Contents tagged with Russian Economy
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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 …
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Russian Poor Increased By Millions
On Thursday, December 10th, Interfax reported on the findings of the Federal State Statistics Service of the Russian Federation (Rosstat). The data indicates that the number of poor in Russia from January to September 2015 increased by millions of people and reached 20.3 million.
2.3 million Russians joined the poverty line this year. The total poverty rate in the country amounted to 14.1%, an increase of almost 2% compared to the year 2014. The largest number of poor in 2015 was in the …
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Kremlin threatens Ukraine with court over $3 billion debt
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After the International Monetary Fund's change in intercountry money lending policies (in hopes of assisting Ukraine), Russia is left no choice but to begin a $3 billion retrieval process from Kiev. As reported by TASS, Anton Siluanov, Russia's Minister of Finance, has stated that the Russian Federation will exercise any means necessary to protect its rights as a creditor.
According to Siluanov, the IMF's decision in lifting the ban on lending to the countries with defaulting sovereign debt, …