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Search resuls for: "Russia's Central"


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☆ Russia's central bank just issued a warning about 'new economic shocks,' and it shows the new $60/barrel cap on oil is working
  + stars: | 2022-12-08 | by ( Huileng Tan | ) www.businessinsider.com   time to read: +3 min
The price cap on Russian crude and EU's oil embargo present "new economic shocks," the Bank of Russia said. They could "significantly reduce" Russia's economic activity in the coming months, per the bank. Russia is mulling options to counter the price cap, including banning oil sales to some countries. The European Union, G7, and Australia have set a price cap for Russian crude that kicked in on Monday. On top of that, the EU has also banned all seaborne Russian crude.
☆ Oil from questionable origins with a 40% discount is being offered to US energy traders, report says
  + stars: | 2022-12-08 | by ( Phil Rosen | ) www.businessinsider.com   time to read: +2 min
US energy traders are receiving pitches for steeply discounted crude with unclear origins, Bloomberg reported. One middleman offered up to 200,000 barrels of heavy-sour crude at a $30 markdown vs. West Texas Intermediate, per the report. Those three nations combined may be exporting over 4 million barrels a day of discounted oil, according to Bloomberg and EIA data. Moscow has denounced the West's price cap measure and sanction measures, and is still working on a response to the restrictions, a Kremlin spokesperson said Wednesday. Possible counters to the price cap may include banning oil sales to certain nations or setting a maximum price discount for its flagship Urals crude against Brent.
☆ Russian central bank raises over 3 trillion roubles at one-week deposit auction
  + stars: | 2022-12-06 | by ( ) www.reuters.com   time to read: 1 min
MOSCOW, Dec 6 (Reuters) - Russia's central bank on Tuesday said it had raised a total of 3.06 trillion roubles ($48.65 billion) at a one-week deposit auction. The Bank of Russia conducts weekly deposit auctions to manage aggregate liquidity and temporarily absorb excessive funds from credit institutions under a structural liquidity surplus. Government debt and liquidity auctions have seen record volumes of late. ($1 = 62.9000 roubles)Reporting by ReutersOur Standards: The Thomson Reuters Trust Principles.
☆ Wall Street's top players break down why the bear market isn't over for stocks ahead of 2023.
  + stars: | 2022-12-02 | by ( Phil Rosen | ) www.businessinsider.com   time to read: +6 min
Phil Rosen here, ready to jump start your Friday with a breakdown of what some of Wall Street's top players expect for the stock market for 2023. Traders gather on the floor of the New York Stock Exchange, Friday, March 18, 2016. Morgan Stanley's top market strategist said the bear market isn't over yet. "This is a classic Fed pause stock market rally." "This rally will go further and will probably drag people back into thinking that this bear market is over," Wilson said.
☆ China's yuan now accounts for nearly half of Moscow's currency market as Russian central bank calls for balanced transition to the redback
  + stars: | 2022-12-01 | by ( Brian Evans | ) www.businessinsider.com   time to read: +2 min
The yuan's share of the Russian currency market is now 40%-45% vs. less than 1% at the start of the year, according to the Moscow Exchange. Russia's central bank is pushing for a balanced transition to the yuan that includes imports, exports and capital transactions. The yuan's share of the currency market is now 40%-45%, up from less than 1% at the start of the year, the Moscow Exchange told Reuters. Russian companies like Rosneft and Polyus have raised considerable amounts of yuan in the Chinese bond market this year. "It is also important that the transition to the yuan is balanced, addressing both exports and imports, as well as payments for capital transactions," the central bank said in a financial stability report.
