, but also to formulate solutions or approaches to solving the […]

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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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The One Shock Russia Dodged Is Set to Catch Up With Putin

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

(Bloomberg – bloomberg.com – Olga Tanas – February 18, 2016) [Charts here bloomberg.com/news/articles/2016-02-17/the-one-shock-sidestepped-by-russia-is-catching-up-with-putin] Russia’s longest recession in two decades is proving a test too far for the labor market. After deflecting pressure in 2015 with salary reductions, part-time work and unpaid vacations, companies are increasingly opting to cut jobs as the economy enters its second year of contraction. As Russia’s […]

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Russia and OPEC trio agree to freeze oil production, but no cuts

Economy, Business, Investment, Trade, Middle East, North Africa, Oil, Gas, Energy
Oil Well file photo

Russia, Saudi Arabia, Qatar and Venezuela have announced their readiness to freeze oil production volumes at January levels but fell short of agreeing to cut production by 5 percent as was earlier anticipated. Market analysts believe this agreement is a loss for Russian diplomacy – as a result of the deal, oil prices and the related value of the ruble […]

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Defender of Putin, Detained in Russia: American Activist Deemed U.S. ‘Agent’

Corruption, Law, Police, Courts, Crime, Economy, Business, Investment, Trade, Foreign Policy, Security, Visas, Human Rights, United States, U.S.-Russian Relations
File Photo of Kremlin Tower, St. Basil's, Red Square at Night

(RFE/RL – rferl.org –Carl Schreck – February 17, 2016) For a person who has dedicated her life to improving ties between Moscow and the West — and who has passionately denounced what she calls the “demonization” of President Vladimir Putin by Western media and officials — Sharon Tennison has gotten a strange reception in Russia. Tennison, an American activist whose […]

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Weak Ruble Draws Foreign Tourists to Russia for Summer Vacations

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

(Moscow Times – themoscowtimes.com – February 18, 2016) The number of foreign tourists booking summer vacations in Russia has risen by 30 percent amid the weakening of the ruble, the Kommersant newspaper reported Wednesday, citing a study by the Momondo online reservation system. Demand for trips to Russia during the summer months among German travelers – who made the most […]

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NEWSWATCH: “A Pyrrhic Victory for President Poroshenko” – Atlantic Council/Anders Aslund

Economy, Business, Investment, Trade, Europe, EU, JRL NewsBlog, Ukraine, Russo-Ukrainian War, United States, U.S.-Russian Relations
Verkhovna Rada File Photo

… February 16, the Ukrainian parliament deemed the performance of its government unsatisfactory with 247 votes, but only 194 parliamentarians voted for a no-confidence measure. The government did not fall … this strange vote may appear a victory for … Poroshenko, but it seems a Pyrrhic victory that may have broken the ruling coalition in parliament and brought Ukraine closer […]

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RBTH: Even if Russia and OPEC tango, oil prices won’t budge an inch

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

As Russian officials consider trying to forge an agreement with OPEC in order to help push up oil prices, they are missing an unfortunate truth – factors such as the discord within the oil producers’ body, the positions of Saudi Arabia and Iran and the strength of the dollar all mean that the price of oil is unlikely to bounce […]

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Agreement between Russia, three OPEC countries concerns average oil output for year – Energy Ministry

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

MOSCOW. Feb 16 (Interfax) – The agreement that Russia and OPEC nations Saudi Arabia, Qatar and Venezuela reached at meeting in Doha on Tuesday not to exceed January’s level of output applies to average figures for the year, not daily output, the Russian Energy Ministry said in a revised statement following the meeting. The meeting was between Russian Energy Minister […]

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TRANSCRIPT: Dmitry Medvedev’s meeting with Russian and German business leaders at the Munich Security Conference

Economy, Business, Investment, Trade, Europe, EU, Germany, Military, NATO
Map of Germany

(Government.ru – February 13, 2016) Dmitry Medvedev: Mr Buechele, colleagues. I welcome you to our breakfast on this Saturday morning. It’s this kind of morning meal where you don’t usually have the chance to eat anything. The goal of such meetings is naturally different. I consider this meeting to be useful and timely. Despite all that’s going on and all […]

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TRANSCRIPT: Dmitry Medvedev’s interview with Euronews TV channel

