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☆ There's blood in the water after Prigozhin's revolt shattered the façade of Putin's invincibility
▼ + stars: | 2023-06-29 | by ( Jason Corcoran | ) www.businessinsider.com time to read: +13 min

It represented the most significant affront to President Vladimir Putin's 23-year reign. It has also fed paranoia and put a spotlight on Aleksey Dyumin, Putin's ex-bodyguard turned governor. A brief and ultimately aborted attempt at a coup d'état by Russian mercenary chief Yevgeny Prigozhin represented the most significant affront to President Vladimir Putin's 23-year reign. President Vladimir Putin (L) and Aleksey Dyumin, the governor of Tula and Putin's former personal bodyguard, in Moscow in 2016. Russian President Vladimir Putin (R) and Tula Governor Aleksey Dyumin visit Russian writer Lev Tolstoy's former home in 2016.

Persons: Yevgeny Prigozhin, Vladimir Putin's, Aleksey Dyumin, Putin's, —, Vladimir Putin —, Prigozhin, Vladimir Fesenko, trundling, Sergey Shoigu, Valery Gerasimov, There's Prigozhin, Wagner, Putin, Belarus —, defenestration, Dyumin, Shoigu, Vladimir Putin, Mikhail Svetlov, Igor Girkin, Alexander Lukashenko —, Dyumin's, Dmitry Peskov, Boris Yeltsin, Viktor Yanukoyvch, Girkin, Andrei Gurulyov, Russia's, Lev Tolstoy's, Tatiana Stanovaya, Alexandra Prokopenko, Prokopenko, Sergei Surovikin, Surovikin, Viktor Zolotov, Zolotov, Alexander Lukashenko, Chris Weafer Organizations: Service, Kremlin, Kommersant, Angry Patriots, Russia's First Channel, Prigozhin, Carnegie Russia Eurasia Center, Central Bank, Washington Post, New York Times, Defense Ministry, Moscow Times, National Guard, Ministry, Macro Locations: Russian, Russia, Rostov, Ukraine, Moscow, Voronezh, Lipetsk, St, Petersburg, Minsk, Belarus, Russia's Tula, Kremlin, Tula, Dyumin's Tula, St Petersburg, Prigozhin, Crimea, Berlin, Novosibirsk, Osipovichi, Africa, Syria

☆ 'No sane investor' could be fooled by Putin's charade of optimism for Russia's economy, researcher says
▼ + stars: | 2023-06-20 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Putin's show of Russia's economic strength won't fool any "sane investor," Carnegie scholar Alexandra Prokopenko said. She pointed to Russia's growing budget deficit and labor shortage as its war on Ukraine drags on. Experts have warned of trouble for Russia's economy as war and sanctions bite into the nation's finances. GDP could grow as much as 2% this year, Putin estimated, adding that the nation's military spending had only resulted in a "small" budget deficit so far. The Kremlin's official statistics also give a misleading view of Russia's economy, she said.

Persons: Alexandra Prokopenko, —, Vladimir Putin, Putin, Prokopenko, it's, SPIEF Organizations: Carnegie, Service, Carnegie Russia Eurasia Center, Central Bank of Russia, St ., Economic, Carnegie Endowment, International, Defense Ministry, Yale Locations: Ukraine, St, St . Petersburg, Russian

☆ Many in Russia's elite no longer believe Putin can win the Ukraine war, report says: 'The best they hope for is that Russia will lose without humiliation'
▼ + stars: | 2023-06-08 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

Members of the Russian elite are turning against the Ukraine war, Bloomberg reported. The best they can hope for is a "frozen" conflict or a loss in which Russia isn't humilated, the report said. Five sources told Bloomberg that while no one is willing to "stand up" to Putin over the invasion, belief in his authority has been shaken. Alexandra Prokopenko, a former Russian journalist and central bank advisor, told Bloomberg that "'the best they hope for is that Russia will lose without humiliation." Many in Russia's business and economic elite were targeted by Western sanctions after Russia launched its invasion of Ukraine in February 2022.

