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.
Integrating the military with Russia's economy is a key task for its Defense Ministry, soon-to-be-appointed Russian Defense Minister Andrei Belousov told the Federation Council, Russia's upper house of parliament, on May 14.
A Russian Su-30 fighter jet producer bought back its own equipment previously sold to foreign partners worth over $400 million in 2022 and 2023, the Russian independent outlet Moscow Times reported on May 7, citing customs data.
A Russian court canceled the seizure of some of JPMorgan funds in Russia as part of a lawsuit with the Russian state-owned bank VTB, Reuters reported on May 2.
The state-owned Russian energy giant Gazprom reported a net loss of 629 billion rubles (nearly $6.9 billion) in 2023, the company's largest profit downturn in decades amidst falling gas prices and a limited European market.
Around 1 million Russians left the country after the start of the all-out war due to their opposition to the invasion or out of fear of mobilization.
TASS and other media outlets that reported on Andrey Kislitsyn's arrest did not provide any other details on the charges, but mentioned that he was sentenced to at least two months of pre-trial detention.
Eurostat, the EU's statistics agency, said that the import of Russian urea, a typical fertilizer, had doubled from the previous year up to June 2023.
Russia is already producing more arms and military equipment than it needs for its war against Ukraine, and is filling its weapons warehouses, German Defense Minister Boris Pistorius said, as reported by the German television channel n-tv on April 25.
Washington hopes they will allow Secretary of State Antony Blinken to arrive armed with diplomatic leverage on a visit to China this week, in a push to stop Beijing's commercial support of Russia's military production.
The announcement followed comments earlier in the week from finance ministry official Lev Denisov, who said that the initial 2.3% estimate would be revised upwards due to the "strong growth of the economy" at the beginning of 2024.
Andrii Yusov, a spokesman for Ukraine's military intelligence agency (HUR), hinted on April 4 that drone strikes on military facilities inside Russia will continue and "their range will increase."
Ukraine's military intelligence agency (HUR) targeted a manufacturing facility for Shahed-type attack drones in Russia's Republic of Tatarstan, a source in HUR told the Kyiv Independent on April 2.
Uralmashzavod, based in the major Russian city east of the Ural Mountains, produces equipment for the metallurgy, mining, and energy industries.
Russia's 2024 federal budget brought little in the way of surprises, the country is gearing up for a long war. Signed by President Vladimir Putin earlier this week, it ushered record levels of military spending — a sign of Moscow's commitment to its war against Ukraine. While part of the Russian
Russia is officially the world's most sanctioned country, but the Kremlin doesn't seem to care. Since Moscow launched a full-scale invasion of Ukraine in February, trade bans from the European Union and the United States have seen imports grind to a halt. Meanwhile, hundreds of international companies have fled the
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