Russian economy, March 2014
"We have created our Russian chip, it is certified, an identification application and all standards that are compatible with international payment systems are provided," Chairman of Russian public savings bank Sberbank German Gref said.
Russia's Prime Minister Dmitry Medvedev will hold a conference on Monday to discuss matters of current importance cocerning the socio-economic development of the Republic of Crimea and the city of Sevastopol, the government press service reported.
Moody's Investors Service, one of the world's three best known rating agencies, has put Russia sovereign rating on downgrade review, citing concerns about the Ukrainian crisis. Given that strong economic sanctions against Russia are unlikely, the move looks more like political pressure on Moscow than a result of honest research.
In a bid to refocus the Russian economy on partnerships in the East, a group of Russian officials and top managers is touring Asia to establish economic ties. The group is led by Alexei Likhachev, Deputy Minister of Economic Development at Russian Federation who believes that the growth of Russian economy doesn't depend on the US imposed sanctions.
Russian President Vladimir Putin has expressed regret over the decision by a number of companies to limit the operation of their payment-processing systems in Russia. He also announced on Thursday that a national payment system similar to those of Japan and China would be created.
Russian President Vladimir Putin announced on Thursday that a national payment system similar to those of Japan and China would be created.
This year's investment program of Russian gas giant Gazprom will be adjusted to include measures aimed at developing Crimea's gas sector following instructions issued by Russian Prime Minister Dmitry Medvedev after a March 24 session, the government's press service has reported.
The ruble is a safeguarded currency from the standpoint of protection from sanctions, Central Bank first deputy chief Ksenia Yudayeva said during a conference at the State Duma.
Ukraine's debt to Russia is $16 billion, Russian Prime Minister Dmitry Medvedev reported to President Vladimir Putin at the meeting of the Russian Security Council. "Ukraine has quite a considerable debt to the Russian Federation, both public and corporate. I think we cannot afford losing such sum of money, given the fact that our budget has its own difficulties," Medvedev said and proposed to address these issues.
The Russian Federation will not raise taxes by 2018, nor will it lower the pre-planned budget expenses, Finance Minister Anton Siluanov said on Thursday.
The ruble has trimmed its losses and now is trading stable against the dollar and the euro after Vladimir Putin’s address to parliament in respect of Crimea. Earlier the dollar and the euro have been rising significantly – the dollar has grown by 30 kopecks and the euro – by 40 kopecks.
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.