One of the two newly created Russian offshore companies on Oktyabrsky Island, cannot be realized, since the island does not exist as a geographical entity, writes the newspaper Vedomosti.

The publication refers to the words of Deputy Finance Minister Ilya Trunin, who complained that his “Kaliningrad colleagues have a basic problem".

”As it turns out, there is no Oktyabrsky Island in the Kaliningrad region. This geographical entity does not exist,” the official noted.

According to the former …

The Russian government’s nominally low foreign debt of $50 billion, at 3.6% of the GDP, is only the tip of the iceberg with respect to the government’s lending to western creditors, finanz.ru reports.

If one takes into account the loans of the state banks and the state corporations and structures which are more than 50% owned by the government, the total foreign debt of the government sector exceeds the official figure by a factor of five, at $255 billion.

These were the figures cited by the …

The arbitration court of the annexed Crimea decided that the Titan plant in the Crimean town of Armyansk should pay 736.9 million rubles ($10.5 million USD) to the Russia budget for the negative impact on the environment, as reported by Rosprirodnadzor (Russia's Federal Service for Supervision of Use of Natural Resources) in a press release on their website. According to the report, the inspection found that the enterprise was discharging liquid industrial waste into the acid storage.

The …