Capital Flight Expected to Hit Staggering $70Bln in First Quarter

File Photo of Cash, Coins, Line Graph

(Moscow Times – themoscowtimes.com – Anna Dolgov – March 25, 2014) Capital flight will reach up to $70 billion in the first quarter of this year amid the deterioration of the country’s relations with the West over Moscow’s annexation of Crimea, a deputy economy minister said. The forecast marks what would amount to the largest capital flight since the 2008 […]

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Contacts between G8 countries continue at expert level – Peskov

Kremlin and Saint Basil's

MOSCOW. March 25 (Interfax) – G8 contacts between countries that were held as part of preparations for the G8 summit in Sochi continue today at the expert level but in other formats, the Russian president’s press secretary Dmitry Peskov told Interfax. “Some meetings have been cancelled. Other meetings have been held in a broader format because they envision the participation […]

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Ruble Strengthens on Finance Minister’s Comments

File Photo of Cash, Coins, Line Graph

MOSCOW, March 25 (RIA Novosti) – Russian Finance Minister Anton Siluanov gave a boost to the ruble Tuesday by raising expectations the Russian currency would strengthen once the current foreign and domestic economic situations stabilize. The ruble strengthened by 46 kopecks (1.3 percent) against the dollar and by 76 kopecks (1.5 percent) against the euro Tuesday on the news. “If […]

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BNE: No one can kick Russia out of G8

File Photo of G7 Leaders and other Officials Around Round Table at the Hague, with Flags

(Business New Europe – bne.eu – March 25, 2014) “I would never want to be member of a club that wanted me as a member,” Marco Grouch famously said. Russia’s foreign minister Sergei Lavrov came out with pretty much the same defence after Russia was suspended from participating in the G8 meetings and international leaders due in Russia for the […]

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Russia-Ukraine: Return of the Prometheans

Russian Naval Vessel in Ukrainian Port

(Business New Europe – bne.eu – Chris Weafer, Macro Advisors – March 24, 2014) “Taking a new step, uttering a new word, is what people fear the most” Fyodor Dostoyevsky, Crime and Punishment The threat is more important than existing sanctions. The sanctions announced so far do not directly cause any material disruption to the economy. But the actions taken […]

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TRANSCRIPT: Putin at Congress of the Russian Union of Industrialists and Entrepreneurs

File Photo of Vladimir Putin at Valdai Club 2013 Meeting, Adapted from Screenshot of Valdai Club Video at youtube.com

(Kremlin.ru – March 20, 2014) Vladimir Putin took part in the annual congress of the Russian Union of Industrialists and Entrepreneurs. The topics on the congress’ agenda include de-offshorisation of the economy, making business more transparent, enhancing labour productivity, improving labour legislation, and creating a better investment climate. During the congress, representatives from the Agency for Strategic Initiative, Delovaya Rossiya […]

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Navalny Proposes Sanctions List to the West

Alexei Navalny file photo

(Moscow Times – themoscowtimes.com – Christopher Brennan – March 20, 2014) Opposition leader Alexei Navalny, currently under house arrest in connection with a criminal case against him, has written an op-ed for the New York Times in which he calls for sanctions on officials and businessmen connected to President Vladimir Putin. Saying that previous U.S. and EU sanctions in response […]

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RIA Novosti: US Advises Funds to Warn Investors About Russian Risk – Report

File Photo of Outdoor Electronic Sign with Russian Exchange Data

MOSCOW, March 20 (RIA Novosti) – US financial officials have contacted investment funds with Russian assets and advised them to inform clients about potential risk associated with the crisis in Ukraine, the Reuters news agency reported Thursday. The commission began counseling investment companies weeks ago, advising them to clearly communicate risks with investors and warning them to have a clear […]

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Kudrin on sanctions: Western banks already closing credit lines to Russian corporate sector

Alexei Kudrin file photo

ST. PETERSBURG. March 13 (Interfax) – Former Russian finance minister Alexei Kudrin is apprehensive about possible Western sanctions against Russia and said limitations in the banking sector have already begun. “I can say quite definitely: credit line limits for Russia are being closed,” said Kudrin, who is currently a member of the Presidential Economic Council. “Our corporate sector currently has […]

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Politics trumps & thumps economics

File Photo of Cash, Coins, Line Graph

(Business New Europe – bne.eu – Chris Weafer, Macro-Advisory – March 11, 2014) “Sanctions and boycotts would be tied to serious political dialogue” Daw Aung San Suu Kyi We have cut our growth forecast to 1% for 2014, and revised some other macro forecasts partly because of the uncertainty and disruption caused by the Ukraine crisis but also reflecting the […]

