DIRS.INFO The most relevant business & tech news

☆ Meet the woman who engineered Russia's wartime economy and helped secure another term for Putin
▼ + stars: | 2024-04-02 | by ( Huileng Tan | ) www.businessinsider.com time to read: +12 min

Russian central bank governor Elvira Nabiullina has played a key role in stabilizing Russia's sanctions-hit economy. It's also aimed at the woman behind him: Elvira Nabiullina, the country's central bank governor, who plays a chief role in keeping Russia's wartime economy ticking. At the time, she was the first woman to lead a Group of Eight, or G8, central bank. In 2015, Euromoney, a finance trade publication, named Nabiullina Central Bank Governor of the Year. In December, she issued a warning that Russia's economy was at risk of overheating.

Persons: Elvira Nabiullina, —, Putin, It's, Nabiullina, Daniel McDowell, McDowell, wined, Christine Lagarde, Nabiullina —, Richard Portes, Portes —, Portes, Anders Åslund, Åslund, Leo Tolstoy, Fyodor Dostoevsky, Franz Kafka, Yaroslav Kuzminov, Kuzminov, Nabiullina's, Alan Harvey, Herman Gref —, Central Bank Governor Elvira Nabiullina, Maxim Shemetov, Michel Camdessus, she's, isn't, Sergei Aleksashenko, Alexei Makarkin, Vladimir Pesnya, Nabiulina, let's Organizations: Ukraine, Service, Russian, KGB, Syracuse University, Kremlin, International Monetary Fund, US, London Business School, Moscow Times, Bloomberg, Higher School of Economics, —, Moscow State University, SNS, USSR, Industrial Union Board, Gref, Central Bank Governor, Nabiullina Central Bank Governor, Banker, Central Banker, IMF, Monetary Fund, Financial Times, Government, Political Technologies, Wall Street Journal, RBC, Politico Europe Locations: Russian, Ukraine, Russia, Brussels, Nabiullina, Swedish, Moscow, Ufa, Central Russia, Tatars, Crimea, Euromoney, Europe, steadying

☆ Russia says its economy is off to a — mostly — roaring 2024
▼ + stars: | 2024-04-02 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

The Central Bank of Russia is maintaining a 16% interest rate due to a thriving economy. AdvertisementRussia's economy is running so hot the Central Bank of Russia is holding rates at 16% to keep inflation in check. Even the Russian central bank appeared to be taken aback by how well the economy was doing. Consumer sentiment is also positive and people are increasingly inclined to make large purchases, according to the Russian central bank. On Friday, Russia's central bank said it sees limited options other than the Chinese yuan for its reserves.

Persons: —, Elvira Nabiullina Organizations: Central Bank of Russia, Service, International Monetary Fund Locations: Russian, Ukraine, Russia, Russia's

☆ 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

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 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

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

☆ Who is in Putin's delegation to China - and who stayed in Moscow?
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +2 min

[1/2] Russian President Vladimir Putin arrives for the opening ceremony of the Belt and Road Forum in Beijing, China, October 18, 2023. Sputnik/Dmitry Azarov/Pool via REUTERS Acquire Licensing RightsMOSCOW, Oct 18 (Reuters) - Russian President Vladimir Putin is currently on a visit to China, his second only trip outside the former Soviet Union since the February 2022 invasion of Ukraine. Who is in the Russian delegation with Putin - and who stayed in Russia? Before Putin left for China, he was shown at a meeting with defence and spy chiefs at his Novo-Ogaryovo residence outside Moscow. The following top officials are thought to be in Russia.