Assassinations, Beatings, Threats, Britain, UK, United Kingdom, Economy, Business, Investment, Trade, Europe, EU, Foreign Policy, Security, Visas, Middle East, North Africa, Military, NATO, Spies, Spy Allegations, Syria
Dmitry Medvedev file photo

(Government.ru – February 14, 2016) The Prime Minister spoke with Global Conversation presenter Isabelle Kumar on the sidelines of the Munich Security Conference Question: Mr Prime Minister, thank you for joining the Global Conversation. The Syrian issue is a priority; it dominates the international agenda. It is now believed that we are approaching a turning point, although it remains to […]

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TRANSCRIPT: Dmitry Medvedev’s speech at the panel discussion – Munich Security Conference

Economy, Business, Investment, Trade, Foreign Policy, Security, Visas, Military, United States, U.S.-Russian Relations
Dmitri Medvedev file photo

(Government.ru – February 13, 2016) Dmitry Medvedev: Ladies and gentlemen, distinguished colleague Mr Valls, distinguished Mr Ischinger, my speech will be of a more general nature, but I hope it will be useful. The first cold war ended 25 years ago. This is not long in terms of history, but it is a considerable period for individual people and even […]

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Majority of Russians Consider Impoverishment Country’s Main Threat

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

(Moscow Times – themoscowtimes.com – February 12, 2016) Fifty-three percent of Russians consider the impoverishment of citizens and rising prices to be the major threats facing the country, the Interfax news agency reported Friday, citing the results of a recent poll by the independent Levada Center pollster. The other threats that Russia currently faces, according to respondents, include the economic […]

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Russia Sends Medvedev to Munich Seeking Sanctions Relief

Economy, Business, Investment, Trade, Europe, EU, Foreign Policy, Security, Visas, Sanctions
Dmitri Medvedev file photo

(Moscow Times – themoscowtimes.com – Matthew Bodner – February 12, 2016) At last year’s Munich Security Conference, Foreign Minister Sergei Lavrov took to the stage to defend Russia’s actions in Ukraine. Scheduled between German Chancellor Angela Merkel and the U.S. vice president, Lavrov faced a tough sell. He did his best to toe the government line, declaring Russia’s annexation of […]

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NEWSLINK RBTH/Kommersant: “Russian retail figures retreat to 1970 levels as crisis deepens. The Ministry of Economy has published figures revealing the Russian retail sector’s worst performance in over 40 years as inflation remains high. The report also shows a rise in the number of people in the country living below the poverty line”

Economy, Business, Investment, Trade, Newslinks
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NEWSWATCH: “Weak Oil Prices Fuel Ukrainian Hopes of a More Conciliatory Russia” – Wall Street Journal

Economy, Business, Investment, Trade, JRL NewsBlog, Oil, Gas, Energy, Sanctions, Ukraine, Russo-Ukrainian War
Oil Well file photo

The Wall Street Journal covers Russian economic vulnerability amidst falling oil prices and its possible impact on efforts to resolve the Russo-Ukrainian conflict . Ukraine’s political elite is hoping that plummeting oil prices will restrain neighboring Russia’s interventionist ambitions—and give Western sanctions on Russia a bit more bite. … diplomatic overtures have raised hopes in Kiev that Moscow—which annexed Crimea […]

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Moscow’s Overnight Demolition Blitz Sparks Legal Debate

Corruption, Law, Police, Courts, Crime, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections
Snowy Night on Red Square with Old St. Basil's Lit Up

(Moscow Times – themoscowtimes.com – Daria Litvinova, Vasily Kolotilov – February 11, 2016) You could hear a young woman yelling, but her voice was diluted in the sound of bulldozers, smashed glass and metal. “What are you doing?! There are people still in there! Stop it!” she said. Several police officers stood outside, watching the bulldozer do its work without […]

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NEWSWATCH: “Mortgages vs. pensions and blasts from the past”

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

BNE covers the impact of the Russian economic crisis on mortgage holders, and resulting unrest. Russia is in a painful place and freeing the ruble in November last year may be acting as a very effective shock absorber in the face of plummeting oil prices, but it also means that the brunt of the pain is being borne by the […]

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Russians Spend More Than They Earn For First Time Since 1998

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

(Moscow Times – themoscowtimes.com – February 10, 2016) The spending of Russians exceeded their income in 2015 for the first time in 18 years, the Kommersant newspaper reported Wednesday, citing the Center of Macroeconomic Analysis and Short-term Forecasting. According to the Rosstat state statistics service, the expenditures of Russians exceeded their revenues by 418 billion rubles ($5.3 billion). In 2014, […]