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Punishing Putin Will Hurt the U.S. and Europe, Too

File Photo of Cash, Coins, Line Graph

(Bloomberg – bloomberg.com – editorial – March 6, 2014) As the U.S. and Europe consider financial sanctions to punish Russia for trampling on Ukraine’s sovereignty, they are coming up against an uncomfortable reality: Those sanctions tend to cut both ways. But how deep do they cut? Russia is far more financially intertwined with the West than it was back in […]

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Ukraine Uncertainty Depressing Growth and Investment

File Photo of Cash, Coins, Line Graph

(Moscow Times – themoscowtimes.com – Alexander Panin – March 6, 2014) As world leaders increase or trash their political clout depending on their audience and the statements they make about the situation in the Ukraine, some analysts were revising Russian GDP growth estimates to as low as 1.1 percent for the year. Wednesday was a calmer day on the stock […]

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Russia and Ukraine Have Bigger Problems Than Each Other

File Photo of Cash, Coins, Line Graph

(Bloomberg – bloomberg.com – Matthew C. Klein – March 3, 2014) Matthew C. Klein is a writer for Bloomberg View You may have missed it amid the ongoing drama in Ukraine, but Russia’s central bank raised its main interest rate today to 7 percent from 5.5 percent — the single biggest increase in Russian benchmark rates since the country desperately […]

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Markets plunge over Ukrainian crisis

File Photo of Outdoor Electronic Sign with Russian Exchange Data

(Russia Beyond the Headlines – rbth.ru – Tatyana Lisina, special to RBTH – March 4, 2014) The tensions in Crimea have already had serious economic consequences for Russia. The country’s stock market fell dramatically on Monday and the ruble continued its slide. Many experts compare the current developments to the events of August 2008, when Russia began a military operation […]

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Ukraine Crisis Nets Billions of Dollars for Kremlin

Kremlin and Saint Basil's

(Moscow Times – themoscowtimes.com – Anatoly Medetsky – March 5, 2014) A cheaper ruble and more expensive oil could actually go a long way in improving Russia’s economy, possibly offsetting other potential aftershocks of the Ukraine crisis. U.S. Secretary of State John Kerry in interviews on Sunday identified the ruble’s slide as among Russia’s economic challenges that could get worse […]

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Dvorkovich Sees 4% Economic Growth Next Year

Arkady Dvorkovich file photo

(Moscow Times – themoscowtimes.com – February 28, 2014) Deputy Prime Minister Arkady Dvorkovich on Friday said the country’s economy could accelerate to a growth rate of 4 percent next year, in stark contrast to the dour expectations of the Economic Development Ministry. The ministry sees the Russian economy struggling to rise above 3 percent growth for the next two decades. […]

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Russia waiting for U.S. investors

File Photo of Outdoor Electronic Sign with Russian Exchange Data

(Russia Beyond the Headlines – rbth.ru – Igor Dunayevsky, special to RBTH – February 27, 2014) Russian Minister of Economic Development Alexey Ulyukayev on Russia’s plans to attract U.S. investors and boost mutual trade. Russian Minister of Economic Development Alexei Ulyukayev paid a visit to the Washington, DC on Feb. 24-26 to discuss possibilities for increased bilateral trade and investment […]

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Investigative Committee to Crack Down on Corruption During Coming Privatization

Empty Boardroom

(RIA Novosti – February 27, 2014) The head of the powerful Investigative Committee said Thursday that preventing corruption during a planned privatization of state assets will be a top priority for his agency this year. The government recently announced plans for an ambitious three-year program running up to 2016 to privatize a wide array of state property, from energy to […]

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Emerging middle class delays major purchases; lots of catchup left

Cash, Calculator, Pen

(Business New Europe – bne.eu – Ben Aris in Moscow – February 27, 2014) [Charts here http://www.bne.eu/storyf5775/Emerging_middle_class_delays_major _purchases_lots_of_catchup_left] Winds of uncertainty are blowing again and many in emerging markets have put off big-ticket purchases as a result. However, a survey from Credit Suisse released in February found some of these markets have progressed and diverged to such an extent that […]

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Official sees sliding ruble adding $10 billion to Russian treasury

File Photo of Cash, Coins, Line Graph

(RIA Novosti – February 27, 2014) Steady weakening of the ruble will contribute to inflation, but may also boost revenues to the Russian treasury by $10 billion, a senior finance official has predicted, according to a report in a daily newspaper Thursday. Since the federal budget for 2014 assumed an exchange rate of 33 rubles to the dollar, a weaker […]

