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☆ The West can't completely isolate Russian banks because it would be disastrous beyond Russia
▼ + stars: | 2024-05-20 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

There's one major thing the West could, but won't, do: kill all Russian banks' access to the Society for Worldwide Interbank Financial Telecommunications, or SWIFT. 'Russia's economy is in deep, deep trouble'Despite the West's frustration with how Russia's economy still appears to be holding up, the sanctions appear to be finally working. "In five years, you're going see a really disastrous slowdown in the Russian economy," said Portes, who called for stronger sanctions enforcement. AdvertisementIn April 2022, Russia's central bank governor Elvira Nabiullina warned Russia's reserves can't last forever. "A significant problem is that they are running out of foreign exchange reserves, and you can't create foreign reserves," Portes added.

Persons: —, hasn't, SWIFT, Alex Capri, Richard Portes, Portes, Alexander Kolyandr, Elvira Nabiullina, Russia's Organizations: Service, West, Society, Worldwide Interbank Financial Telecommunications, Business, SWIFT, European Union, National University of Singapore, US Customs Service, London Business School, Carnegie Endowment, International Peace, Central Bank of Locations: Russia, Ukraine, Moscow, Russian, SWIFT, Capri, Asia Pacific, Europe, India, China, Central Bank of Russia, 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's economy is now so isolated that it has few options other than the Chinese yuan for its reserves
▼ + stars: | 2024-04-01 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Russia's central bank says it has few alternatives other than the Chinese yuan as a key reserve asset. "These factors predetermine the key role of the Chinese yuan in the formation of reserve assets," it said. AdvertisementA state of increasing isolationRussia's increasing reliance on the yuan shows its economy is becoming increasingly isolated in the international trade and finance system. Moscow's reliance on the Chinese yuan comes with risks. Russian companies that borrow in the Chinese yuan are facing increased lending costs, Bloomberg reported last month.

Persons: —, Vladimir Putin, SWIFT Organizations: Service, Central Bank of Russia, Bloomberg Locations: Russia, Russian, Ukraine, India, China, Moscow, EU

☆ 3 ways Russia's war-time economy is set to weaken after a surprisingly strong 2023
▼ + stars: | 2024-03-25 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

Read previewRussia's economy is set to weaken this year, according to researchers from Finland's central bank. Russia won't be able to maintain the surprisingly strong growth it saw, the Bank of Finland's Institute for Emerging Economies said in a recent report. That's a stark contrast from what Russia saw last year, with its economy growing 3.6%, according to Russia's federal statistics service. Russia's long-term potential growth rate, in particular, has been reduced by the shift to a wartime economy," the report said. AdvertisementThe report pointed to three areas of the Russian economy that could take a hit.

Persons: — Organizations: Service, Bank of Finland's Institute, Emerging Economies, Business, Russia, Ukraine, United Nations, Russian Academy of Science's Institute of Economics Locations: Russia, Russian, Ukraine, Moscow

☆ A Russian district called an election recount after someone else got more votes than Putin, reports say
▼ + stars: | 2024-03-19 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +3 min

A recount is underway in one Russian district after a Putin rival was recorded as having won more votes, per reports. AdvertisementAn election recount is underway in one Russian district after President Vladimir Putin failed to win the vote there, according to local reports. In fact, one of Putin's political rivals in the recent presidential election was recorded as gaining 10 times as many votes, reports said. Asked by the BBC ahead of the elections why he would be a better candidate than Putin, Kharitonov said: "It's not for me to say," adding: "That wouldn't be right." The reported vote recount wasn't the only reason Barnaul made the news.

Persons: Putin, Nikolai Kharitonov, —, Vladimir Putin, Meduza, effusively, ultranationalist Leonid Slutsky, Vladislav Davankov, Kharitonov, Yekaterina Duntsova, Boris Nadezhdin, Barnaul Organizations: Service, Communist Party, Kharitonov, Business, Russia's Central, BBC Locations: Barnaul, Altai, Ukraine, Russia's

☆ Basking in his Russian election win, Putin talks about political nemesis Alexei Navalny's 'sad' death for the first time
▼ + stars: | 2024-03-18 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +6 min

