Saturday , May 27 2017
Breaking News


Russian Supreme Court to review Briullov painting smuggling

Russian Supreme Court

MOSCOW: The Presidium of Russia’s Supreme Court will review the case of collector Alexander Pevzner, formerly charged with smuggling the painting by prominent artist Karl Briullov entitled ‘Christ in the Sepulcher’, the court’s website reads on Thursday. In March, the Constitutional Court ruled that the painting seized from Pevzner may be returned to him only after he is acquitted. The ... Read More »

MTS revenues slip 1% in Q1


MOSCOW: The revenues of Russian and CIS operator MTS in the first quarter slid by 1.1 percent year-on-year to RUB 104.7 billion. The company attributed part of the decrease to the effect of a leap year in 2016, without which revenue would largely be flat. However, voice and data usage growth in Russia, coupled with slightly higher handset sales, supported ... Read More »

Grain exports to Turkey going according to schedule

Ukraine exports 29.4m tons of grain since start of 2016/2017 agri-year

MOSCOW: Grain exports to Turkey are operating as usual. Russia’s phytosanitary watchdog Rosselkhoznadzor did not receive any requests for revoking export certificates, the agency’s official representative Yulia Melano told TASS. “Grain exports are running according to schedule, there are no recalls of certificates,” she stated. Nevertheless, the service will send a request to the trade mission in Turkey to verify ... Read More »

Rosneft raises damage claim against AFK Sistema to $3 bln

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

MOSCOW: Russia’s oil giant Rosneft has increased its damage claim in a lawsuit against AFK Sistema holding company from 106.6 billion ($1.9 billion) to 170.6 billion rubles ($3 billion at the current exchange rate), RIA Novosti reported Wednesday citing spokesperson of Rosneft Mikhail Leontyev. The plaintiff revised the claim damage upwards taking into account currency fluctuations, according to the company’s ... Read More »

Russia beats Saudi as top China oil supplier for second month


MOSCOW: Russia has kept its top spot as oil supplier to China, beating Saudi Arabia for the second month in row, as independent refiners scooped up more volumes before their first batch of quotas expire. Saudi Arabia and Russia, both vying for more market share in China, have said they support an oil cut extension until March 2018 to rein ... Read More »

Moody’s forecasts Russia’s annual GDP growth at 1.5% in 2017-2018


MOSCOW: International rating agency Moody’s expects Russia’s GDP to grow annually by 1.5% in 2017 and 2018, the agency said in a press release. “Moody’s forecasts that real GDP growth will increase by 1.5% per year in 2017 and 2018, with private consumption and investment spending supported by gains in household real incomes and gradually easing monetary policy. Still, an ... Read More »

Russia’s Sberbank lends $1.9 bln to Veon’s subsidiary


MOSCOW: Russia’s largest lender Sberbank has issued a five-year loan worth 110 billion roubles ($1.9 billion) to VimpelCom Holdings B.V., a subsidiary of Amsterdam-based mobile network operator Veon Ltd, they said on Monday. Veon, previously known as VimpelCom, said in a statement the loan would refinance the existing loans provided by Sberbank to its Russian business and would provide additional ... Read More »

Russian gas exports to Turkey up by 26% in January-April 2017


MOSCOW: Russian gas exports to Turkey grew by 26% in January-April 2017, to reach 10.5 billion cubic meters, according to documents prepared by Russian Prime Minister Dmitry Medvedev’s visit to Turkey. “In 2016, Russia’s natural gas exports to Turkey amounted to 24.7 billion cubic meters. In January-April 2017, gas exports grew by 26%, to reach 10.5 billion cubic meters,” the ... Read More »

Russia’s Economy Ministry expects more aggressive key rate reduction if OPEC deal extended


MOSCOW: Russia’s Economic Development Ministry expects the Central Bank to pursue a more aggressive policy regarding the reduction of its key rate if the oil production cut agreement between OPEC and non-OPEC nations is extended, the Minister Maksim Oreshkin said Monday. “Of course, this will open up more opportunities, and more pressure will be put on the Central Bank towards ... Read More »

Lukoil retains interest in one of Russia’s largest oil fields


MOSCOW: Lukoil retains interest in participating in the auction for Erginskoye oil field in the Khanty-Mansiysk Autonomous region and plans to file an application on time, the company told TASS. “We are still interest in participating. We still have time before filing application,” the company said. Russian Minister of Natural Resources and Environment Sergey Donskoy told reporters earlier that Russia’s ... Read More »

