Russian economy

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Kremlin reveals what tops Putin administration’s agenda

Kremlin reveals what tops Putin administration’s agenda

The struggle to defeat poverty in Russia faces certain difficulties, but national officials are not giving up on it, Kremlin Spokesman Dmitry Peskov told journalists on Thursday. "True, not everything works out well," he …

Russia’s public debt up by nearly 40% in 2020

Russia’s public debt up by nearly 40% in 2020

Russia's public debt increased by 39.9% in 2020 to 18.99 trillion rubles ($257 bln), which is 17.8% of GDP, according to the documents published by the the Accounts Chamber. "The public debt of the Russian Federation in 2020 …

Russia’s Sberbank CEO forecasts GDP to decline 3.4% in 2020

Russia’s Sberbank CEO forecasts GDP to decline 3.4% in 2020

The Russian economy will decline about 3.4% in 2020, CEO of Russia’s top lender Sberbank Herman Gref said on Sunday in an interview with Rossiya-1 TV channel. "We see that according to the results of last year, Russia’s …

Russia, holding key rate at 4.25%, takes more cuts off the table

Russia, holding key rate at 4.25%, takes more cuts off the table

Russia's central bank held its key interest rate at a record low of 4.25% on Friday and said it will not cut rates further, planning instead to start gradually raising them at some point in the future when inflation stabilises near its …

Russia’s Central Bank keeps key rate at 4.25%

Russia’s Central Bank keeps key rate at 4.25%

Russia’s Central Bank kept its key rate again at 4.25% per annum at the first board meeting this year, the regulator said in a press release following the meeting on Friday. "On 12 February 2021, the Bank of Russia Board of …

Russia introduces tax for rich

Russia introduces tax for rich

The law on increasing the personal income tax rate (PIT) from 13% to 15% on income exceeding five million rubles a year was introduced in Russia. Simultaneously, the tax rate of 13% will remain for individuals' income from the sale …

Kremlin names main challenges of 2020

Kremlin names main challenges of 2020

Kremlin Spokesman Dmitry Peskov has listed economic issues and a rise in poverty among the main challenges of 2020, he said in an interview with the RTVI channel. When asked about the main challenges of the year besides the coronavirus, …

Russian Central Bank reveals who interested in weak ruble

Russian Central Bank reveals who interested in weak ruble

Head of the Russian Central Bank Elvira Nabiullina said that not everyone in Russia is interested in a strong national currency. She stands for the ruble "which is determined by the market," according to RTVI. …

Vladimir Putin names governmental tasks for 2021

Vladimir Putin names governmental tasks for 2021

The meeting of Russia's State Council was held today, during which its chairman, Russian President Vladimir Putin, set tasks for the executive branch for 2021. First of all, Vladimir Putin stressed that the coronavirus …

Petr Aven: recent years have been lost for Russian economy

Petr Aven: recent years have been lost for Russian economy

Chairman of the Board of Directors at Alfa Banking Group Petr Aven believes the last years in Russia have been lost in terms of economic growth. According to him, insufficient investment has led to a lack of economic growth. In …

Russia's Central Bank retains key rate at 4.25%

Russia's Central Bank retains key rate at 4.25%

At its last meeting this year, the Bank of Russia decided to once again retain the key rate at 4.25% per annum, according to the regulator’s press release. It indicates a more significant and lasting impact of one-off …

Putin points to declining economic situation in Russia

Putin points to declining economic situation in Russia

The economic situation in Russia is deteriorating, President Vladimir Putin said at a meeting on economic issues on Wednesday, TASS reports. According to him, people’s incomes have fallen, the labor market is under pressure and …

Russian Central Bank stabilizes interest rate

Russian Central Bank stabilizes interest rate

Russia’s central bank kept its key interest rate at 4.25% on Friday following a weakening in the rouble ahead of the U.S. presidential election, but said a rate cut was still possible in the coming months. The decision to keep the …

Two main challenges for economic recovery in Russia

Two main challenges for economic recovery in Russia

According to the forecast of the Ministry of Economic Development of the Russian Federation for 2021-2023, the recovery of the county’s economy may face two main challenges. The department called the recession in the global …