Moscow locked down as coronavirus infections in Russia accelerate

bne IntelliNews March 30, 2020

Moscow mayor Sergey Sobyanin ordered a lockdown of the Russian capital in the evening of March 29 that is effective from Monday morning.

Russia's National Welfare Fund steps up again to $157.2bn, or 11% of GDP, in March

bne IntelliNews March 27, 2020

The Russian Ministry of Finance announced on March 19 that it has transferred last year's budget surplus to the National Welfare Fund (NWF), which now amounts to about RUB12,200bn ($157.2bn), or 11% of GDP

IIF forecasts a contraction of -1.4% in CEE, -1.3% in Russia, but Turkish growth remains in the black in 2020

Ben Aris in Berlin March 26, 2020

The Institute of International Finance (IIF) released updated forecasts for economic growth this year for the Central and Eastern Europe (CEE) countries that show a sharp slowdown in 2020 and all except Turkey will return negative results.

Is Russia’s healthcare system up to dealing with the coronavirus?

Ben Aris in Berlin March 26, 2020

Experts worry that Russia is ill-prepared to deal with a spike in infections thanks to the neglect of health system reform.

Is the pace of outflows from EMs starting to slow?

bne IntelliNews March 26, 2020

Equity and bond markets have been rocked by record volumes of outflows since the end of February in one of the biggest sell offs ever, but the pace of selling seems to be slowing in the last few days, said the Institute of International Finance (IIF)

Capital Economics slashes CEE growth forecasts for 2020 to -2% y/y

bne IntelliNews March 25, 2020

Economic consultancy Capital Economics has slashed its growth forecast for the Central and Eastern Europe (CEE) to a 2% y/y contractions from the previous 2.3% expansion in 2020, as a result of the coronavirus.

Fitch cuts oil price outlook for 2020 from 62.5/bbl to $41/bbl on global recession fears

Ben Aris in Berlin March 24, 2020

Fitch Ratings has cut its short and medium-term oil and natural gas price assumptions in expectation of very large market oversupply in 2020.

BCS: Pricing in a global recession

Vladimir Tikhomirov chief economist BCS Global Markets March 24, 2020

Recession is no surprise now, but uncertainty makes investors nervous. The situation has aggravated uncertainty about the duration and the depth of the economic downturn. Most assets have already priced in the recession, its fallout is still unclear.

Russian pipemaker ChelPipe getting ready for IPO

Ben Aris in Berlin March 24, 2020

With the predominance of oil and gas in Russia’s economy the pipe-making business is a big one. ChelPipe is the market leader and is now considering an IPO.

Citizens fear unscrupulous leaders will take advantage of lockdowns

Clare Nuttall in Glasgow March 23, 2020

Restricting social interaction is a vital part of the efforts to delay the spread of the coronavirus pandemic, but in some countries people fear politicians will use the opportunity for their own ends.

Russia's Watcom shopping index: so far so good

bne IntelliNews March 23, 2020

The Watcom shopping index fell to 464 in the eleventh week of this year from its annual International Women’s spike on March 8 of 501, but so far the impact of the coronavirus (COVID-19) has not made itself felt on foot traffic in Moscow’s leading malls.

Russia’s economy to contract by 1% in 2020, says BOFIT

Ben Aris in Berlin March 23, 2020

Russia’s economy will contract by 1% in 2020, according to the latest forecast by the widely respected Bank of Finland Institute for Economies in Transition (BOFIT).

Russian e-retailer Ozon caps prices for the most sought-after goods to prevent gouging

bne IntelliNews March 20, 2020

One of Russia’s “big three” online retailers Ozon Holdings announced that it was capping the prices of essential goods that are currently in high demand to prevent manufacturers gouging customers.

Russian assets sees a all-time record $1.4bn of outflows in a week

bne IntelliNews March 20, 2020

Russian assets saw an all-time record $1.4bn outflows from investors from its combined equity and bond securities in the week ending March 18 compared with an outflow of $590mn the week before.

COMMENT: Pandemic brings “S” back to ESG, Russian business responds

Irina Logutenkova and Tom Blackwell of EM in Moscow March 20, 2020

Russian companies have been putting ESG policies into place in the last year, but the focus until now was on the environmental element. In the face of a pandemic that focus has now shifted to the social part

Russian central bank keeps rates on hold at 6%

Ben Aris in Berlin March 20, 2020

Russia’s central bank kept its key rate on hold at 6% annually despite the sudden devaluation of the ruble and panic selling on the stock market.

Russia reports first coronavirus death

bne IntelliNews March 19, 2020

Russia suffered its first coronavirus death on March 19 when a 79-year-old woman passed away. Officially there are only 199 cases in Russia.

Russian video streaming platforms gain speed

Vladimir Kozlov in Moscow March 19, 2020

As the Russian video streaming service segment is booming. The major players are securing funding and launching original content production.

Cloud services take off in Russia

Vladimir Kozlov in Moscow March 19, 2020

The cloud service segment is growing in Russia, but some companies haven't yet realized its potential value for their business, while others might be put off by security issues.

Is Russia facing another banking crisis due to the oil price and coronavirus shocks?

Ben Aris in Berlin March 19, 2020

Is Russia’s banking sector in danger of another crisis due to the double whammy of the oil price collapse and coronavirus shocks?