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☆ Navalny's Body Is Not in Salekhard Morgue, Says Spokeswoman
▼ + stars: | 2024-02-17 | by ( Feb. | At A.M. | ) www.usnews.com time to read: 1 min

TBILISI (Reuters) - Alexei Navalny's spokeswoman on Saturday said his body was not in the morgue in Salekhard, the town near to the prison colony where Navalny died on Friday. Navalny's spokeswoman, Kira Yarmysh, said Navalny's mother and lawyer had visited the morgue to find it closed, despite assurances from the prison colony that it was working and Navalny's body was there. "Alexei's body is not in the morgue," Yarmysh said on X, formerly Twitter. The Latest Photos From Ukraine View All 91 Images(Reporting by Fillip Lebedev; Writing by Alexander Marrow; editing by Guy Faulconbridge)Photos You Should See View All 33 Images

Persons: Alexei Navalny's, Navalny, Navalny's, Kira Yarmysh, Yarmysh, Fillip Lebedev, Alexander Marrow, Guy Faulconbridge Locations: TBILISI, Salekhard

☆ Over 110 People Detained Across Russia at Rallies in Memory of Navalny -Rights Group
▼ + stars: | 2024-02-17 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +1 min

MOSCOW (Reuters) - More than 110 people had been detained at events in Russia in memory of Alexei Navalny, Russian President Vladimir Putin's most formidable domestic opponent, who died on Friday, according to rights group OVD-Info. OVD-Info, which reports on freedom of assembly in Russia, said more than 110 people in 13 cities across Russia had been detained at spontaneous rallies as of 0736 GMT on Saturday. The Latest Photos From Ukraine View All 91 ImagesAt least 69 people had been detained in St Petersburg, OVD-Info said. "We publish only the names of those people about whom we have reliable knowledge and whose names we can publish." The hundreds of flowers and candles laid in Moscow on Friday to honour Navalny's memory were mostly taken away overnight in black bags.

Persons: Alexei Navalny, Vladimir Putin's, Alexander Marrow Organizations: Reuters Locations: MOSCOW, Russia, Russian, St Petersburg, OVD, Moscow

☆ Analysis-Russia's GDP Boost on Military Spending Belies Wider Economic Woes
▼ + stars: | 2024-02-07 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +5 min

Other economists say Russia is pumping the economy with one-time, unproductive investments that yield limited future benefit. 'NOT ALL GROWTH IS GOOD'The International Monetary Fund expects Russia's economy to grow faster than all G7 economies this year but less than emerging European economies. Military expenditure has supported economic growth of countries at war throughout history. According to Rosstat, Russia's labour productivity index, one of Putin's key national development goals, fell 3.6% year-on-year in 2022, its steepest annual fall since the aftermath of the global financial crisis in 2009. "I don't see current economic growth as lasting or qualitative," said Nadorshin.

Persons: Darya Korsunskaya, Alexander Marrow, Vladimir Putin, Sergei Khestanov, Alexandra Suslina, CAMAC, Rosstat, Anton Kotyakov, Yevgeny Nadorshin, Central Bank Governor Elvira Nabiullina, Darya, Gareth Jones Organizations: Statistics, Reuters, Soviet Union, International Monetary Fund, IMF, Labour, PF, Central Bank Governor Locations: Russia, Ukraine

☆ Russian Prosecutors Seek to Nationalise Seized Car Dealership, Court Says
▼ + stars: | 2024-01-16 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +1 min

MOSCOW (Reuters) - Russia's Prosecutor General's Office has filed a lawsuit in a St Petersburg court seeking to nationalise car dealership Rolf, the court said late on Monday, just weeks after Moscow put the asset under the state's temporary management. St Petersburg's Moskovskiy District Court said it had accepted a lawsuit filed by prosecutors, which seeks the seizure of all shares in Rolf, Russia's largest car dealership, and affiliated companies as "property obtained in violation of anti-corruption legislation". Russian businessman Sergei Petrov, who owns Rolf, has long been accused by Russian authorities of illegally moving money abroad, charges he denies, and has had a warrant issued for his arrest. In December 2023, Russian President Vladimir Putin placed Rolf under temporary state management, a move the Kremlin said was driven solely by "economic expediency and compliance with current legislation". The court said prosecutors had asked the court to hand over all shares, should they be seized fully, to the state.