Russian President Vladimir Putin was upbeat after winning a fifth term in power in Russia's presidential election over the weekend. He chose the moment to make his first public remarks on the death of his political nemesis, Russian opposition leader Alexei Navalny, mentioning his name for the first time in years. Navalny's family and supporters accused Putin of ordering Navalny's death. He also used the moment to make his first public comments on Navalny's death, and mentioning his most vocal critic's name for the first time in public in years. Putin won Russian presidential election with 87.97% of the vote, first official results showed Anadolu | Anadolu | Getty Images

Persons: Vladimir Putin, Alexei Navalny, Putin, Natalia Kolesnikova, —, Laudator Ursula von der Leyen, Bambi, NBC's Keir Simmons, Navalny, Mr Navalny, Navalny's, Maria Pevchikh, airbrushing Organizations: Afp, Getty, Navalny, European Commission, Bavaria Film Studios, NBC, Russian, Moscow Times, Putin's, Ukraine, Reuters, Commission, Anadolu Locations: Russia, Moscow, U.S

☆ Russians vote in an election that Putin will win, but the Kremlin is looking for a landslide victory
▼ + stars: | 2024-03-15 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +7 min

Mikhail Svetlov/Getty ImagesThere are no surprises over who will win Russia's presidential election this coming weekend with incumbent, Vladimir Putin, set to win a fifth term in office, keeping him in power until at least 2030. The heavily stage-managed vote taking place from Friday to Sunday is not expected to throw up any nasty surprises for the Kremlin which told CNBC months ago that it was confident Putin would win the vote comfortably. That's particularly the case in a country where Russian opposition figures are not represented on the ballot paper or in mainstream politics, with most activists having fled the country. "According to official data, Putin received 77.5% of valid votes in the 2018 presidential election that saw a turnout of 67.5%. Russian opposition activists, most in self-imposed exile in order to evade arrest, imprisonment or attack, have also condemned the election.

Persons: Vladimir Putin, Mikhail Svetlov, Putin, That's, Alexei Navalny, there's, Vladislav Davankov, Leonid Slutsky, Nikolay Kharitonov, Russia's, Yekaterina Duntsova, Boris Nadezhdin, Andrei Kolesnikov, —, Diego Herrera Carcedo, Andreas Tursa, Russian Federation's, Yulia Navalnaya, Dmitrii, we're Organizations: Kremlin, CNBC, New People, Liberal Democratic Party, Communist Party, Russia's, Commission, Levada, Carnegie Russia Eurasia Center, Anadolu Agency, Getty, Putin, Teneo, Russian Democratic Society, Festival Locations: Kremlin, Ukraine, Russia, Klishchiivka, Donetsk Oblast, Europe, Kyiv, Crimea, Zaporizhzhia, Kherson, Donetsk, Luhansk, Russian, London, Sirius, Sochi, Stavropolsky Krai, Krasnodar Krai

☆ Russia's economy is so driven by the war in Ukraine that it cannot afford to either win or lose, economist says
▼ + stars: | 2024-02-23 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Russia's economy can't afford to win or lose the war in Ukraine, one economist says. AdvertisementRussia's economy is completely dominated by its war in Ukraine, so much that Moscow cannot afford either to win or lose the war, according to one European economist. AdvertisementOther areas of Russia's economy are hurting as the war drags on. So it cannot afford to win the war, nor can it afford to lose it. Russia's economy will see significantly more degradation ahead, one London-based think tank recently warned, despite talk of Russia's resilience in the face of Western sanctions.

Persons: That's, Renaud Foucart, —, Foucart Organizations: Ukraine, Service, Lancaster University, Kremlin, Russia Locations: Ukraine, Russia, Moscow, China, London

☆ Russian war critic Boris Nadezhdin barred from running in presidential election
▼ + stars: | 2024-02-08 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +2 min

Boris Nadezhdin, a representative of Civil Initiative political party who plans to run for Russian president in the March 2024 election, visits an office of the Central Election Commission in Moscow, Russia February 8, 2024. Russia's electoral authorities have barred war critic Boris Nadezhdin from running in the presidential election next month, saying that he had submitted too many defective signatures in support of his bid. CEC Chairwoman Ella Pamfilova said Thursday that "the decision has been made," Russian state-owned news agency Tass reported. Nadezhdin." The decision to bar his candidacy will come as no surprise to close watchers of Russian politics and Kremlin critics.

