Russian car market faces 50% drop in demand, CEO warns
Maxim Sokolov, the chief executive of Russia's largest state-owned car manufacturing company, said that AvtoVaz itself is expecting a 33% year-on-year drop in Lada car sales in April.
Russian Economy
Russian ruble becomes top-performing currency amid Trump trade war, peace hopes
According to Bloomberg's calculations, the ruble has appreciated by 38% against the dollar in the over-the-counter market since the start of the year, outpacing gold's 23% rise.
Russia may face housing shortage as new construction drops sharply
In the first quarter of 2025, developers launched just 8.1 million square meters (around 87.19 million square feet) of new housing projects — down 24% from the same period last year.
US, Russia begin talks on rare earth minerals projects, Moscow claims
"Rare earth metals are an important area for cooperation, and, of course, we have begun discussions about various rare earth metals and projects in Russia," said Kirill Dmitriev, head of the Russian Direct Investment Fund.
Russian job market cools as hiring plunges 15% in early 2025, Russian media reports
Russian businesses have significantly scaled back their recruitment efforts in early 2025, with job openings falling 15% compared to the same period last year, pro-state Russian outlet Izvestia reported on March 24, citing data from employment service hh.ru.
Raiffeisen Bank International's subsidiary remains invested in sanctioned Russian entities, report says
As of January, Raiffeisen Capital held around 31.7 billion rubles ($365 million) in sanctioned entities, such as the Sberbank bank or the state-owned energy giant Gazprom, the report said, citing financial documents.
Russia abandons modernization of power plants due to lack of money, equipment, media reports
The Russian government has allowed several companies to abandon the modernization of over a dozen power plants across the country, the Russian news agency Interfax reported.
Russia's military spending surpasses Europe's as Putin ramps up war budget, study finds
In 2024, Russia’s total defense expenditures surged by 42% in real terms, reaching 13.1 trillion rubles. When adjusted for purchasing power parity—which accounts for differences in what money can buy in different countries—this amounts to $462 billion.
Russia braces for economic crisis as it revives Covid-era committee
The commission resumed work in December 2024, focusing on nine key sectors and over 2,000 enterprises, Russian Deputy Prime Minister Alexander Novak said.
Thousands of North Koreans taking construction jobs in Russia, media reports
The move represents an apparent violation of U.N. resolutions prohibiting North Korea from sending its citizens to work overseas, which the Security Council passed after Pyongyang's intercontinental ballistic missile tests.
Putin acknowledges inflation as key challenge for Russia
Speaking at a televised meeting with Prime Minister Mikhail Mishustin on Feb. 7, Putin noted that consumer prices in Russia rose by 9.5% in 2024 and have climbed further to 9.9% year-on-year this month.
Putin clears Goldman Sachs' exit from Russia with sale to Armenia-based firm
Goldman Sachs has entered into a binding agreement to offload its Russian subsidiary, making it one of the few Western banks to exit the country entirely, Bloomberg reported.
Trump’s Russia sanctions might be what finally works
Just one week into his presidency, U.S. President Donald Trump has hinted at his approach to U.S. sanctions on Russia. On Truth Social last week, he called on Russian President Vladimir Putin to “settle now and STOP this ridiculous War! IT’S ONLY GOING TO GET WORSE,” adding,
Investigation: Russia profits from arms exports to Saudi Arabia despite sanctions, leaks reveal
Few agreements are shrouded in more secrecy than inter-government arms deals — especially when one of the parties is a global pariah leading a bloody war. But a recent massive leak of emails and documents has given us an unprecedented glimpse into a particularly secretive transaction. The leak reveals that Saudi
Russian economy after 3 years of sanctions
The Kyiv Independent sat down with Timothy Ash, an associate fellow in the Russia and Eurasia program at Chatham House, to discuss Russia's current economic situation.