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NEWSLINK: “Amid recession and predatory officials, Russia’s small businesses hang on. Small businesses are a small part of Russia’s oligarch-dominated economy. But despite the headwinds they face – and the instability they could bring to the current order – they are showing resilience amid the downturn.” – Christian Science Monitor

Corruption, Law, Police, Courts, Crime, Economy, Business, Investment, Trade, Newslinks, Politics, Government, Protests, Elections
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Personal Debt in Russia Up 30% in 2015

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

(Moscow Times – themoscowtimes.com – February 9, 2016) The amount of personal debt in Russia rose by about 30 percent, last year according to deputy director of the National Bureau of Credit Histories Vladimir Shikin, the rusnovosti.ru news website reported Monday. “In 2015 we saw a rise in personal debt, both in rubles and as a percentage of the volume […]

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Small businesses taking off in Russia, thanks to the crisis

Economy, Business, Investment, Trade
File Photo of Cash Register with Drawer Open and Hands of Cashier

Many Russians are responding to a reduction in income or the loss of a job by showing creativity in setting up a small business, with the fastest growing sectors today in catering and online. RBTH asked several entrepreneurs to tell the story of their success. (Russia Beyond the Headlines – rbth.ru – ANNA KUCHMA, RBTH – February 8, 2016) While […]

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Putin’s New Internet Czar Wants Apple and Google to Pay More Taxes

Budget, Corruption, Law, Police, Courts, Crime, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections, United States, U.S.-Russian Relations
iPad file photo

(Bloomberg – bloomberg.com – Ilya Khrennikov and Stepan Kravchenko – February 8, 2016) When he’s not checking Gmail on his MacBook, Vladimir Putin’s new Internet czar can’t stop railing against American technology companies. Google, Apple Inc. and Microsoft Corp., collectively worth more than Russia’s gross domestic product, have all entered German Klimenko’s crosshairs since he was named Putin’s first Internet […]

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When Baikal water will be more expensive than oil

Economy, Business, Investment, Trade, Environment, Oil, Gas, Energy
Lake Baikal and Environs Satellite Photo

The average price of a bottle of drinking water in Moscow has become more expensive than what a bottle of Brent crude would cost. RBTH asks experts if it would be worthwhile for Russia to start exporting water from Lake Baikal. (Russia Beyond the Headlines – rbth.ru – GLEB FEDOROV, RBTH – February 5, 2016) [Charts here rbth.com/politics_and_society/society/2016/02/05/when-baikal-water-will-be-more-expensive-than-oil_564923] In January, […]

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Ukraine Bond Rout Worsens on Bets Political Tussle to Block Aid

Economy, Business, Investment, Trade, Ukraine, Russo-Ukrainian War
Maidan Square in Kiev, Ukraine

(Bloomberg – bloomberg.com – Natasha Doff – February 8, 2016) Ukrainian bonds slid, sending the yield on the nation’s shortest-dated restructured debt above 11 percent for the first time, as a political shakeup raised the likelihood for further delays to an international bailout that’s keeping the country afloat. The $1.15 billion of bonds maturing in September 2019 dropped 2.22 cents […]

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Russian Academia’s Struggle to Attract Top Talent

Economy, Business, Investment, Trade, Science, Technology, Engineering
Skolkovo File Photo

(Moscow Times – themoscowtimes.com – Vasily Kolotilov – February 8, 2016) About half an hour from the western outskirts of Moscow, the grays of Russian suburbia give way to a jagged horizon of shiny glass, concrete and abandoned building sites. A series of giant wooden pencils emerge, bearing the insignia “Skoltech.” The curious art installation signals arrival at the Skolkovo […]

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Investment in oil and gas exploration may drop 10-15% in 2016

Economy, Business, Investment, Trade, Oil, Gas, Energy
Gas Facility file photo

(Interfax – February 7, 2016) Investment in geological exploration for oil and gas in Russia may reduce 10-15% in 2016, Minister of Natural Resources and Ecology Sergei Donskoy said in a program aired by the NTV television channel. “Investment in hydrocarbon [exploration] will reduce somewhere between 10% and 15%, somewhere between these two digits,” he said. The minister said that […]

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