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Asked if he thought the world was in a new Cold War, Kostin said that it was now a "hot war" that was more dangerous than the Cold War. VTB, Kostin said, was discussing using yuan in settlements with third countries. "We have already entered into a hot war," Kostin said of the crisis with Ukraine. The situation is worse than in the Cold War, it is very difficult and alarming." Asked if Russia's economy would remain a free economy, Kostin said: "I very much hope so."

Persons: Dado Ruvic, Andrei Kostin, Kostin, Vladimir Putin, Putin, VTB, Guy Faulconbridge, Mark Potter Organizations: REUTERS, U.S ., European Union, Reuters, U.S, JPMorgan, VEB, EU, West ., Monetary Fund, Thomson Locations: Russian, China, MOSCOW, Russia, Ukraine, United States, Moscow, Australia, Britain, Soviet Union

☆ These economies benefited from Russia's isolation — but they now risk Western retaliation
▼ + stars: | 2023-06-07 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +9 min

Changing trade patterns in the region are an opportunity, but also a risk. Georgian public support for EU membership has resurged over recent months, with four-fifths (81%) of the population currently in favor joining the bloc, according to a recent poll from U.S.-founded non-profit the National Democratic Institute. Armenia, meanwhile, has never submitted an application for either membership, and other Central Asian countries would not be eligible to join the EU. The geopolitical context with which we [Georgia] are now thought of is with other Central Asia countries. But they don't have EU membership as a target — we do," Kukava said.

Persons: Armenia's, haven't, Mikheil Kukava, Subir Lall, —, Kukava, they're, Ursula von der Leyen, Armen Nurbekyan, Nurbekyan Organizations: Anadolu Agency, Getty, International Monetary Fund, Institute for Development of, CNBC, Russia Western, European Bank for Reconstruction, Development, European Union, Georgia's National Statistics Office, European Commission, of Seven, Central Bank of, EU, NATO, of Information, U.S, National Democratic Institute, Central Locations: Tbilisi, Russian, Moscow, Georgia, Armenia, Ukraine, Russia, Soviet, Russia's, Caucasus, Central Asia, Kazakhstan, Turkey, United Kingdom, United States, Kyrgyzstan, Tajikistan, Azerbaijan, East, Central Bank of Armenia, Armenia's, U.S, of Information Georgia

☆ Turkey at a crossroads: Will it turn to the East or West?
▼ + stars: | 2023-06-06 | by ( Idil Karsit | ) www.cnbc.com time to read: +2 min

Turkey joined NATO in 1952, formally cementing its place in the free world and within the Western fold. The two countries doubled their trade to $68 billion in 2022, despite sanctions on the Russian economy by Turkey's NATO allies. "This creates a system in which midsize players have more space to conduct partially independent foreign policies from the United States," she explained. "As the United States is less interested to play the regional politics, I think Turkey becomes an important actor — a stabilizing actor," he added. As Erdogan secures a third term in office, Turkey is at a crossroads: will it pivot to the East or West?

Persons: Recep Tayyip Erdogan, China —, Senem Aydin, Talha Kose, Erdogan Organizations: NATO, Shanghai Cooperation Organization, China, United, Sabanci University, Foundation for Political, Social Research Locations: Turkey, Ottoman, Russia, United States, China, India, Turkish

☆ Russia's economy faces a 'massive brain drain' as over 1 million young workers exit labor force, says former central bank official
▼ + stars: | 2023-06-05 | by ( Jason Ma | ) www.businessinsider.com time to read: +3 min

Russia's economy faces a "massive brain drain," a former central bank adviser told NPR. Alexandra Prokopenko, a former adviser at Russia's central bank, told NPR last week that many educated and skilled workers have fled the country. And about 200,000 Russian troops have been killed or wounded while fighting in Ukraine, with some estimates putting losses at 500 troops a day. As for Prokopenko, she also fled Russia soon after last year's invasion and is now a scholar at the Carnegie Russia Eurasia Center in Germany. Prokopenko has sounded previous alarms on Russia's economy this year, saying in a report in May that Western sanctions will keep Russia's economy frozen.