Russia’s seaborne oil exports decline 9.1% in 2024 amid Ukrainian drone attacks, Reuters reports
Ukraine has targeted Russia's fossil fuel infrastructure as part of its strategy to undermine a key funding source for Russia's war effort.
Putin's war economy is running on fumes as inflation and shortages surge
Russian President Vladimir Putin frequently boasts about the strength of his country’s economy, claiming that Western sanctions only made it stronger (while in the same breath demanding that they be lifted). In fact, “stagflation” — inflation combined with minimal growth — is coming to Russia. His war on Ukraine has caused
EU considering ban on Russian LNG, aluminum, Bloomberg reports
The phase-out of LNG could be enacted as a sanction or part of a road map presented by the European Commission next month. Restrictions on aluminum would be gradual, with a time frame yet to be determined, officials said.
Drone hits distillery in Russia's Tambov Oblast, local media reports
Local residents said a fire broke out at the distillery, which is located near a military training ground in the village of Novaya Lyada.
Drone strike reportedly targets Russian chemical plant in Tatarstan, causing fire
The Telegram channel Vechernya Kazan claimed that the strike hit a liquified gas storage area, setting gas tanks on fire. Russian authorities confirmed that a fire broke out in the city as a result of the drone strike but claimed that it resulted in no significant damage.
Zelensky announces new sanctions on Russian financial sector
President Volodymyr Zelensky signed a decree on Jan. 13 imposing new sanctions on the Russian financial sector. The sanctions target 140 distinct entities.
Bryansk chemical plant hit in aerial attack, Russian media says
The Bryansk chemical plant produces gunpowder and explosives and is a key enterprise of the Russian military, according to Andrii Kovalenko, head of Ukraine's counter-disinformation center.
Taliban-led Afghanistan became leading purchaser of Russian flour in 2024
Afghanistan became the largest importer of Russian flour in 2024, Russia's state agricultural export agency Agroexport reported on Jan. 10.
Russian elite 'disappointed' about Putin's handling of war in Ukraine, Meduza reports
Citing ten Russian officials, Meduza said the state of the country's economy was a particular "point of tension."
Trump's China strategy hinges on crippling Russia’s economy
U.S. President-elect Donald Trump is determined to confront China economically and strategically. This is a difficult problem, because so many goods purchased in the United States have supply chains with deep roots in the Chinese manufacturing base. If new U.S. tariffs cause the Chinese renminbi to depreciate, as
Russian luxury market thrives despite sanctions through shadow networks, FT reports
Russian shoppers continue to access luxury Western brands despite sanctions imposed after the full-scale invasion of Ukraine, The Financial Times reported on Dec. 26.
Russia's inflation hits year-high, driven by war spending, food price hikes, Rosstat says
Inflation in Russia has reached its highest levels in nearly a year, driven by war spending and rising food prices, The Moscow Times reported on Dec. 25, citing Russia's Federal State Statistics Service (Rosstat).
Russia keeps key interest rate at 21%, defying expert expectations
To rein in accelerating inflation fueled by war spending, Russia's Central Bank has been raising its interest rate — from 7.5 percent in July 2023 to the current 21% - the highest level since the early 2000s.
Putin acknowledges sanctions have impact on Russia's economy
"The sanctions are having an effect, but they are not of key importance," Russian President Vladimir Putin said when talking about the surging inflation and prices in Russia.
25% of Russian malls may face bankruptcy in 2025
Russian shopping centers have been hit hard by the departure of major foreign companies, rising operational costs, and increased competition from online marketplaces.
Putin orders 'emergency support' for struggling Russian coal industry
Russian President Vladimir Putin has called for urgent measures to support the country’s coal companies, which face multibillion-dollar losses and risk mass bankruptcies, The Moscow Times reported on Dec. 12.
Russia, India sign record oil supply deal, Reuters reports
Russian state-owned oil company Rosneft and Indian refining giant Reliance Industries have finalized a landmark agreement to supply 500,000 barrels of oil daily for the next 10 years, Reuters reported on Dec. 12.
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