Persons: Boris Nadezhdin, Nadezhdin, Ella Pamfilova, Dmitry Peskov, Vladimir Putin, Peskov Organizations: Civil Initiative, Commission, Russia's, CEC, Kremlin, Reuters, CNBC Locations: Moscow, Russia, Russian

☆ Russian banks made a record $36.8 billion in profit last year, and even the central bank is surprised by it
▼ + stars: | 2024-01-31 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Russian banks made a record 3.3 trillion rubles, or $36.8 billion, in profits last year. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementEven Russia's central bank is surprised by how well Russian banks did last year. Russian banks made 3.3 trillion rubles, or $36.8 billion, last year, marking a record high, the country's central bank announced on Tuesday. The performance came as “somewhat of a surprise,” said Alexander Danilov, the head of Russia's central bank's banking regulation department, according to the Financial Times.

Persons: —, ”, Alexander Danilov Organizations: Service, Financial Times, Business Locations: Russia

☆ 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

☆ West Stands to Lose at Least $288 Billion in Assets if Russian Assets Seized -RIA
▼ + stars: | 2024-01-21 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +2 min

(Reuters) - Russia's state RIA news agency said on Sunday it had calculated that the West stood to lose assets and investments worth at least $288 billion if it confiscated frozen Russian assets to help rebuild Ukraine and Moscow then retaliated. After President Vladimir Putin sent forces into Ukraine in February 2022, the U.S. and its allies prohibited transactions with Russia's central bank and finance ministry, blocking around $300 billion of sovereign Russian assets in the West. It said EU nations held $223.3 billion of the assets, of which $98.3 billion was formally held by Cyprus, $50.1 billion by the Netherlands and $17.3 billion by Germany. It said the top five European investors in the Russian economy also included France with assets and investments worth $16.6 billion and Italy with $12.9 billion. It said the United States had $9.6 billion worth of Russian assets at the end of 2022, Japan $4.6 billion and Canada $2.9 billion.

Persons: Vladimir Putin, RIA, Andrew Osborn, Mark Heinrich Organizations: Reuters, Seven, Kremlin, European Union, RIA Locations: Ukraine, Moscow, U.S, West ., Belgium, Russia, Europe, Australia, Switzerland, Russian, Cyprus, Netherlands, Germany, France, Italy, Britain, United States, Japan, Canada, Norway

The idea of using Russia's frozen assets is gaining new traction lately as continued allied funding for Ukraine becomes more uncertain and the U.S. Congress is in a stalemate over providing more support. Bipartisan legislation circulating in Washington called the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act would use assets confiscated from the Russian Central Bank and other sovereign assets for Ukraine. Belgium, which is holding the rotating presidency of the European Union bloc for the next six months, is now leading the talks on whether to seize Russia's assets. Belgium is also the country where most frozen Russian assets under sanctions are being held. Maria Snegovaya, a senior fellow at the Center for Strategic and International Studies, cautioned that if Ukraine's immediate needs aren't met, “no amount of seized Russian assets is unfortunately going to compensate for what may happen."

Persons: — It's, Volodymyr Zelenskyy, “ Putin, ”, ” Biden, Penny Pritzker, “, Nicholas Mulder, Vladimir Putin, Shalanda Young, ” Young, ” Sergey Aleksashenko, Treasuries —, Konstantin Malofeyev, Alexander De Croo, De Croo, Maria Snegovaya, aren't, Ellen Knickmeyer, Lisa Mascaro, Seung Min Kim, Zeke Miller, Aamer, Sam Petrequin, Jamey Keaton Organizations: WASHINGTON, Russian Central Bank, U.S ., U.S, ., ”, Ukraine, Russia, Cornell University, Washington, Russia's Central Bank, White, Management, Russian Central Banker, Russian, Justice Department, State Department, European Union, Belgian, Center for Strategic, International Studies, Associated Press Locations: United States, Ukraine, Davos, Switzerland, Ukrainian, Washington, “, America, Russia, Russian, U.S, China, Frankfurt, Belgium, Brussels

☆ Putin fears the wrath of soldiers' wives as the Kremlin tries to 'pay off' potential protesters, report says
▼ + stars: | 2023-12-03 | by ( Alia Shoaib | ) www.businessinsider.com time to read: +5 min

Russian soldiers and their wives are becoming increasingly unhappy with long deployments. The outlet reported that the Kremlin believes most wives are more concerned about the paycheck than their husbands returning from war. AdvertisementThe report comes after the wives of deployed soldiers held a rare public protest in Moscow on November 7. In its latest briefing note, the MoD cited that On 27 November 2023, a prominent online group for soldiers' wives published a manifesto against "indefinite mobilization." Recent requests by soldiers' wives to hold protests in Moscow and St. Petersburg have been denied.