Persons: Vladimir Putin, Dmitry Azarov, Alexander Novak, Sergei Lavrov, Yuri Ushakov, Maxim Oreshkin, Dmitry Peskov, Central Bank Governor Elvira Nabiullina, Anton Siluanov, Maxim Reshetnikov, Dmitry Shugaev, Yuri Chikhanchin, Dmitry Chernyshenko, Igor Morgulov, Igor Sechin, Alexei Miller, Alexei Likhachev, Andrei Kostin, Igor Shuvalov, Leonid Mikhelson, Oleg Belozyorov, Kirill Dmitriev, Putin, Sergei Shoigu, Nikolai Patrushev, Alexander Bortnikov, Dmitry Medvedev, Anton Vaino, Sergei Kiriyenko, Mikhail Mishustin, Viktor Zolotov, Sergei Naryshkin, Guy Faulconbridge, Muralikumar Organizations: Forum, Sputnik, REUTERS Acquire, Rights, Soviet Union, Putin, Kremlin, Central Bank Governor, Federal Service for Military, Gazprom, VEB, Russian, Russian Direct Investment, Russia Security, Federal Security Service, Russia's Foreign Intelligence, Reuters, Thomson Locations: Beijing, China, Ukraine, Russia, CHINA, North Korea, China BUSINESSPERSONS, Moscow, Russian

☆ Russian c.bank governor speaks against reintroducing currency restrictions
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

Elvira Nabiullina, Governor of Russian Central Bank, speaks to the media during the conference "10 years of the Megaregulator: yesterday, today, tomorrow" in Moscow, Russia September 1, 2023. REUTERS/Evgenia Novozhenina/File photo Acquire Licensing RightsMOSCOW, Sept 15 (Reuters) - Russian Central Bank Governor Elvira Nabiullina spoke out against reintroducing currency controls after hiking rates to 13% on Friday, warning that such steps were inefficient and ultimately would be circumvented. Nabiullina said that discussions about currency restrictions were underway, but were largely for the government to decide. "Administrative restrictions, if they are effective... then they are usually effective only for a limited time," Nabiullina said. Similarly, she said, repatriating FX revenues from foreign banks to Russian ones would have no impact on the rouble rate.

Persons: Elvira Nabiullina, Evgenia, Russian Central Bank Governor Elvira Nabiullina, Nabiullina, Vladimir Putin, Elena Fabrichnaya, Alexander Marrow, Vladimir Soldatkin, Anastasia Lyrchikova, Mark Trevelyan Organizations: Russian Central Bank, REUTERS, Rights, Russian Central Bank Governor, Bank of Russia, Thomson Locations: Moscow, Russia

☆ Russian c.bank chief Nabiullina and her deputy on rates, inflation and the economy
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +8 min

NABIULLINA ON ROUBLE WEAKENING:"Of course, we take into account that the weakening of the exchange rate is a pro-inflationary factor. And about 90% of the converted foreign exchange earnings of the company continue to be sold. Having sold their foreign exchange earnings, exporters have the opportunity to buy it back in the volumes in which they deem necessary. NABIULLINA ON REPATRIATION OF FOREIGN CURRENCY PROCEEDS:“The second topic is the repatriation of foreign currency earnings, the transfer of foreign currency funds from foreign banks to Russian ones. NABIULLINA ON UNPLANNED RATE INCREASE ON AUGUST 15:“This was not a reaction to (the rouble exchange rate) reaching any specific level.

Persons: Elvira Nabiullina, Alexei Zabotkin, ” Organizations: Central Bank, Reuters, Thomson Locations: MOSCOW, Russian

National flag flies over the Russian Central Bank headquarters in Moscow, Russia May 27, 2022. On Friday, it gave hawkish guidance that it would consider further rate increases at upcoming meetings and said inflationary risks remained significant. The central bank adjusted its year-end forecast for inflation to 6.0-7.0% from 5.0-6.5%. "Russia's central bank is a hawkish institution that takes its commitment to inflation fighting seriously," said Senior Emerging Markets Economist Liam Peach. Central Bank Governor Elvira Nabiullina will shed more light on the bank's forecasts and policy in a media briefing at 1200 GMT.