Persons: Rolf, Sergei Petrov, Vladimir Putin, Petrov, Gleb Stolyarov, Alexander Marrow, Jason Neely Organizations: General's, Kremlin, Reuters Locations: MOSCOW, St Petersburg, Moscow, Petersburg's Moskovskiy, Rolf, Russia's, Russian, Austria

MOSCOW, Dec 1 (Reuters) - President Vladimir Putin has signed a decree putting St Petersburg's Pulkovo Airport under the temporary management of a Russian company, wresting control from investors from Germany, Qatar and other Gulf states. The airport's management company has 14 co-owners. The rights of foreign shareholders will pass to two different Russian entities. Russian shareholders will retain their rights. The decree stated that airport's foreign shareholders would be able to restore their rights to stakes in the new company if they apply and conclude corporate agreements that comply with Russian laws on foreign investment.

Persons: Vladimir Putin, Fraport, VTB, Ramzan Kadyrov, Taimuraz, Carlsberg's, Gleb Stolyarov, Alexander Marrow, Ilona Wissenbach, Gareth Jones, Kirsten Donovan Organizations: Petersburg's Pulkovo, Qatar Investment Authority, Russian Direct Investment Fund, Baring, Baltika Breweries, Reuters, Thomson Locations: MOSCOW, Russian, Germany, Qatar, St Petersburg, Abu Dhabi, Russia, Ukraine, Moscow

☆ Russian court rules in favour of VTB Bank's $122 mln claim from former European subsidiary
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

SummaryCompanies This content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, Dec 1 (Reuters) - A Russian court has ruled that state-owned lender VTB's (VTBR.MM) claim for 112.6 million euros ($122.1 million) from its former European subsidiary should be paid, court filings showed on Friday. VTB in September filed a lawsuit seeking to recover debt from the former subsidiary, now called OWH SE, and applied for interim measures that were granted in full, leading the Russian court to freeze securities owned by OWH. Frankfurt-based VTB Bank (Europe) SE, already ring-fenced by regulators due to sanctions and in liquidation since last year, has been renamed OWH SE, its Chief Executive Officer Frank Hellwig said last month. German regulator BaFin said the measures had resulted in a complete ring-fencing of the subsidiary from its parent. ($1 = 0.9222 euros)Reporting by Elena Fabrichnaya; Writing by Alexander Marrow; editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: VTB, Frank Hellwig, OWH, BaFin, Elena Fabrichnaya, Alexander Marrow, Kirsten Donovan Organizations: VTB's, OWH ., VTB Bank, Thomson Locations: Russia, Ukraine MOSCOW, OWH . Frankfurt, Europe, Ukraine, VTB

☆ Russian lender Sovcombank eyes valuation of up to $2.5 bln post-IPO
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

A view shows a board with the logo of Sovcombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 17, 2022. REUTERS/Maxim Shemetov Acquire Licensing RightsMOSCOW, Dec 1 (Reuters) - Russian lender Sovcombank said on Friday it expects a market capitalisation of 200-219 billion roubles ($2.24-$2.46 billion)after its initial public offering (IPO) on Moscow Exchange later this month, the latest in a small flurry of Russian market debuts. Sovcombank said it has already received offers for half of the expected overall offer size from a number of major Russian institutional investors to participate in the IPO. Russian companies have raised around 29 billion roubles this year through IPOs, with listings characterised by small volumes and the presence of domestic retail investors. Pawn broker Mosgorlombard also announced its intention to list on Friday, expecting a free float of 36% after an early-December debut.

Persons: Maxim Shemetov, Sovcombank, Dmitry Gusev, Mosgorlombard, Elena Fabrichnaya, Alexander Marrow, Guy Faulconbridge, Susan Fenton Organizations: St ., Economic, REUTERS, Rights, Thomson Locations: St, St . Petersburg, Saint Petersburg, Russia, Moscow, Ukraine, IPOs

MOSCOW, Nov 29 (Reuters) - Russia's industrial output growth slowed in October as the unemployment rate dropped to a record low 2.9%, federal statistics showed on Wednesday, with deepening labour shortages showing signs of cooling Moscow's military production capacity. Analysts say wages are growing faster than productivity and the central bank has warned of the impact it has on inflation. Industrial output rose 5.3% year-on-year in October, down from a 5.6% rise in September and driven once again by military production. Rosstat said industrial output had grown since March at a monthly rate of more than 5% compared with the corresponding months of 2022. But when discounting seasonal factors, industrial production dropped 0.4% in October, Rosstat said.