Russia to export 60,000 tons of wheat to Venezuela per month

russia wheat

MOSCOW: Venezuelan President Nicolas Maduro announced Thursday his government had secured a major wheat deal with Russia. “We are ready, all … trade agreements have been already signed and very soon Russia will supply Venezuela with 60,000 tonnes of wheat per month on a stable basis starting from this year,” Maduro said, according to state media outlet AVN. The import ... Read More »

Russia’s Customs Service draws conclusions about revitalization of Russian wheat exports to Turkey


MOSCOW: It is too early to draw conclusions about revitalization of Russian wheat exports to Turkey after Turkey cancelled duties, press service of the Southern Customs Directorate of Russian Federal Customs Service told TASS. “It is too early to draw conclusions about reduction of exports to Turkey or about revitalization of exports after the duty were cancelled,” the press service ... Read More »

Russia achieves 100pct compliance with OPEC deal


MOSCOW: Russia reduced its oil output by 300,000 barrels per day, as stipulated in the Vienna deal signed between OPEC and non-OPEC countries, Russia’s Energy Minister Alexander Novak said on May 18. “On average, Russia cut its oil production by 260,000 barrels per day in April, as in early April, it was reduced by 200,000 barrels per day and then ... Read More »

Russian economy extends recovery in first quarter with 0.5% growth YOY


MOSCOW: The Russian economy continued to expand modestly in the first quarter of 2017, growing 0.5 percent year on year, preliminary data from the Federal Statistics Service showed on Wednesday. It was unclear what drove economic growth in the January-March period as the statistics service, Rosstat, only reveals a breakdown of the data with a time lag. Gross domestic product ... Read More »

Russia to create its own LNG production technology by 2020-2022

Morocco to shortlist 3 firms for LNG imports deal

MOSCOW: Russia might independently organize production of liquefied natural gas (LNG) using Russian technologies by 2020-2022, Deputy Energy Minister Kirill Molodtsov said in an interview with TASS. “I think we will create it by 2020-2022. That would allow us to organize LNG production using Russian technologies regardless of the external situation, with volumes of at least 5 million tons per ... Read More »

Russia regains status of world’s largest granary


MOSCOW: While the US and the European Union suffer losses from lower prices for wheat, soybeans and corn, Russia rapidly increases grain exports, observer of Swiss publication Tages-Anzeiger, Andreas Flütch said. According to the information from the US Department of Agriculture, Russia was ranked first in wheat exports in 2016, having left the USA behind. It is not ruled out ... Read More »

Russian watchdog slams cartels in domestic drug market


MOSCOW: The ever increasing prices for drugs in Russia could be explained by the existing cartels, which have been created in the domestic pharmaceutical market by some global drugmakers and their distributors, according to recent statements of Igor Artemiev, head of the Russian Federal Antimonopoly Service (FAS). Mr Artemiev said that prices for drugs that contain the same substances, but ... Read More »

Russia-China trade to hit $80bn by 2018

free trade deal

MOSCOW: Trade between China and Russia is growing and will reach $80 billion by the end of the year, Chinese Commerce Ministry spokesman Shen Danyang told TASS on the sidelines of the ‘One Belt, One Road’ forum in Beijing. Russian President Vladimir Putin is participating in the forum dedicated to regional integration and cooperation between Asian countries. He arrived in ... Read More »

Russian oil export duty seen down to $80/T in June


MOSCOW: Russia’s oil export duty is expected to fall to $80 per tonne in June from $84 per tonne in May, data from the finance ministry showed on Monday. The rate is calculated by the finance ministry and is based on monitoring of seaborne Urals crude oil prices from April 15 until May 14. Export duty per tonne, in U.S. ... Read More »

Russia’s VEB initiates legal process to sell its stake in Prominvestbank in Ukraine


MOSCOW: Russia’s state-owned Vnesheconombank (VEB), which operates troubled Ukrainian subsidiary Prominvestbank, has started legal procedures to leave the Ukrainian market, as two Ukrainian citizens have submitted documents to the National Bank of Ukraine (NBU) to obtain its approval for the acquisition of the lender’s stake. The move followed the decision of Russia’s largest bank Sberbank to sell its subsidiary in ... Read More »