Persons: Maxim Shemetov, jacking, Liam Peach, Central Bank Governor Elvira Nabiullina, Alexander Marrow, Elena Fabrichnaya, Darya Korsunskaya, Maria Kiselyova, Amruta Khandekar, Andrew Osborn, William Maclean, Catherine Evans Organizations: Russian Central Bank, REUTERS, Kremlin, Capital Economics, Central Bank Governor, Thomson Locations: Moscow, Russia, Russian, Ukraine MOSCOW, Ukraine, London

☆ Russian central bank head wants currency controls to remain limited
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +2 min

Sept 1 (Reuters) - Russian Central Bank Governor Elvira Nabiullina said on Friday that controls on foreign currency flows should not pose difficulties for economic actors, and should remain limited to their role as a mirroring operation. Now, currency control measures, in my opinion, should remain primarily those that are of a mirror nature, reciprocal in nature," Nabiullina told a banking conference. Finance Minister Anton Siluanov, addressing the same banking forum, said his ministry and the central bank were seeking consensus on currency control. Siluanov said that previously, the Central Bank had been stricter on the issue, and the Ministry of Finance more liberal, but that it was now the other way around. It has, however, recovered since the central bank pushed up rates on Aug. 15 by 3.5 percentage points to 12%.

Persons: Russian Central Bank Governor Elvira Nabiullina, Nabiullina, Anton Siluanov, Siluanov, Kevin Liffey, Conor Humphries Organizations: Russian Central Bank Governor, Central Bank, Ministry of Finance, Thomson Locations: Russia, Ukraine

☆ The Kremlin's top brass are trying to pass the buck over the ruble's collapse. This rare public infighting shows just how precarious Russia's wartime economy is.
▼ + stars: | 2023-08-18 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

The Kremlin's top brass are trying to pass the buck over the ruble's collapse. Russia's central bank governor, Elvira Nabiullina, said the weak ruble is due to changing trade flows. "A weak ruble complicates the economy's structural transformation and negatively influences real household earnings. "Blaming the central bank is like a drunkard's search — looking for the guilty where the light is," she said, the Financial Times reported earlier this week. The Kremlin, Russia's central bank, and Capital Economics did not immediately respond to requests for comment from Insider.

Persons: Putin's, Elvira Nabiullina, Maxim Oreshkin, Vladimir Putin's, Oreshkin, Nabiullina —, —, Liam Peach, Putin, Max Seddon, you've Organizations: Service, TASS, Financial Times, Capital Economics Locations: Wall, Silicon, Russian, Russia, Ukraine, Moscow, Surgut

☆ Russia's inflation spike sets Kremlin and central bank on collision course
▼ + stars: | 2023-08-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

Russia's President Vladimir Putin (L) and Russian Central Bank Governor Elvira Nabiullina Alexei Nikolsky\TASS via Getty ImagesRussia's rising inflation and plunging currency have spotlighted an emerging discord between the Kremlin and the country's central bank. Analysts suggested the government's direct strong-arming of the central bank into monetary policy action was a sign of the problems faced by the country's economy. In other words, the Russian currency has entered a vicious circle that it will struggle to escape from." This is because the negative factors behind the weakening currency are largely outside the control of the Central Bank of Russia." She added that blaming the central bank has therefore become an "easy tactic" for the Kremlin in the absence of any tangible options through which to improve the situation.

Persons: Vladimir Putin, Russian Central Bank Governor Elvira Nabiullina Alexei Nikolsky, Vladimir Putin's, Maxim Oreshkin, Anatoly Aksakov, Agathe Demarais, Demarais, Stephanie Kennedy, Julius Baer, Kennedy Organizations: Russian Central Bank Governor, Getty, Kremlin, Central Bank of Russia, Bank, Bank of Russia, Financial, Bank of, Economist Intelligence Unit, CNBC, CBR, U.S . Locations: Russia, Bank of Russia, Ukraine

The need to reintroduce stringent capital controls comes as Russian authorities grapple with a sharply weakening rouble, which tumbled past 100 to the dollar on Monday. One source at an exporting firm said the discussions concerned the forced conversion of up to 90% of exporters' revenues. Exporters who fail to return revenues to Russia could lose government support measures, too. One Russian banking source told Reuters that about $39 billion is stuck in Indian banks, which oil companies are unable to return to Russia. The high-level source said a minimal level of revenues was held in rupees, with even less in roubles.

