20.01.2009
Economic News in Review
Dec, 2008 - Jan, 2009The following resource is meant to quickly introduce the reader to some of Russia's major business news for the month. Please note that some well-covered issues, such as Russia's oil and gas industry and general economic stats have not been reported here. This news review is part of SRAS's monthly newsletter. The Economic Crisis Russian Presidential Aide: Economic Revival Could Begin in 2009
Interview with Arkadiy Dvorkovich, economic aide to the Russian president, by Mikhail Fishman: "Arkadiy Dvorkovich: 'We Always Said: Russia Is an Open Country'" Russia pursues ambitious goals despite financial crisis
Russia set out its development goals until 2012 this year, but the four-year budget plan hardly matched reality - something which even the Finance Ministry had to admit. Moscow Paper Says Regional Economic Policy Leading To 'Disintegration Of Russia'
The basically prohibitive import duties on motor vehicles from abroad came into force recently (January 11). Their introduction indicates that the government is not giving much thought to the need to maintain a considered regional economic policy, and that is leading to the economic disintegration of Russia. Russia more vulnerable to world crisis because of integration – Putin
The global financial crisis' effect on the Russian economy is rather substantial because Russia has become an integral part of the world economy, Prime Minister Vladimir Putin said at the Monday meeting of the federal government. Russian Ruble: Soft Landing Or Freefall
The economic situation in Russia, as in the rest of the world, still has a long way to go before it stabilizes, and analysts' forecasts remain fairly foggy. Oil Price Sinks To Level Of Russian Govt's Pessimistic Forecast
Russian crude oil has dropped to 35 U.S. dollars per barrel, which is way below the most apprehensive forecasts of oil producers, and has come close to the Russian government's pessimistic scenario for next year. New Staff Decisions Expected
Cabinet meeting yesterday rearranged functions performed by deputy premiers. On Premier Vladimir Putin's suggestion, two anti- crisis panels (one monitoring the state of affairs in the social sphere, the other in economy) were merged into one under Senior Deputy Premier Igor Shuvalov. Deputy Premier Alexander Zhukov was relieved of these duties. What Awaits Saboteurs?
The government is convinced that modernization of Russian economy requires abandonment of liberal trends. Vladimir Putin frustrated some analysts' expectations and decided against becoming a party functionary i.e. against abandoning the government. He chose to shoulder responsibility for consequences of the economic crisis instead. Duma Approved Yet Another Anti-Crisis Package
To improve the existing situation in the financial sector and the Russian economy as a whole, Duma deputies decided to implement changes in the federal budget for 2009-2011, including provisions for two types of government guarantees for 300 billion rubles in crisis funding. Impact Of Crisis On Russian Oligarchs Examined
The world financial crisis will cross some familiar names off the list of Russian oligarchs. The state is eager to save the billionaires' assets from foreign creditors. The fees charged for this assistance will lead to the complete reapportionment of property in the country. State TV Channels Not Objective In Reporting Crisis Events
Leading television channels have proven to be unprepared for work under crisis conditions, when what is needed is not fog and dial-changing, but clear explanations of the reasons for the unpopular steps taken by the state. Putin Orders Creation Of Working Group To Support Strategic Enterprises
Putin referred to several mechanisms of support to enterprises. "These measures will include loans to enterprises, including against governmental guarantees, participation in their capital, subsidizing of loan interest rates, governmental contracts, and rescheduling of tax debts or the granting of tax credits," he said. Advertising, Media, and Style Ad Market to Dip in 2009
Demand for advertising will fall 11 percent in 2009, predicts Group M, based on events on November, when all ad deals for next year were placed on hold. While total expenditures on advertising in Russia rose 18 percent to 275 billion rubles in 2008, it will fall in 2009 to 244 billion. End of ads outside the Kremlin
Already 351 advertising boardings near the Kremlin have been removed - out of 800 that were in use last year. Lebedev Says He'll Continue To Go After Evening Standard
Russian oligarch and ex-KGB officer Alexander Lebedev is continuing to pursue an effort to buy a controlling stake in the London Evening Standard newspaper from Daily Mail and General Trust, a person with direct knowledge of the bid said Wednesday. RBC Falls 10% on Write-Off Report
OAO RBC Information Systems, the media company that owns the only Russian-language business television channel, asked creditors to write off 80 percent of its bonds, Vedomosti reported, citing a proposal at a meeting. Glamorous Russia
