The Russian Far East, as well as parts of northern China, were inundated by unusually intense rainfall between July and mid-August, flooding many homes and a significant amount of farmland. More than 80 people have died, and about 100 are missing, in both Russia and China. Now, the Russian government has unveiled a 6 billion […]
The world is still in the process of recovering from the economic crisis of 2008. However, if one looks at various macro indicators, the external factors are creating an economic environment that should have set Russia up for strong growth. However, the Russian economy is actually shrinking, and a growing number of economists believe that […]
Facing a significant budget crisis, the Ministry of Finance has “found” one trillion roubles worth of spending to cut. Included in that number, however, would be funds for new mothers. As no new social programs are being announced that might help with, for instance, child care or education, this could mean cutting off an important […]
Andrey Kokoshin, the Dean of the MSU Faculty of World Politics, talks with the pro-Kremlin Izvestia about the possible consequences of a U.S. strike against Damascus for the international community. Kokoshin states, among other things, that Saudi Arabia and Iran will both be encouraged to develop nuclear weapons should Syria be attacked by the West, […]
Benefits and compensation paid to managers of state companies will be limited to six months of pay. A bill to that effect was submitted to the government by the Ministry of Labor on Wednesday. The initial draft document provided for limiting the size of severance pay at the minimum level currently mandated by the Labor […]
The Ministry of Finance and independent experts figured out how to save the budget money. Over three years the measures they proposed will save more than 1.1 trillion roubles. The government expenditure optimization project has already been submitted to the government, the Ministry of Finance press service told “RG.” The authors of these proposals plan […]
One of Russia’s banks took a loan from Bank of Russia in order to stay afloat. However, that bank also owed creditors billions of rubles. An appeals court has pronounced that the bank rightfully transferred money to the Central Bank before its other creditors. This decision, however, means that now that the bank is bankrupt, […]
By the end of the year, tough customs measures taken by Russia against Ukrainian goods could cost Ukraine up to $2.5 billion. Ukrainian exports of goods to Russia have virtually stopped. This is according to the statement by the Federation of Employers of Ukraine (FEU). Vehicles carrying Ukrainian products are subject to additional scrutiny for […]
Repatriation of balances from accounts in foreign banks by public officials contributed to a record growth of deposits in “VTB 24”, according to the bank’s president, Mikhail Zadornov. By July individuals’ balances in “VTB 24” reached 982 bn roubles, an increase by 163.6 bn, or 20% since the beginning of the year. This is a […]
Russia economy is stagnating, but the Russian government is using various statistical tricks to make things look better than they are. In this editorial in Gazeta, written by Alexei Mikhailov, he explains that one of the few pro-active steps Putin is taking, using National Wealth Fund to invest in large projects, has questionable merit. It’s […]