Persons: Dado Ruvic, Central Bank Governor Elvira Nabiullina, Elena Fabrichnayaand Anastasia Lyrchikova, Gleb Stolyarov, Alexander Marrow, Gareth Jones, Nick Macfie Organizations: REUTERS, Reuters, RBC, FX, Central Bank Governor, Thomson Locations: Russia, Ukraine MOSCOW, Ukraine, Russia's, Moscow, India, Tbilisi

☆ Tumbling rouble claws back ground as central bank to meet
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +6 min

Putin's economic adviser Maxim Oreshkin earlier said the central bank could ensure that the pace of lending drops to sustainable levels with higher rates. "The central bank has all the tools to normalise the situation in the near future." Asked earlier whether it might make an emergency hike from the current 8.5%, the central bank declined to comment. "The central bank is not fully in control," independent Moscow-based economist Ian Melkumov told Reuters. "The central bank doesn't want to kill the economy and businesses in the same way it had to last year," he said.

Persons: Rouble, Vladimir Putin's, rouble, Putin, Maxim Oreshkin, Oreshkin, Denis Popov, Popov, Matt Vogel, REUTERS Central Bank Governor Elvira Nabiullina, Vladimir Solovyev, Ivan, Timothy Ash, Ian Melkumov, Alexander Marrow, Marc Jones, Gareth Jones, Philippa Fletcher, Christina Fincher Organizations: TASS, of Russia's, FIM, Moscow News Agency, Handout, REUTERS Central Bank Governor, Popular, Kremlin, Reuters, BlueBay Asset Management, Thomson Locations: MOSCOW, Ukraine, Moscow, Russia, London

☆ The Kremlin has pumped so much money into the economy that it's creating a boom — but this house of cards could topple anytime soon
▼ + stars: | 2023-08-01 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Russia's wartime economy is thriving, the New York Times reported Monday. Corporate loans have increased 19% in the year to June as investments grew, according to The Times, citing Russian central bank's figures. Russia's central bank has also been candid about its gloomy assessments of the economy — which at times were at odds with more bullish statements from the Kremlin. But, the institution has come under pressure from Moscow to give a more "upbeat assessment" about the country's economy, Bloomberg reported in February. In April last year, Russian central bank governor Elvira Nabiullina warned the country's reserves won't last infinitely.

Persons: Wagner, Alexandra Prokopenko, Elvira Nabiullina, Ariel Chernyy, Chernyy Organizations: New York Times, Service, Putin, Times, Reuters, Wagner Group, The, Frank Media, Carnegie Russia Eurasia Center, Bloomberg Locations: Russia, Wall, Silicon, Ukraine, Russia's, Russian, Moscow

☆ Russian central bank surprises with sharper-than-expected rate hike to 8.5%
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +3 min

"Pro-inflationary risks have increased significantly over the medium-term horizon," the bank said in a statement. The central bank raised its year-end forecast for inflation - now just below 4% - to 5.0-6.5% from 4.5-6.5%, and said it was holding open the possibility of further hikes at future meetings. "The much larger-than-expected 100bp interest rate hike ... underscores policymakers’ concerns about inflation risks," said William Jackson, Chief Emerging Markets Economist at Capital Economics. Alfa Bank Chief Economist Natalia Orlova said the rate hike looked like a reaction to the situation on the currency market, given that the other inflation pressures mentioned had been evident at the previous central bank meeting on June 9. Central Bank Governor Elvira Nabiullina will shed more light on the bank's forecasts and policy in a media briefing at 1200 GMT.