☆ Russia sees drop in cross-border payments using dollars, euros
  + stars: | 2022-12-01 | by ( ) www.reuters.com   time to read: +2 min
[1/2] Cars are parked in front of Russia's Central Bank headquarters in Moscow, Russia March 29, 2021. Russia is seeking to reduce transactions with what it terms "toxic" currencies - those of countries that have imposed sanctions on Russia, in particular the dollar and euro. Use of China's yuan by Russian companies increased dramatically since Feb. 24, when Russia sent thousands of troops into Ukraine. Russians have bought 139.6 billion roubles ($2.28 billion)worth of Chinese yuan so far this year, the central bank estimated. "The challenge for Russian banks is the limited scope of opportunities in interest-bearing yuan investments," it said.
☆ Bank of Russia open to relaxing curbs on non-residents transactions if sanctions eased
  + stars: | 2022-11-29 | 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 UkraineMOSCOW, Nov 29 (Reuters) - Russia is open to relaxing restrictions on transactions by so-called unfriendly non-residents in exchange for the un-freezing of Russian assets abroad, its central bank said on Tuesday. Russia implemented capital controls after Western sanctions over Moscow's actions in Ukraine and prevented foreign investors from unfriendly states, those that have imposed sanctions, from selling securities of Russian issuers. "Requirements for residents can be liberalised as much as possible, while the strictness of requirements for non-residents should differ depending on their jurisdiction," the Bank of Russia said in a report. Some overseas companies and investors found they had assets essentially trapped in Russia after Moscow responded to Western sanctions with its own restrictions. Russia's central bank said it may consider liberalisation, namely the unblocking of assets, in relation to unfriendly countries in response to the easing of sanctions.
☆ Russia's economy has finally fallen into recession, 8 months after it invaded Ukraine
  + stars: | 2022-11-17 | by ( Huileng Tan | ) www.businessinsider.com   time to read: +2 min
Russia's GDP fell 4% on-year in the third quarter of 2022 — its second straight quarterly decline. This followed a 4.1% year-on-year decline in its second-quarter GDP — meaning the country has fallen into a technical recession after two straight quarterly contractions. Nabiullina's assessment of the economy followed months of intensifying sanctions against Russia over its invasion of Ukraine. And while firm energy prices had propped up Russia's economy for a while, the tide seems to be turning — in part, due to President Vladimir Putin's partial mobilization order that sent many fleeing the draft. Russia's central bank expects the country's economy to contract by 3% to 3.5% in 2022, Nabiullina said on Tuesday, according to an official transcript.
☆ Ukraine shipping hub cheers as Kherson win foils Russian Black Sea hopes
  + stars: | 2022-11-15 | by ( Tom Balmforth | ) www.reuters.com   time to read: +4 min
That would have cut Ukraine off from the Black Sea entirely, effectively leaving the former Soviet state of 44 million landlocked. Russia no longer has forces on the right, or western, bank of Europe's third largest river that bisects Ukraine and flows into the Black Sea, a vital conduit for Ukrainian grain exports. Rustam Minnekayev, deputy commander of Russia's central military district, said in April they planned to take full control of southern Ukraine. Mykolaiv is Ukraine's second biggest port and home to several major grain terminals that have come under attack. Natalia Humeniuk, the Ukraine army's southern command spokesperson, has told residents to remain wary of strikes.
☆ U.S. to allow some Russian energy-related transactions until next May
  + stars: | 2022-11-10 | by ( Simon Jessop | ) www.reuters.com   time to read: 1 min
WASHINGTON, Nov 10 (Reuters) - The United States will allow some energy-related transactions with several Russian entities including Sberbank (SBER.MM), VTB Bank (VTBR.MM) and Alfa-Bank to continue through May 14, the Treasury Department said on Thursday. Treasury said in a notice on its website that it was extending a general license that was set to expire next month. Russia's central bank is also on the list of entities. The move comes weeks before the Group of Seven's Dec. 5 price cap on Russian oil is set to take effect. Reporting by Costas Pitas and Daphne Psaledakis; Editing by Eric BeechOur Standards: The Thomson Reuters Trust Principles.