Persons: Maxim Oreshkin, Vladimir Putin, Central Bank Governor Elvira Nabiullina, Rosstat, Alexander Marrow, Darya, Alex Richardson, Alexandra Hudson Organizations: Kremlin, Reuters, VW, Central Bank Governor, Alexandra Hudson Our, Thomson Locations: MOSCOW, Russia, Volkswagen's, Moscow, Ukraine, Putin's Russia

☆ Russian central bank to resume domestic FX market interventions from January
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

The central bank in August stopped buying foreign currency until the end of the year to avoid aggravating pressure on the rouble, which tumbled past 100 to the dollar in August and September. "From January 2024, the Bank of Russia is resuming operations on the domestic foreign currency market connected to replenishing and using National Wealth Fund (NWF) funds, including taking into account all operations carried out with NWF funds in 2023," the central bank said in a statement. "Therefore, from the start of 2024, the central bank will not buy foreign currency (what it did not buy in August-December), but will increase its sales," Suvorov said. The rouble did not react on Monday, continuing to hover near the more than five-month high it hit last week. The central bank conducts those operations on behalf of the finance ministry, which resumed its interventions in January after a hiatus of several months, shunning what it terms "unfriendly" Western currencies in favour of China's yuan.

Persons: Yevgeny Suvorov, Suvorov, Elena Fabrichnaya, Alexander Marrow, Mark Trevelyan Organizations: Bank of Russia, Wealth Fund, Thomson Locations: Russia, Ukraine MOSCOW, Russian

Prior to the February 2022 invasion, Chinese cars accounted for less than 10% of the Russian market. Russia has jumped from 11th place to become China's largest export market for cars, reaching a value of $9.4 billion in January-October, Chinese customs data showed. Overall, monthly car sales in Russia are now more than double what they were a year ago, Autostat data showed, while separate data from federal statistics service Rosstat showed car production was nearly three times higher in September year-on-year, underlining the sector's partial recovery. 'UNSTABLE, SHAKY' MARKETSanctions against Russia contributed to lower car production and sales most notably in 2022, but also after Moscow annexed the Crimean peninsula from Ukraine in 2014. Meanwhile, the rouble's slide to 100 against the dollar this year has made imports more expensive, depressing purchases of Chinese cars.

Persons: PPK, Sergei Udalov, Udalov, Russia's, Natalia Zubarevich, Zubarevich, Gleb Stolyarov, Alexander Marrow, Zoey Zhang, Vineet Sachdev, Mike Collett, White, Mark Potter Organizations: Reuters, Reuters Graphics, Chery, Geely, HK, West shuns, Autostat, Russia, Western, Reuters Graphics Reuters, Moscow State University, Wages, Lada, Thomson Locations: MOSCOW, Russia, Moscow, Ukraine, Soviet, Beijing, China, West shuns Russia, Western

☆ Russia's sanctioned Sovcombank requests US licence to make UN climate payments
▼ + stars: | 2023-11-23 | by ( Elena Fabrichnaya | ) www.reuters.com time to read: +2 min

A view shows a board with the logo of Sovcombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 17, 2022. "We have funds in foreign currency for these payments, but we have not received any response from them yet, unfortunately." Avtukhov said Sovcombank was in dialogue with the UN on the matter. "We have not suspended our membership in international organisations," Avtukhov, who also sits on Sovcombank's board, said. There are certain difficulties with making payments in general for Russian participants of this programme," Avtukhov said.

Persons: Maxim, Sovcombank, Mikhail Avtukhov, Avtukhov, Elena Fabrichnaya, Alexander Marrow, Kirsten Donovan Organizations: St ., Economic, REUTERS, U.S . Treasury, United, Reuters, European Union, Foreign Assets, United Nations Environment, Finance Initiative, U.S, Treasury, UN, Thomson Locations: St, St . Petersburg, Saint Petersburg, Russia, Ukraine MOSCOW, Russian, United Nations, Sovcombank, Ukraine, Washington, Moscow

☆ Armenia and Azerbaijan Have Agreed on Basic Peace Treaty Principles -TASS Cites Armenian PM
▼ + stars: | 2023-11-18 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) -Armenia and Azerbaijan have been able to agree on the basic principles for a peace treaty but are still "speaking different diplomatic languages", Armenian Prime Minister Nikol Pashinyan said on Saturday, according to Russia's TASS news agency. "We have good and bad news about the Armenia-Azerbaijan peace process," TASS quoted Pashinyan as saying in Yerevan. "It is good that the basic principles of peace with Azerbaijan have been agreed. "The most important bad news is that we still speak different diplomatic languages and very often do not understand each other," Pashinyan said. Pashinyan said Armenia had also proposed swapping all Armenian prisoners for all Azerbaijani prisoners, TASS reported.

