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Russia

Russian central bank in talks to bail out big private lender

RCB

MOSCOW: Russia’s central bank says it is considering a rescue of B&N Bank, a large private lender, three weeks after another Russian bank had to be bailed out. The central bank said on Wednesday that Mikhail Gutseriev, the oligarch whose Safmar Group owns B&N, had asked for a rescue through a new fund. “We will take a decision on this ... Read More »

Russia retail sales up 1.9% YOY in August, more than expected

People enter and  exit a Macy's department store in Boston's Downtown Crossing district, Wednesday, July 11, 2007.  As merchants reported their June sales results Thursday July 12, 2007, the disappointments cut across many segments of the retail  industry including Macy's Inc. Macy's suffered a 2.7 percent drop in same-stores sales, worse than the 0.8 percent decline expected. (AP Photo/Steven Senne)

MOSCOW: Retail sales in Russia rose more than expected in August, data showed on Tuesday, underpinning an official forecast that the economy is on track to return to growth levels seen before its 2015-16 slowdown. Russia’s oil-dependent economy has benefited from a recovery in global crude prices, prudent fiscal policy and the central bank’s anti-crisis monetary measures. But the recovery ... Read More »

Russia to supply 600,000 tons of wheat to Venezuela

wheat

MOSCOW:  Russia will supply around 600,000 tonnes of wheat to Venezuela in the current marketing year ending next June, Russia’s agriculture minister told Reuters, deepening the Kremlin’s support for Venezuela’s troubled economy. Russian President Vladimir Putin and his Venezuelan counterpart Nicolas Maduro agreed a grain supply deal in May, providing a lifeline to the South American country which has faced ... Read More »

Russia’s Rosneft clinches gas pipeline deal with Iraq’s Kurdistan

rosneft

MOSCOW: Russian oil major Rosneft will invest in gas pipelines in Iraq’s Kurdistan, expanding its commitment to the region ahead of its independence vote to help it become a major exporter of gas to Turkey and Europe. Kurdistan has been exporting oil independently from the central government in Baghdad since 2014 and Kremlin-controlled Rosneft joined the list of buyers this ... Read More »

Bank of Russia lowers inflation forecast for end of 2017 to 3.5-3.8%

inflation

MOSCOW: The Bank of Russia has lowered its forecast for inflation for the end of 2017 to 3.5-3.8%, head of the Bank of Russia Elvira Nabiullina told a press conference. “We have also adjusted our inflation forecast for the end of this year. According to our estimates, inflation may be in the range of 3.5-3.8%,” she said. The Bank of ... Read More »

Russia’s trade representative in Netherlands taken to Moscow for hospitalization

trade

MOSCOW: Russian trade representative in the Netherlands, Alexander Cherevko, has been taken to Moscow by a jet of the Ministry for Emergency Situations and Civil Defense in a complicated condition and admitted to hospital, the Ministry of Economic Developoment and Trade said in a press release. “A jet with the Russian trade representative in the Netherlands, Alexander Cherevko, has lnaded ... Read More »

Russian rouble up slightly on strong oil prices

OIL PRICES

MOSCOW: The Russian rouble firmed on Thursday in response to oil prices which a day earlier went above $55 per barrel for the first time since April, while equity markets fell in anticipation of a likely interest rate cut later this week. At 0740 GMT, the rouble was 0.28 percent stronger against the dollar at 57.8 and had gained 0.25 ... Read More »

Russian central bank seen cutting rate to 8.5% on Friday

RCB

MOSCOW: The Russian central bank is expected to cut its key rate to 8.5 percent on Friday, catching up with a rapid slowdown in inflation, a Reuters poll showed on Monday. Twenty of 23 analysts and economists polled said they expected the central bank to lower the key interest rate by 50 basis points RUCBIR=ECI from the current 9.0 percent. ... Read More »

Russian wheat prices rise as farmers hold back on sales

WHEAT

MOSCOW: Russian wheat export prices rose last week after falling for five weeks as some farmers held back on sales after high activity in the previous weeks, analysts said on Monday. Russia, one of the world’s largest wheat exporters, is widely expected to harvest a record grain crop this year, and its grain export infrastructure is working at maximum capacity. ... Read More »

Russian earnings from oil jump 35%

OIL

MOSCOW: The first seven months of the year saw a 35 percent surge in Russian oil revenues compared to the same period last year, as prices remain stable, says data from the Russian customs. Through July, earnings reached over $53 billion. At the same time, revenues from oil exports to non-CIS countries grew to $50.23 billion, marking a 37.5 percent ... Read More »

