Russian banks earned more profit in 8M17 than in all of 2016

Ben Aris in Berlin September 14, 2017

The profit of Russian banks in January-August 2017 reached RUB997bn ($17.3bn), according to Central Bank of Russia (CBR) -- more than they earned in all of 2016.

Russia's CBR expected to cut rate, refine guidance

Vadim Dumes in Paris September 14, 2017

The Central Bank of Russia is widely expected to resume the monetary easing cycle and cut the key interest rate by 50bp to 8.5% at the upcoming policy meeting of September 15.

Polyus launches giant new mine in Russia's Far East

bne IntelliNews September 14, 2017

Russia to become the world’s second largest producer of gold after Polyus launched a new mining and smelting facility at Natalka in the Far Eastern Magadan region.

OPEC raises its forecast for Russia’s oil and gas condensate output in 2017

Ben Aris in Berlin September 13, 2017

Russia is still the biggest producer of oil in the world and production is running at close to record highs, despite a deal to limit production struck with OPEC last year and extended for nine months this May.

CEE monthly bond wrap: everyone’s on holiday

bne IntelliNews September 12, 2017

Everyone was on holiday in August it seems. There were no bond issues at all in Central and Eastern Europe (CEE) and only three small issues in Russia.

Russian life expectancy reaches a record 72.5 years

bne IntelliNews September 12, 2017

The average life expectancy of Russians for the first time in history reached 72.5 years in the first seven months of 2017, according to Rosstat.

Russian President Vladimir Putin expected to be nominated as a presidential candidate in November

Ben Aris in Berlin September 12, 2017

The Kremlin has almost finalised its plan for the reelection campaign, but is reportedly worried after turnout fell to a record low in the September 10 municipal and regional elections.

Russia's CBR gets tough on banks, demands they reveal owners' identities

bne IntelliNews September 12, 2017

New rules strike to the heart of the most serious problem in the Russian banking sector: owners' proclivity to make loans to themselves and then default on those loans.

Turnout slumps to record low at Russian municipal elections

bne IntelliNews September 11, 2017

The Kremlin-backed United Russia swept the board in the 16 regional mandates that were up for grabs, but the elections can be considered a defeat for the Kremlin as they were marred by a record low turnout ahead of the 2018 presidential elections.

Recovery of Russia’s automotive sector continues in August with sales up 17%

bne IntelliNews September 10, 2017

The market only returned to growth at the beginning of this year, with mass brands and made-in-Russia brands doing well as Russians trade down and become more price sensitive.

Russian monthly equity wrap: the boom in steel stocks continued in August

Ben Aris in Berlin September 10, 2017

Investors snapped up metal and mining names thanks to the high prices for ferrous metals on international markets and the expectation that demand from China will accelerate

Rosneft sells 14% stake to China’s CEFC in biggest ever Russo-Chinese deal

Ben Aris in Berlin September 9, 2017

Russia’s turn to the east got more serious on August 8, after Russia’s leading oil company Rosneft announced the biggest ever investment by China into Russia in a deal to se

Is Russia on the verge of another banking crisis?

Ben Aris in Berlin September 8, 2017

The near collapse of leading commercial bank Financial Corporate Otkritie has raised a wider question: is Russia is facing another banking crisis?

Russia's Otkritie collapse: the owners and the deals

Ben Aris in Berlin September 8, 2017

Who were the owners of Russia's Otkritie bank and what where the deals that got it into so much trouble?

Russia’s gross international reserves rose 1.3% to $424bn in August

bne IntelliNews September 8, 2017

Russia’s gross international reserves (GIR) rose 1.3% to $424bn in August, the central bank said in a statement on August 7.

Russia’s banking sector on the edge again

Ben Aris in Berlin September 7, 2017

Russia’s banking sector was rocked in August when Otkritie Financial Corporation, the second biggest private bank in the country and one of 10 “systemically important” banks, was taken over by the central bank.

Shoes of Russia IPO plans undented by its first ever revenue downturn

bne IntelliNews September 7, 2017

One of Russia's largest shoes producers and retailers Obuv Rossii (Shoes of Russia) IPO plans are undented by its first ever fall in revenues. The company reported 1.5% year-on-year turnover decline to RUB4.1bn (€60mn) in January-June 2017.

Russian institutions beat CEE peers on world university ranking

bne IntelliNews September 6, 2017

Lomonosov Moscow State University the best ranked university in the CEE/CIS region on new ranking compiled by THE.

Russia's RusHydro to invest $1bn in Far East solar power

Vadim Dumesh in Paris September 6, 2017

Russian hydropower major RusHydro will invest $1bn into developing solar power projects in the Far East region, deputy head of the company George Rizhinashvili told the press at the Eastern Economic Forum.

Russia's average mortgage rate declines to 10.94% in July

Ben Aris in Berlin September 6, 2017

The average rate on mortgage housing loans in Russia declined in July 2017 to 10.94% from 11.1% a month earlier, the Bank of Russia said on August 6, well below the 12% cut off level for state subsidies.