Russia

Warm relations between Budapest and Moscow confirmed at Putin's latest Hungary visit

bne IntelliNews October 31, 2019

Hungarian PM Viktor Orban defended his country's close ties with Russia and talked of Hungary’s position in a regional context “in the triangle between Moscow, Berlin and Istanbul” — with no mention of Brussels.

Denmark greenlights Nord Stream 2 construction in its waters

bne IntelliNews October 31, 2019

After months of bitter wrangling, the government of Denmark gave the go-head for Russia’s Gazprom to build the Nord Stream 2 pipeline through its territorial waters – the last country on the route between Russia and Germany to grant construction perm

Russian supermarket chain Lenta reports first ever fall in revenues as organised retail hits a rough patch

Ben Aris in Berlin October 30, 2019

The second tier Russian supermarket chain Lenta has reported its first ever drop in revenues, but the entire industry is going through a rough patch as shopping habits are changing.

Russian consumers pay an extra $7bn a year due to sanctions on EU food imports

bne IntelliNews October 29, 2019

Russia’s sanctions on the import of food products from the EU is costing Russian consumers RUB445bn ($7bn) a year, or about $50 a year per head, according to a study by economists at RANEPA and CEFIR.

China overtakes Poland, Russia to become Ukraine's top trade partner in 8M19

Ben Aris in Berlin October 29, 2019

More dramatic changes in Ukraine’s trade patterns as China overtakes Poland in August to become Ukraine’s biggest export and import partner.

Sberbank signs off on deal to buy 20% stake in Mail.ru

bne IntelliNews October 29, 2019

Russia’s largest bank and tech giant wannabe Sberbank has signed a non-binding agreement to acquire a 35% stake in MF Tekhnologii, the owner of a 58.3% voting interest in Mail.ru.

VOX: VEB creating a new quality of life in Russia

Ben Aris in Rhodes October 29, 2019

Russia is growing below potential, but the new national projects are designed to change that. While the programme is off to a slow start, Andrey Klepach, chief economist of Vnesheconombank, says quality of life will be transformed.

Moscow court extends Michael Calvey’s house arrest

Ben Aris in Berlin October 29, 2019

The Moscow municipal court denied bail to US citizen Michael Calvey, ruling he must remain under house arrest before a trial where he faces charges of embezzlement and fraud.

Latest Russia-Ukraine gas talks fail to yield breakthrough

bne IntelliNews October 29, 2019

Officials from Russia, Ukraine and the EU met again on October 28in Brussels to discuss terms for the transit of Russian gas via Ukraine next year, with still no breakthrough in negotiations in sight.

Shares of Russian oil dinosaur Surgut soar in mystery rally

bne IntelliNews October 28, 2019

The shares of Russian fourth largest oil producer Surgutneftegaz (Surgut) leaped by a third (31%) in value between October 23 and October 25 and setting a new all time high price record of RUB48 ($0.75), with no apparent catalysts or news flow.

IIF: IMF meetings, not as bad as you think

Elina Ribakova Deputy Chief Economist of the Institute of International Finance et al October 27, 2019

Investors and policymakers finished the International Monetary Fund (IMF), World Bank annual general meetings in October on a more positive note than expected.

Russian Baring Vostok executives could face years in detention

Ben Aris in Berlin October 25, 2019

Baring Vostok fund managers Michael Calvey and Philippe Delpal have been released to house arrest in a fraud trial, but their three Russian colleagues could spend years in pre-trial detention if they are not released at upcoming hearings.

Russia's CBR follows EM peers with bold 50bp key interest rate cut

bne IntelliNews October 25, 2019

The board of the Central Bank of Russia (CBR) decided to cut the key interest rate by whopping 50bp (basis points) to 6.5% at its regular monetary policy meeting on October 25, the biggest cut of the year and marking the start of a bolder than expect

Russian gold miner Polymetal to raise "green" project financing for four projects

bne IntelliNews October 25, 2019

Polymetal is hoping to raise green financing for four projects including the construction of a solar power plant and the reduction of water consumption at its deposits which need total investment of $60mn-$70mn within the next three years.

Enel Russia sells its biggest coal-burning power station as it goes green

Ben Aris in Berlin October 24, 2019

Russia’s biggest foreign-owned utilities company has finally sold its Reftinskaya power station for an undisclosed amount as part of its efforts to “go green” as well as become more profitable.

Russia stops short of top 20 Doing Business goal

bne IntelliNews October 24, 2019

Russia is ranked 28th in the latest 2019 edition of the World Bank’s Doing Business report, falling just short of the goal set by the President Vladimir Putin to enter the top 20 of the business environment rating.

CAPITAL ECONOMICS: Russian retail sales set for a tepid recovery

Liam Peach of Capital Economics in London October 23, 2019

The weakness in Russian retail sales looks close to bottoming out, but any turnaround will be modest. This is one reason to think that the overall recovery in GDP growth will be weak and that the central bank’s easing cycle is likely to be deeper tha

Russia accounts for 97% of the trade in the EEU

Sam Bhutia of Eurasianet October 23, 2019

Russia dominates the trade within the Eurasia Economic Union (EEU). In 2018 trade with Russia accounted for 96.9% of all trade within the Eurasian Union; trade among the four smaller countries accounted for the remaining 3.1%.

30 years after fall of Berlin Wall Pew poll finds progress but a values fault line lies across Europe

Ben Aris in Berlin October 22, 2019

With the 30th anniversary of the fall of the Berlin Wall due in November the Pew Research Center has released a report looking at how attitudes to democracy, liberal values and market economies have developed in the last 30 years.

Russia's Watcom shopping index extends gains over the summer, but only because people are feeling poor

Ben Aris in Berlin October 22, 2019

The mild recovery in foot traffic in Moscow’s leading shopping malls extended gains that began at the start of summer, as retail turnover results for all of Russia also picked up in the third quarter of this year.

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