Persons: Nikol Pashinyan, Pashinyan, Charles Michel, Alexander MarrowEditing, Andrew Osborn Organizations: Reuters, Armenian, TASS, European Locations: Armenia, Azerbaijan, Nagorno, Karabakh, Yerevan, Brussels

"This super pre-emptive right will work only in specific cases, with specific companies," Chebeskov said on the sidelines of a financial forum in Moscow on Nov. 14. "The idea was that this concerns only those strategic companies in which the state already has a share," Chebeskov said. The lack of clarity and uncertain timeline highlights the unpredictable nature of regulatory changes facing investors and businesses seeking to adjust their exposure to Russia. This compares with net outflows of around $48 million in March 2022 and $69 million in February this year. Western investors have already struggled to get assets out of Russia.

Persons: Vladimir Putin, Ivan Chebeskov, Chebeskov, Rybalkin, Tskhakaya, Thomas J Brock, Carlsberg's, Putin, JP Morgan, JPM, Vijay Marolia, Brock, Sinead Cruise, Alexander Marrow, Elena Fabrichnaya, Darya Korsunskaya, Jane Merriman Organizations: Ukraine LONDON, Reuters, Nato, Dyakin, Partners, Kaiser Consulting, Investors, Morningstar Direct, Federal Property Agency, Assets, Deutsche Bank, Regal Point Capital, HSBC, Expobank, Thomson Locations: Russia, Ukraine, MOSCOW, Moscow, Russian, Magnit, London

The logo of Russian technology giant Yandex is on display at the company's headquarters in Moscow, Russia December 9, 2022. Dutch holding company Yandex NV's planned restructuring is aimed at recouping some shareholder funds with the sale of its main revenue-generating Russian businesses, such as its search and ride-hailing operations. 'CONTROL FOR LESS'Yandex NV may sell 100% of a holding company set up in Russia's Kaliningrad region, said one of the people. A third source said this scenario would see Yandex NV make a clean break with Russia. Yandex NV shareholders could easily have been left with nothing, said one of the sources.

Persons: Evgenia, Yandex, Yandex's, Arkady Volozh, Russia's, nationalising Yandex, Darya Korsunskaya, Alexander Marrow, David Goodman, Bernadette Baum Organizations: REUTERS, Kremlin, VK, Reuters, Carlsberg, Danone, Yandex, Thomson Locations: Moscow, Russia, Ukraine, Yandex, Dubai, Russia's Kaliningrad, nationalising

☆ Russian companies' scaled-down IPOs in 2023
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

A customer walks in a store of Russian clothing retailer Henderson in Moscow, Russia October 31, 2023. IPO/DPO- Biotech startup Genetico (GECO.MM) raised 179 million roubles in an IPO in April. - CarMoney, a fintech service owned by SmartTechGroup (STG) raised 978 million roubles in a direct public offering (DPO) in July. - Technology company Astra (ASTR.MM) raised 3.5 billion roubles in an October IPO. - Men's clothing chain Henderson (HNFG.MM) attracted 3.8 billion roubles through its IPO in early November.

Persons: Maxim Shemetov, Uzhuralzoloto, Vladimir Putin's, Softline, Alexander Marrow, Kevin Liffey Organizations: Henderson, REUTERS, Biotech, SmartTechGroup, Technology, Astra, SPO, State, VTB Bank, Reuters, Thomson Locations: Moscow, Russia, Ukraine, IPOs

☆ Russia Moves Some Troops to 'More Favourable Positions' East of Dnipro River - RIA
▼ + stars: | 2023-11-13 | by ( Nov. | At A.M. | ) www.usnews.com time to read: 1 min

MOSCOW (Reuters) - Russia is moving its Dnepr group of forces to "more favourable positions" east of the Dnipro River in Ukraine, state news agency RIA cited the Russian defence ministry as saying on Monday. Russia's military said on Friday that its forces had thwarted a Ukrainian attempt to forge a bridgehead on the eastern bank of the Dnipro and on nearby islands. Reuters could not independently verify the military reports. (Reporting by Reuters; Writing by Alexander Marrow; Editing by Mark Trevelyan)

Persons: Alexander Marrow, Mark Trevelyan Organizations: Dnipro, Reuters Locations: MOSCOW, Russia, Dnipro, Ukraine

The highly unusual incident suggested disarray in Russia's military establishment and state media over how to report the battlefield situation in southern Ukraine. It said that, after the regrouping, the Dnepr force would release some troops to be deployed in offensives on other fronts. RIA said the Russian military command had agreed with the Dnepr leadership's conclusions and ordered the relocation of troops to start. Another state agency, TASS, published just one alert on troops regrouping to more favourable positions, and then withdrew it, saying it had been released in error. Russian state media have privileged access to official briefings and typically report major military announcements shortly before they appear in the Telegram channel of the defence ministry.