Persons: —, RkeSEZILBt — Slava, @Heroiam_Slava, doesn't, Vladimir Putin, Putin, Ella Pamfilova Organizations: Service, Ministry of Defence, MoD, Kremlin, Levada Locations: Russian, Moscow, London, St, Petersburg, Afghanistan, Chechnya, Ukraine

MOSCOW (AP) — The shelves at Moscow supermarkets are full of fruit and vegetables, cheese and meat. But many of the shoppers look at the selection with dismay as inflation makes their wallets feel empty. The bank now forecasts inflation for the full year, as well as next year, to be about 7.5%. Maxim Blant, a Russian economy analyst based in Latvia, sees that as an indication that prices will continue to rise sharply. That keeps the cost of imports high, even as import possibilities shrink due to Western sanctions.

Persons: weathers, can’t, Roxana Gheltkova, Lilya Tsarkova, “, Rosstat, Maxim Blant, that's Organizations: MOSCOW, Central Bank, Associated Press, U.S Locations: Moscow, Ukraine, Russian, Latvia

☆ The ruble is gaining and is the world's best performing currency versus the dollar in recent weeks amid rate hikes and energy costs
▼ + stars: | 2023-11-21 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Russia's ruble is the world's top-performing currency against the dollar in recent weeks. The ruble has jumped more than 10% since hitting a trough of around 100 against the greenback early last month. Still, the ruble is down 17% against the dollar year to date as Russia's economy battles a host of problems. The ruble has jumped more than 10% since hitting a trough of around 100 against the greenback last month, making it the world's best-performing currency versus the dollar in that span. Still, Russia's currency has fallen 17% against the dollar so far this year, attesting to the host of problems facing the nation's economy.

Persons: — Organizations: greenback, Service, Bank of Russia Locations: Russia, Russia's, Russian, Ukraine

☆ The Russian economy is in bad shape, no matter what the Kremlin says: Russian economist
▼ + stars: | 2023-11-21 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The "real situation" in Russia's economy is bad, Russian economist Igor Lipsits told Reuters. AdvertisementThe Kremlin has been painting a rosy picture of the country's economy even amid a swathe of Western sanctions — but "the real situation is bad," Igor Lipsits, a prominent Russian economist, told Reuters. Official rosy pronouncements on the Russian economy are not a good gauge of how the Russian economy is doing because authorities are just trying to make the Kremlin happy, Lipsits added. "A large part of the Russian population have very low wages," Lipsits told the news agency. Lipsits told Reuters he expects economic stagnation — at the very least — and a serious slump after the country's presidential election in March.

Persons: Igor Lipsits, —, Lipsits, Vladimir Putin Organizations: Reuters, Service, Business, HSE University Locations: Russian, Ukraine, Russia

LONDON (AP) — Russia's State Duma took a step forward Wednesday towards approving its biggest-ever federal budget which will increase spending by around 25% in 2024, with record amounts going on defense. Part of the Russian budget is secret as the Kremlin tries to conceal its military plans and sidestep scrutiny of its war in Ukraine. Analysts suggest Russia is in third place globally for defense spending behind China and the United States, which spends around $850 billion a year. The main driver of that growth is Russia's war in Ukraine, which is now as important to the Kremlin economically as it is politically. If there is a reduction in military spending, or a need to reduce spending which impacts living standards, it could send shockwaves through the Russian economy and significantly impact ordinary people.

Persons: Vladimir Putin, ”, Richard Connolly, Farida Rustamova, Maksim Tovkaylo, Alexandra Prokopenko, Anton Siluanov, “, Connolly, they’ve, ” Prokopenko, Prokopenko, — — David McHugh Organizations: —, Duma, Kremlin, Royal United Services Institute, Independent, Carnegie Russia Eurasia Center, Russian Central Bank, Finance, Defense, Central Bank Locations: — Russia's, Russia, Ukraine, London, China, United States, Russian, West, India, Berlin, Frankfurt

☆ Russia hikes key rate to 15% in bigger-than-expected rise
▼ + stars: | 2023-10-27 | by ( ) www.cnbc.com time to read: +1 min

Russia's central bank raised its key interest rate by a higher than expected 200 basis points to 15% on Friday, hiking borrowing costs for the fourth meeting running in response to a weak rouble and stubborn inflation pressure. "The updated medium-term parameters of fiscal policy assume a slower than expected decline in fiscal stimulus in the years ahead," the bank said. It also acknowledged for the first time that it may not succeed in returning inflation to its 4% target next year, forecasting year-end inflation for 2024 at 4-4.5%. The majority of analysts polled by Reuters had expected a smaller hike to 14%. The rouble leapt to a more than six-week high against the dollar after the decision.