Persons: Alexandra Prokopenko, —, it's, we've, Prokopenko, Vladimir Putin's, Putin Organizations: NPR, Service, Carnegie Russia Eurasia Center, West, Financial Times Locations: Russia, Ukraine, Germany

[1/2] Participants gather near a screen showing Russian President Vladimir Putin, who delivers a speech at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 17, 2022. The forum in St Petersburg, the former imperial capital built by Tsar Peter the Great 300 years ago as a "window" to Europe, has been held since 1997 and is cast by many officials as Russia's answer to the World Economic Forum held in Davos. Western journalists have never before been banned from the forum in such a blanket way. "It has indeed been decided this time not to accredit publications from unfriendly countries to the SPIEF," Kremlin spokesman Dmitry Peskov told TASS, using the acronym for the forum. "Unfriendly countries" is a definition used by Moscow to describe those who have sanctioned it over the war in Ukraine.

Persons: Vladimir Putin, Anton Vaganov, Tsar Peter the Great, Dmitry Peskov, Peskov, Prince Abdulaziz bin Salman, Alexander Novak, Putin, Guy Faulconbridge, Christina Fincher, Angus MacSwan Organizations: St ., Economic, REUTERS, St Petersburg, Reuters, Russian, Thomson Locations: St, St . Petersburg, Saint Petersburg, Russia, MOSCOW, St Petersburg, Europe, Davos, Moscow, Ukraine, Saudi Arabia, China

☆ Opinion | Fareed Zakaria on Where Russia’s War in Ukraine Stands — and Much More
▼ + stars: | 2023-06-02 | by ( The Ezra Klein Show | ) www.nytimes.com time to read: +96 min

Obviously, the line is not perfect, but I think that’s a very sensible line. And I don’t think that’s all about absorption capability. But I don’t think it’s fair to say that the Russians have done everything they can. fareed zakaria[LAUGHS] And by the way, I think that’s some key to understanding the alliance is a personal one. I think India, Israel, and Poland — usually, in the 70 percent-plus say they like — have a favorable view of America.

Persons: ezra klein, it’s, Fareed Zakaria, Zakaria, “ Fareed Zakaria, fareed zakaria, Ezra, Putin, They’ve, there’s, fareed zakaria It’s, they’re, It’s, Fidel Castro, Sean Penn, haven’t, you’re, won’t, Biden, They’re, Washington, Winston Churchill, Merkel, wouldn’t, —, Nancy Gibbs, Khomeini, Macron, Ron DeSantis, YouGov, fareed zakaria I’m, that’s, DeSantis, Lindsey Grahams, Mitch McConnell, Xi Jinping, ezra klein Yes, Xi, Gorbachev, Zelensky, Trump, Obama, Bush, United States —, McCarthy’s, I’ve, they’d, doesn’t, didn’t, ezra klein They’re, fareed zakaria They’re, we’ve, Simpson, I’m, Janet Yellen, Colin Powell, unquote, That’s, Jonathan Haidt, We’ve, he’s, fareed zakaria That’s, they’ve, fareed zakaria Well, gee, TikTok, we’re, George Kennan, Mike Gallagher, klein, Nirupama Rao, Bob Kagan, can’t, — fareed zakaria, Lord Mountbatten, Gandhi, Franklin Roosevelt, Ho Chi Minh, fareed zakaria Right, narratively —, Modi, you’ve, China’s —, fareed zakaria Modi, India’s, Advani, Vajpayee, you’d, There’s, India, Joe Biden, fareed zakaria I’ve, Benedict Anderson’s “, Orville Schell, John Delury, Sunil Khilnani, ezra klein Fareed Zakaria Organizations: CNN, The Washington Post, Putin, Starbucks, Russia, Revolutionary Guard, NATO, Ukrainian, Communist, European Union, U.S, Republican Party’s, Republican Party, Republicans, ASEAN, Trump, Defense, United, U.S ., Democrats, Chinese Communist Party, State, Facebook, Google, Soviet Union, Huawei, Twitter, South China Seas, Foreign Affairs, Yale Law, International Criminal, South China, . Security, Trade Organization, Pax Americana, Americana, New York Fed, America, Republican, Fox, Beijing Locations: ezra klein Russia, Ukraine, Russia, America, Europe, China, India, Russian, United States, Relatedly, Japan, Turkey, Holland, South Korea, Singapore, Iran, Venezuela, Central America, Southeast Asia, Washington, Britain, ‘, U.S, United Europe, Germany, Soviet Union, Vietnam, Beijing, Trump, Asia, Iraq, Hainan, Montana, Republic, Soviet, weirdly, South, Taiwan, Pakistan, New Delhi, South Africa, Kuwait, Russia’s, Eden, Saudi Arabia, Indonesia, Kashmir, it’s, Cuba, Pax, American, Mumbai, Shanghai, Israel, Poland, Indian, Nigeria

