DIRS.INFO The most relevant business & tech news

But Russia's Accounts Chamber, which oversees budget execution, warned on Monday there were risks the Urals price would fall below $60 in 2024-2026. Russia's forecast sees economic growth of 2.3% in 2024, well above estimates of 1.1% from the International Monetary Fund and 0.5%-1.5% from the Bank of Russia. CHANGING TUNEAt Russia's flagship economic forum in St Petersburg in June, Siluanov said increasing expenditure was difficult, as budget spending had already increased by 1-1/2 times from 2019 to 2022. Now, even as the government outlines plans for spending to jump to 36.7 trillion roubles in 2024, he is more relaxed. Renaissance Capital's Donets and Melaschenko said Russia could create temporary taxes, permanently increase rates of VAT, or adjust Russia's budget rule to permit more spending of energy revenues.

Persons: Evgenia, Anton Tabakh, Vladimir Putin, Anton Siluanov, Denis Popov, Yevgeny Suvorov, Suvorov, Sofya Donets, Andrei Melaschenko, Dmitry Polevoy, Siluanov, Melaschenko, Alexei Sazanov, Sazanov, Konstantin Sonin, It's, Sumanta Sen, Mark Trevelyan, Alexander Marrow, Catherine Evans Organizations: U.S ., Russian, REUTERS, Washington, Finance, International Monetary Fund, Bank of Russia, Capital, Reuters Graphics Russia, University of Chicago, Thomson Locations: Moscow, Russia, Ukraine, West, St Petersburg

In 2021, the year before Moscow launched its invasion of Ukraine, defence spending totalled 3.57 trillion roubles, 14.4% of total spending. In 2022, the share of defence spending rose to 17.7%, data on Russia's electronic budget page showed earlier this year. That may mean that defence spending will also be significantly higher than first envisaged. Moscow doubled its target for defence spending in 2023 to 9.7 trillion roubles, Reuters reported exclusively in August, citing a government document. EDUCATION, HEALTHCARE FREEZEAs defence spending in 2024 triples from pre-invasion levels, the share of spending on "national security", which covers funding for law enforcement agencies, is also rising, set to reach 9.2% in 2024, the documents showed.

Persons: Vladimir Putin, Mikhail Metzel, Anton Siluanov, Siluanov, Donets, Dmitry Peskov, Darya, Alexander Marrow, Philippa Fletcher Organizations: Sputnik, REUTERS, Defence, Reuters, CIS, Renaissance, Thomson Locations: Moscow, Russia, Kremlin, Ukraine, Russian

☆ Russia's domestic stock investors, shut off from the international financial system, have helped send the Moscow Exchange to a 12-month high
▼ + stars: | 2023-05-01 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Russia's benchmark MOEX index is trading at levels not seen in over 12 months. The MOEX Russia Index has gained 24% so far this year after tanking 42% in 2022. The benchmark MOEX Russia Index on the Moscow Exchange hit a high of 2,646.18 on Thursday — its highest level since early April 2022. Despite the surge in the MOEX index, trading volumes in its equities market fell 41% from a year ago amid sanctions. The MOEX Index ended at 2,634.96 on Friday.

"The mobilisation declaration and the strengthening of geopolitical and sanctions risk are launching the second wave of the economic crisis," said Evgeny Suvorov, an economist at CentroCreditBank, expecting Russia's economic contraction to worsen in the final months of the year. But there was no acknowledgement of any link to his sudden partial mobilisation announcement on Sept. 21. The central bank on Tuesday said economic activity in Russia slowed significantly at the end of September. "The main consequence of mobilisation is the loss of human capital," said veteran economist Natalya Zubarevich. "It was possible to count exclusively on human capital to pull the economy through, but now a part of this human capital of productive age is subject to mobilisation and another part is leaving," Polevoy said.

Search resuls for: "Sofya Donets"

4 mentions found