A look at glamour in modern Russia film, television, and culture. Fur industry in crisis over Russia's mild weather
Russia's fur industry is awash with chat about the crisis -- the crisis of another mild winter cutting demand for the coats considered part of its heritage. Agriculture and Lumber Alcohol Supervisor to Be Set Into Motion on New Year Eve
The federal supervisor of alcohol turnover in Russia, Gosalkokontrol, will be set into motion in late 2008, said Deputy Agriculture Minister Andrei Slepnev. Gordeyev Urges WTO to Ease Rules on Agriculture Products
Agriculture Minister Alexei Gordeyev on Friday called for "special conditions" for food and agriculture products within the World Trade Organization, saying they would help Russia modernize. Russia's Putin to visit factory facing big layoffs
Prime Minister Vladimir Putin is making an unexpected visit to a struggling agricultural machinery plant in southern Russia as economic woes mount across the country, officials said Wednesday. Russia town hinges on pulp mill's fate
The global financial crisis has shut down the mill, a feat that ecologists, trying to preserve Lake Baikal from pollution, had been unable to accomplish. Russia reacts to recession with protectionism
Russia officially went into recession on December 12, the day after the government announced a range of protectionist measures designed to shelter Russia's strategically important agricultural sector from the worsening economic situation. Automotive Danger Of Politicizing Protests Over Used Car Import Restrictions
A decision by the Russian Government to introduce what are in effect prohibitive customs duties on the importation of used cars into Russia has set off protests in all the major cities. Volvo to Open Truck Plant in Kaluga
Sweden's Volvo Trucks (VOLVb.ST) is set to open a new factory next week in Russia, even as the country's largest local truckmaker idles its assembly lines for almost a month due to a sharp drop in demand. Magna Has Expansion Plans in Russia
Magna International Inc., North America's largest auto-parts maker, plans to expand in Russia as it diversifies beyond contracts with U.S. automakers in North America.
Banking and Credit Sberbank Sees Rebound in Deposits
Sberbank, home to half of Russian bank accounts, saw deposit inflows of 168 billion roubles ($5.5 billion) in December, recouping October's $3.4 billion outflow and weak November flows, Sberbank said on Tuesday. IMF Approves $2.46Bln Loan to Belarus
The International Monetary Fund on Monday approved a $2.46 billion financial rescue package for Belarus and said it would disburse the first tranche of $787.9 million under the deal. Bank Loses Investment Grade
Gazprombank, the country's third-largest bank, saw its credit rating lowered to "junk" status by Standard & Poor's on Tuesday. VEB Buys 75% of Ukraine's Prominvestbank for $150M
Vnesheconombank, the Russian state- run development bank known as VEB, bought a majority stake in Ukraine's Prominvestbank, the country's sixth-biggest bank by assets, after two businessmen failed to take control. Ursa to Buy Back $532M Bond Issue
Russian lender Ursa Bank announced a buy-back of a 400 million euro bond issue, and a trade source said the bank was offering 75 percent of face value. The World Crisis - A Time for Creation
The main impression left by the Evian conference for current politics, underlined in speeches by the Russian and French presidents, is that Russia and Europe have refused to follow the Cold War path, on which many Americans and their allies in Europe wanted them to embark, especially after Georgia made its incursion into South Ossetia. A Bank Without Money Disillusions Members of a New Middle Class
The failing of Capital Credit bank has upset a new middle class in Moscow that had begun to feel confident in the country's banking system, despite its troubled history. Oligarchs Seek $78 Billion as Credit Woes Help Putin
Russian oligarchs are lining up for $78 billion of Kremlin loans to survive the credit squeeze, handing Prime Minister Vladimir Putin the opportunity to increase government control of the nation's biggest companies. Financial Armageddon II Can Be Avoided
Even that earlier bout with financial Armageddon was not inevitable, and now Russia can avoid anything close to such an economic collapse. But it is in the government's hands to deliver the country from a completely avoidable recession. The question is whether the authorities will have the political courage to take the right decision and let the ruble exchange rate float. Under current circumstances, this will entail a sharp depreciation of the ruble. Interview: Time to Restructure