Persons: Volodymyr Zelenskiy, Mark Trevelyan, Alexander Marrow, Kevin Liffey Organizations: RIA, LONDON, RBC, Russian Ministry of Defence, Dnipro, Telegram, Reuters, Thomson Locations: Moscow, Dnipro, Ukraine, Dnepr, Russia, Kherson, Russia's, Russian, The U.S, Ukrainian

☆ Russian gold miner Uzhuralzoloto announces IPO despite UK sanctions on owner
▼ + stars: | 2023-11-09 | by ( Anastasia Lyrchikova | ) www.reuters.com time to read: +2 min

Alfa Bank analysts valued UGC's share capital at 140.5-170.8 billion roubles ($1.53-1.86 billion). Britain imposed sanctions on 29 individuals and entities in Russia's gold and oil sectors on Wednesday, including Strukov and two of Russia's largest gold producers, Nord Gold and Highland Gold Mining, but not UGC itself. Britain's National Crime Agency (NCA) also issued an alert to financial institutions, warning them about Russian attempts to use gold to evade sanctions. Strukov said the IPO would allow UGC to reach more investors, diversify the shareholder structure and lower its debt burden. A string of small offerings has breathed some life into Russia's equity capital markets in recent months.

Persons: Uzhuralzoloto, Konstantin Strukov, Strukov, Anastasia Lyrchikova, Felix Light, Alexander Marrow, Mark Potter Organizations: UGC, Alfa Bank, Reuters, Nord, Highland Gold Mining, Crime Agency, Astra, Thomson Locations: Russia, Ukraine MOSCOW, Moscow, Britain, Ukraine, Nord Gold

This means there are practically no workers left in the economy, the situation with personnel is really very acute," Nabiullina said. "For further growth of the Russian economy, increased labour productivity is needed." Inflation pressure peaked in the third quarter of this year, Nabiullina said, but annual inflation will only start decreasing next spring. The central bank's forecasts suggest that reaching the 4% target by end-2024 will be a tough ask. Nabiullina said another rate hike may be required before the bank can start reducing borrowing costs again.

Persons: Central Bank Governor Elvira Nabiullina, Nabiullina, Yevgeny Prigozhin, Prigozhin, Elena Fabrichnaya, Alexander Marrow, Alison Williams, Gareth Jones Organizations: Central Bank Governor, State Duma, Thomson Locations: Russia, Ukraine MOSCOW, Moscow, Ukraine, State, Russian, London

☆ Russia's VTB in Europe changes name as it liquidates
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

The logo of VTB bank is seen on the bank's headquarters in Tehran, Iran, May 23, 2023. Before Russia invaded Ukraine, VTB in Europe attracted tens of thousands of German savers with its relatively high interest rates and marketed itself as a sponsor of Frankfurt's ice hockey team, the Lions. But after the war began, savers withdrew their money, resulting in a bank run and prompting regulators to manage the outflow. VTB in Russia did not immediately respond to requests for comment. The Direktbank division that served retail savers has closed with its last customer - who used VTB for a deposit for a garden shed.

Persons: Majid Asgaripour, Russia's, Frank Hellwig, VTB, Hellwig, Miro Zadro, Tom Sims, John O'Donnell, Alexander Marrow, Barbara Lewis Organizations: West Asia News Agency, REUTERS, Rights, Reuters, Lions, savers, Thomson Locations: Tehran, Iran, Frankfurt, Europe, Russia, Ukraine, VTB, Ost, West

☆ Russian state won't take part in organising frozen asset 'exchange'
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

Nov 9 (Reuters) - Russia's finance ministry on Thursday said the state would not take part in organising frozen asset 'exchanges', instead leaving that up to financial market players. International sanctions against Moscow over its invasion of Ukraine have blocked many Russian investors' access to securities held in jurisdictions outside the country, while Russian countermeasures have frozen Western funds within. "The decree ... creates legislative opportunities for conducting the "exchange" of frozen assets, the state will not take part in organising the exchange itself," the finance ministry said. Organising exchanges was down to brokers and other securities market participants, it said. "The decree refers to the use of foreign investors' funds in type-C accounts."

