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Tesla Is Getting a Sales Bump in Russia

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Tesla Inc. may nearly double the number of cars it’s selling in Russia after a mobile-phone retailer backed by billionaire Alisher Usmanov unexpectedly added electric vehicles to the line of gadgets it offers. Svyaznoy, co-owned by Usmanov’s wireless carrier MegaFon PJSC, said it received orders for 236 vehicles in June, the first month it started sales jointly with importer Moscow ... Read More »

Finance minister stresses innovation at industrial trade fair in Russia

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SEJONG :South Korea’s chief economic policymaker said Monday that innovation is one of the important values sought after in many industries and stressed that positive changes from such innovation should be shared with many people. Seoul’s Finance Minister Kim Dong-yeon made the remarks in a keynote speech at INNOPROM-2018, the major industrial trade fair which runs in Ekaterinburg, Russia, from ... Read More »

Stronger Asean, Russia Customs, trade ties sought

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Russia : The Department of Finance (DOF) has called on the Russian Federation to strengthen its cooperation with the Asean to improve Customs administration and enhance economic ties within regions. Finance Secretary Carlos G. Dominguez III has called for closer cooperation between the Russian Federation and Asean in the field of Customs administration to likewise boost economic ties between the ... Read More »

Russia considers higher customs duty on optical fibre from US

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Russia : The Russian government plans to raise customs duty on optical fibre produced in the US, reports Comnews.ru. The customs duty will total 30 percent if the draft document is approved. It is currently at 3 percent. Analysts believe that the decision will lift prices for fibre-optic cable by a similar percentage. The draft document was prepared by the ... Read More »

Russian Court and Customs Prevent Import of Crypto Mining Equipment

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Russia : A Russian cryptocurrency miner got into trouble with the customs office when trying to import mining equipment purchased online for personal use. After an appeal, the court sided with the customs office and barred the import of the mining equipment. The Russian city court in Tobolsk has “banned the import of equipment for the mining of cryptocurrency,” local ... Read More »

Russia Ringfenced as Old Empire’s Currencies Thrive

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Russia : The former Soviet republics have rarely been more free of Russia since reclaiming independence almost three decades ago. For the first time in half a decade, the Russian currency suffered the worst performance in the first six months of the year among its 11 ex-Soviet peers. After the toll taken by sanctions and tightening U.S. monetary policy, the ... Read More »

Delays at the Georgia-Russia Border Due to Issues with Customs

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Russia : The Georgian Revenue Service, responsible for customs and tariffs at Georgia’s borders, reports that the Russian customs checkpoint at Upper/Verkhny Lars, just north of Kazbegi is operating at reduced capacity with half the normal number of cargo trucks being processed daily. The Revenue Service emphasizes that the delays are caused solely by issues on the Russian side of ... Read More »

Russian Oil Faces Next Challenge Now That OPEC Deal Is Complete

Oil storage tanks at the pumping station. The Samotlor oil field near Nizhnevartovsk, Russia, March 20, 2017.
Samotlorneftegaz is one of the largest extracting enterprises of Rosneft, which is developing the central and south-western part of the Samotlor oil and gas field, one of the largest fields in Russia.
The area of the license block of Samotlor, developed by Samotlorneftegaz is 1,751 sq. meters. At the field there are about 8,300 production wells and more than 2,700 injection wells, with the latest high-tech equipment. The length of the oil pipelines – 1,140 km, water pipelines – 1,223 km, other pipelines – 2,833 km.

Russia : Russia’s deal with OPEC on crude supply is starting to look straightforward — when compared with looming decisions on how taxes will be levied on the nation’s oil industry into the next decade. The Duma, or lower house of parliament, will start discussing legislation on Thursday which aims to finally move the tax burden for Russian oil producers ... Read More »

Russia’s duty-free threshold on imported online purchases

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Russia : The Finance Ministry has reportedly tweaked its proposed reforms to Russia’s duty-free threshold on imported goods bought online, according to the magazine RBC. The new plan would lower the threshold to 500 euros ($579) a month per customer, as of July 1, 2018. Starting on July 1, 2019, the policy would change from monthly import totals to individual ... Read More »