The banking crisis and its consequences have been thoroughly documented in recent months, but its potential has been largely ignored. The ruble devaluation in 1998 eventually contributed to the resurrection of Russian industry and today's crisis can also be seen as an opportunity to restructure and revive the suffering banking system. Professor Ismail Erturk, a banking expert at Manchester Business School, visited The Moscow News to discuss the problems the financial crisis has caused and explain how to improve the financial system. Why S&P Lowered Russia's Rating
Sovereign credit analysts endeavor to "rate through the cycle." This means taking a long-term view on the creditworthiness of a national economy, regardless of whether total output is growing above or below its potential, or of any temporary decrease or increase in the borrowing needs of a government or the broader economy. S&P Cuts Sovereign Rating to BBB, Outlook Negative
Standard & Poor's Ratings Services lowered Russia's long-term sovereign credit rating and maintained its negative outlook because of the "rapid depletion" of the country's financial reserves. Russian Third-Quarter Growth Slows as Crisis Spreads
Russia's economy expanded in the third quarter at the slowest pace in three years as the spreading global financial crisis choked investments and put the brakes on retail and construction growth. Rouble exodus hits credit rating of Russia
Russia yesterday became the first G8 country since the start of the financial crisis to have its credit rating downgraded after Standard and Poor's took fright at the recent exodus from the rouble and sharp drop in oil prices. Currency, Inflation, and Domestic Spending Inflation Pressure Goes Dn On Future Expectations
Inflation was 12.5 percent in Russia from January through November vs. 10.6 percent a year earlier, the country's statistics authority Rosstat announced December 5. Consumer prices increased 0.8 percent in November vs. 0.9 percent in October. Food prices rose 1.3 percent (15.3 percent from early this year). Govt to Inject 150bn in Defense Enterprises
Russia's government will rescue defense and industrial complex from global turmoil. Russia 2008 capital outflows at record $130 bln
Russia saw record net capital outflows of $129.9 billion last year, nearly a third more than forecast and in sharp contrast to inflows of $83 billion in 2007. Deficit in 2009 Could Top $124Bln
Prime Minister Vladimir Putin ordered the 2009 budget be reworked at half the originally planned oil price on Monday, as Russia pressed on with now-daily rouble devaluations to adjust to the worsening economic outlook. Ruble Exchange Rate Ruble's Future May Be Clear Soon
November cost the Russian international reserves $28.86 billion, according to the monthly report published by the Central Bank. On December 1, the reserves stood at $455.73 billion, down 5.96 percent from $484.59 billion a month earlier. Beginning Monday, the lower boundary of support for the two-currency basket ($0.55+€0.45) will be 31.60 rubles. Russia's ruble drops to 3-year low against dollar
Russia's ruble fell to a three-year low against the dollar Friday after the Central Bank allowed a third sharp drop in the currency in five days as the government continues to feel the heat of the global meltdown. Russia Devaluation Gathers Pace as Central Bank Loosens Control
Russia devalued the ruble for the fifth time in a month, widening its trading band against the dollar and euro after reserves fell $161 billion defending the exchange rate. Russians Prefer Rouble To Dollar Despite Fall
Russians still want to be paid in roubles despite the currency losing almost fifth of its value against the dollar since the summer, polling data showed on Thursday. The Inconsistent Trinity at Work and the Need for a 20-25% Currency Depreciation
I recently spent a few days in Moscow meeting with a variety of economic and financial officials and analysts, both in the public and private sector. Investment, Stocks, and Finance Russians Who Invested in 'People's IPOs' See Their Savings Vanish
Swayed by years of steady growth -- and by an aggressive, state-funded marketing campaign -- hundreds of thousands of Russians ventured into the country's young stock markets to buy shares in the "people's IPOs." Now these first-time investors, many of them elderly pensioners, are among those suffering the most as Russia's economic problems enter into a more painful phase. Russian companies most likely to offer bribes abroad says survey
Russian companies are considered the most likely to engage in bribery abroad according to the results of a survey of senior business executives released by Transparency International on Tuesday. Why Russia's woes should worry you
Russia is big enough, and its problems serious enough, that it could take the global crisis to a new level of danger. Surviving the Russian investment winter
Stuck at the gates of Stalingrad? East Capital's Michael Hanson-Lawson describes the shell-shocked Russian markets. Russia, CIS See No IPOs in Q4'08
Companies in Russia and the former Soviet Union had no initial public offerings in the last three months of 2008, the first quarter without any sales since 2004, according to the PBN Co.
