Russia will voluntarily reduce oil production by 500,000 barrels per day in March in order to contribute to the restoration of market relations, Russian Deputy Prime Minister Alexander Novak said on Friday. “Russia will voluntarily cut production by 500,000 barrels per day in March. This will contribute to the restoration of market relations. When making
Latest News Economics
Russia Increased Food Exports to Friendly Countries by 25%
Russia has increased food supplies to friendly countries by 25 per cent this year, the Deputy Prime Minister, Victoria Abramchenko, said in an interview with Rossiya 24 TV channel. “We will continue this work,” Abramchenko said. As Abramchenko stressed, surpluses are sold abroad, and the priority for the industry is the implementation of the doctrine
Kremlin Put New Restrictions for Gazprom
The decree of Russian President, Vladimir Putin, sets for Gazprom restrictions on the purchase of gas from joint ventures with European companies. However, it is not a response to the ceiling of fuel prices, as explained by the Kremlin Spokesman Dmitry Peskov. According to Peskov, the document concerning Gazprom is a reaction to the actions
Russian Authorities Supported Introduction of Islamic Banking
The Ministry of Finance of Russia has approved the idea of introducing Islamic banking. It goes about a type of banking activity that assumes the absence of any interest income. The decision of the department to support the bill was announced by the Deputy Head of the Ministry Aleksey Moiseev. “We support […] There are
Russia International |
Russia International |
03.10.22
Finnish ATMs Stopped Accepting UnionPay Cards to Harm Russians
In Finland, on October 3, the Nosto ATM network, the only one in the country that worked with the Chinese payment system, stopped accepting UnionPay cards, as RIA Novosti reported with reference to Risto Lepo, a representative of Nokas CMS, which owns ATMs. He explained the decision by the increased demand for cash from the
Russian Expert Revealed Who Has Largest Pension
The Deputy Dean of the Faculty of Economics of the Peoples’ Friendship University of Russia, Elena Grigorieva, in an interview with the Prime agency, named top professions in Russia with the biggest pensions. The expert recalled that the Federal Statistics Service (Rosstat) conducts quarterly and annual monitoring of average pension sizes in the country by
Russia International |
Russia International |
31.08.22
Lavrov Announced Russian and Iranian Payment Systems Integration
The Russian payment system Mir will soon be integrated with the Iranian payment system Shetab, as stated by Russian Foreign Minister Sergei Lavrov. “Regarding the integration and mutual use of the Russian Mir system and the Iranian Shetab system, substantive negotiations are underway at the level of central banks; they communicated, I guess, in July,
Moscow Stock Exchange Started Trading Bonds in Chinese Yuan
On August 3, the Moscow Exchange began trading bonds with settlements in Chinese yuan. The new instruments are aimed at the widest range of investors using the Chinese currency and financial products denominated in it. The first securities available to investors were two issues of 5-year Rusal (Russian aluminum company, one of the world’s largest
Russia International |
Russia International |
15.07.22
Bloomberg: Russia Can Create Reference Grade Oil by Next Year
According to Bloomberg, next year Russia may create a reference grade of oil, which will be a response to the West’s intention to introduce marginal prices for Russian oil and thus limit Russia’s oil revenues. Russia intends to create its own benchmark grade of oil by 2023, Bloomberg reported, citing sources and documents received. According
Russian Economy Appeared to Be More Stable Than West Expected
Russia seems to be on the way to a much smaller recession than initially expected this year, Bloomberg reported on Wednesday, July 6, citing experts. According to them, the growing oil supplies have weakened the impact of US and EU sanctions. According to the publication, economists from JPMorgan Chase, Citigroup and other major banks are
Russia International |
Russia International |
10.06.22
Canada Blocked Russian Assets Worth $123 Million
The Canadian police froze Russian assets totaling $123.031 million in the period from February 24 to June 7, 2022. This was announced on Thursday, June 9, by the Royal Canadian Mounted Police. “From February 24 to June 7, Russian assets totaling $123 million were frozen. Transactions totaling $289 million were also blocked,” the document says.
Russia’s Frozen Reserves Appeared to Be Smaller Than Expected by EU
The EU has frozen roughly €23 billion worth of assets of the Russian Central Bank, Reuters reported, citing EU Justice Commissioner, Didier Reynders, who revealed the figure at a news conference on Wednesday, May 25, 2022. He noted that the amount is much smaller than expected and can’t be compared to the assets frozen by
‘United Russia’ Proposed Creating Special Economic Zone in Donbass
The ‘United Russia’ party proposed discussing the possibility of creating a Special Economic Zone in Donbass. “We propose to work out the possibility of creating a Special Economic Zone on the territory of Donbass, as well as to ensure the return of a certain share of capex during the construction of production facilities,” Secretary of
