Contents tagged with Economy
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US State Department tells companies that there are many risks in doing business with Russia
The US State Department confirmed that it is working with representatives of the business community in order to convince companies to not do business with Russia in the usual way, RIA Novosti reported. “We continue to clearly state in communications with US companies that we believe that a return to the usual means of conducting business with Russia causes both economic and reputation risks,” the agency quoted the unnamed representative of the US State Department as saying.
According to the …
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Russia sees 25 percent decrease in trade with Germany
The trade volume between Russia and Germany fell by 25 percent in 2015. This is evident from the survey of the German-Russian Chamber of Commerce (GRCC), published on Friday, February 19. German exports to Russia fell by 25.5 percent.
At the same time, the number of companies with German capital in Russia decreased in 2015 from 6,000 to 5,600. According to a survey conducted by the GRCC, only 16 percent of the companies said their position on the market was good or very good. More than 75 …
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EU imposes new tariffs on steel imported from Russia and China
Russian exporters of cold-rolled steel products will have to pay a 26.2% fee to the European Union (EU) countries. The EU authorities imposed these anti-dumping duties for six months. For Severstal, the largest steel company in Russia, and for Magnitogorsk Iron and Steel Works (MMK), the third largest steel company in Russia, the fee will be slightly less.
The authorities of the EU have also imposed these provisional anti-dumping duties on imports of cold-rolled steel from China for six …
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Naftogaz to Discuss Gas Transit Tariffs with Gazprom
The delegation Naftogaz of Ukraine will visit Moscow in the near future to discuss new tariffs for the transit of gas through Ukraine. These discussions will be held with the Chairman of Gazprom, Alexander Medvedev. This was reported to the Agency Gas Information (AGI) by an inside source.
The transit rate is currently determined by the long-term contract (from 2009 to 2019) between Naftogaz of Ukraine and Gazprom. This rate is dependent on the value of the fuel component and inflation in …
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Car production in Russia down 28% in 2015
In December 2015, the production of passenger cars in Russia declined by 38.9% year-on-year and by 12.5% in comparison with the previous month. These results were presented by the Federal State Statistics Service of the Russian Federation, the Rosstat.
According the Rosstat, the production of passenger cars in Russia saw a general decrease of 27.7% from 2014. This amounted to 1.2 million units.
In addition, the country produced 131 000 trucks last year – 14.7% lower than the previous year. …
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No end in sight for Russia’s economic woes
With the Russian economy continuing to plummet as a result of western sanctions and low oil prices, the Kremlin seems to be sticking to its reliance on hydrocarbon exports, as oil revenues still account for 44% of the federal budget. For the 25 years since the collapse of the Soviet Union, the Russian government has done little to relieve the economy from its dependence on oil and gas, and with the value of the ruble at a record low, many experts worry that it may be too late to diversify …