Indicators Export Surplus Up to $182.8bn in Jan-Oct
The surplus of Russia's trading balance widened by $62.2 billion on year to $182.8 billion in January through October, the RF Federal Customs Service reported on Monday. Consumer Confidence Drops To 8-Year Low in 4th Quarter
Russian consumer confidence plunged to an eight year-low in the final quarter of 2008, data showed on Friday, as a minister said the number of people claiming jobless benefits rose 15 percent in December. Minister says Russian economy already in recession
An economic recession has begun in Russia, where GDP growth is expected to fall below the 6.8% forecast this year, a deputy economics minister said on Friday. Russian Industrial Production Shrinks Most Since 1998
Russian industrial production shrank the most since the economic collapse in 1998 as the global slowdown reduced demand in November for steel, pipes and fertilizers, pushing the nation to the brink of recession. Kudrin Denies Recession As Industry Slumps
Russia is not in recession yet and next year's economic growth could be up to 3 percent, Finance Minister Alexei Kudrin said on Monday, despite leaked data showing a sharp slowdown in industrial output. Russia's Incredible Shrinking Economy
On 9 December, Russia's State Statistics Service revealed the GDP growth figures for the third quarter. And – lo and behold – they are "surprisingly bad", "below market expectations", etc. Labor, Demographics, Public Opinion Economic Crisis Hampers Chelyabinsk's Growth
Ten years ago, Chelyabinsk was still stuck in the Soviet past, gray and grim. Now, new megamalls, supermarkets, cafes, hotels and museums fill the town center. But the new confidence has also seen a rise in drug use and widening class divisions. Russian President hands out orders of parental glory
On Tuesday Russian President Dmitry Medvedev for the first time handed out the decorations of the freshly introduced Order of Parental Glory - Russia's state award to parents with many children. Commentators, Workers' Leaders Comment On Prospects Of Workers' Protests
Russia is greeting the New Year in an atmosphere of intensifying socioeconomic crisis. The fall in the living standard, the growth of unemployment -- all of this carries the risk of flareups of public dissatisfaction. Russians claim their drinking prowess is a 'myth'
Russians may be in the midst of a collective post-New Year's hangover, but Moscow's chief physician has come out to say that it's an undeserved myth that Russians drink more than most people. Russia tariff protest widens into broad discontent
With unemployment spiking, prices rising and the ruble sliding, the protests over a seemingly mundane tariff appear to be broadening into a wide expression of public discontent — and beginning to present a genuine challenge to the Kremlin. Improved Chelyabinsk Health Care Still Falls Short
Astonishingly low life expectancy for men and anemic fertility levels have resulted in a population drop in Russia. And although Chelyabinsk's health system has made gains in the past 10 years, it is still short on specialists, tools and hospital space. Emigration of Highly Trained Russians Said Threatening Country's Future
Over the last years, 440,000 "of the most intelligent, talented and entrepreneurial" Russians have left their country to live and work abroad, "a quiet emigration" that in the words of one Moscow commentator will make it far more difficult for Russia to emerge from its current economic and political difficulties. Social, Economic Change Staggering in Chelyabinsk
While based in Russia in the 1990s, NPR's Anne Garrels followed developments in the "real Russia" from the provincial town of Chelyabinsk. Returning 10 years later, much has changed. No mass job losses in Russia but concerns remain: minister
Russia is unlikely to see lay-offs on a scale of 10% of the workforce but concerns remain over the effects on jobs of the economic slowdown, a minister said in an interview Thursday. Russians wish for jobs, health and happiness in 2009 – survey
Russians expressed their New Year's wishes as finding a new job, staying healthy, and happiness among their family members and close friends, according to a survey released on Wednesday. 'Middle Class Culture' in Russia and Hence Its Middle Class in Trouble, Moscow Analyst Suggests.