Organizations: Bank, Reuters Locations: Russia, Ukraine

☆ Putin says he can be a peacemaker in Israel — but he has far more to gain from prolonging the war
▼ + stars: | 2023-10-12 | by ( Tom Porter | ) www.businessinsider.com time to read: +6 min

The Kremlin says Putin wants to act as mediator in the Israel-Hamas war. But Putin has little to gain from bringing an end to the conflict. AdvertisementAdvertisementAs violence erupted between Israel and Hamas this week, the Kremlin sought to cast Russian President Vladimir Putin in the role of peace broker. They say Putin has more to gain, not by bringing a swift end to the conflict, but by prolonging it to further Russia's strategic goals, notably in Ukraine. Abbas Gallyamov, a former speechwriter for Putin, told CBC News that Russia had become an "Iran proxy" in the region, like Hamas or Hezbollah.

Persons: Putin, —, Vladimir Putin, Dmitry Peskov, Peskov, We've, shouldn't, Ukraine Putin, Ukraine's, Robert Dover, Aleksandar Vucic, Benjamin Netanyahu, ALEXEY DRUZHININ, Ann Marie Dailey, Bashar al, Assad, Arkadi Doubnov, Le, Abbas Gallyamov, you've, Gallyamov Organizations: Kremlin, Service, Intelligence, National Security, University of Hull, Getty, Rand Corporation, Bloomberg, Hull University, Hamas, CBC News Locations: Israel, Russian, Russia, Gaza, Palestine, Ukraine, Dover, Serbian, Moscow, AFP, Saudi Arabia, Soviet Union, Iran, Israeli, India, South Africa, China, Tehran

☆ Russia rolls out currency controls in a bid to revive the ruble, which has cratered against the dollar this year
▼ + stars: | 2023-10-12 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Big exporters will be required to sell their foreign earnings on the domestic market. Moscow is trying to prop up the slumping ruble, which has shed around a quarter of its value this year. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementRussia's government said late Wednesday that it will bring back some currency controls in a bid to revive the ruble, which has shed around a quarter of its value this year as the war in Ukraine rages on. Nearly two years since the invasion of Ukraine, Russia's economy is struggling but is yet to collapse in the face of widespread western sanctions.

Persons: —, Vladimir Putin Organizations: Service, International Monetary Fund Locations: Russia, Moscow, Ukraine, Russia's

☆ 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

☆ Putin marks anniversary of annexation of Ukrainian regions as drones attack overnight
▼ + stars: | 2023-09-30 | by ( ) www.cnbc.com time to read: +5 min

Russian President Vladimir Putin on Saturday insisted that the residents of four Ukrainian regions that Moscow illegally annexed a year ago "made their choice — to be with their Fatherland." A concert was held in Red Square on Friday to mark the anniversary, but Putin did not participate. Serhii Borzov said that air defenses shot down 20 drones over his central Ukrainian region, but that a "powerful fire" broke out in the town of Kalynivka when a drone struck an unspecified infrastructure facility. Russia's Defense Ministry said Saturday that it had shot down nine Ukrainian rockets fired at its southern Belgorod region, which borders Ukraine. Drone strikes and shelling in the Russian border regions are a regular occurrence.

Persons: Vladimir Putin, Putin, Josep Borrell, Borrell, Malashko, Serhii Borzov, Vyacheslav Gladkov Organizations: Senezh, Russia's, Commission, Russia's Defense, Ukraine, EU Foreign Affairs, Security, Gov, Romania's Ministry of National Defense, Romanian Army, NATO, Belgorod Gov, Local Locations: Russia, Solnechnogorsk, Moscow region, Moscow, Donetsk, Luhansk, Zaporizhzhia, Kherson, Red Square, Ukraine, EU, Odesa, Russian, Ukraine's, Matviivka, Mykolaiv, Vinnytsia, Ukrainian, Kalynivka, Romania, Galati, Tulcea, Belgorod, Russia's Bryansk, Pogar

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