Russian economy

 Will Russia be saved by larger minimum wage?

Will Russia be saved by larger minimum wage?

Russia's Deputy Prime Minister Olga Golodets asked the country's Vladimir Putin to ask authorities with raising the minimum wage today at a meeting of the Presidential Council on Strategic …

Russian finance minister: rouble overvalued by 10-12%

Russian finance minister: rouble overvalued by 10-12%

Russian Finance Minister Anton Siluanov said that the rouble is overvalued by up to 12%, making it a good time for foreign currency purchases under which the ministry may buy at least $1 billion in 2017

Fed rate increase will not cause capital outflow from Russia, Minister of Finance says

Fed rate increase will not cause capital outflow from Russia, Minister of Finance says

A rise in the US Fed rate will not cause the problems with the outflow of capital from Russia, Finance Minister Anton Siluanov said. "Despite the fact that American colleagues from the Federal Reserve announced raising of the rates …

EU Turmoil Makes Russia the Sanctioned Bond Market Traders Love

EU Turmoil Makes Russia the Sanctioned Bond Market Traders Love

The political turbulence roiling the European Union is making Russia look like a safe bet to bondholders

Iran to pay oil for Russian goods

Iran to pay oil for Russian goods

Iran is ready to make an agreement on supplies of 100,000 barrels of crude oil per day to Russia within the next 10-15 days, Iran’s Minister of Communications and Information Technology Mahmoud Vaezi said at a meeting with …

 Russian Finance Ministry to raise VAT, cutting social security tax

Russian Finance Ministry to raise VAT, cutting social security tax

Russia is considering raising value added tax but lowering mandatory social security payments, the country's Finance Minister Anton Siluanov said today, speaking at an economic conference in Moscow. Siluanov said …

Turkey ready for trade in national currencies with Russia

Turkey ready for trade in national currencies with Russia

Turkey hopes to sign an agreement on trade in national currencies with Russia during the visit of Turkish President Recep Tayyip Erdogan to Moscow on March 10, Turkish Minister of Economy Nihat Zeybekci said …

Medvedev says expects Ruissa#039s economy to grow 1-2% in 2017

Medvedev says expects Ruissa's economy to grow 1-2% in 2017

Russian economy has begun growing and the 2017 growth is expected to reach 1-2 percent, while the government is working on an action plan to bring the growth up to 3 percent and more, Prime Minister Dmitry Medvedev said Saturday, …

Russian Finance Ministry to spend 70.5 bln rubles on foreign currency purchases

Russian Finance Ministry to spend 70.5 bln rubles on foreign currency purchases

Russia's Finance Ministry plans to spend 70.5 bln rubles ($1.2 bln) on foreign currency purchases on the domestic market during the period from March 7 to April 6, 2017, the Ministry said in a statement.

Russia#039s reserve fund declines to $16.07 billion over February

Russia's reserve fund declines to $16.07 billion over February

Russia's Reserve Fund declined slightly to $16.07 billion by March 1 from $16.18 billion at the start of the previous month, Russia's finance ministry data showed. The Reserve Fund, which was accumulated over years of high oil …

Rosneft to sell  Grozneftegas oil assets to Chechnya

Rosneft to sell Grozneftegas oil assets to Chechnya

Russian oil giant Rosneft could be preparing to sell its assets in the Chechen republic to local authorities. The proposals include selling a 51% share in the company's Chechen subsidiary Grozneftegas to the regional government, the …

Austrian Chancellor calls on EU to soften sanctions against Russia

Austrian Chancellor calls on EU to soften sanctions against Russia

Chancellor of Austria, Christian Kern, made an appeal to review the sanctions against Russia. According to him, such measures have not led to an improvement in the situation on the key contentious issues, Bloomberg reports. The EU must …

Will cash payments to be limited in Russia?

Will cash payments to be limited in Russia?

The Russian Ministry of Finance and the Ministry of Economic Development are discussing plans to limit cash payments in a bid to combat Russia’s “shadow economy.” The new measures could include a ban on …

Sberbank CEO says no repeat of crisis in the short term

Sberbank CEO says no repeat of crisis in the short term

The crisis is not expected to erupt again in the short term as the economy has come out of recession, CEO of the Russia’s largest bank Sberbak German Gref said on the sidelines of the Munich Security Conference, TASS …

Moody’s changes outlook on Russia

Moody’s changes outlook on Russia

Moody’s Investors Service has changed the outlook on Russia’s Ba1 government bond rating to stable from negative, affirming the rating and citing economic recovery. Moody's said that the Russian government's set of measures made the country less dependent on ...

