Thursday , July 20 2017
Breaking News


Customs data shows dramatic rise in Russian vegetable exports

aus vegetable

MOSCOW: Exports of Russian vegetables have increased significantly since the beginning of the year, according to the data from Russia’s Federal Customs Service. Tomato exports quadrupled in the six months from January to June. Shipments of cucumbers surged 29 percent in the same period, while cabbage exports grew 12.6 percent. Exports of frozen vegetables are up 350 percent, according to ... Read More »

Russian oil export duty seen falling to $74.4/T in August


MOSCOW: Russia’s oil export duty CL-EXPDTY-RU is expected to decline to $74.4 per tonne in August, down from $80.9 per tonne in July, data from the finance ministry showed on Monday. The rate is calculated by the finance ministry and is based on monitoring of seaborne Urals URL-E URL-NWE-E crude oil prices from June 15 until July 14. Read More »

Armenia mulls new military loan from Russia

soft loans

MOSCOW: Armenia is discussing the issue of getting a new military loan with Russia, finance minister Vardan Aramyan said on Monday, July 17. The minister did not divulge details concerning the amount of the loan, revealing only that consultations have started this year, RFE/RL Armenian Service reports. According to him, some $30 million remain from a previous $200 million Russian ... Read More »

Russian sunflower oil producers urge government to hoist sunseed export duty

sunflower oil

MOSCOW: Russian sunflower oil producers have urged the government to more than double the tariff on sunflower seeds, to keep a lid on rising exports which they fear will further inflate seed prices at home. Prices of sunflower seeds, sunflower oil producers’ main raw material, have risen 9 percent since mid-May to 19,125 roubles ($319) per tonne, according to SovEcon ... Read More »

Russia upgraded to top rank in world wheat exports in 2017-18


MOSCOW: Russia was promoted by US officials to top rank in world wheat exports thanks to an upgrade to its expected harvest close to a record high, while French and Spanish woes dented hopes for the European Union crop. The US Department of Agriculture, in its much-anticipated Wasde report on world crop supply and demand, pegged Russian wheat exports in ... Read More »

Russia-China trade up 25.7% in first half of 2017

bilateral trade

BEIJING: Trade between Russia and China went up by 25.7% in the first half of 2017 on a year-on-year basis and reached $39.78 billion, China’s main customs authority said in a report on Thursday. In January-June 2017, China’s exports to Russia increased by 22.2%, to amount to $19.44 billion, while its imports from Russia went up by 29.3%, to stand ... Read More »

Rosneft gets largest Russian oil deposit for $330m


MOSCOW: According to the results of the auction, the right to develop the Erginskoye deposit was received by Rosneft, said Minister of Natural Resources Sergey Donskoy. According to him, 17 steps were taken by the participants of the auction, in which along with Rosneft, the companies RN-Uvatneftegaz, Gazpromneft-Khantos and PioneerGeo took part. As a result, the last move was made ... Read More »

Russian central bank analysts confident inflation would reach 4% target in 2017


MOSCOW: Russian inflation is set to slow to the central bank’s 4 percent target by the end of the year but inflation pressure could rise in the first half of 2018 because of poor harvest of 2017, analysts at the central bank said on Wednesday. In a monthly report on market trends, analysts at the central bank said inflation could ... Read More »

Russian grains exports July 1-5 down 6% on year at 152,000 mt


MOSCOW: Russia exported 152,000 mt of grains from the start of the new marketing year 2017/18 on July 1 to July 5, down 6% year on year, Ministry of Agriculture data showed. Of the total, 45,000 mt was wheat. For the 2016/17 marketing year Russia exported 35.474 million mt of grains, 4.7% more than in the 2015/16 marketing year. Wheat ... Read More »

Russian ministry sees July inflation at 4.0-4.2% y/y


MOSCOW: Russia’s Economy Ministry expects annual inflation to be in a 4.0-4.2 percent range in July compared with 4.4 percent in June, it said on Monday. In month-on-month terms, consumer price growth is seen at 0.2-0.4 percent, compared with 0.6 percent in June, the ministry said in an emailed document. Russian Economy Minister Maxim Oreshkin said earlier on Monday that ... Read More »

