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☆ Russia is spending millions to create a new generation of militant Putin clones
  + stars: | 2024-07-20 | by ( Cameron Manley | ) www.businessinsider.com   time to read: +7 min
Read previewFor years, Russia's youth has been fed hardline nationalistic ideology as the Kremlin has sought to engineer a new generation of Putin clones. AdvertisementState-run youth groups have also dramatically increased in size since Russia launched its full-scale invasion of Ukraine in 2022. The group's head said it had opened around 40,000 offices across Russia as of December 2023, per Russia's state-run TASS news agency. DMITRY KOSTYUKOV/AFP via Getty ImagesThe various Academics fraternity cells are largely similar in style, though some display more extreme behavior than others. It's all part of "a much bigger campaign to target the next generation of Russian youth."
Persons: —, Putin, Sergei Novikov, Vladimir Putin, Ian Garner, Garner, Mikhail Komin, frat, Nikita Izyumov, Konstantin Malofeyev, Izyumov, Komin, DMITRY KOSTYUKOV, David Lewis, Izymov, Lewis, ALEXANDER NEMENOV, Young Organizations: Service, Kremlin, Business, RBC, Russia, European Council, Foreign Relations, Fraternity, West, Academics, Getty, University of Exeter, Ministry of Defence, UK's MoD, Fraternity of Locations: Russia, Ukraine, Russian, Rome, Moscow, Constantinople, AFP, Chelyabinsk
☆ Foreign companies have lost over $100 billion in the process of leaving Russia since it started the war in Ukraine
  + stars: | 2024-03-28 | by ( Huileng Tan | ) www.businessinsider.com   time to read: +3 min
Foreign companies exiting Russia over its invasion of Ukraine have amassed losses of $107 billion. Despite thousands pledging to leave, only 372 companies have exited Russia since the war started. At that time, foreign companies leaving Russia had lost over $80 billion in the departure process. Thousands of foreign companies pledged to leave Russia after it started the war in Ukraine. Other than writedowns and lost revenue, departing foreign companies have also been paying huge fees to the Russian government.
Persons: —, Vladimir Putin's, Ian Massey Organizations: Service, Reuters, Washington, Moscow . Companies, Kyiv School of Economics, Companies, HSBC, Polymetal International, Kremlin, RBC Daily, Ikea Locations: Russia, Ukraine, writedowns, Moscow
☆ Top Russian banks say exporters can now get trapped funds from India
  + stars: | 2023-09-12 | by ( Elena Fabrichnaya | ) www.reuters.com   time to read: +3 min
After Moscow despatched troops to Ukraine in February 2022, Western countries imposed sweeping sanctions and have sought to wean themselves off Russian energy exports. India has been a major beneficiary, picking up Russian oil on the cheap. In response, India is seeking to stimulate investment in several sectors and diversify the goods that India supplies to Russia, Kapoor said at the economic forum. Tightening global supplies have led Russian companies to stop offering fertiliser such as di-ammonium phosphate (DAP) to India at discounted prices, three industry sources told Reuters. On the transactions issue, Kapoor rejected reports in Russian media that rupees stuck in Russian exporters' accounts in India were related to oil supply payments.
Persons: Ivan Nosov, Andrei Kostin, Kostin, Moscow Pavan Kapoor, Kapoor, Sergei Lavrov, Lavrov, Elena Fabrichnaya, Alexander Marrow, Gareth Jones, Emelia Organizations: ., Economic, RBC, Reuters, Thomson Locations: Russia, Ukraine MOSCOW, India, Moscow, Ukraine, Vladivostok, Sberbank, Arab, Emirates, Russian, Jakarta
☆ Russia could reintroduce compulsory sale of FX revenues 'at any moment' - source
  + stars: | 2023-08-16 | by ( Elena Fabrichnaya Gleb Stolyarov Anastasia Lyrchikova | Elena Fabrichnaya | Gleb Stolyarov | ) www.reuters.com   time to read: +4 min
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
☆ Russia could hike rates in 2023 if inflation risks have big impact -cenbank
  + stars: | 2022-12-26 | by ( ) www.reuters.com   time to read: +2 min
He pointed to high inflationary expectations, a labour crunch, logistical constraints, the higher-than-planned fiscal deficit trajectory and worsening external conditions as risks. "The need for raising rates will be dictated by (these factors), in whatever combination and in whatever volume they will eventually materialise in 2023." Zabotkin also said the structural shift Russia's economy is undergoing is a process that takes longer than a typical cyclical downturn. A Reuters poll last week suggested that the central bank will have limited room to cut interest rates in 2023 as inflation is set to remain above target. Reporting by Elena Fabrichnaya and Alexander Marrow; editing by Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.
☆ 'Krunchy Dream' welcomes Russian customers after Krispy Kreme exit
  + stars: | 2022-11-21 | by ( ) www.reuters.com   time to read: +1 min
Soon after Russia launched what it calls a "special military operation" in Ukraine, Krispy Kreme suspended all shipments of doughnut making supplies and ingredients to Russia and ended the agreement with its lone Russian franchisee. [1/3] A man walks past the Krunchy Dream cafe, which opened on the site of one of Krispy Kreme's cafes after the U.S. chain left the Russian market, in Moscow, Russia November 21, 2022. REUTERS/Evgenia Novozhenina 1 2 3A company owned by restaurateur Arkady Novikov, Krispy Kreme's former franchise partner, applied to register the Krunchy Dream trademark in late September, the RBC daily reported on Monday. Novikov Group and Krispy Kreme did not immediately respond to requests for comment. In a financial results statement in August, Krispy Kreme said it had closed 30 franchise shops in Russia.
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