Friday , November 17 2017
Breaking News


China, Russia to build cross-border passenger cableway


  MOSCOW: China and Russia will build a cableway across river on their shared border to promote tourism and facilitate border crossing between the two countries, the Chinese investor announced Tuesday. The cableway will cross the Heilongjiang River, known in Russia as the Amur River, linking Heihe in northeast China’s Heilongjiang Province with Blagoveshchensk in Russia. It will be the ... Read More »

Russia’s SPVC imports fall 3% in January-October


  MOSCOW: Imports of suspension polyvinyl chloride (SPVC) into Russia totalled about 43,000 tonnes in the first ten months of 2017, down 65% year on year, according to MRC’s DataScope report. October SPVC imports were 581 tonnes, compared to 432 tonnes a month earlier. High prices in foreign markets and sufficient supply from Russian producers were the main reason for ... Read More »

Sino, Russian trade will hit $100 billion in near future: Putin


  MOSCOW: Trade revenue between Russia and China is likely to reach $100 billion in the coming years if the current pace is maintained, President Vladimir Putin said during a press conference at the APEC summit in Vietnam on Saturday. “We’ll certainly reach the aim we wanted,” the Russian leader added, noting that trade between Moscow and Beijing is worth ... Read More »

Russian Railways sets a 50% discount on imports of fruits from Uzbekistan


  MOSCOW: The board of Russian Railways JSC decided to change the level of tariffs for rail transportation of fruit from Uzbekistan. Thus, in particular, until 2019, a discount of 50 percent will be imposed on the tariff for the import of fruit and vegetable products from Uzbekistan to Russia in refrigerated rolling stock. “This reduction is in effect provided ... Read More »

Russia grain exporters adapt after tax crackdown


  MOSCOW: Russia’s grain exports are running smoothly after a crackdown on tax avoidance in the country’s agriculture trade, a senior Russian Tax Service official told traders on Thursday. Russian authorities and some Russian grain exporters agreed that from July 1, the start of the 2017/18 season, traders would avoid working with firms suspected of failing to pay taxes. Traders ... Read More »

Summit Ascent warns of possible tax rate changes in Russia


  MOSCOW: Summit Ascent Holdings Ltd has warned its shareholders of possible changes to gaming tax rates in Russia, which have the potential to hurt the casino operstor’s bottom line. Hong Kong-listed Summit Ascent – headed by casino investor Lawrence Ho Yau Lung – is the lead developer of the Tigre de Cristal casino resort (pictured) in the Primorye casino ... Read More »

Russia deal on backburner as Peters heads to Apec


  MOSCOW: Foreign Minister Winston Peters is heading to Apec in Vietnam this week, but says pursuing a trade deal with the Russian bloc will not be a focus. The Labour-New Zealand First coalition agreement specifies working towards a free trade deal with the Russia-Belarus-Kazakhstan Customs Union. Russia and New Zealand were close to a free trade deal, but pulled ... Read More »

Russian milling wheat export prices remained unchanged last week

milling wheat

MOSCOW: Export prices for Russian milling wheat with 12.5% protein remained within the previous week’s range of $193‑195/MT FOB Novorossiysk port for November-December delivery. Prices for 11.5%-protein wheat sank slightly to $187‑189/MT FOB Novorossiysk port for November-December delivery, reports UkrAgroConsult. According to market participants, Russian wheat deliveries to Turkey continue with no particular constraints with regard to the new documentation ... Read More »

Russia’s Finance Ministry to purchase foreign exchange worth $2.1 bln


MOSCOW: Russia’s Finance Ministry will purchase foreign exchange in the amount of 122.8 bln rubles ($2.1 bln) of extra oil revenues in the period between November 8 and December 6, 2017, the ministry said Friday. Extra oil revenues are expected to reach 125.8 bln rubles in October. “The total amount of funds allocated on foreign exchange purchases on the domestic ... Read More »

Russian oil output rises in Oct after maintenance at Pacific fields

profit rises

MOSCOW: Russian oil output edged up to 10.93 million barrels per day (bpd) in October from a yearly low of 10.91 million bpd in September and August, energy ministry data showed on Thursday, following the completion of maintenance at Pacific fields. In tonnes, oil output reached 46.23 million versus 44.639 million in September, but Russia remains in compliance with a ... Read More »

