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Russia unexpectedly cuts key rate amid drop in inflation

Finland inflation highest since Sep-2014

MOSCOW: The Central Bank of Russia has cut interest rates and signalled that further rate cuts lie ahead. Bank of Russia Chairwoman Elvira Nabiullina claimed that interest rates would continue to fall steadily. On March 24, policymakers at the Bank of Russia unanimously voted to cut interest rates amid a faster-than-expected drop in inflation. The decision lowered the key interest ... Read More »

Russia exported 26 MMT of grain

GRAIN IMPORTS

MOSCOW: According to current information of the Federal Customs Service of Russia, 26.197 MMT of grain was exported from the country this season by March 15, 2017, or down 1.8% against the same period a year ago (26.679 MMT). These exports included 20.209 MMT of wheat (up 2.9% from 2015/16), 3.6 MMT of corn (up 16.5%) and 2.2 MMT of ... Read More »

Russia to receive additional $26bln if oil prices stand at $50-$60

budget

MOSCOW: Russia’s budget in 2017 may receive additional revenues of some 1.5 trillion rubles ($25.9 billion at the current exchange rates) if global oil prices stand at the range of $50-$60 per barrel, Russian Energy Minister Alexander Novak told the RT broadcaster in an interview. According to the official, such issues as the market situation, volatility and the ruble-dollar rate ... Read More »

Russia-Iran trade turnover doubled in Jan, exceeded $155mln

trade

MOSCOW: The year-on-year trade turnover between Russia and Iran almost doubled in January 2017 and exceeded $155 million, the Russian Ministry of Economic Development told Sputnik on Monday. “The Russian-Iranian trade turnover in January 2017 increased by 98 percent if to compare with January 2016 and reached $155.1 million,” the ministry said. The statement added that Russia’s exports to Iran ... Read More »

Bank of Russia points to ruble cutting its ‘oil dependency’

RUSSIA BANK

MOSCOW: Dependence of the ruble rate on oil prices dropped threefold, Chairperson of the Bank of Russia Elvira Nabiullina said on Friday. “There was a period when we saw the elasticity coefficient of 0.9 [ruble rate dependence on oil price – TASS]; it was even equal in 1 for short periods. According to our estimate, [it is] 0.2-0.3 now. As ... Read More »

Ecommerce in Russia was worth €14.85 bln in 2016

E-commerce

MOSCOW: The ecommerce industry in Russia was worth 920 billion rubles, which is about 14.85 billion euros, in 2016. This is an increase of 20 percent when compared to the year before. Estimates are ecommerce in Russia will reach 1 trillion rubles (16.14 billion euros) at the end of this year. These numbers come from a study conducted by the ... Read More »

Russia’s petrol export can double by the end of 2018

petrol

MOSCOW: Russia could increase its petrol export twofold in coming years due to a surge in the country’s refining capacity and a decline in domestic consumption, considers Reuters. The production of high-octane petrol totalled to 38,3 million tonnes last year, with almost 35 million tonnes sold in the local market. Thus, the export volume amounted to 3,35 million tonnes, which ... Read More »

Russia’s crop, exports likely smaller in 2017

importexports

MOSCOW: Russia, one of the world’s largest wheat exporters, will have less grain to offer the global market in the 2017-18 marketing year due to less favourable weather than in 2016-17, when it enjoyed a record crop, SovEcon agriculture consultancy said. The country’s grain crop would still be the second largest in its post-Soviet history. Together with stronger competition with ... Read More »

Exxon’s tax claim under Sakhalin-1 project grows to $637 mln

New Zealand meat, wine exports to face uncertainty on U.S border tax

MOSCOW: The amount of tax claims of US ExxonMobil under the Sakhalin-1 project rose to $637 mln and the arbitration case trial is scheduled to April 24-28, press service of the Russian Finance Ministry said. “The arbitration case hearing is set to April 24-28. The subject matter of the dispute is interpretation of a provision on the income tax in ... Read More »

Russia to join tax-free shopping system

tax-free-shopping

MOSCOW: Russia has decided to join a tax-free shopping system and foreign tourists are expected to obtain a refund of 18 percent value added tax. Russian officials discussed details of this initiative. To obtain a refund, a foreign citizen will need to spend at least 10,000 Rubles (about 175 U.S. dollars) in one store. The system will be firstly in ... Read More »

