Sergey Hestanov

Russia's VAT rate hike bill passed in second reading

Russia’s State Duma passed the bill on raising value-added tax (VAT) to 20% from 18%, starting from 2019, in the second reading today.  The insurance contributions are currently paid in full at a rate of 30% for an …

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Russia's Central Bank freezes key rate

The Board of Directors of the Russian Central Bank has kept the key rate at the level of 7.25%. "The Bank of Russia has reviewed the inflation forecast upwards considering the planned increase of the value added tax in 2019. This …

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Central Bank promises Russians easy long money

Inflation dynamics enables the Russian Central Bank to cut further its key rate, the regulator’s First Deputy Chief Ksenia Yudaeva said. "Obviously, the current inflation dynamics allows a reduction," …

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Russia's inflation outlook may be revised

Russia’s Central Bank plans to revise inflation outlook for 2018 in early June, the bank's First Deputy Chairperson Kseniya Yudaeva said. She noted that Russia's inflation has stabilized at the level …

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Will the ruble become weakest link in the market?

Morgan Stanley analysts characterized the ruble as the "weakest link" in the fixed-income instruments markets. They predict that after a small recovery of the ruble situation will change, and the dollar will cost 66 rubles. …

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Doesn't collapse of ruble bother Russians?

The All-Russian Public Opinion Research Center (VCIOM) has conducted a public opinion poll, according to its results, the increase in the dollar and euro exchange rates does not bother the majority of Russians (60%). Two-thirds of the …

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Russia to give $19 billion to "bad debts" bank

Russia’s Central Bank will provide Trust Bank with a combined 1.1 trillion rubles ($19.17 billion), Central Bank Deputy Governor Vasily Pozdyshev said. The banks’ problematic assets could be united under …

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Russia's Sberbank loses leadership

Sberbank has ceased to be the most reliable bank in Russia, according to Forbes ranking of the 100 most reliable Russian banks of the current year, based on their international ratings. It was bypassed by three credit organizations: Rosbank …

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Will Russia find replacement for SWIFT?

Russian banks are looking for a replacement for the SWIFT bank payment system, as cutting them off from the system is possible due to the US sanctions announced by Treasury Secretary Steven Mnuchin. US …

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Is it safe to keep money in Russian banks?

This year, approximately 35-50 banks can be deprived of licenses in Russia, according to the review of the January situation in the Russian banking sector prepared by the RIA Rating agency. In the period of January-February …

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