business in Russia

Gazprom's income tops all forecasts

Russia's gas giant Gazprom said its first-quarter net income rose 11% to 371.6 billion rubles ($6 billion), thanks to higher gas prices and sales volumes, beating analysts' expectations. Analysts polled by Reuters had on average …

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SPIEF 2018 kicks off in St. Petersburg

The 22nd annual International Economic Forum (SPIEF) kicks off in Russia’s city of St. Petersburg at the ExpoForum Convention and Exhibition Center and will last for three days.  The events of the forum have been banded …

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Russia's new government starts saving small business

After the release of Russian President Vladimir Putin's new May decree, the government will restart the support of small and medium-sized businesses. Russia's Ministry of Economic Development has already prepared its measures. It has …

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Crimea needs five-star hotels, Ministry of Tourism says

Head of the Ministry of Tourism of Crimea Vadim Volchenko said that the republic is interested in the large hotels built on its territory by the hotel-building networks. According to him, the situation in tourism can be fundamentally …

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Putin stresses importance of competition in Russia

Russia's President Vladimir Putin called on all levels of the government to take measures to increase competition. "You know how formidable the challenges are our country is facing now. Their solutions require …

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Mavrodi, 90s financial pyramid architect, dies

Sergei Mavrodi, the founder of the MMM financial pyramid, has died in a Moscow hospital, a source in medical circles said. "He was taken to the 67th city clinical hospital as an unidentified person. He is now being …

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VTB Bank completes acquisition of stake in Magnit

Russia’s VTB Bank said that it acquired 29.099996% of shares in Magnit through subsidiary VTB Infrastructure Investments LLC. On February 16, VTB spent $2.5 billion on a 29.1% stake in Russian supermarket chain Magnit, …

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Russia extends timeline for capital amnesty

Russia's State Duma has passed in third and final reading a package of bills extending the timeline for capital amnesty in Russia until February 28 of 2019. The bills are related to an initiative of Russian President …

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Russia makes business reputation requirements tougher

Russia introduced a law that increases the number of business reputation requirements for owners and heads of financial organizations, as well as toughens penalties for violation of these requirements. From now on there will be unified …

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China refuses to buy Russia's Polyus

Russia's top gold miner Polyus said that plans to sell a 10% stake to a consortium led by China's Fosun International had been dropped after one of the conditions of the agreement was not met. "After the condition precedent …

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VostokCoal and OTECO hub to be new leader in PCI supply

OTECO and VostokCoal created a global hub in the Taman port aimed to supply blended coals for pulverized coal injection (PCI) to the world market, according to the official website of the VostokCoal management company. Blended …

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How does 2018 start?

New Year in Russia starts with a lot of positive changes in the social sphere, related primarily to various federal payments to individual groups of citizens. The most important innovation of 2018 is the introduction of benefits for the first …

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