☆ Russia's own economic figures show a steep drop in industrial output amid a record labor shortage
▼ + stars: | 2023-05-31 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Russian industrial production fell 5% in April from the prior month, according to the economy ministry. That comes amid a historic labor shortage, and the unemployment rate hit a record low of 3.3%. Some analysts have previously warned against putting much faith in the Kremlin's data, which is often used to portray Russian economy in a more positive light. But the economy ministry said industrial output dropped 5% in April from the prior month, according to Reuters. Meanwhile, retail sales in April dipped 0.1% from the prior month, signaling weakness in consumer demand.

Persons: — Organizations: Service, Reuters Locations: Ukraine, Russian, Russia

☆ Former Russian commander in Ukraine says Putin could be overthrown by the Wagner mercenary army
▼ + stars: | 2023-05-29 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +2 min

A former Federal Security Service officer said Putin could be overthrown by Wagner. The Wagner Army is Putin's private military army, largely made up of mercenaries. The Army chief, Yevgeny Prigozhin, could pose an active threat to Putin, said the war analyst. Last week he said that Ukraine has gained more troops and more weapons since Russia's full-scale invasion of Ukraine. The Wagner founder added to his feud with Russia's public leaders when he claimed that the Ukraine war had backfired, according to The Hill.

☆ Russia's economy is at China's mercy. Here's why that won't be changing anytime soon.
▼ + stars: | 2023-05-28 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

Russia's economy is becoming dependent on China and it could soon be a vassal state of Beijing, experts say. But it isn't an equal partnership, and Russia may be on its way to becoming a vassal state of China. Richard Connolly, an associate fellow at the Royal United Services Institute and an expert on the Russian economy, disagreed with the term "vassal state." "Was Russia a vassal state to Europe over the last 30 years? The difficulties it is facing make it only more likely that Russia will deepen its dependence on China, Zagorsky said.

☆ Russia's finances are 'in the shit,' says a former Russian economy minister
▼ + stars: | 2023-05-23 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

A former Russian economy minister warned of a looming financial crisis in Russia, per local outlet The Insider. "It's not that we're in the shit, it's that we've decided to settle down in it," Andrei Nechayev, a former economy minister said. "It's not that we're in the shit, it's that we've decided to settle down in it," Andrei Nechayev, Russia's former economy minister, said at a financial forum last week, according to a translation by The Insider, a Russian independent outlet. Nechayev, who was Russia's first economic minister from 1992 to 1993 after the fall of the Soviet Union, also warned of a looming economic crisis for the country. The former minister isn't the first high-profile voice to warn of Russia's technological decline following the sanctions.

Its oil deals with Russia are seen as undermining Western sanctions by allowing Russia to continue benefiting from energy revenues. A French presidential source told reporters that Brazil's Luiz Inacio Lula da Silva would also meet Zelenskiy while in Hiroshima. [1/9] Ukrainian President Volodymyr Zelenskiy arrives at Hiroshima airport for attending the G7 leaders' summit in Mihara, Hiroshima prefecture, western Japan May 20, 2023., in this photo released by Kyodo. A Chinese foreign ministry statement accused the G7 of attacking China and interfering in its internal affairs, including Taiwan. Reporting by Reuters G7 team in Hiroshima; Writing by David Dolan; Editing by Nick MacfieOur Standards: The Thomson Reuters Trust Principles.

☆ G7 leaders reckon with Ukraine, haunted by Hiroshima nuclear legacy
▼ + stars: | 2023-05-18 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +4 min

HIROSHIMA, Japan, May 19 (Reuters) - Leaders of the world's advanced democracies start their Group of Seven (G7) summit on Friday in Hiroshima with a sombre remembrance of the costs of war as they grapple with the conflict in Ukraine. Moscow has said it is ready to use its nuclear arsenal to defend its "territorial integrity" if necessary. As part of the efforts, each of the G7 members will be unveiling new sanctions, according to the U.S. official. G7 finance leaders warned in Japan last weekend of mounting economic uncertainty, in a subdued end to a meeting overshadowed in part by concerns about the U.S. debt stalemate. Ukrainian President Volodymyr Zelenskiy is expected to address the G7 leaders, though he may do so by video rather than in person.

