Contents tagged with Russian Economy
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Putin: Russia's old economic resources are no longer enough
According Vladimir Putin, economic growth in Russia will not resume by itself, and the country needs to look for new sources of economic stability. The Russian President said this at a meeting of the Presidium of the Economic Council, which was held for the first time in two years, Rosbalt reported.
"I consider it necessary to emphasize once again: economic growth will not resume by itself. If we do not find new sources of growth, the dynamics of the GDP will be somewhere around zero," Putin …
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Consumer prices in Russia have risen by 2% this year
Since the beginning of the year, consumer prices in Russia have increased by 2%, as indicated by the Federal State Statistics Service (FSSS) of Russia.
According to the FSSS, inflation reached 1.2% in March, and 7.4% since the beginning of the year.
The agency pointed out that during the period under review, buckwheat has risen most of all, by 1.2%. The prices of tea have gone up by 0.7%, frozen fish by 0.5% and sunflower oil and biscuits by 0.4%.
The prices of fruit and vegetables averaged …
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Russian Ministry of Labor predicts drop in real wages
According to the Russian Minister of Labor, Maxim Topilin, there will not be a dramatic drop in real wages in the country. “Maybe there will be a slight decline, between 3% and 4%,” Topilin was quoted as saying by TASS.
Also Topllin explained an increase of the unemployment rate of between 6% and 6.3% is not critical, and it is an acceptable percentage.
Topilin has said that the Ministry of Labor is in the process of drawing up legislation to increase the maximum amount of the unemployment …
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Russian imports of passenger cars fell by half in 2015
Imports of trucks from foreign countries has decreased by 65.9% to 20,100 units while truck imports from the Commonwealth of Independent States (CIS) countries have decreased by 9.3% to 2,400 units.
Imports of passenger cars to Russia from non-CIS countries has decreased in 2015 by 49.9% to 336,400 units. These imports from CIS countries have decreased by 58.6% to 13,500 units. This data was published on the website of the Federal Customs Service (FCS) of Russia on the 5th of February. …
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Russian Finance Ministry Seeks Foreign Loans
Russia has sent 25 requests to foreign banks for Eurobonds in 2016, as stated in documents the Ministry of Finance of Russia published on its website on February 5th.
Requests, in particular, are directed to Barclays, BNP Paribas, Bank of America Merrill Lynch, Bank of China, Wells Fargo, Goldman Sachs, J. P. Morgan, Deutsche Bank, Industrial and Commercial Bank of China, Crédit Agricole, Credit Suisse, Landesbank Baden-Wuerttemberg, Morgan Stanley, Mizuho Financial, Nomura, Citigroup, Societe …
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Putin's son-in-law received $1.75 billion Russian state loan
A Reuters report on information taken from public records about the government and the Sibur Company indicates that Russian President Vladimir Putin's son-in-law has received government funds for a lucrative construction project.
33-year-old Kirill Shamalov owns one fifth of the largest petrochemical company in Russia, Sibur Gas Processing and Petrochemicals. In December, Sibur received funds from the National Welfare Fund (NWF) for the construction of a large complex in the Tyumen region near …
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Danone to close two factories in Russia
The French company Danone, one of the largest producers of dairy products in the world, will close two factories in Russia. According to a statement made by company representatives to the newspapers Izvestia, the French company will close its plants in Tomsk and Cheboksary.
“After a company-wide reorganization, the Tomsk dairy plant will be closed. There will also be a consolidation of production facilities in Kemerovo and Krasnoyarsk. The Cheboksary dairy plant will also be closed and its …
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Paris Court of Appeals Delivers The Next French Slap to Russia
RIA Novosti reported that the Paris Court of Appeals refused to suspend the decision to seize French assets belonging to Yukos Oil Company. The Russian Federation recently moved to suspend enforcement of The Hague Court’s decision to confiscate the Russian property, as well as the order to pay $50 billion to the former shareholders of Mikhail Khodorkovsky’s company.
In mid-June, the courts in Belgium and France seized several Russian assets, especially the accounts of a number of companies and …
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Nord Stream 2 Pipeline Issue to Be Raised at Next EU Summit
The construction of the second branch of the gas pipeline under the Baltic Sea for transporting natural gas from Russia to Germany is causing heated debates in the European Union.
The controversial issue of the construction of the new gas pipeline Nord Stream 2 will be, according to reports from the diplomatic community, one of the themes of the EU summit in Brussels on Friday, December 18th. According to the DPA agency, the final document of the meeting of the Heads of State and Government …
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Russian Conditions for End of Turkish Crisis
Russian authorities have made demands that would end the current crisis with Turkey. Interfax reported that Russian Ambassador to Turkey, Andrei Karlov outlined three conditions.
First, Turkey must formally apologize for the incident with the Russian Sukharov-24 bomber that was shot down by Turkish fighter jets on November 24th. Second, the responsible parties must be brought to justice. Third, Turkey must compensate Russia for the losses incurred in the incident.
Speaking about the death …