business in Russia

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Self-employed persons legalized in Russia

Self-employed citizens switching to the experimental tax regime will be exempt from paying personal income tax and value added tax (VAT), except for the situation when goods are imported into Russia, according to the set of laws on the …

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Usmanov drops Mail.Ru Group control

One of Russia’s richest men, Alisher Usmanov, has transferred control of his majority voting stake in social-networks operator Mail.ru Group. Usmanov’s holding company USM and the wireless carrier MegaFon …

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Will Crimea become offshore zone?

Head of the State Duma’s Committee for Financial Markets Anatoly Aksakov proposed to set up an offshore zone on the Crimean peninsula. At the same time, he noted that it will not happen in the near future. Aksakov …

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Syria wants to open trading house in Crimea

Damascus has expressed its desire to open a trading house in Crimea, Russian Presidential Envoy to Crimea Georgy Muradov said. According to the official, Crimean lawmakers intended to discuss bilateral trade with …

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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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