Russian economy

Putin: West's blitzkrieg tactics against Russia failed

Putin: West's blitzkrieg tactics against Russia failed

Russian President Vladimir Putin has stated that the country is coping with pressure from the West, having promptly implemented protective measures in the economy. According to him, the West’s Blitzkrieg tactics with …

Russian annual inflation to slow in coming months

Russian annual inflation to slow in coming months

Russia’s consumer inflation will continue slowing in annual terms in coming months but a recovery in consumer demand amid higher lending activity and budget spending will increase inflationary pressure, central bank analysts said on …

Agreements amounting to $52.5 bln made at EEF

Agreements amounting to $52.5 bln made at EEF

Participants in the Eastern Economic Forum (EEF) signed investment agreements totaling more than 3.255 trillion rubles ($52.5 bln) in conclusion of the Forum, Russia’s Deputy Prime Minister Yury Trutnev said at the press conference. …

Russia's GDP declines by 0.4% in first half of 2022

Russia's GDP declines by 0.4% in first half of 2022

Russia's GDP in January-June 2022, according to preliminary estimates, decreased by 0.4% in annual terms, according to the Russian State Statistics Service (Rosstat). According to the latest estimate of Rosstat, in the Q2 of 2022, …

Russia's annual inflation slows to 14.31%

Russia's annual inflation slows to 14.31%

Inflation in Russia on August 23-29 slowed to 14.31% in annual terms against 14.6% a week earlier, according to the Ministry of Economic Development. "For the week from August 23 to August 29, deflation was 0.16% after 0.15% for …

Russia unveils economic development plan until 2030

Russia unveils economic development plan until 2030

The Russian Economic Development Ministry unveiled on Tuesday the scenarios for the development of the Russian economy until 2030. "The Russian Economic Development Ministry, together with industry departments under the leadership …

Russia’s international reserves up $5.8 bln in one week

Russia’s international reserves up $5.8 bln in one week

Russia’s international reserves totaled $580.6 bln as of August 12, 2022, up by 1.01% (or $5.8 bln) in one week, the Central Bank reported on Thursday. "International reserves amounted to $580.6 bln as of August 12, up by …

Russia-Turkey cooperation irritates European Union

Russia-Turkey cooperation irritates European Union

EU member states are becoming increasingly uneasy about Turkey’s booming commerce with Russia and the potential for it to help Moscow as an alternative choice to different European imports and exports, two EU officers advised …

Russia’s annual inflation down to 14.87%

Russia’s annual inflation down to 14.87%

Annual inflation in Russia slowed down to 14.87% from August 9 to 15 from 15.01% a week earlier, the Ministry of Economic Development says in its price review. "The price drop continued over the week from August 9 to 15, 2022 and …

Russian international reserves up $3.6 bln in one week

Russian international reserves up $3.6 bln in one week

Russia’s international reserves totaled $574.8 bln as of August 5, 2022, up by 0.6% (or $3.6 bln) in one week, the Russian Central Bank reported on Thursday. "International reserves amounted to $574.8 bln as of August 5, up …

Payment in rubles to benefit Russia and Turkey, Erdogan says

Payment in rubles to benefit Russia and Turkey, Erdogan says

Turkish President Recep Tayyip Erdogan, in an interview with reporters, spoke about the talks with Russian leader Vladimir Putin, which took place in Sochi. He noted that the parties reached an agreement on the start of the transition …

Russia’s annual inflation slowing down to 15.3%

Russia’s annual inflation slowing down to 15.3%

Annual inflation in Russia geared down to 15.3% from July 16 to 22, compared to 15.39% a week earlier, the Ministry of Economic Development says in its price review. "The price drop continued over the week from July 16 to 22, 2022 …

Russian disposable incomes drop in Q2

Russian disposable incomes drop in Q2

Real disposable incomes in Russia fell 0.8% in the second quarter of 2022, preliminary data showed. Industrial output fell 1.8% year-on-year in June, a sharper drop than in May, and retail sales continued their slump, down 9.6% when …

Sberbank cuts interest rates on loans for small businesses

Sberbank cuts interest rates on loans for small businesses

Russia's Sberbank has cut interest rates on loans for small businesses, the bank’s press service reported. The lowest rate is 12.4% per annum can be obtained if a company takes a loan to purchase real estate for commercial …

IMF expects Russia's GDP to fall 6% in 2022

IMF expects Russia's GDP to fall 6% in 2022

The International Monetary Fund (IMF) has improved its outlook for the dynamics of Russia's economy in 2022 to a fall of 6% in GDP rather than the drop of 8.5% that the IMF had forecast in April, according to the World Economic Outlook …

Russian Central Bank cuts key rate to 8%

Russian Central Bank cuts key rate to 8%

The board of directors of the Russian Central Bank has decided to cut the key rate by 150 basis points to 8% per annum, thereby substantially exceeding market expectations. "Current consumer price growth rates remain low, …

Russian Central bank sees signs of stabilisation in economy

Russian Central bank sees signs of stabilisation in economy

The Russian economy is now showing signs of stabilisation, the central bank's head of monetary policy said on Tuesday, after taking a hit from unprecedented Western sanctions imposed against Moscow. However, Kirill Tremasov, who …