Persons: Putin, —, Vladimir Putin, Russia isn't humilated, Kirill Rogov, Alexandra Prokopenko Organizations: Bloomberg, Service, Russia, Wilson Locations: Ukraine, Russia, Russian, Ukrainian

☆ 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

☆ Russia's economic war against with the West is entering a dangerous new stage, scholar says
▼ + stars: | 2023-05-16 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Russia's economic war against with the West is entering a dangerous new stage, Alexandra Prokopenko wrote. "Russia's economic confrontation with the west following the Kremlin's invasion of Ukraine is entering a dangerous new stage," she warned. After Moscow suffered court defeats that kept Russian assets frozen in Europe, the Kremlin has since established a legal framework to temporarily nationalize foreign assets in Russia, Prokopenko added. "So far, neither Russia nor Europe has a comprehensive strategy on how to deal with the stranded assets," she said. The appetite of Putin's cronies to seize western assets in Russia will only add insult to injury."

☆ Economic asphyxiation puts Russia in China’s orbit
▼ + stars: | 2023-03-20 | by ( Pierre Briancon | ) www.reuters.com time to read: +7 min

Cut off from foreign markets by sanctions, Vladimir Putin’s government is at pains to finance budget deficits that would have been manageable in peacetime. The financial difficulties are pushing Russia further into the sphere of influence of China’s President Xi Jinping, who visits Moscow this week. Dipping into the fund, though, will push Moscow further into China’s financial orbit, Russian economist Alexandra Prokopenko has noted. In the short term, financial hope for Russia can only come from a significant increase in oil and gas prices. Trade between China and Russia increased by 34% last year as Chinese imports of oil and gas jumped 50%.

India's oil trade, in response to the turmoil of sanctions and the Ukraine war, provides the strongest evidence so far of a shift into other currencies that could prove lasting. MTS had facilitated some Indian oil non-dollar payments, the trade sources said. An Indian refining source said most Russian banks have faced sanctions since the war but Indian customers and Russian suppliers are determined to keep trading Russian oil. "As it is, the government is not asking us to stop buying Russian oil, so we are hopeful that an alternative payment mechanism will be found in case the current system is blocked." Similarly, many banks from Russia have opened accounts with Indian banks to facilitate trade.

☆ Analysis: Russian economy holding up but the road back to prosperity may be long
▼ + stars: | 2023-02-23 | by ( Alexander Marrow | ) www.reuters.com time to read: +6 min

"The Russian economy and system of governance proved to be much stronger than the West supposed," President Vladimir Putin told Russia's political, military and business elite this week. 'GUNS NOT BUTTER'He also argued for sustainable domestic development and a self-sufficient economy, recalling a criticism levelled against Soviet leaders so focused on military spending they ignored people's welfare. But Russia is ramping up military spending, and diverting funds from hospitals and schools will ultimately hamper the development of civilian economic infrastructure. Prokopenko, who also highlighted the opportunity cost to the economy, said Russia's financial leadership had become used to navigating crises. Putin can be proud of his 'Fortress Russia' that his financial leadership built for him," she said.

☆ Russia's wheat harvest could hit a record 100 million tons this year, but a perfect storm of economic conditions is keeping it from being exported
▼ + stars: | 2022-09-23 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Russia's wheat harvest could hit a record 100 million tons this year, according to SovEcon. The country's wheat harvest could hit a record 100 million metric tons this year, according to SovEcon, a research firm focused on Black Sea grains and oilseeds. Russia is the world's top wheat exporter, accounting for about one-fifth of the world's wheat exports, according to US Department of Agriculture data. SovEcon's forecast is a 33% increase over the country's 75.2 million-ton wheat harvest last year, according to the USDA. The inter-government International Grain Council forecasts global wheat production at 792 million tons this year — which is more than its global consumption forecast of 785 million tons, according to the council's report released on Thursday.

The move is unexpected, since Russian-backed separatists last month said there would be a trial of Azov personnel, who Moscow describes as Nazis. Register now for FREE unlimited access to Reuters.com RegisterIn a statement, Yermak said the freed prisoners included Azov commander Lieutenant Colonel Denys Prokopenko and his deputy, Svyatoslav Palamar. Also at liberty is Serhiy Volynsky, the commander of the 36th Marine Brigade of the Ukrainian Armed Forces. Earlier in the day, Saudi Arabia said Russia had released 10 foreign prisoners of war captured in Ukraine following mediation by Saudi Crown Prince Mohammed bin Salman. Register now for FREE unlimited access to Reuters.com RegisterReporting by David Ljunggren Editing by Alistair Bell and Rosalba O'BrienOur Standards: The Thomson Reuters Trust Principles.

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