The creation of a Russian middle class is now at risk not only because of the economic crisis but also and perhaps more importantly because the distinctive culture of such a group that had begun to emerge as the basis for identity suffered serious reversals during the course of the last year, according to a leading Moscow commentator. Russia Wants Its Brains Back
The government would like to entice the thousands of Russian scientists who have left for better-paying jobs abroad to return to Russia for good. But in a pinch, it appears that officials will settle for a few months a year. Mining and Metals An Oligarch's Struggle
Deripaska seeks investors in a race to save his metals empire. Alisher Usmanov Assumed Olympic Air
Russia's big-name businessman and principal holder of Metalloinvest, Alisher Usmanov, has headed the International Fencing Federation (FIE). Kremlin Sidelines Oligarchs in Taking Norilsk Control
Russia auctioned its biggest mining company a decade ago when it was strapped for cash. It's using the global credit crisis to regain control of OAO GMK Norilsk Nickel as economic turmoil forces U.S. and European governments to bail out their own corporations. Raspadskaya Drops Prices and Output
Russian miner Raspadskaya said on Wednesday both output and pricing for its coking coal dropped sharply in the fourth quarter as demand from steel makers slumped in the wake of the global financial crisis. Deripaska's Montenegrin Miner May Close
Russian billionaire Oleg Deripaska's aluminum smelter in Montenegro may close unless it gets government aid after plunging metal prices made the plant unprofitable. Medvedev Holds Talks With Metals Barons
Russian President Dmitry Medvedev has met owners of the country's major metals firms to discuss the impact of the financial crisis on the sector, metals giant Norilsk Nickel said on Wednesday: Government Raises Duties on Steel Tubes and Pipes
Russia will raise a customs import tariff on some rolled steel products and on steel tubes and pipes to protect domestic producers from cheap imports, the government said on Thursday. MMK Face Billion Ruble Suit From Mechel Coal
Russia's Magnitogorsk Iron & Steel Works (MAGN.MM), or MMK, said on Friday it is facing a 1 billion rouble ($31.05 million) lawsuit from Mechel over debts for coking coal delivered last year. Real Estate and Development The Real Estate Crunch Comes to Russia
The global economic crisis has hit Russia with full force, and property prices, especially in Moscow, are tumbling
Tourism and Recreation Russian Hotel Guest Survey Results
The hotel market in Russia is widely regarded as offering many opportunities for the hospitality industry. However, little research has been available on this developing market. Free to celebrate
This year, Russia will be on holiday from January 1 to January 10. This year, in the teeth of a global financial crisis, can we afford this idle time? How will it affect the wider economy? Welcome the New Year in Russian style
Relatively few Russians would plan to mark the holiday in a club or a restaurant. Average prices start at 7,000 rubles, with the most exclusive nightclubs charging up to 150,000 rubles for a table for eight. Russians Prefer To See In New Year At Home, Spend X-mas Vacation Abroad
The number of Russian tourists abroad dropped by 30-35% this season as compared to the previous year, press secretary of the Russian Union of Travel Industry (RUTI) Natalia Tyurina said.
Gas, Oil, and Electricity Government to Cut Oil Duties by 15%
OAO Rosneft, Russia's biggest oil producer, gained 99 kopeks, or 0.9 percent, to 108.76 rubles. Russia will cut the tax on crude oil exports by 15 percent to $100.90 a ton ($13.76 a barrel) on Feb. 1, the Finance Ministry said, following a decline in the price of the commodity. Energy agreement ready for signing in Moscow
Russia and Serbia did not sign an agreement on the purchase of the Serbian oil heavyweight NIS by Gazprom last week as expected. However, the sides succeeded, perhaps, in attaining something even greater at their negotiations in Belgrade. A package of energy agreements was agreed upon that, in addition to the NIS deal, includes the construction of a line of the Southern Stream gas pipeline into Serbia. Putin: no more cheap gas
The price of natural gas is set to rise as the world financial crisis and rising costs hurt production, Russian Prime Minister Vladimir Putin said Tuesday as he presided over a forum of gas-exporting nations laying the groundwork for closer cooperation. Russia's 2008 Oil Output to Show 0.6-1.2% Fall - Energy Minister
Russia's oil output will show a 0.6-1.2% year-on-year decline in 2008 and total 485-488 million metric tons (9.7-9.8 million barrels per day) by yearend, Energy Minister Sergei Shmatko said on Wednesday. Misreading the Kremlin Costs BP Control in Russia Venture
The highest-profile joint venture between Russian and foreign investors, oil producer TNK-BP Ltd., is about to get a new chief executive. It has been anything but a smooth transition. OPEC & Organizations Russia proposes turning gas exporters forum into organization
Russia's prime minister proposed on Tuesday turning the gas exporters' forum into an official organization to be based in St. Petersburg and said Russia could cover the cost. High-level Russian OPEC team signals oil deal ahead
Russia is sending its highest ranking delegation ever to this week's OPEC meeting in Algeria, including the heads of its five top oil firms, in yet another sign Moscow is willing to clinch a deal to protect oil prices. Russia Volunteers to Join an OPEC Cut in Oil Output