Russia to sell bonds directly to households from April

BONDS

MOSCOW: Russia will start selling treasury bonds to households in mid-April, the first time it has borrowed directly from small retail investors, finance ministry officials said on Wednesday. The finance ministry says the rouble-denominated bonds, known as OFZs for people, will help households to save and invest, and will be an alternative to keeping money in the bank. But despite ... Read More »

Iran, Russia trade increases by 80% in 2016

IRAN RUSSIA

TEHRAN: In 2016, trade turnover between Iran and Moscow increased by 80% and amounted to over $2 billion, the head of the second Asian department of Russia’s Foreign Ministry said. The two states are actively cooperating in energy, defense and agriculture fields, among others, Sputnik reported. “Bilateral trade between Iran and Russia may reach $10 billion in three years,” Iranian ... Read More »

Egypt agrees with Russia’s Rosneft to import 10 LNG cargoes in 2017

rosneft

MOSCOW: Russia’s top oil producer Rosneft has agreed with the Egyptian gas company (EGAS) to provide Egypt with 10 shipments of liquefied natural gas this year, Al-Ahram daily reported on Wednesday, citing an anonymous source at the petroleum ministry. The deal comes as “part of the ministry’s plans for imports from a number of global suppliers, to satisfy the growing ... Read More »

Russian rouble edges higher before taxes; shares fall

taxes

MOSCOW: The Russian rouble edged higher on Wednesday as exporters sold foreign currency before upcoming tax payments, but Moscow-listed shares slipped after steep falls on Asian markets. At 0742 GMT, the rouble was 0.2 percent stronger against the dollar at 57.58 and had gained a similar amount to trade at 62.22 versus the euro. Currency traders said the rouble was ... Read More »

Russian tax plan could put pressure on budget, inflation

Construction site crane building a blue 3D text. Part of a series.

MOSCOW: A Russian finance ministry proposal to overhaul the tax system could create a budget shortfall and put upward pressure on inflation, Tatiana Golikova, the head of Russia´s Audit Chamber, told Reuters in an interview. The ministry has proposed cutting employers´ mandatory social security contributions with the aim of enticing businesses out of the shadow economy.To offset that, it proposes ... Read More »

This year’s Russian military exports to exceed 2016 figures

importexports

MOSCOW: Russia’s 2017 arms exports will significantly exceed last year’s figures, the director for international cooperation and regional policy at Russia’s defense industry conglomerate Rostec said Wednesday. “The Rosoboronexport portfolio currently stands at $45 billion, enough to keep defense industry enterprises busy for three years. In 2017, there will be more contracts than in 2016,” Viktor Kladov, who heads the ... Read More »

Russia could double gasoline exports after capacity boost

gasoline imports

MOSCOW: Russia could double gasoline exports in coming years due to a leap in its refining capacity and a falloff in domestic demand, which could worsen a fuel overhang in Europe, according to experts and Reuters calculations. Russian gasoline exports jumped by more than 15 percent last year to 3.35 million tonnes thanks to a $50 billion modernisation programme which ... Read More »

Russian Post Bank contracts with Diebold Nixdorf for 3200 automated cash units

RUSSIA POST BANK

MOSCOW: The Russian Post Bank has selected Diebold Nixdorf (DBD) to supply 3,200 self-service cash recycling systems together with software and services. End-to-end cash management is at the core of the operational strategy of Post Bank, which is expanding its retail banking network within Russian Post office branches all over the country. The strategy will allow for the discontinuation of ... Read More »

Russian wheat prices down on stronger rouble

wheat

MOSCOW: Russian wheat export prices fell last week due to a 1 percent rise of the rouble currency against the U.S. dollar, which makes Russian commodities less competitive on global markets, an analyst said on Monday. Black Sea prices for Russian wheat with 12.5 percent protein content for April delivery were $191 a tonne on a free on board (FOB) ... Read More »

Russian Finance Ministry upgrades GDP growth outlook for 2017

GDP

MOSCOW: Russia’s Finance Ministry has upgraded the country’s GDP growth outlook for this year from 0.6% to 1.5-2%, Finance Minister Anton Siluanov said on the sidelines of G20 finance ministers and central bank governors meeting. “On the whole we agree that the economy will be growing faster than initially expected. Previously the outlook for this year was 0.6%. Our estimates ... Read More »