Anatoly Aksakov

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Russia’s Central Bank keeps key rate at 7.75%

Russia’s Central Bank keeps key rate at 7.75%

The board of directors of the Bank of Russia decided to keep the key rate at 7.75% per annum, the regulator said in a press release following the board meeting on Friday. "If the situation develops in line with the baseline …

Bank of Russia keeps key rate at 7.75%

Bank of Russia keeps key rate at 7.75%

The Bank of Russia Board of Directors decided to keep the key rate at 7.75% per annum, the regulator said in a press release.  When grounding its decision the regulator noted that in January 2019, annual inflation held at the lower …

Davos forum to combine contacts with Russia and sanctions

Davos forum to combine contacts with Russia and sanctions

Kremlin spokesman Dmitry Peskov commented on the decision of the organizers to allow Russian businessmen to attend the 2019 World Economic Forum in Davos. He said that the Kremlin welcomed the fact that the Davos economic forum …

Oil price slides to crisis levels

Oil price slides to crisis levels

The price of Brent crude oil fell below the $70-a-barrel mark today for the first time in seven months, moving to the brink of bear-market territory. As of 15:57 (MSK), Brent crude reached $69.87 a barrel on ICE Futures Europe. Brent …

Will Russia refuse placing eurobonds?

Will Russia refuse placing eurobonds?

Russian Deputy Finance Minister Sergei Storchak said on the sidelines of the International Monetary Fund (IMF) and World Bank meeting that Russia may refuse to enter the external borrowings market, noting that it's an …

Will Crimea become offshore zone?

Will Crimea become offshore zone?

Head of the State Duma’s Committee for Financial Markets Anatoly Aksakov proposed to set up an offshore zone on the Crimean peninsula. At the same time, he noted that it will not happen in the near future. Aksakov …

"Russia able to withstand one more economic crisis"

"Russia able to withstand one more economic crisis"

Russia’s National Wealth Fund (NWF) will be able to withstand one more economic crisis amounting to the crisis of 2014, head of the Accounts Chamber and initiator of the Reserve Fund Alexey Kudrin said. "In …

Is Russian ruble's new devaluation around the corner?

Is Russian ruble's new devaluation around the corner?

The ruble sharply fell against the dollar and the euro on the Moscow exchange today on the news of fresh U.S. sanctions over Moscow's alleged poisoning of an ex-spy in Britain. The dollar hit its highest level against the ruble …

Will trade wars undermine global economy?

Will trade wars undermine global economy?

Escalating global trade war could cut world GDP growth to 2.8% from 3.2% (by 0.4%), according to Fitch Ratings 2018 “Global Economic Outlook” baseline forecast. According to the agency, the U.S., Canada and Mexico would be …

Russia's VAT rate hike bill passed in second reading

Russia's VAT rate hike bill passed in second reading

Russia’s State Duma passed the bill on raising value-added tax (VAT) to 20% from 18%, starting from 2019, in the second reading today.  The insurance contributions are currently paid in full at a rate of 30% for an …

Siluanov: exchange rate could be 50 rubles per dollar

Siluanov: exchange rate could be 50 rubles per dollar

If there were no budget rule, the exchange rate could be 50 rubles per dollar, Russia's Finance Minister Anton Siluanov said. Siluanov said that the budget rule, under which energy revenues from oil sold at over $40 …

Russia passes law on counter-sanctions

Russia passes law on counter-sanctions

Russia’s State Duma has passed the final third reading of a law on counter-sanctions against the US and other unfriendly states. The law stipulates that the Russian president may provide the government with the right to impose …

Russia to up daily foreign currency purchases to record high

Russia to up daily foreign currency purchases to record high

Russia's Finance Ministry said it would increase its daily purchases of foreign currency for state reserves to the equivalent of 15.7 billion rubles ($277.39 million) between February 7 and March 6, a record high. According to the …

 Banks' profits to be record in post-crisis Russia

Banks' profits to be record in post-crisis Russia

Russia's banking system would likely hit record profits next year, the main Sberbank analyst Mikhail Matovnikov said. According to him, Russian banks's profits would have reached 1.5 trillion rubles …

US preparing 'black swan' for Russian sovereign debt

US preparing 'black swan' for Russian sovereign debt

Extended US sanctions on Russia that cause foreign investors to pull out of its bond markets is a potential 'black swan' for 2018 that could trigger big ruble falls, Bank of America Merrill Lynch (BAML) said in a note. BAML …