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Weak ruble could push Russian budget into surplus – report

File Photo of Cash, Coins, Line Graph

(RIA Novosti – February 25, 2014) A weakening ruble could boost Russia’s federal income by $28 billion this year, pushing the treasury into surplus, according to a report published Tuesday by Moscow’s Higher School of Economics. The ruble has fallen by more than 7.5 percent since the beginning of the year against the dollar-euro basket used by the Central Bank […]

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Economic Crime Afflicts Over Half of Russian Companies

Cropped File Photo of Two Men in Business Suits Shaking Hands and Passing Cash

(Moscow Times – themoscowtimes.com – February 24, 2014) More than 60 percent of Russian companies say that they have been victims of economic crimes like bribery, a report said. Worldwide, the incidence of fraud is much lower, with 37 percent of companies having come into contact with it, according to research by PricewaterhouseCoopers released late last week. The most common […]

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Economists and Officials Disagree On Recovery Forecasts

File Photo of Cash, Coins, Line Graph

(Moscow Times – themoscowtimes.com – Alexander Panin – February 24, 2014) According to government predictions, state companies’ spending plans are likely to pull the economy out of stagnation toward the end of the year. Other economists, however, remain skeptical of these forecasts. Figures for January released last week did not give grounds for optimism, and recent news reports have said […]

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Ruble’s weakening due to slowdown in economic growth in Russia – Siluanov

Cash, Calculator, Pen

SYDNEY. Feb 23 (Interfax) – The ruble’s weakening observed since the start of the year is due to slowdown in Russia’s economic growth in the first place, not over the curtailment of the Quantitative Easing (QE) program by the United States, Russian Finance Minister Anton Siluanov told reporters. “What happened to the ruble’s exchange rate at the start of the […]

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RIA Novosti: Russian Economy Seen Pulling Out of Stagnation By Mid-Year

File Photo of Cash, Coins, Line Graph

MOSCOW, February 21 (RIA Novosti) – A top Russian official sounded a bullish note Friday on the underperforming economy, predicting a return to robust growth toward the middle of this year. Deputy Economy Minister Andrei Klepach said at a conference in Siberia’s Altai region that the Russian economy was expected to pull out of its current stagnation in the second […]

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A reset for U.S.-Russian trade?

U.S. Map

(Russia Beyond the Headlines – rbth.ru – Viktor Kuzmin, special to RBTH – February 20, 2014) Russia’s Economic Development Minister heads to Washington next week for a series of talks in increasing bilateral trade relations. Russia and the United States will make another attempt early next week to revitalize bilateral trade during a working trip to Washington by Economic Development […]

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TRANSCRIPT: [Putin at] Meeting with economists of the Russian Academy of Sciences

File Photo of Cash, Coins, Line Graph

(Kremlin.ru – Feburary 19, 2014) Vladimir Putin had a meeting with an expert panel of economists from the Russian Academy of Sciences. During the meeting, the academicians shared their vision of the key areas of the nation’s further socioeconomic development. In particular, President of the Russian Academy of Sciences Vladimir Fortov delivered a report on the possible options of creating […]

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Russian Economic Troubles Deepen Amid Investment Slump

File Photo of Cash, Coins, Line Graph

MOSCOW, February 20 (RIA Novosti) – Concerns about the Russian economy grew following data published Wednesday showing that investment by Russian companies fell 7 percent last month as compared with January 2012. The data, published by state statistics service Rosstat on its website, reinforced fears that the economy has become mired in stagnation. Russian business newspaper Vedomosti cited an unnamed […]

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RIA Novosti: Russians Consider Their Country Free, Developed, Rich – Poll

Map of Russia

MOSCOW, February 19 (RIA Novosti) – The majority of Russians believe their country is developed, rich and free, according to a survey published by a state-run pollster Wednesday. Fifty-seven percent of respondents told the Public Opinion Foundation that their country is developed, 58 percent described it as rich and 60 percent said they live in a free country. Fifty-one percent […]

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Russian ruble reaches 5-year low

File Photo of Cash, Coins, Line Graph

(Russia Beyond the Headlines – rbth.ru – Kira Egorova, Anna Sorokina, RBTH – February 19, 2014) On Wednesday morning, the ruble slid to a five-year low against the dollar on trading in the Moscow Exchange. Experts have tried to reassure investors arguing, that the ruble will gain ground soon The Euro also reached an all-time high against the Russian national […]

