Sales of new cars and light commercial vehicles in Russia could decline by 21-30% in 2025 if high interest rates persist, Avtovaz CEO Maxim Sokolov said on Nov. 19, according to the state-owned TASS news agency.
Belgorod Region Governor Vyacheslav Gladkov confirmed that drone wreckage damaged the premises of an enterprise in the town of Alekseevka on Nov. 19. Media reports identified the facility as an EFKO plant, officially a sauce manufacturer.
Two men were recently arrested in Moscow after allegedly trying to steal 25 packets of butter.
Auchan, one of the few French chains still operating in Russia, is in final negotiations to sell its Russian subsidiary to a local buyer, French media La Lettre reported on Oct. 24.
A draft budget submitted to the Russian parliament last month has outlined the Kremlin's plans to keep spending high in its wartime economy, with ambitions to maintain the steady levels of growth the country has seen since its full-scale invasion of Ukraine in February 2022. Surging government spending on war
The Financial Action Task Force (FATF) meets tomorrow, Oct. 22, and is expected to once again debate Russia’s blacklisting. That Russia, a clear state sponsor of terrorism, hasn’t been ousted from an intergovernmental body that sets global standards to combat terrorist financing, money laundering, and related financial crimes,
Saudi Arabia’s planned oil production hike may not break Russia’s petro-export-fueled economy, but escalations between Israel and Iran could be a gold rush for Moscow. Since late 2022, the OPEC oil cartel, of which Russia is a member, has withheld oil production and exports to prevent a surplus
Unilever concluded the sale of its business and four factories in Russia and Belarus for an undisclosed amount to Arnest Group, a Russian manufacturer, the company announced on Oct. 10.
Two and a half years after Russian President Vladimir Putin ordered a full-scale invasion of Ukraine, the Russian economy seems like a riddle wrapped in an enigma of competing narratives. If you want to argue that the economy has been hobbled by Western sanctions, by the Kremlin’s prioritizing of
More than 90,000 vacancies for defense industry jobs appeared on Russian job portals between Aug. 15 and Sept. 15, with companies offering triple the average regional salary for workers with high-demand specialties.
Expenses for Russian President Vladimir Putin and the presidential administration will increase to 30.9 billion rubles ($332 million) in 2025. The bulk of the expenses — 21 billion rubles ($235 million) are earmarked for an increase in salaries for the president and his staff.
NATO countries have set a goal to spend 2 percent of the country’s GDP on defense in 2024. Russia is spending around 6 percent.
A shooting at the head office of Wildberries, Russia's largest online retailer, killed two people and injured at least seven others, Russian state-controlled news agency TASS reported on Sept. 18.
Russia is on track for an intense economic slowdown due to significant labor shortages and constraints placed on the key sectors that backed growth until now, Bloomberg reported on Aug. 9.
Ukraine's military intelligence agency (HUR) on July 29 carried out a cyberattack against the Russian central bank, a source in the agency told the Kyiv Independent.
Russia's Central Bank announced on July 26 that it is to raise the interest rate from 16% to 18%, as the Russian economy continues to experience accelerated inflation amid its war in Ukraine.
Ministers from Sweden, Denmark, Finland, the Netherlands, Poland and the Baltic states said there are many clear signs that Russia's economy is much weaker and the beginning of a "re-Sovietization" of the economy could be mistaken for a "boost."
"When we are looking at Russia, we are looking at how both countries can gain by better trade relationships," Indian Trade Secretary Sunil Barthwal said during a press conference.
The annual inflation rate for June was 8.59%, up from 8.30% the previous month. The figure is significantly higher than that of the U.S., which is expected to be around 3.1% for the month of June.
Russia's wartime economy has earned a dozen oligarchs $11 billion in dividends as Russian natural resource and finance giants earn record profits during the full-scale invasion of Ukraine, Bloomberg reported on July 9.
Ukraine carried out a drone attack on July 1, "seriously" damaging the Russian military-industrial complex, the Oskol Electrometallurgical Plant (OEMK).
Since the full-scale invasion of Ukraine began in 2022, the Russian government has focused all of its financial resources on funding the war. As the war is the Kremlin's number one priority, all tools at its disposal have been used: increased taxation, sovereign funds, domestic borrowing, and the printing of
Russia's Defense Ministry confirmed on June 27 that Tver Oblast came under drone attack overnight, hours after Russian Telegram channels claimed a major chemical research plant in the region had been targeted.
Moscow Oblast Governor Andrey Vorobyov said that the administrative building of the Platan Research Institute, where electronic devices are manufactured, was on fire at around 3:30 p.m. local time.
The figure has been steadily declining since a high of around 30%, shortly after the beginning of Russia's full-scale war against Ukraine in March 2022.
The U.S. State and Treasury departments issued what they called a "sweeping" set of sanctions against Russia and its financial backers on June 12, in the latest move to try and degrade Moscow's wartime economy. Western countries have imposed extensive economic restrictions against Moscow over its full-scale invasion of
A new tranche of U.S. sanctions against Russian financial institutions forcibly suspended the trade of dollars and euros on the country's main trading hub, the Moscow Exchange.
The Russian Finance Ministry has proposed substantial tax increases on corporations and wealthy individuals to generate about 2.6 trillion rubles annually, to address the fiscal deficit following the full-scale invasion in Ukraine.
"Sanctions slow the economy, (they) never stop it," said Hamam Buamim, chair of the Dubai Multi Commodities Center. "Trade continues flowing, it just flows in a different way."
Russian President Vladimir Putin is trying to revive the Soviet Union, but two can play this game. To complete the Kremlin’s grotesque historical reenactment, the West should launch a new economic Cold War in response. In addition to the war of aggression waged against the civilians and cities of
The French dairy products company Danone has finalized the sale of its Russian operations, accounting for about 5% of its global sales, after more than 30 years in the country.
The forecast was still lower than the one reported by Russian Finance Minister Anton Siluanov in April, who claimed that the country's GDP would grow by 3.6% in 2024.
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