Russia’s November diesel exports from Primorsk


MOSCOW: Below is the expected loading plan for ultra-low sulphur diesel exports from Primorsk in November 2017 (in thousand tonnes) To see the data in Excel format click on – cpurl://apps.cp./rapido/version/d2cbda60-be47-11e7-86b5-005056ac22e0 SLOT COMPANY/PRODUCER LOADING VOL (KT) WINDOW Rosneft (Ufa refineries)* 30-01 30 1 Rosneft 01-02 30 2 Rosneft 04-05 30 3 Antipinsky 05-06 30 4 Lukoil 07-08 30 5 Surgutneftegaz ... Read More »

Russian ‘pocket banks’ must merge to survive

The logo of VTB bank is seen at a branch office in Vienna, Austria, September 5, 2016. REUTERS/Heinz-Peter Bader

MOSCOW: Russia risks having to bail out more banks owned by large industrial groups unless there is rapid consolidation, VTB (VTBR.MM) First Deputy Chief Executive Yuri Solovyov said. Two of Russia’s biggest banks, Otkritie and B&N, have had to be taken over by the central bank in the past two months after a liquidity squeeze. Such “pocket banks”, a post-Soviet ... Read More »

Russia uses its oil giant, Rosneft, as a foreign policy tool

Rosneft agrees to double oil products supply to Turkey by 2018-20

MOSCOW: Russia is increasingly wielding oil as a geopolitical tool, spreading its influence around the world and challenging the interests of the United States. But Moscow risks running into trouble, as it lends money and makes deals in turbulent economies and shaky political climates. The strategy faces a crucial test this week in Venezuela, a Russian ally that must come ... Read More »

Russia to resume imports of tomatoes from Turkey


MOSCOW: Russia will resume imports of tomatoes from Turkey from November 1, 2017 in compliance with quotas set by the Agriculture Ministry, TASS agency reported. The relevant decree dated October 26, 2017, has been published on the website of the Cabinet, the source said. According to the statement, amendments have been made to the list of agricultural products, raw materials ... Read More »

Russia’s central bank expected to cut rates again amid economic optimism


MOSCOW: Russia’s central bankers are expected to cut interest rates today, probably by 25-basis points to 8.25%. Despite the doom and gloom of recent years, Russia’s economy is beginning to gain momentum. Last month, the economy grew 2.4% and is expected to post annualised growth of 1.7% this year—the fastest since 2012. A pick-up in commodity markets is partly responsible. ... Read More »

Russian rouble keeps tax-payment support, eyes ECB meeting


MOSCOW: The Russian rouble opened flat on Thursday, holding support from month-end tax payments ahead of key monetary policy meetings in Europe and Russia. The rouble has been helped in recent days by export-focused Russian companies converting parts of their dollar revenues into roubles in order to meet monthly tax payments which end next week. At 0725 GMT, the rouble ... Read More »

Philippines, Russia sign two military deals


MANILA: Thousands of assault rifles and helmets were among the military gear Russia donated to the Philippines in a bid to widen its arms market in Southeast Asia at a time when Manila is seeking to diversify weapons systems, officials said on Wednesday. Manila received about 5,000 Kalashnikov rifles, 5,000 steel helmets, about a million rounds of ammunition for the ... Read More »

Russian economy overcomes stagnation


MOSCOW: The Russian economy has overcome stagnation and its recovery is sustainable, President Vladimir Putin said on Tuesday at the investment forum. “Such a representation level [of foreign investors at the forum] once again underlines high interest in modern Russia and its potential and shows mutual aspiration for dialog and cooperation, which is a key condition for establishment and development ... Read More »

Russia-Mexico trade up 40%, with significant non-energy exports


MOSCOW: The more than 40 percent growth in trade between Russia and Mexico demonstrates a positive trend, according to the Russian Export Center CEO Petr Fradkov. Mexico is the 13th largest economy in the world in nominal terms. A Russian delegation led by the Minister of Trade and Industry Denis Manturov is currently in Mexico City on a business mission. ... Read More »

Russian fishing firms oppose proposed resource tax hike


  MOSCOW: Russian fishing firms are opposing an increase in the fee for the use of natural resources, which was proposed by the country’s government last month, sources told Undercurrent News. The taxation change was proposed at a meeting in Moscow. “It is just the project, for now,” one executive told Undercurrent, pointing out it was too early to discuss ... Read More »