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NEWSLINK: Fast food conquers Russia, brings obesity

File Photo of Russian McDbnald's Crew with U.S. Diplomat

[“Fast food conquers Russia, brings obesity” – ITAR-TASS – Lyudmila Alexandrova – February 18, 2014 – http://en.itar-tass.com/opinions/1676] ITAR-TASS tries to blame McDonald’s for Russian obesity: Russia’s first McDonald’s fast food restaurant opened on downtown Moscow’s Pushkinskaya Square in late January 1990, causing unprecedented buzz among Muscovites who formed a multi-kilometer line to taste American fast food. International fast food came […]

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Banks Scramble for Clients as Mortgage Lending Takes Off

Sberbank File Photo

(Moscow Times – themoscowtimes.com – Delphine d’Amora – February 18, 2014) Mortgage lending is soaring as banks lower their rates, carrying with it both the benefits and potential drawbacks of a mortgage-greedy banking system. Until recently, Russian banks and consumers alike were skeptical of mortgages, and the rapidly escalating price of real estate did not help matters. Now, stable housing […]

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Russia’s bank consolidation is going surprisingly smoothly

Russian Central Bank file photo

(Business New Europe – bne.eu – Ben Aris in Moscow – February 17, 2014) Russia’s central bank moved in on its latest two victims on February 11, pulling the banking licenses from Moscow-based European Trust Bank (Eurotrust) and Link-Bank. Eurotrust was already a zombie. The bank stopped taking in new retail customers last November due to the tough economic conditions, […]

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Privatization deals could begin in Q2 2014 – Dergunova

Empty Boardroom

GORKI. Feb 17 (Interfax) – Large-scale privatization deals could begin in the second quarter of 2014, the head of the Russian Federal Property Agency (Rosimushchestvo) Olga Dergunova told journalists on Monday. “Agents will be best prepared for deals such as that of Sovcomflot in the second quarter. We will answer questions concerning the deal’s structure and [share] placement location. The […]

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NEWSLINK: Russia holds rate, warns of rises if inflation accelerates

File Photo of Cash, Coins, Line Graph

[“Russia holds rate, warns of rises if inflation accelerates” – CentralBankNews.info –  February 14, 2014 – http://www.centralbanknews.info/2014/02/russia-holds-rate-warns-of-rises-if.html] CentralBankNews.info covers Russia’s Central Bank and its decision to maintain its key policy rate at 5.50 per cent.  The Central Bank cautions that it could raise rates if inflation exceeds the bank’s target, but asserts an expectation that inflation will be held in […]

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Most Russians pessimistic about improvement of their financial standing

Cash, Calculator, Pen

(Business New Europe – bne.eu – February 14, 2014) Most Russians (60%) think that the financial standing of their families will not change during the nearest year, according to findings of a survey conducted by the Russian Public Opinion Research Center (VCIOM). The Russian people have been in such downbeat mood over the past ten years 17% of respondents expect […]

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NEWSLINK: Russia accuses EU of seeking Ukraine “sphere of influence”

EU Map

[“Russia accuses EU of seeking Ukraine ‘sphere of influence’” – Reuters – Gabriela Baczynska, Alexandra Hudson – February 14, 2014 – http://www.reuters.com/article/2014/02/14/us-ukraine-russia-eu-idUSBREA1D0PT20140214] Reuters covers tensions between Russia and the EU over Ukraine, including Russian Foreign Minister Sergei Lavrov bemoaning the prospect of an EU sphere of influence on Russia’s borders: Russia accused the European Union on Friday of seeking to […]

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RIA Novosti: Post-Olympic Spending in Sochi to Rise to $7 Billion – Report

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

MOSCOW, February 13 (RIA Novosti) – Russia may have to spend up to $7 billion over the next three years to maintain infrastructure and venues around the Olympic host city of Sochi, Bloomberg news agency reported Thursday. Bloomberg cited unnamed planning officials as saying the government is not yet sure of the final bill for the Olympics partly because plans […]

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TRANSCRIPT: [Putin] Meeting with the Government [re: economic development]

File Photo of Cash, Coins, Line Graph

(Kremlin.ru – February 12, 2014) Vladimir Putin met with a number of Government members to discuss legislation for developing Russia’s financial market and implementation of the Economic Development Ministry’s 2013-2018 action plan. The meeting continues a series of consultations that the President is holding with the Government on carrying out the tasks set out in the Annual Presidential Address to […]

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Putin Takes Break From Olympics to Press Ministers Over Economy