G7 leaders are gathering in Hiroshima on Friday with the invasion of Ukraine, now in its second year, high on the agenda. The U.S. has spearheaded tough sanctions on Russian companies, banks and individuals, and the coming announcement is designed to reaffirm world powers' resolve to support Ukraine and squeeze Moscow. "Our commitment to continue tightening the screws on Russia remains as strong as it was last year," the official said. The United States and its allies, including the European Union and Britain, have continued to ratchet up sanctions and export-control pressure on Russia since the invasion of Ukraine began in February 2022. Thousands of targets hit with sanctions by Washington so far have included Russian President Vladimir Putin, the financial sector and oligarchs.

☆ Russian economy shrank 1.9% in first quarter, statistics service says
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

May 17 (Reuters) - Russia's economy shrank 1.9% year-on-year in the first quarter of 2023, data from the Rosstat federal statistics service showed on Wednesday, following growth of 3% in the same period of last year. Russia's economy defied early expectations of a double-digit collapse in 2022, but still contracted 2.1% after the West imposed sanctions in response to Moscow despatching troops to Ukraine in February. The economy ministry this month estimated that gross domestic product (GDP) had fallen 2.2% in the first quarter, while the central bank has predicted a 2.3% decline. That follows a 2.7% drop in the fourth quarter of last year, according to Rosstat data. Reporting by Darya Korsunskaya and Alexander Marrow; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

☆ A Kremlin propagandist boasted of Russia's low unemployment rate, not mentioning it's partly because it suffered so many casualties in Ukraine
▼ + stars: | 2023-05-15 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

Russian TV anchor Dmitry Kiselyov boasted of the health of Russia's economy. But he made no mention of how Russia's invasion of Ukraine impacted those figures. He omitted how Russia's invasion has decimated the Ukrainian economy, and boasted that in Russia "unemployment is at an historic low." The labor shortage has been exacerbated by the mass mobilisation of working age men to fight in Ukraine, where the Russian military has suffered steep casualty rates, reports say. Around 300,00 men were drafted into the Russian military last September, and a new wave of mobilizations is considered likely amid continued setbacks.

☆ UK's Hunt says 'absolutely devastating' if US failed to raise debt ceiling
▼ + stars: | 2023-05-13 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

NIIGATA, Japan, May 13 (Reuters) - British finance minister Jeremy Hunt said on Saturday it would be "absolutely devastating" if the United States failed to reach agreement to raise its debt ceiling and had its gross domestic product "knocked off track". A standoff between President Joe Biden and the Republican-controlled House of Representatives, which has raised the prospect of a first-ever U.S. debt default, posed a "very serious threat to the global economy," Hunt said. "It would be absolutely devastating if America, which is one of the biggest motors of the global economy, was to have its GDP knocked off track by not reaching agreement," he said. G7 members also agreed that any country that engages in economic coercion should expect a united response from advanced democracies, but gave no details on what that would entail. Reporting by Andrea Shalal; Writing by Kantaro Komiya; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ Opinion | I’m a Former U.S. Treasury Secretary. Here’s How I Make Hard Decisions.
▼ + stars: | 2023-05-09 | by ( Robert E. Rubin | ) www.nytimes.com time to read: +3 min

But I examined the likely costs, did the same with the likely benefits, and then made a judgment that the latter outweighed the former. Performing that kind of analysis — one that doesn’t shy away from nuance and complexity — is an essential element of sound decision-making. Here, the mistake people too often make is to judge a prior decision solely based on the outcome that occurred. We concluded that intervention was unlikely to work. There is, however, a pressing need for leaders of today and tomorrow to make the best possible decisions in an uncertain world.

☆ Russia's economy is suffering from industrial decline as satellites detect less pollution in the air
▼ + stars: | 2023-05-05 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Pollution in Russia's industrial regions fell 1.2% in the six months to April, and is 6.2% lower annually. Still, the satellite data offers a picture that cannot be easily obscured. Additional satellite data shows that the automotive sector, construction, oil and gas, and even the defense industry are emitting less pollution. ECB economists Adrian Schmith and Hanna Sakhno have also incorporated satellite pollution data as part of their alternative tracker of economic data for Russia. Our tracker shows a contraction of the Russian economy ahead of the official figures release precisely because we use high-frequency indicators from the private economy."