aced with falling oil prices, Russia is preparing to announce that it will work with the Organization of the Petroleum Exporting Countries to coordinate a reduction in output, the minister of energy said Wednesday. Win-win opening for Russia and OPEC
The financial, economic and geopolitical aims of such oil producers as Russia, Venezuela and Iran, audacious and arguably anti-Western, as well as the much-needed stability of more moderate energy producers such as Saudi Arabia, are all increasingly threatened by the ongoing collapse of the global price of oil. Electricity Mosenergo Trims Investment After Regulator Caps Prices
Russian electricity producer Mosenergo (MSNG3.MM) is suspending plans to build four new turbines after regulators capped the price of power from recently-installed plant, a company spokesman said. Power Price Jumps 18% At Auction
Russian electricity producers got at least 18 percent more for their newly built power capacity at the December auction than the previous one in August, a source familiar with the bidding said on Wednesday. Pipelines and Storage Transneft On Track For China Pipeline
Oil pipeline monopoly Transneft says it is sticking to plans to launch a major oil route to China this year even though contractor problems caused by the global financial crisis pose a threat. Gazprom Builds Big Gas Reservoir
Gazprom and four other international energy companies will build Europe's largest underground natural gas reservoir in The Netherlands at the exhausted Bergermeer field. The project will cost an estimated $1-1.5 billion. Politics & Domestic Economy Russia's Putin creates anti-crisis body
Prime Minister Vladimir Putin announced plans Wednesday to set up a new anti-crisis body and put one of his top deputies in charge, as Russia battles with its worst financial crisis in 10 years, Russian news agencies reported. Russian leaders urge united front during crisis
Russia's President Dmitry Medvedev and Prime Minister Vladimir Putin called for unity during a time of crisis on Monday, following signs of disagreement among officials on emergency measures. Putin says Russia's goals remain despite crisis
Prime Minister Vladimir Putin said that Russia's long-term economic goals would remain unchanged and the financial crisis should "raise adrenaline in the blood" to make the Cabinet work harder. How Russian authorities are tackling economic crisis
Russia's Duma lower house of parliament on Wednesday passed more anti-crisis measures, extending the term of collateral-free loans and allowing the central bank to place observes in banks who receive state aide. Shuvalov's list: the favored few or the dependants?
The government has published a list of 295 strategic organizations, which it will help cope with the crisis. World Bank: Russia May Need Help If Oil Falls More
Russia would come under crippling financial pressure and may need to raise money externally if oil languishes at an average of $30 a barrel over the next two years, the World Bank predicted Friday. In Chelyabinsk, Corruption A Fixture of Daily Life
President Dmitri Medvedev has had little success fulfilling his promise to fight corruption in Russia. Corruption in Chelyabinsk has actually worsened in the past decade. Ask someone in the town how he supports himself, and the answer is usually ''krutitimsa," or "we hustle." Pro-Putin deputies, in turnabout, slam Russia finance ministry
Deputies from the pro-Kremlin United Russia party have criticised the Finance Ministry for overspending, which could put further pressure on veteran Finance Minister Alexei Kudrin. Russia stands by plan to join WTO despite credit crunch
Despite the difficulties facing Russia's economy amid the global credit crunch, the country has not abandoned its plans to join the World Trade Organization (WTO), the foreign minister said on Wednesday. General Commentary Russia's boom going pop?
How is the global economic crisis going to play out in Russia? Financial Crisis In Russia Holds Threat Of Social Unrest
The crisis had so far largely spared the Russian population, mainly because share ownership and private pensions are still rare. But ordinary Russians have begun feeling the pinch in recent weeks, prompting talk of looming social unrest. Attractive Prospects for Russia Despite Gloomy Economy
Russia offers attractive valuations despite a gloomy economic outlook, says Raiffeisen's Angelika Millendorfer. In Hard Times, Russia Moves In to Reclaim Industries
The Kremlin seems to be capitalizing on the economic crisis, exploiting the opportunity to establish more control over financially weakened industries that it has long coveted, particularly those in natural resources. Russians Discuss Leaders' Ties to Tycoons
What do Russians themselves think about the Uralkali affair, and about the Kremlin's relationship with the wealthy tycoons known as oligarchs? Russians trudge ahead as economy tanks once again
With oil wealth evaporating and international investments fleeing following the war with Georgia, Russia braces for more hard times. Peculiarities Of The National Economic Crisis
The current economic crisis -- going to last for many months ahead -- may become a more severe test of the durability of the Medvedev-Putin "tandem." Russia's economic crisis could have been avoided
Eight years after President Boris Yeltsin gave up the presidential suite, Russian economic legislation had matured, but the economy hadn't. Russia doesn't have much to show for its meteoritic economic rise and fall. But it could have been avoided if Russia had not missed important opportunities, from infrastructure investment to small business loans. Find out more! British Invest In Russian Ag
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