Russian economy

Russia’s annual inflation grows to 17.8% in April

Russia’s annual inflation grows to 17.8% in April

Annual inflation in Russia in April increased by 1.14 percentage points to 17.8%, the monthly price growth adjusted for seasonality, amounted to 1.5%, the Bank of Russia reported. "Weekly price growth slowed down during the month …

Russia to cover budget deficit with rainy-day fund in 2022

Russia to cover budget deficit with rainy-day fund in 2022

Russia's National Wealth Fund (NWF), a rainy-day cushion containing oil revenues, will be the main source of financing for a budget deficit seen at 1.6 trillion rubles ($21.6 billion) or more in 2022, Russian Finance Minister Anton Siluanov …

Russia’s international reserves increase to $611 billion

Russia’s international reserves increase to $611 billion

Russian international reserves grew by 0.3% over the week of April 8-15, the Russian Central Bank said. "As of April 15, international reserves amounted to $611.1 billion, having increased over the week by $1.7 billion, or …

UK tax service to revoke Moscow Exchange’s status

UK tax service to revoke Moscow Exchange’s status

UK authorities intend to revoke the recognized stock exchange status from the Moscow Exchange, HM Revenue & Customs (HMRC) said in its statement on Tuesday. "The UK’s tax authority, HM Revenue and Customs (HMRC), has …

Russia to enter structural transformation period in Q2, early Q3

Russia to enter structural transformation period in Q2, early Q3

The Russian economy still has reserves, though they will end, Central Bank Governor Elvira Nabiullina said addressing the State Duma (lower house) on Monday, adding that the country is expected to enter the period of structural transformation in …

Russian weekly inflation falls to 0.66%

Russian weekly inflation falls to 0.66%

Russian weekly inflation fell to 0.66% in the latest week, First Deputy Prime Minister Andrei Belousov said on Wednesday. Weekly inflation in Russia slowed to 0.99% in the week to April 1 from 1.16% a week earlier, taking the …

World Bank: Russia's GDP output to drop by 11.2% in 2022

World Bank: Russia's GDP output to drop by 11.2% in 2022

Russia's economic output fall 11.2% due to punishing financial sanctions imposed by the United States and its Western allies on Russia's banks, state-owned enterprises and other institutions, the World Bank said. The World …

Ukraine bans import of goods from Russia

Ukraine bans import of goods from Russia

Ukraine announced a complete trade stoppage with Russia, banning the import of goods from the Russian Federation. This was announced by Deputy Prime Minister and Minister of Economy of the country Yulia Sviridenko. According to her, Western …

Sberbank cuts interest rates on consumer loans

Sberbank cuts interest rates on consumer loans

From April 10, Sberbank cuts rates on consumer loans by 2 percentage points, the minimum rate will be 19.9%, the bank said in a statement, TASS reports. "Since April 10, Sberbank has been making consumer loan conditions more …

Russian Central bank cuts key rate to 17%

Russian Central bank cuts key rate to 17%

The Russian central bank sharply cut its key rate to 17% on Friday and said it holds open the prospect of further cuts at upcoming meetings. Last month, the central bank kept its key interest rate at 20% following massive emergency hike …

G7 member-states to ban new investments to Russia

G7 member-states to ban new investments to Russia

Member-states of the Group of Seven (G7) will ban all investments in Russia and will expand export and import restrictions, G7 leaders said in their statement posted on Thursday. "We are therefore banning new investment in key …

Putin enumerates economic performance indicators

Putin enumerates economic performance indicators

Russian President Vladimir Putin enumerated the key indicators of the effectiveness of economic policy. "The key indicators of the effectiveness of economic policy should be the preservation and creation of jobs, the reduction of …