Macau | Fake World Cup merchandise seized – Customs

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Macau : The Macao Customs Service has announced on Tuesday that it seized approximately MOP12,000 (US$1,490) worth of counterfeit football shirts in the Barra district. In a campaign against fake merchandise related to the 2018 FIFA World Cup Russia, customs’ officials have confiscated on Monday 20 football shirts that violate intellectual property rights in a store located at Rua da ... Read More »

Federal Customs Service Deputy Head Anatoly Seryshev steps down

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Russia : Deputy Head of the Federal Customs Service of Russia Anatoly Seryshev was relieved of his duties due to a transfer to another appointment. The corresponding order of June 22, 2018 was signed by the Prime Minister Dmitry Medvedev. The document was posted on the official legal information website. By presidential decree Anatoly Seryshev on June 13, 2018 was ... Read More »

Russia’s exports to India surge 40% thanks to sunflower seeds & radar equipment

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Russia : Exports of Russian products to India got a significant boost of more than 40 percent in the first quarter of the current year compared to the same period in 2017, according to Russia’s trade mission in India. The overall sales to India since January through April amounted to $2.2 billion. Exports of beans grew to $14.5 million from ... Read More »

Russia & India ditching US dollar in defense deals

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Moscow and Delhi are seeking to bypass US sanctions by using the rupee and the ruble in facilitating military deals, according to Indian daily, the Economic Times. The paper reports that US sanctions are hampering $2 billion in defense deals between Russia and India, as payments are getting stuck. The countries are seeking to avoid this by switching to settlements ... Read More »

Russia gets rid of US Treasury securities and buys gold

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Russia : US sanctions have forced Russia to look at ways of securing its foreign reserves. In recent years, Moscow has increased purchases of physical gold and dramatically reduced its share of US debt bonds. The political standoff started in 2014, shortly after the conflict in Ukraine and the referendum in Crimea in favor of joining Russia. Several rounds of ... Read More »

Russia to retaliate against US steel & aluminum tariffs – economy minister

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“The US continues to apply protective measures by imposing additional import duties on steel and aluminum, and refuses to provide compensation for Russia’s losses. That is why Russia is using its WTO rights and introducing balancing measures with respect to imports from the United States,” he said on Tuesday. The US recently imposed tariffs on steel and aluminum. The trade ... Read More »

Russian ‘Smart City’ among finalists to host Expo 2025

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Russia : The Russian city of Ekaterinburg has entered the final round of bidding to host the World Expo 2025. At the heart of Russia’s bid is the ‘Smart City’ concept proposed to be constructed before the fair. Ekaterinburg, a city of 1.5 million in the Ural Mountains, faces off against the Japanese city of Osaka and Azerbaijan’s capital Baku, ... Read More »

Russia World Cup to generate a staggering $6 billion for FIFA

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Russia: FIFA is set to generate up to 6.1 billion from the 2018 World Cup kicking off in Russia, according to the world governing body’s financial documents. The figure is 10 percent higher compared to the revenues FIFA projected for the tournament, and $1.3 billion more than the earnings generated by the 2014 World Cup in Brazil, documents seen by ... Read More »

Low debt & high reserves: Russia’s economic strategy paying off

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Despite facing years of sanctions from the US and EU, the Russian economy is growing again thanks to a winning formula of borrowing less and saving more. The sovereign debt of Russia is a fraction of that in developed countries like the UK or US. Russia’s foreign debt now stands at $525 billion, compared to $7.5 trillion in Britain, $5 ... Read More »

Russia-China trade to reach record $100b by year-end as ties grow in all sectors – Putin

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Russia: Trade between Moscow and Beijing has grown 31 percent this year and is projected to reach the $100 billion target, said Russian President Vladimir Putin during a meeting with China’s President Xi Jinping in Beijing. Energy is the key sector of cooperation between the two countries, according to Putin. “Russia remains the largest supplier of fuel to the Chinese ... Read More »

Robert Mueller’s Russia investigation costs near $17 million, Justice says

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Russia: The cost of the ongoing investigation into Russia’s interference in the 2016 election is now near $17 million, according to a new accounting filed Thursday by Justice Department special counsel Robert Mueller. In the second financial report since his appointment just more than a year ago, Mueller listed direct expenditures of more than $4.5 million, including $2.7 million in ... Read More »