Russia may partially resume tomato imports from Turkey in Oct

TOMATO

MOSCOW: Russia’s Agriculture Ministry and Russia’s agriculture safety watchdog are considering partially resuming tomato imports from Turkey in October, the Kommersant daily reported citing sources; Kommersant is citing a manager of a large vegetable producer in Russia and several representatives of this industry’s lobby group saying that the supplies can start from several Turkish firms approved by Russia’s watchdog Rosselkhoznadzor; ... Read More »

Russia to boost wheat exports on expectations of record harvest

wheat imports

MOSCOW: The booming Russian agriculture sector is attracting new customers, with China and Venezuela planning to increase imports of Russian wheat. The country is expecting a record grain crop this year, exceeding the numbers from 1978. Four thousand tons of spring wheat will be delivered to China from Russia’s Novosibirsk region by October 10. It’s the first batch of wheat ... Read More »

Russian energy minister expects tax agreement with Exxon in Sept

tax

MOSCOW: Russia may resolve a tax dispute with U.S. energy major Exxon Mobil Corp over the Sakhalin-1 oil and gas project in September, Energy Minister Alexander Novak was quoted by the RIA news agency as saying on Thursday. Russian President Vladimir Putin said earlier on Thursday the Russian government would soon announce resolving the dispute. Read More »

Russia’s Gazprom, Mitsui sign LNG cooperation agreement

sign

MOSCOW: Gazprom (GAZP.MM), Russia’s biggest natural gas producer, and Japanese trading firm Mitsui & Co (8031.T) have signed a liquefied natural gas (LNG) cooperation agreement, the Russian energy giant said on Thursday. “The document reflects the parties’ striving toward cooperation in production, transportation and marketing of small and medium-scale LNG on the territory of Japan, as well as LNG bunkering ... Read More »

Russia’s energy minister sees 2018 oil price in range of $45-$55/barrel

russia energy minister

MOSCOW: Russian Energy Minister Alexander Novak said on Wednesday he expected the 2018 price of Brent crude to be in the range of $45 to $55 per barrel. Speaking to reporters, he also said China had asked Russia about the possibility of shipping around 3.5 million tonnes of oil via the Russian Pacific port of Kozmino next year, from volumes ... Read More »

Russia’s inflation drops to its lowest level since the collapse of Soviet Union

Finland inflation highest since Sep-2014

MOSCOW: Russia’s inflation dropped to a post-communist low. Inflation fell to 3.3% year-over-year in August, according to the country’s state statistics service. That’s the lowest reading in the post-USSR era, according to data from Trading Economics. Economists surveyed by Bloomberg expected a reading of 3.7%, following up on July’s 3.9%. “[W]e expect the headline rate to remain below the central ... Read More »

Russia’s Rosneft inks oil production & supply deal with China

ROSNEFT

MOSCOW: Russian oil major Rosneft has announced a strategic cooperation agreement and long-term oil supply contract with CEFC China Energy Company. The deal was sealed on the sidelines of the BRICS Summit in Xiamen, China. According to Rosneft, the agreement would see the development of exploration and production projects in Western and Eastern Siberia. The two companies also agreed to ... Read More »

Russian wheat exports up 11.3% on year at 5 mil mt

WHEAT

MOSCOW: Russian wheat exports in the 2017-18 marketing year from July 1 to August 30 were up 11.3% year on year at 5 million mt, Ministry of Agriculture data showed Monday. Wheat exports from Russia are outpacing last marketing year’s exports due to a bumper harvest expected this year, which the US Department of Agriculture in August forecast at 77.50 ... Read More »

Russia’s Lukoil to sell its Geneva-based oil-trading business

Russias-Lukoil

MOSCOW: Lukoil PJSC announced that is considering selling its Geneva-based marketing and trading business, a move that would mark a significant pull back in the international presence of Russia’s second-largest oil company. According to Reuters, Lukoil is considering selling its Swiss unit Litasco because new U.S. sanctions on Russia will make it harder for the Geneva-based energy trader to raise ... Read More »

Russian economic growth upgraded, inflation seen slowing

economic growth

MOSCOW: Russia’s economy is seen growing slightly faster this year than previously and inflation is seen slowing, a Reuters monthly poll of economists showed on Thursday. The median forecast of 20 analysts and economists polled by Reuters in late August was for Russian 2017 gross domestic product (GDP) growth of 1.7 percent, above last month’s call of 1.4 percent. Even ... Read More »