Persons: William Jackson, Natalia Orlova, Wagner, Central Bank Governor Elvira Nabiullina, Alexander Marrow, Andrew Osborn, Kevin Liffey Organizations: Reuters, Capital Economics, Alfa Bank, Central Bank Governor, Thomson Locations: Russia, Ukraine MOSCOW, Ukraine, Moscow

☆ Who is Hafize Gaye Erkan, Turkey's first female central bank chief?
▼ + stars: | 2023-06-09 | by ( Karin Strohecker | ) www.reuters.com time to read: +2 min

LONDON, June 9 (Reuters) - Turkey's new central bank governor Hafize Gaye Erkan faces the tough task of alleviating a bruising cost-of-living crisis while hoping to restore investor confidence at home and abroad after years of unorthodox policymaking. Appointed on Friday, the 43-year old is the first woman at the helm of the country's central bank, taking over from Sahap Kavcioglu, who spearheaded President Tayyip Erdogan's rate-cutting drive against a backdrop of soaring inflation. Her new role makes her one of only around a dozen women currently serving as central bank governors around the world, including the likes of ECB President Christine Lagarde, Russian Central Bank Governor Elvira Nabiullina and Serbia's Jorgovanka Tabakovic. Having spent all of her professional life outside Turkey, Erkan has no formal central banking experience, making her leanings for monetary policy unclear. Kathryn Wylde, president and CEO of Partnership for New York City, a nonprofit organization where Erkan once served as a board director, says Erkan was seen as "tough, smart, and effective."

Persons: Hafize Gaye Erkan, Sahap Kavcioglu, Tayyip Erdogan's, Christine Lagarde, Russian Central Bank Governor Elvira Nabiullina, Erkan, Goldman Sachs, Mark Carney, Mario Draghi, William Dudley, Goldman, Marsh McLennan, Kathryn Wylde, Wylde, Karin Strohecker, Jonathan Spicer, Hugh Lawson Organizations: Russian Central Bank Governor, Bogazici University, Harvard Business School's, Management, Research, Financial Engineering, Princeton University, Bank of Canada, Bank of England, New York Fed, First Republic Bank, Banking, Finance, New, Thomson Locations: Sahap, Istanbul, Turkey, New York City

☆ Russia should not take temporary control of foreign banks' units, central-bank governor says
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +2 min

President Vladimir Putin on Tuesday signed a decree placing the Russian assets of Finland's Fortum (FORTUM.HE) and Germany's Uniper (UN01.DE), which both operate power plants in Russia, under Moscow's control. "Such decisions should be made with very good reasons, connected to the stable functioning of the Russian economy," Nabiullina said when asked whether Russia could do the same with banks. Foreign banks have stepped in to take business from Russian lenders hit by sweeping Western sanctions imposed after Moscow despatched troops to Ukraine in February 2022. Austria's Raiffeisen Bank International (RBIV.VI), earned more than half of its profit last year from Russia. Reporting by Elena Fabrichnaya, Vladimir Soldatkin, Alexander Marrow and Jake Cordell; Editing by Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

☆ Russian inflation risks must ease to make room for rate cut - central bank
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

The central bank has become more wary of inflation this year, warning of the risks of a widening budget deficit, weaker rouble and labour shortages. Annual inflation decelerated sharply to 3.51% last month due to the high base effect. "In order to create space for further rate cuts, it is necessary that pro-inflationary risks decrease. "If we sacrifice price stability, we will not be able to protect our citizens and enterprises in the future." Reporting by Elena Fabrichnaya and Alexander Marrow Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Russia floats idea of paying foreign companies selling assets in bonds, not cash
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +2 min