☆ Explainer: Blood, treasure and chaos: the cost of Russia's war in Ukraine
  + stars: | 2022-11-10 | by ( Guy Faulconbridge | ) www.reuters.com   time to read: +6 min
Following are the main impacts of the war, now in its ninth month:* DEATHThe war has sown death on a level not seen in Europe since World War Two. Besides the military costs, the West has tried to punish Moscow by imposing severe sanctions - the biggest shock to Russia's economy since the 1991 collapse of the Soviet Union. Still the impact on Russia's economy is severe - and not yet fully clear. Shortly after Russia's invasion of Ukraine, international oil prices spiked to their highest levels since the records of 2008. In total, about 52 billion euros in military, financial and humanitarian aid had been pledged by Oct. 3 to Ukraine by countries around the world, according to The Kiel Institute for the World Economy.
☆ Russian c.bank: No need to ease capital controls further for now
  + stars: | 2022-11-08 | by ( ) www.reuters.com   time to read: +1 min
The rouble has become the world's best-performing currency this year, boosted by capital controls that include curbs on foreign currency withdrawals. Nabiullina warned against underestimating the impact of sanctions imposed against Russia over its actions in Ukraine, but said Russia's economy and banking sector have stood up well to the challenge. "Sanctions are very powerful and their influence on the Russian and global economy should not be downplayed," Nabiullina said. As the West shuns Russia and Moscow seeks to develop trading routes, potential partners are afraid of secondary sanctions, Nabiullina said. Reporting by Elena Fabrichnaya and Alexander Marrow; Editing by Ana Nicolaci da CostaOur Standards: The Thomson Reuters Trust Principles.
☆ Russian retail sales fall deeper, jobless rate rises in Sept - data
  + stars: | 2022-11-02 | by ( ) www.reuters.com   time to read: +1 min
Summary This content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, Nov 2 (Reuters) - Russian retail sales fell deeper and the jobless rate slightly increased in September, official data from the state statistics service Rosstat showed on Wednesday, after the Kremlin announced its first mobilisation since World War Two. Since September, the Kremlin has called up around 300,000 reservists for what it calls a "special military operation" in Ukraine. Hundreds of thousands have fled the country since then fearing being forced to fight in the conflict. According to Rosstat, Russian retail sales plunged 9.8% in September in year-on-year terms after an 8.8% fall in the previous month and the jobless rate increased to 3.9% of the workforce from August's record low of 3.8%. read moreAccording to Rosstat, real disposable incomes extended their drop this year and fell 3.4% in the third quarter of 2022 in year-on-year terms, after an 8.9% rise in the same period of last year.
☆ Russia holds rates at 7.5%, cautions on inflationary effects of mobilisation
  + stars: | 2022-10-28 | by ( Alexander Marrow | ) www.reuters.com   time to read: +3 min
Central Bank Governor Elvira Nabiullina, dressed in black with a dab of floral print, said that the bank wanted to give a neutral signal to the market on rates. INFLATIONInflation, which the central bank targets at 4%, stood at 12.9% as of Oct. 24, according to the economy ministry. The central bank tweaked its year-end inflation forecast to 12-13% from 11-13%. "According to the Bank of Russia's forecast, given the monetary policy stance, annual inflation will drop to 5.0–7.0% in 2023 to return to 4% in 2024." The central bank improved its GDP forecast for this year to a contraction of 3-3.5% from an expected 4-6% decline previously.
☆ Putin called an additional 300,000 men into the military a month ago, and it's taking a toll on the economy
  + stars: | 2022-10-21 | by ( Huileng Tan | ) www.businessinsider.com   time to read: +3 min
Putin's mobilization of men for the Ukraine war could hit the economy, the Russian central bank said. More than 300,000 Russian men and their families have fled the country since the mobilization order. "The recovery of economic activity stalled in September," the research department of the Central Bank of Russia said in a report on Wednesday. Russia's central bank did not reference those escaping from the call-up, but said the mobilization has created new challenges for production processes and output maintenance. "September's events will not necessarily push Russia into an immediate recession, but challenges are mounting," Morning Consult analysts said.