[1/4] A logo is on display in the office of Sberbank, Russia's state-owned dominant lender and one of the country's leading technology players, in Moscow, Russia, March 28, 2023. But it also highlights challenges as Russia's tech development becomes increasingly reliant on one state-owned player. Since 2020 it has cast itself as a technology company as well, and is now seeking a bigger slice of Russia's shrinking technology pie. "There are restrictions on some of them, it is a very complex technology," Belevtsev said. "There is already a lot of cooperation on engineers and technology," Belevtsev said.

☆ Russian economy shrank estimated 2.2% year over year in first quarter, economy ministry says
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

May 3 (Reuters) - Russia's economy contracted by 2.2% in the first quarter of 2023 in annual terms, the economy ministry estimated on Wednesday, down from growth of 3% in the same period last year. The ministry estimated that gross domestic product (GDP) fell 1.1% year-on-year in March, an improvement on a revised 2.9% drop in February. Russia's GDP is expected to rebound marginally this year from a 2.1% annual decline in 2022, the result of Western sanctions against Moscow after it despatched troops to Ukraine in February 2022. Blunting the impact of sanctions are rising military production and huge state spending, allowing Moscow to plough on with what it calls its "special military operation" in Ukraine. Reporting by Darya Korsunskaya and Jake Cordell; Writing by Alexander Marrow; Editing by Kevin LiffeyOur Standards: The Thomson Reuters Trust Principles.

☆ Ukraine war live updates: Putin warned of arrest if he attends summit; Russia had 100,000 casualties in 5 months, U.S. says
▼ + stars: | 2023-05-02 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

Russian President Vladimir Putin on Tuesday ordered his government to "clarify" the procedure for how Russian companies can make dividend payments to shareholders from so-called "unfriendly countries." Russia considers all countries that have hit it with sanctions over its military campaign in Ukraine to be "unfriendly". It has hit back with its own package of counter-sanctions and capital controls which restrict the ability of companies and investors from these countries to transfer profits or dividends back home. The Kremlin said proposals on dividend payments should "include conditions that residents expand their production in Russia, develop businesses based on new technologies and invest in the Russian economy." Putin asked the government to come up with proposals by May 20, a document published by the Kremlin said.

☆ Putin orders Russian govt to clarify rules on dividend payments to 'unfriendly' investors
▼ + stars: | 2023-05-02 | 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, May 2 (Reuters) - Russian President Vladimir Putin on Tuesday ordered his government to "clarify" the procedure for how Russian companies can make dividend payments to shareholders from so-called "unfriendly countries". Russia considers all countries that have hit it with sanctions over its military campaign in Ukraine to be "unfriendly". The Kremlin said proposals on dividend payments should "include conditions that residents expand their production in Russia, develop businesses based on new technologies and invest in the Russian economy." Putin asked the government to come up with proposals by May 20, a document published by the Kremlin said.

☆ 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.

☆ Following the invasion of Ukraine, majority of the world disapproves of Russia's leadership for the first time: new poll
▼ + stars: | 2023-04-25 | by ( John Haltiwanger | ) www.businessinsider.com time to read: +3 min

The majority of the world now disapproves of Russia's leadership, Gallup found. A median of 57% across the 137 countries surveyed disapprove of Russia's leadership. The majority of the world now disapproves of Russia's leadership — a first in the history of Gallup tracking ratings of world leaders, which began in 2007. Just a year before, that number stood at 38% — showing how disapproval of Russia's leadership skyrocketed worldwide after the invasion of Ukraine. As the conflict continues, it's possible that Russia's leadership could continue to face growing levels of disapproval across the world.

☆ Exclusive: Russia on track for 2023 oil output of 9.6 mbpd in line with cuts -source
▼ + stars: | 2023-04-24 | by ( Vladimir Soldatkin | ) www.reuters.com time to read: +3 min

OIL AND CONDENSATEIn 2022, Russia's combined oil and gas condensate production rose to 535 million tonnes (10.7 million bpd). Such production may reach around 520 million tonnes (10.4 million bpd) this year, according to the source, taking some 40 million tonnes of gas condensate into account. "Russia's oil demand has largely stabilised after the initial shock at the start of the war," J.P. Morgan analysts said in a research note this month. They estimated Russia's aggregate production (crude and condensate) at 10.8 million bpd in March, down 250,000 bpd from February. CUT TO SUPPORT PRICESRussia's oil production fell in April 2022 after the West imposed sanctions over what the Kremlin calls its military operation in Ukraine.

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