MOSCOW, April 20 (Reuters) - Russia will work on a proposal to pay foreign companies selling assets in the country with central bank bonds tied to Russian reserves frozen abroad, instead of cash, the central bank said on Thursday, as a way to reduce rouble volatility. The Russian currency slumped to a more than one-year low this month, which traders and analysts blamed in part on foreign firms selling their Russian assets to local buyers, although the central bank has sought to play down the impact of such transactions. The finance ministry has said exit transactions should be carried out within strict limits under central bank control. Such a radical move would face several obstacles, primarily, according to Nabiullina, that linking bonds to frozen assets may need Russia to disclose the structure and location of its reserves. She added that "forcibly imposing" these bonds on companies, or having foreign regulators in other jurisdictions unfreeze Russian assets was unlikely to be possible.

☆ Russia building reserves in assets the West can't sanction - central bank chief
▼ + stars: | 2023-04-18 | by ( ) www.reuters.com time to read: 1 min

SummarySummary Companies This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine. MOSCOW, April 18 (Reuters) - Russian Central Bank Governor Elvira Nabiullina said on Tuesday Russia is building its international reserves with assets that cannot be targeted by Western sanctions, the TASS news agency reported. Western countries froze around $300 billion - or half - of Russia's international reserves after Moscow sent tens of thousands of troops into Ukraine last year. The central bank has previously said it considers gold, Chinese yuan and foreign currency held in cash as safe from possible further rounds of Western sanctions. Reporting by Reuters; Editing by Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

Summary This content was produced in Russia, where the law restricts coverage of Russian military operations in Ukraine. MOSCOW, March 2 (Reuters) - Russia's central bank said on Thursday that it would extend capital controls affecting foreign currency withdrawals and transfers abroad, warning that some economic sectors continued to feel the pinch from sanctions despite their resilience. The central bank and the government responded with sweeping capital controls, including a ban on sending foreign currency abroad to shore up the rouble and stabilise its banking sector. Russia's economy has proved remarkably resilient in the face of tough Western sanctions, but analysts still predict a 1.9% drop in economic output in 2023, after an estimated 2.1% slide in 2022. Those sanctioned last week have responded in a largely relaxed manner, with some saying disruption will be limited and others restricting foreign currency transactions or suspending euro trading on brokerage accounts.

☆ Yellen says Russian officials at G20 meeting 'complicit' in war atrocities
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 24 (Reuters) - U.S. Treasury Secretary Janet Yellen accused Russian officials attending a G20 finance leaders meeting on Friday of being "complicit" in atrocities in Russia's invasion of Ukraine and for the damage the war has caused to the global economy. In remarks to an opening session of the gathering on the first anniversary of the Russian invasion, Yellen called on G20 counterparts to "redouble their efforts to support Ukraine and restrict Russia's capacity to wage war." She said Russian President Vladimir Putin's "weaponisation" of food and energy has hurt not only Ukraine, but the global economy and especially developing countries. "I urge the Russian officials here at the G20 to understand that their continued work for the Kremlin makes them complicit in Putin’s atrocities," Yellen said. Russia was represented in the room by senior economic officials, according to a U.S. Treasury official.

☆ Russian central bank governor on rates, inflation, GDP and oil
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +4 min

Feb 10 (Reuters) - Russian Central Bank Governor Elvira Nabiullina and her deputy Alexei Zabotkin gave a news conference on Friday after the regulator held its key interest rate at 7.5%. ZABOTKIN ON INFLATION IN 2023:"The dynamics of annual inflation this year will be very much determined by the months of last year dropping out of the calculations. We had very high monthly values in March and April, and when they drop out of the calculations, respectively, there will be a very rapid decline in annual inflation. As they go out of the calculations, respectively, the annual inflation rate will increase, and by the end of the year we expect it to be in the range of 5-7%." NABIULLINA ON RUSSIA'S GDP FORECASTS"We have improved the forecast for GDP this year.

Search resuls for: "Central Bank Governor Elvira Nabiullina"

25 mentions found