No matter how desirable it would be for the West to use financial leverage in order to "punish" Russia for what is happening in Ukraine, it is hardly possible to do it, at least, without a direct damage to the US and Western Europe. As an editorial published by the Bloomberg agency reminds, "Russia is now much more financially interconnected with the West than in the times of the Soviet Union," and if a dependency is created, it will be mutual.
The Russian stock market consolidated on Friday at the end of a catastrophic week caused by the escalation of tensions in Ukraine.
President Vladimir Putin, at a regular conference with the RF government, will discuss the activities and the work plan of the Finance Ministry for the 2013-2018 period, the Kremlin press service reported.
The reaction of financial markets to the events in Ukraine is temporary, Russian President Vladimir Putin said at a meeting with journalists in Novo-Ogaryovo on Tuesday. "Concerning the events in Ukraine, well yes, politics will always in one way or another impact markets. Money loves peace and stability. But I think this is temporary thing [and a] temporary effect," he said.
The Krasnoyarsk Economic Forum "Russia: New Sources of Growth," which will take place in the city from February 27 to March 1, judging by its program and statements made by its organizers, will focus on the development of regions in Russia's Far East and Siberia and the search for new sources of economic growth.
Russia's Economic Development Minister Alexei Ulyukaev is on a US working trip to put the wind back into the sails of US-Russia trade relations. Mr. Ulyukaev has talked to The Voice of Russia in Washington. He confirmed that Russia was going to deliver on its promise of a bailout for Ukraine despite the current chaos, but added Russia was waiting to see who its Ukrainian partner would be.
Russian President Vladimir Putin believes that utility products, as a source for economic growth, are exhausted. At a meeting with members of the government, Putin demanded that the Minister of Economic Development Alexei Ulyukayev submit a report about "the progress in the matter of preparation of long-term macroeconomic forecast, including the estimation of reserves for economic development."
Russian President Vladimir Putin asked the members of the government to inform him on the matter of reviving trade missions. "I would like to say a few words about the creation of an integrated system of export support, including credit accommodation, insurance, establishment of appropriate structures," Putin said at a meeting with government members.
Esten Saether - editor of the Oslo-based Dagbladet newspaper, has expressed the opinion that the 2014 Sochi Olympics have proved to be a symbol of Russia's economic revival. The very fact that the Winter Olympics have been held in Sochi is the evidence that Russia as an economically strong power can afford it, the Dagbladet said, citing its editor Esten Saether.
Russia and Iran are getting ready for a new stage in their economic cooperation. Western sanctions relief opens doors for an array of huge opportunities in a range of sectors, primarily energy and oil industries.
The Arctic region is starting to attract the interest of the countries with the world’s leading economies more and more. Small wonder, because the Arctic holds really incredible amounts of natural riches. Besides the members of the so-called Arctic Club, the countries that are now starting to show more interest in the Arctic region are the tree leading Asian economies – China, South Korea and Japan. As for Japan, some of its Arctic projects may probably be supported by Russia, because Russia believes that they may be mutually beneficial for both countries.
The international rating agency Fitch confirmed Friday Russia's long-term foreign and national currency issuer default rating at BBB with a stable outlook, according to the agency's press release.
According to calculations of the UN Commission for Trade and Development, in 2013, Russia, for the first time ever, occupied the 3rd place in the world in terms of the amount of direct foreign investments in the country's economy. Experts are saying that this is a real breakthrough, because in 2012, Russia only held 9th place in a similar list.
The influx of direct foreign investment in Russia grew by 83% in 2013 to reach 94 billion dollars to list Russia as the world's third in terms of foreign investment amounts, according to a report by the United Nations Conference on Trade and Development, UNCTAD.
There are about 12 million Bitcoins in circulation as of now. Bitcoin is a digital crypto currency intended for online purchases. It has already been at the center of drug dealing and money laundering controversies. The Russian Central Bank is going to avoid bitcoin calling the operations with bitcoin dubious. "The governments and banks around the world are still in the process of finding out how it all fits in regulatory framework," Andreas Lehrbaum, Chairman of Bitcoin Austria, told The Voice of Russia.
The British Government has appointed a new Trade Envoy to Russia. She's Harriett Baldwin, the Member of Parliament for West Worcestershire. Ms Baldwin is already head of the All Party Parliamentary Group and studied Russian at Oxford University. Tha Voice of Russia correspondent spoke to her just a few minutes after the appointment was announced.
There is a joke about the science of economy: teach a parrot to say 20 times a day "supply and demand" – and you've got an economist. With Western specialists on Russian economy the teaching job is not much more difficult. If a person can clearly pronounce three adjectives, namely: Soviet-style, sluggish and overregulated – he is certainly eligible for a PhD on Russian economic development and can be quoted by hordes of journalists. The trick is not to learn anything else and, heaven forbid, not to say anything else.
All decisions related to the technical aspects of Russia's joining the Organization for Economic Co-operation and Development, OECD, should be made by late this year, said the OECD Secretary-General Angel Gurría when addressing the Gaidar Forum, held in Moscow on the 15th through the 18th of Moscow.
Russia has a high inflation and slow economic growth, according to the country’s top economic officials. "Regarding a whole range of developing countries, including Russia, we can speak about such a problem as stagflation, that is a rapid deceleration of economic growth accompanied by a spurt in inflation," Kseniya Yudayeva, a deputy head of Russia’s Central Bank, said Wednesday speaking at the Gaidar Forum, the Voice of Russia correspondent Daria Chernyshova reports.
Russia's Prime Minister Dmitry Medvedev participates in the work of the 5th Gaidar Forum. A government press service official said the Premier would make a speech during a plenary discussion of "The Contours of a Post-Crisis World" within the framework of an International Conference Workshop on the theme of "Russia and the World: Sustainable Development", the Voice of Russia correspondent Daria Chernyshova reports.