Russia exported over 1.5 MMT of sunoil this season

sunflower oil

MOSCOW: In May 2016/17, Russian sunoil exports revived again and totaled 227 KMT, or 53% more than in the previous month (148 KMT) and 65% more than in May 2016 (138 KMT). Despite problems with sunoil supplies to Turkey, overall exports for the season (September-May) still hold at a record 1517.2 KMT, or 38.5% more than at the same time ... Read More »

Russia finance minister wants better tax collection amid borrowing issues


MOSCOW: Russia’s finance ministry will focus on squeezing more tax revenue from the domestic economy as it believes it can not borrow more from foreign investors, Finance Minister Anton Siluanov said. Although it aims to bring the budget deficit toward zero in the next few years, the finance ministry nearly doubled borrowing this year to compensate for shortfall in incomes ... Read More »

Russian central bank starts closure of lender Yugra


MOSCOW: Russia’s central bank has begun to wind up Yugra, the country’s 33rd largest lender by assets, in what is set to be one of the country’s largest banking collapses in recent years. The central bank said in a statement on Monday that it had placed Yugra under temporary administration for six months, which effectively amounts to the bank’s closure. ... Read More »

Russian economy overcomes recession despite sanctions


HAMBURG: The Russian economy managed to overcome recession despite Western sanctions and Russia sees economic growth during the last four quarters, Minister of Economic Development Maxim Oreshkin told reporters on Friday. “We expect this trend will continue,” Oreshkin said. Russia’s economic growth was 3.1% in May 2017, he added. Volatility in oil prices will continue affecting the national economy but ... Read More »

Russia exported over 0.5 MMT of linseed this season


MOSCOW: Russia stepped up linseed exports in May 2017, when it supplied 30.2 KMT to foreign markets against 25.7 KMT a month earlier. Its export shipments gained 40% against May 2016 (21.6 KMT). This season’s linseed supplies to foreign markets are still much higher than last year. So, 509.6 KMT was exported in the nine months of MY 2016/17 (September-May), ... Read More »

Russia inflation in June higher than officials expected


MOSCOW: Consumer inflation in Russia unexpectedly accelerated in June, data showed on Thursday, challenging the central bank’s aim of bringing inflation to a post-Soviet low of 4 percent this year. The consumer price index (CPI) showed prices rose 4.4 percent in June in year-on-year terms, above analysts’ expectations for a rise of 4.1 percent in a Reuters poll. Annual inflation, ... Read More »

Russia’s international reserves up $3.4 bln over week


MOSCOW: Russia’s international reserves rose by $3.4 bln over the week from June 23 to 30 and totaled $412.2 bln, the Central Bank said on Thursday. Russia’s international reserves are highly liquid foreign assets available with the Bank of Russia and the Russian Government. They comprise foreign currency, Special Drawing Rights (SDRs), a reserve position in the International Monetary Fund ... Read More »

Russia establishing new free trade zones


MOSCOW: Russia is planning to launch free trade zones with India, Egypt, Iran and Israel, says The Jewish Press citing Deputy Minister of Economic Development Aleksey Gruzdev. ”Regarding India and Egypt, I think we will start talks this year, probably, closer to the year end. Negotiations with Israel have already started. Therefore, our agenda is fairly packed for near time,” ... Read More »

Russia’s digital economy program to require $1.6 bln


MOSCOW: The implementation of Russia’s digital economy development program will require funds totaling around 100 bln rubles ($1.6 bln) per year, Communications and Mass Media Minister Nikolai Nikiforov said Wednesday, adding that part of those funds has already been included into the budget. “The current estimation of annual expenses within the operation plan that we will be developing, amounts to ... Read More »

Russia’s Gazprom to supply gas to China from the end of 2019 in sign of tighter energy ties


MOSCOW: Russia’s largest natural gas producer, Gazprom, will start supplying the fuel to China through a pipeline across Siberia on December 20, 2019, Gazprom Chief Executive Alexei Miller told reporters after a meeting with China National Petroleum Company (CNPC). CNPC chairman Wang Yilin and Miller met during this week’s visit to Moscow by President Xi Jinping and signed a supplementary ... Read More »