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☆ Russia is expected to grow faster than all advanced economies this year
▼ + stars: | 2024-04-17 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +3 min

Bloomberg | Bloomberg | Getty ImagesRussia's economy is expected to grow faster than all advanced economies this year, according to the International Monetary Fund. The prediction will be galling for Western nations which have sought to economically isolate and punish Russia for its 2022 invasion of Ukraine. In short, Russia has adapted to a "new normal" as its economy has been put on a war footing. The Washington-based IMF includes the U.S., U.K., the euro area's largest economies, Canada and Japan as advanced economies. "If you look at Russia, today, production goes up, [for the] military, [and] consumption goes down.

Persons: Vladimir Putin, Uralvagonzavod, Ramil Sitdikov, Kristalina Georgieva, CNBC's Dan Murphy, Georgieva, Elvira Nabiullina, Andrey Rudakov Organizations: Evraz Consolidated, Siberian Metallurgical, Bloomberg, Getty, International Monetary Fund, U.S, Sputnik, Afp, IMF, TU, CNBC, World Governments, Bank of Russia, Duma Locations: Evraz Consolidated West, Novokuznetsk, Russia, Germany, France, Ukraine, India, China, Russian, Urals, Nizhny Tagil, Washington, Canada, Japan, Europe, Asia, Kazan, Dubai, Soviet Union, Russia's

☆ 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

☆ Wall Street is getting nervous about Tesla
▼ + stars: | 2024-04-02 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at why Wall Street is getting nervous about Tesla . South China Morning PostEarnings season is approaching, and Wall Street's already ringing the alarm on a high-profile company. AdvertisementTesla won't report its full earnings until later this month, but Wall Street is preparing for trouble. One analyst called it a "nightmare" quarter for the company, while another firm labeled Tesla "a growth company with no growth." One strategy is getting more Tesla drivers subscribed to its Full Self-Driving software, which can run $199 monthly.

Persons: —, Wall, Insider's Beatrice Nolan, Tesla, It's, that's, Elon Musk, ANDERSEN, Alyssa Powell, Donald Trump's, Ken Griffin's, Claire Merchlinsky, MoviePass, Ted Farnsworth, Manoj Bhargava, Putin, Elvira Nabiullina's, Forbes, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, Business, Tesla, China, Bloomberg, Nvidia, Meta, Microsoft, Apple, Getty, BI Trump Media, SEC, Citadel, BI, Street Journal, Authentic Brands, Energy, Bank of Russia, The Locations: China, Russia's, Connecticut , Delaware , New York, Rhode Island, Wisconsin, New York, London

☆ 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

☆ Russia has finally admitted Western sanctions are hitting its oil exports
▼ + stars: | 2024-03-25 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Russia's oil industry is facing challenges due to intensified Western sanctions. Secondary sanctions are spooking global banks, some of which are turning away from doing business with Russia. AdvertisementRussia's oil industry may finally be meeting its reckoning as the West intensifies its sanctions regime. "After the decline at the beginning of the year, exports have been rebounding, driven by the increase in oil prices," said Nabiullina, according to an official transcript. International crude oil prices are up over 10% so far this year.

Persons: —, Elvira Nabiullina Organizations: Service, Bank of, Business Locations: Russia, Bank of Russia

☆ Merely winning has never been enough for Putin — and this year's presidential election is no different
▼ + stars: | 2024-03-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

There's little doubt Putin, 71, will win, even as the Ukraine war drags into its third year, analysts say. After all, his challengers — who were approved to run by the country's election commission — are far from his level of clout and influence. But for Putin, merely winning has never been enough — and 2024 looks no different. Putin needs to show that Russians really want him to leadFor Putin, it's not about winning. As Thomas Graham, a fellow at the Council on Foreign Relations, wrote on March 7, "Just winning has never been enough for Putin.

Persons: —, There's, Putin, it's, It's, Thomas Graham, David Szakonyi, Elvira Nabiullina, Nabiullina, they're, Vladimir Putin Organizations: Service, Business, International Monetary Fund, Council, Foreign Relations, George Washington University, Profit, Central Bank of Russia, Putin Locations: Ukraine, Russian, Policymaking, Russia, Polish

☆ Salaries in Russia rose by over 7% last year, further showing how the war is boosting the country's economy
▼ + stars: | 2024-02-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Real wages in Russia increased by 7.6% in the first 11 months of 2023, beating inflation. Russia's economy remains resilient due to wartime spending and government subsidies. AdvertisementRussia's wartime labor crunch is boosting salaries so much that wage gains are beating inflation. Real wages have risen 33.2% over six years, he added. As the war Ukraine heads into its third year, Russia's economy appears resilient.

Persons: —, Anton Kotyakov, Vladimir Putin's, Putin, Elvira Nabiullina, Nabiullina Organizations: Service, Russia's, Labor, Social Protection, TASS, Bloomberg Locations: Russia, Ukraine

☆ 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

☆ Russia boasts it is beating sanctions, but its longer-term prospects are bleak
▼ + stars: | 2024-01-29 | by ( Tim Lister | ) edition.cnn.com time to read: +14 min

Far from buckling under their weight, the Russian economy is in fact 1% larger than it was on the eve of the invasion. India and China now account for 90% of Russian oil exports, according to Deputy Prime Minister Alexander Novak. Noemi Cassanelli/CNNThere’s little sign that ordinary Russians have been drastically impacted by Western sanctions. Sanctions will have a long-term impact on the Russian economy, according to the European Commission. Nabiullina said the Russian economy was like a car trying to go too fast.