File Photo of Vladimir Putin Sitting at Desk

(Moscow Times – c – Anatoly Medetsky – February 13, 2014) Rresident Vladimir Putin on Wednesday held another meeting with Cabinet ministers to discuss the faltering economy, the latest ritual that might further diminish Prime Minister Dmitry Medvedev’s stature. Putin started out by asking Economic Development Minister Alexei Ulyukayev to report on finding ways to give momentum to an economy […]

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Russian web millionaires go West

Cash, Calculator, Pen

(Russia Beyond the Headlines – rbth.ru – February 11, 2014) International expansion is the new watchword for the Russian venture market’s movers and shakers. As the latest ranking of the country’s internet millionaires indicates, the winners are those who invest abroad. The magazine Sekret Firmy (meaning “company secret” in Russian) has conducted a study together with the BrandSpotter agency to […]

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Large investors, alumni of Russian universities to enjoy easier naturalization – newspaper

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

MOSCOW. Feb 12 (Interfax) – The Federal Migration Service and the Economic Development Ministry have drawn up a law, which facilitates naturalization of foreign citizens, Kommersant wrote on Wednesday. The simpler naturalization procedure will be primarily granted to businessmen who invest at least ten million rubles in Russia and foreign alumni of Russian colleges and universities who work in Russia […]

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Big Companies Cutting Staff in Gloomy Economy

Empty Boardroom

(Moscow Times – themoscowtimes.com – Yekaterina Yezhova – February 12, 2014) A slew of announced layoffs is rattling the domestic labor market, threatening to further undermine a weak economy. Russia’s two largest banks, state-owned Sberbank and VTB, have joined the country’s biggest carmaker, AvtoVAZ, in declaring significant staff reductions in the upcoming months. VTB Group disclosed last month that it […]

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Sochi Marks the Return of Soviet-Style Megaprojects

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

(Window on Eurasia – Paul Goble – Staunton, February 11, 2014) Even before he was chosen to lead the CPSU and hence the USSR, Mikhail Gorbachev in December 1984 said he opposed the kind of megaprojects Soviet leaders had used up to then and favored instead more balanced development, a shift in attitude that informed his subsequent decision to block […]

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Draft Bill for Postal Privatization Submitted

Kremlin and Saint Basil's

(Moscow Times – themoscowtimes.com – February 11, 2014) The Communications and Press Ministry has submitted a draft bill to the government that would reorganize Russian Post and pave the way for the flotation of the company’s shares, Interfax reported Tuesday. The move is part of an overall strategy that would not only make Russian Post financially independent by 2018, but […]

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Kaluga – Russia’s regional pioneer

Map of Russia

(Business New Europe – bne.eu – Ben Aris in Moscow – February 11, 2014) Moscow is home to much of Russia’s wealth and has always been treated as a country and an investment destination in its own right. But over the last decade a handful of regions have got their act together and now are emerging as even more attractive […]

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Winners and Losers in Russia’s Shrinking Car Market

Moscow Traffic file photo

(Moscow Times – themoscowtimes.com – Anatoly Medetsky – February 10, 2014) Renault Russia sales chief Sergei Kuteishchikov had to shave his head last month, having lost what seemed a sure bet. He gambled that in 2013’s declining market, his dealers would beat the previous year’s sales results, but not by much. A recent message he sent to the dealers included […]

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Interfax: Russian economy sees rise in demand for highly-skilled scientists – official

Artist's Conception of Nanotechnology Components

(Interfax – February 10, 2014) Ecology is to become the most sought-after, most funded field of Russian science over the next few years, Russian Presidential Aide and former education minister Andrei Fursenko said. “I think ecology will be a very interesting area (of research) for Russia. I believe that over the next five to ten years the problem of the […]

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Consequences of a weakened ruble

File Photo of Cash, Coins, Line Graph

(Moscow News – themoscownews.com – Natalia Antonova, Nathan Gray – February 5, 2014) Following the weakening of the ruble, Moscow residents both foreign and local are bracing themselves in expectation of higher prices and general market instability. Yet according to the experts, it is too soon to tell whether or not the currency’s present state will have a lasting impact […]

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Rich cities and dying company towns

File Photo of Cash, Coins, Line Graph

(opendemocracy.net – Dmitry Travin – February 6, 2014) Dmitry Travin is Research Director at the European University in St. Petersburg’s Centre of Modernization Studies. Russia’s unemployment figures look low, but they are rising, and there is a great gulf between the prosperous centre and failing regions. A foreigner coming to Moscow or St Petersburg as a tourist or on business […]

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