Eastern Europe / Tech
Russian state takes over yet another e-commerce leader, online marketplace Avito
Russia’s state-owned Rosselkhozbank agricultural bank has acquired a 50% stake in Avito, the country’s largest classifieds platform, as part of a broader trend of strategic e-commerce acquisitions by the state.
Russia's IT sector fears re-entry of Western competitors
As discussions intensify around the possible return of Western companies to Russia, the domestic IT industry is increasingly concerned that renewed competition from foreign firms could deal a serious low to local tech players.
Russia's VK Plans to launch a copycat of China's WeChat
Russian tech giant VK, which has recently disclosed significant losses, is planning to introduce a “super-app” in an effort to replicate the functionalities of China’s widely used WeChat app.
Tether emerges as a key crypto for Russia's foreign trade.
Recent reports indicate that Russia has been increasingly using the crypto stablecoin Tether in international transactions in a bid to circumvent Western sanctions.
Telegram CEO Durov returns to Dubai amid French investigation
Telegram founder has left France and returned to his adopted home of the United Arab Emirates after several months detention in the country.
Russia uses crypto in Chinese and Indian oil trade
Russian oil traders are said to uses cryptocurrencies in settlements for oil trade with China and India
Russia's electronics sector lacks investment
The Russian electronics industry requires $3.8bn in private investment to meet government targets. However, private investors are unlikely to contribute the full amount, and the state can only provide a fraction of the necessary funding.
Sanctions isolate Russia’s tech sector, but market consolidation fuels profits
Russia’s technology sector is falling behind the rest of the world after being cut off by sanctions, but the leading companies have seen profits rise after their market share grew once all their international competition left the Russian market.
Russian authorities struggle to curb YouTube
Russian authorities' efforts to challenge YouTube have seen limited success, even as its largest local competitor, VK, overtook it in audience reach for the first time last December.
Belarusian firm providing Russia with military-quality microchips
A Belarusian state-owned enterprise has been supplying Russia with microchips crucial for missile production, using Western-manufactured equipment, components and raw materials in violation of international sanctions.