Russian economy

Russia introduces tax for rich

The law on increasing the personal income tax rate (PIT) from 13% to 15% on income exceeding five million rubles a year was introduced in Russia. Simultaneously, the tax rate of 13% will remain for individuals' income from the sale …

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Kremlin names main challenges of 2020

Kremlin Spokesman Dmitry Peskov has listed economic issues and a rise in poverty among the main challenges of 2020, he said in an interview with the RTVI channel. When asked about the main challenges of the year besides the coronavirus, …

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Vladimir Putin names governmental tasks for 2021

The meeting of Russia's State Council was held today, during which its chairman, Russian President Vladimir Putin, set tasks for the executive branch for 2021. First of all, Vladimir Putin stressed that the coronavirus …

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Russia's Central Bank retains key rate at 4.25%

At its last meeting this year, the Bank of Russia decided to once again retain the key rate at 4.25% per annum, according to the regulator’s press release. It indicates a more significant and lasting impact of one-off …

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Putin points to declining economic situation in Russia

The economic situation in Russia is deteriorating, President Vladimir Putin said at a meeting on economic issues on Wednesday, TASS reports. According to him, people’s incomes have fallen, the labor market is under pressure and …

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Russian Central Bank stabilizes interest rate

Russia’s central bank kept its key interest rate at 4.25% on Friday following a weakening in the rouble ahead of the U.S. presidential election, but said a rate cut was still possible in the coming months. The decision to keep the …

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Two main challenges for economic recovery in Russia

According to the forecast of the Ministry of Economic Development of the Russian Federation for 2021-2023, the recovery of the county’s economy may face two main challenges. The department called the recession in the global …

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Does stagnation await Russian economy?

Russia needs GDP growth rates two to three times higher than those laid down in the economic recovery plan (2-2.5%), otherwise stagnation cannot be avoided, Sergei Grishunin, managing director of the rating service of the National Rating Agency, …

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Gazprom reports massive profit slump in first half

Russia's energy giant Gazprom announced that net profit fell 25-fold in the first half of 2020 due to the economic crisis triggered by the coronavirus pandemic and low oil and gas prices. The state-controlled group posted a net …

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Russia’s GDP falls by 3.6% in January–June

Russia’s gross domestic product (GDP) contracted by 3.6% in January–June, the Federal State Statistics Service said on a statement quoting preliminary data. On August 11, the service said that preliminary estimates showed …

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