Persons: Vladimir Putin, Central Bank Governor Elvira Nabiullina, Nabiullina, Anton Siluanov, Siluanov, Darya Korsunskaya, Alexander Marrow, Toby Chopra, Bernadette Baum Organizations: Wednesday, Moscow, Central Bank Governor, Finance, Thomson Locations: Moscow, Russia, Ukraine

☆ Russian e-commerce firm Ozon's ADS delisted from Nasdaq
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

A woman picks up an order at the pick-up point of the Ozon online retailer in Moscow, Russia March 16, 2020. REUTERS/Evgenia Novozhenina/File Photo Acquire Licensing RightsNov 9 (Reuters) - Russian e-commerce firm Ozon said on Thursday its American depositary shares (ADS) had been delisted from Nasdaq, bringing its near-three year association with the U.S. exchange to a close. Ozon, one of Russia's top e-commerce companies, raised nearly $1 billion in an initial public offering (IPO) in late 2020, a debut that sparked a mini-IPO boom for Russian firms. But trading in Ozon's securities on Nasdaq was suspended soon after Russia invaded Ukraine in February 2022, as were listings of Russian companies on the London Stock Exchange. "The company’s decision to proceed with the deregistration is aimed at reducing the complexity and costs of reporting following the delisting of the ADSs from Nasdaq," Ozon said in a statement.

Persons: Evgenia, Ozon, Ozon's ADSs, Alexander Marrow, Mark Potter Organizations: REUTERS, Nasdaq, London Stock Exchange, U.S . Exchange, U.S . Securities, Exchange Commission, Kazakhstan's Astana International Exchange, Thomson Locations: Moscow, Russia, Ukraine

☆ Russian cenbank: capital controls may have reverse effect long-term, make rouble weaker
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, Nov 7 (Reuters) - Capital controls on certain Russian exporters that went into force last month may have the opposite of their intended effect in the long term, leading to a weaker and more volatile rouble, the Russian central bank said in a report on Tuesday. The rouble has strengthened from beyond 100 to the dollar since that decree was announced. The central bank's higher-than-expected hike in its main interest rate, to 15%, in late October has also helped. The bank also said in its report that it expected annual inflation to start coming down next spring due to Russians' increased savings and higher interest rates. Annual inflation in Russia is seen at 7.25% in the fourth quarter, compared to 6.00% in the third quarter, according to the bank's assessment.

Persons: Alexander Marrow, Elena Fabrichnaya, Marina Bobrova, Gareth Jones Organizations: Thomson Locations: MOSCOW, Russian, Russia

The central bank's sharper-than-expected rate hike to 15% in late October also helped the rouble hit a three-month high of 91.6225 this week. None of the analysts polled now see inflation reaching the lower end of the central bank's 4-4.5% forecast for inflation next year. Russia has steadily worsened its 2023 inflation forecast and analysts now see price rises ending the year above 7%. Analysts raised their expectations for Russia's gross domestic product (GDP) growth to 2.5% this year, from 2.3% in the previous poll. GDP growth in 2024 is seen at 1.5%, dropping to 1.3% in 2025.

Persons: Vladimir Putin, Putin, Mikhail Vasilyev, Alexander Marrow, Andrew Cawthorne Organizations: Bank of, Analysts, Thomson Locations: Russia, Bank of Russia

☆ Rouble soars vs dollar as market gauges impact of latest US sanctions
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +2 min

MOSCOW, Nov 3 (Reuters) - The Russian rouble soared on Friday as the market gauged the impact of Washington's latest sanctions against Moscow over the war in Ukraine, heading back towards a three-month high on the support of foreign currency sales and soaring interest rates. By 1455 GMT, the rouble was 1% stronger against the dollar at 92.39 , not too far from 91.6225, its strongest point since Aug. 1, hit on Wednesday. The rouble has now lost support from month-end tax payments, which were due on Monday and usually see exporters convert foreign exchange revenues to pay domestic liabilities. The rouble has strengthened from beyond 100 to the dollar since that decree was announced. "Sanctions may play a stabilising role for the rouble, helping the central bank fight inflation," Polevoy said.

Persons: Vladimir Putin's, Dmitry Polevoy, Polevoy, Alexander Marrow, Jacqueline Wong Organizations: Moscow, Brent, Reuters, Thomson Locations: MOSCOW, Russian, Ukraine, United States, Russia, Locko

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