Persons: Vladimir Putin, Putin, Sergei Chemezov, ” Chemezov, Scott Peterson, Alexander Novak, Christine Abely, “, ”, SWIFT, Alexei Mordashov, Noemi Cassanelli, Geoffrey Pyatt, Rachel Lyngaas, —, Alexander Nemenov, Elvira Nabiullina, Nabiullina, Natalia Kolesnikova, ” Abely Organizations: CNN, Atlantic Council, Russia, West ., Shipping, Windward, Reuters, US Treasury Department, United Arab Emirates, Crime Agency, US Treasury, “, Bank of, European, US, Financial Times, Russian Central Bank, Getty, Producers, International Energy Agency Locations: United States, Ukraine, Russian, Russia, Western, Sviatohirsk, Donetsk region, Asia, West, West . India, China, India, Volgograd, Turkey, UAE, Bank of Finland, Hong Kong, Europe, Egypt, Thailand, Moscow, Kazakhstan, Soviet Russia, AFP, Beijing

☆ The Russian government and its central bank are publicly disagreeing on how to handle the economy
▼ + stars: | 2024-01-25 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

On the same day, Russia's central bank said the impact of the measures is moderate, and they shouldn't be extended. AdvertisementRussian officials are publicly arguing about capital controls, highlighting disagreement in the country's elite class about how to handle its sanctions-stressed economy. AdvertisementIt's not the first time Russian government officials and the country's central bank have aired their disagreements in public. Elvira Nabiullina, Russia's central bank governor and Putin's top technocrat for the economy, pushed back against the criticism, saying the ruble's slide was due to changing trade flows in and out of Russia amid sanctions. Advertisement"Blaming the central bank is like a drunkard's search — looking for the guilty where the light is," she said at the time.

Persons: Putin, —, Vladimir Putin, Andrei Belousov, Elvira Nabiullina Organizations: Service, Telegram Locations: Russia, Russia's, Russian

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

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

☆ 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

Nabiullina also said the budget was a significant factor in Friday's decision. "It looks like today's interest rate hike front-loaded the tightening cycle in response to the fiscal announcements earlier this month," said Liam Peach, senior emerging markets economist at Capital Economics. The central bank's tightening cycle began this summer when inflationary pressure from a tight labour market, strong consumer demand and the budget deficit was compounded by the falling rouble. But the bank set its 2023 key rate range at 15-15.2%, suggesting rates could climb further and Nabiullina said that may be required. Sinara Investment Bank analyst Sergei Konygin said the lack of forward hawkish guidance meant it was highly likely the key rate had already reached its upper boundary.

Persons: Elvira Nabiullina, Nabiullina, Liam Peach, Dmitry Polevoy, Sergei Konygin, Vladimir Soldatkin, Elena Fabrichnaya, Alexander Marrow, Gareth Jones, Mark Trevelyan, John Stonestreet, Mike Harrison Organizations: Bank, Russia, Bank of Russia, Capital Economics, Reuters, Sinara Investment Bank, Thomson Locations: Russia, Ukraine MOSCOW, Ukraine, Moscow, Locko, London

By 1417 GMT, the rouble was 0.4% stronger against the dollar at 93.57 , earlier reaching 92.5100, its strongest point since Sept. 12. "We expect that by the end of the year the rouble exchange rate will be trading in the range of 94-98 per dollar, 99-104 per euro and 12.8-13.4 per yuan," Vasilyev said. CURRENCY CONTROLSMonth-end tax payments, due on Oct. 30, which usually see exporters convert foreign exchange (FX) revenue to pay domestic liabilities, have supported the rouble in recent days. The rouble has strengthened from beyond 100 to the dollar since the decree was announced. "The specific impact of currency restrictions on the dynamics of the exchange rate will be insignificant in our opinion," she said.

Persons: Mikhail Vasilyev, Vasilyev, Yevgeny Suvorov, Suvorov, Vladimir Putin's, Elvira Nabiullina, Brent, Alexander Marrow, Mark Potter, Christopher Cushing, Deborah Kyvrikosaios, Gareth Jones Organizations: Bank, Bank of Russia, FX, Reuters, Thomson Locations: Russia, Ukraine MOSCOW, Moscow, 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 ruble sinks to level that previously triggered emergency measures from Moscow
▼ + stars: | 2023-10-03 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

The Russian ruble fell past the 100-per-dollar threshold early Tuesday. When it last broke this barrier in mid-August, Russia's central bank hiked rates sharply. The currency fell to 100.255 against the greenback early Tuesday, though it has since edged back up to a 99.55 level. When this triple-digit threshold was last crossed in mid-August, the central bank took emergency measures and hiked interest rates sharply to 12%. In early September, the central bank also boosted foreign currency sales to help stem ruble volatility.

Persons: —, Elvira Nabiullina Organizations: Service, greenback, Reuters, Bank of Russia Locations: Russia's, Russia, China

☆ 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

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 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

☆ Russia will increase foreign currency sales 830% as deadline for Eurobond repayment nears
▼ + stars: | 2023-09-06 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Russia's central bank said it will increase its foreign currency sales by 830% later this month. The sales will help Russia repay a $3 billion Eurobond that is due on September 16. The offloaded foreign currency will also help calm ruble volatility, the central bank said. Between September 14 and 22, the Bank of Russia will sell 21.4 billion rubles worth of foreign currency a day into the domestic market, up 830% from a planned 2.3 billion. This will total 150 billion rubles worth of foreign currency, or $1.5 billion.

Persons: Wagner, Elvira Nabiullina, Anton Siluanov Organizations: Service, Bank of Russia, Bolshevik, Kremlin, Moscow Times, Reuters Locations: Russia, Wall, Silicon, Russia's, Moscow, Ukraine

☆ 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

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