Andrei Kostin: dollar to decline by six rubles

Andrei Kostin: dollar to decline by six rubles

Until the end of 2017, the ruble exchange rate may strengthen by 10%, the head of VTB Andrey Kostin said. "We believe that the ruble had to strengthen, but it was before  the government announced the …

Oreshkin predicts ruble to weaken soon and then stabilize

Oreshkin predicts ruble to weaken soon and then stabilize

The strengthening of the Russian currency is short-term, and it may slightly weaken in the nearest future and then stabilize, the Russian Economic Development Minister Maxim Oreshkin said after meeting the President …

Putin: Russia on brink of victory over inflation

Putin: Russia on brink of victory over inflation

Inflation in Russia continues to decline, Russian President Vladimir Putin said at a meeting on economic issues. "This year, a steady decline of inflation continues, the figure broke the psychological mark of 5% in …

Half of Russians feel unaffected by Western sanctions - poll

Half of Russians feel unaffected by Western sanctions - poll

Almost a half of Russian people (46%) believe they are not economically affected by the consequences of sanctions imposed by Western countries on Russia, a survey by the Moscow-based Public Opinion Foundation (FOM) revealed. At the same …

Will Russian economy start to grow?

Will Russian economy start to grow?

Russia's economy may grow 1.1% this year and 1.5% next after contracting in 2016, a Bloomberg survey of 39 economists shows. Earlier, Economy Minister Maxim Oreshkin said that Russia's economy could …

Russian Central Bank#039s head fears of new ‘black swans’

Russian Central Bank's head fears of new ‘black swans’

The Central Bank of Russia is highly conservative in its forecasts because of risks of new ‘black swans’ appearance, the Chairperson of the Bank of Russia Elvira Nabiullina said. "The higher level of uncertainty in the …

Recovery of Russian banking sector may take several years

Recovery of Russian banking sector may take several years

Financial rehabilitation of Russian banking sector may take several years more, Chairperson of the Bank of Russia Elvira Nabiullina said. "The period of proactive recovery of the banking system will continue for …

 Russia lost $26 billion on oil and gas exports

Russia lost $26 billion on oil and gas exports

Russia is making less money on oil and gas exports, according to the data published today by the Federal Customs Service. In 2016, the revenues from oil and gas exports declined by 17.7% (compared to 2015) and amounted to $73.676 billion. …

Will Russia overtake Europe in 33 years?

Will Russia overtake Europe in 33 years?

The International consulting firm PricewaterhouseCoopers (PwC) presented the report titled 'The Long View: How will the global economic order change by 2050?', where its experts said that Russia will become the leading European …

Russia’s Central Bank: GDP declines in 2016

Russia’s Central Bank: GDP declines in 2016

Russia’s GDP reduction amounted to 0.2% in 2016, but dynamics turned positive in the fourth quarter of 2016, the Central Bank reported. "In 2016, GDP reduction amounted to 0.2%. In the fourth quarter, GDP turned …

Russia expects three more years of cheap oil prices

Russia expects three more years of cheap oil prices

Oil prices will be hovering around $40-60 per barrel in 2017-2019, the Russian Finance Ministry’s Main guidelines for 2017-2019 debt policy said. "The oil price dynamics will still be one of the key risks for the Russian …

Investors warm to Russia as bond fund inflows hit record

Investors warm to Russia as bond fund inflows hit record

Investors have warmed to Russian assets, welcoming the country in from the cold. Russian bond funds counted record inflows in the week to February 1 as higher crude prices and improving relations with the US prompted an investor rotation …

Russian finance ministry announces volume of currency purchase operations

Russian finance ministry announces volume of currency purchase operations

The Russian central bank will buy the equivalent of 6.3 billion rubles ($106 million at current market prices) a day on the Moscow Exchange this month to replenish the country's fiscal reserves, the Russian finance ministry said. …

Russian Central Bank keeps key rate unchanged

Russian Central Bank keeps key rate unchanged

The board of directors of Russia’s Central Bank decided to keep the key rate at 10% per annum at its first board meeting in 2017 on Friday. Inflation performance has been generally in line with the forecast, the regulator said in …

Russia Nears End of Recession as GDP Shrinks Less Than Forecast

Russia Nears End of Recession as GDP Shrinks Less Than Forecast

Higher oil prices may help boost expansion