Contents tagged with Economy of Russia

  • Putin promises to increase minimum wage after the election

    Russian President Vladimir Putin promises that the minimum wage in his country will increase on May 1st, as he stated on January 10th while speaking with workers at a plant in the city of Tver and added that a change in the minimum wage will affect "about four million people."

    The Government plans stipulated that such growth would take place later in 2018. According to officials, the Russian Ministry of Labor will soon begin developing the draft bill regarding the increase in minimum wage. …

  • Russian Finance Minister promised to hide transactions aimed at moving capital back to Russia

    If, next year, the Russian Ministry of Finance issues Eurobonds for businessmen who are interested in moving their capital back to Russia, the information about these investors, their names and amounts, will be protected from the Western financial system by the Russian banking system and the Central Depository, Russian Minister of Finance Anton Siluanov told journalists.

    “If our businessmen want to avoid revealing the movement of their capital, they can act through Russian banks. If they open …

  • Putin: too many people in Russia live below the poverty line

    Speaking at a meeting with cabinet ministers, Putin said that one of the country’s main unresolved problems is a large number of people living on income below the poverty line, TASS reports.

    The Head of State noted that there are now 20 million poor people in Russia, and recalled that recently the figure had been 15 million people.

    "The economic crisis of recent years, the decline in oil prices, and some other causes - including external constraints - have done their dirty work, and the …

  • Putin: tax exemption on the capital repatriated to Russia needs to be extended

    "The first is to extend the amnesty period for capital, referring to those external restrictions that do not become smaller, but, on the contrary, appear to have a tendency to increase," he said at a meeting with Russian MPs.

    Putin also proposed to exempt those entrepreneurs who transfer business from abroad to Russia from income taxes.

    The amnesty on capital was effective in the country from July 1, 2015 until June 30, 2016. This rule allowed Russian taxpayers to voluntarily declare their …

  • Putin: Russia’s economic growth will outpace the world

    Speaking at a rally of the ruling party, United Russia, President of Russia Vladimir Putin stated that the Russian economy will grow faster than the world economy.

    “Economic crises and foreign restrictions prevented us from achieving the task of our economy surpassing the world economy in terms of growth. But we must do this. And we will do this,” the President promised. Putin also said that he expected Russia to bridge the gap between it and the world’s leading countries in terms of GDP per …

  • Putin orders issue of special bonds for the repatriation of capital back to Russia

    While attending a meeting with businessmen, Vladimir Putin announced that he has issued an order for as early as 2018 for the issuance of special bonds for the repatriation of capital to Russia. The decision was made jointly by the government and the Central Bank.

    "At your last meeting, you asked for the creation of favorable mechanisms for the return of capital to Russian jurisdiction. As a tool, we have decided to use domestic bonds for external loans denominated in foreign currency. I have …

  • Russian Finance Minister: Moscow must prepare for new Western sanctions

    While speaking at a collegium of finance, treasury and tax authorities in Kazan, Russian Finance Minister Anton Siluanov said that Russia is being threatened with new financial sanctions.

    Anton Siluanov, the head of the Ministry of Finance of the Russian Federation, arrived at a joint meeting of Tatarstan's financial departments on December 16. He said that the country faces new financial sanctions, reported Komsomolskaya Pravda.

    According to Siluanov, the budget deficit needs to be reduced …

  • Number of bankruptcies in Russia have reached a record level

    The number of bankruptcies in Russia in the third quarter increased by 3% compared to the second quarter. The country registered 3,227 bankruptcies, higher than July-September 2016. These increases were reported by the Center for Macroeconomic Analysis and Short-term Forecasting.

    The report notes that two factors could have led to the increase in the number of bankruptcies: weak consumer demand and a slow decrease in the key rate. The Russian Federal State Statistic Service or Rosstat …

  • Net outflow of capital from Russia tripled in period from January to October

    Based on the review of the Central Bank of the Russian Federation, net capital outflow in Russia from January through October 2017 increased almost 2.8 times in the annual comparison, according to preliminary estimates, reaching $23.8 billion compared to $8.6 billion in the same period last year.

    "Net capital exports by the private sector, according to preliminary estimates of the Bank of Russia, totaled USD 23.8 billion (USD 8.6 billion in January – October  2016)," the regulator’s review …

  • Russian ex-Finance Minister says investments in Russia fell by 7 times

    The former head of the Russia Ministry of Finance and head of the Center for Strategic Research, Alexei Kudrin, said that in the recent years, including the period after the introduction of sanctions, direct foreign investment in the Russian economy declined sevenfold. Kudrin discussed this issue during the Moscow Exchange Forum 2017 in New York, RBC news agency reports.

    "Foreign direct investment in our country used to reach 70 billion dollars a year before the crisis of 2009 and immediately …