☆ Russian business climate worsened in Oct -central bank
  + stars: | 2022-10-20 | by ( ) www.reuters.com   time to read: +1 min
Summary This content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, Oct 20 (Reuters) - Russia's central bank said on Thursday that its business climate index slid into negative territory in October, with future expectations becoming markedly less optimistic as production and demand assessments worsened. Businesses' price expectations rose, partly due to a rise in costs, according to a central bank survey of Russian businesses. Russian companies took a hit from unprecedented Western sanctions that followed Russia's move to send tens of thousands of troops into Ukraine on Feb. 24. The economy has showed signs of relative recovery since initially dire forecasts, but is still set to contract this year. Register now for FREE unlimited access to Reuters.com RegisterReporting by Elena Fabrichnaya; Writing by Alexander Marrow; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.
☆ Yellen says Russian oil price cap in $60 range would allow Moscow some profit
  + stars: | 2022-10-12 | by ( David Lawder | ) www.reuters.com   time to read: +2 min
WASHINGTON, Oct 12 (Reuters) - U.S. Treasury Secretary Janet Yellen said on Wednesday that a price cap on Russian oil exports in the $60-a-barrel range would likely be sufficient to reduce Moscow's energy revenues while allowing profitable production. Backers of the cap, which would deny Western-supplied shipping insurance, finance other services to Russian oil cargoes above a specified price, aim to implement it on Dec. 5, as the European Union implements a phased ban on Russian crude. "So certainly a price in that range would be sufficient to feel that Russia could profitably produce and sell oil," Yellen said, adding that Russia's cost of production was "low." Russian Urals crude has recently traded at around $75 a barrel, or a $17 discount to benchmark Brent futures. "The objective is to protect the world from the consequences of a global spike in oil prices," Yellen said of the price cap.
☆ Russia excludes some IT professionals, bankers and journalists from mobilisation
  + stars: | 2022-09-23 | by ( ) www.reuters.com   time to read: +3 min
A Russian service member stands next to a mobile recruitment center for military service under contract in Rostov-on-Don, Russia September 17, 2022. REUTERS/Sergey PivovarovSept 23 (Reuters) - Russia said on Friday it was exempting some bankers, IT workers and journalists from being drafted into the army to serve in Ukraine under President Vladimir Putin's mobilisation. Defence Minister Sergei Shoigu said on Wednesday that Russia would seek to call up 300,000 additional troops for Russia's war in Ukraine in what the Kremlin calls a "partial mobilisation". The exceptions apply to some IT workers, telecommunications workers, finance professionals, as well as some employees at "systemically-important" mass media outlets and interdependent suppliers including registered media and broadcasters. Russia's central bank welcomed the move to exclude some financial professionals from being called up and said some of its staff met the relevant criteria.
☆ Turkey's Erdogan to hold meeting on Russian Mir payments, possible sanctions -sources
  + stars: | 2022-09-22 | by ( Orhan Coskun | ) www.reuters.com   time to read: +2 min
Turkey's President Tayyip Erdogan addresses the 77th Session of the United Nations General Assembly at U.N. Headquarters in New York City, U.S., September 20, 2022. REUTERS/Amr Alfiky/FIle PhotoANKARA, Sept 22 (Reuters) - Turkish President Tayyip Erdogan will convene a top tier economy-focused meeting on Friday at which Russian payment system Mir and possible Western sanctions will be discussed, two sources with information on the matter told Reuters. Earlier on Thursday, the head of Russia's National Card Payments System said Mir bank cards continued to work in Turkey, despite the two banks suspending them. read moreRussia's central bank vowed last week to push ahead with expanding the number of countries that accept its Mir cards. The U.S. sanctions target people and entities accused of helping Moscow skirt financial sanctions.
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