bne IntelliNews offers archives via the search engine. If you would like to see all of our award winning content click here and request trial access to our premium product, IntelliNews Pro. If you are already an IntelliNews Pro users click here to login.
Russia’s banking sector recorded a net profit of RUB224bn in April, with an annual return on equity of 21%. While this figure represents a one-third decrease compared to March, the sector profits already top RUB1 trillion.
Annual consumer price inflation in April 2023 in Russia declined further to 2.3% year on year after 3.5% y/y seen in March, posting the lowest CPI since February 2018, according to the latest data from RosStat statistics agency.
In April Russia’s inflation rate fell below 3%, less than the Central Bank of Russia’s target rate of 4%, but it is not expected to stay there. A range of inflationary drivers are lined up to push the rate up again.
Russia’s budget deficit expanded further to RUB3.424 trillion ($45bn) in January-April, sailing past the target for the full year of RUB2.9 trillion, the Finance Ministry reported on May 10, but the monthly deficits are already moderating.
Russia’s state-owned Trust Bank turned to a British Virgin Islands court to sue major international agricultural and commodity trading companies, including Cargill, Louis Dreyfus and others, accusing them of participating in a fraudulent schemes.
The seasonally adjusted S&P Global Russia Services PMI Business Activity Index registered 55.9 in April, down from March's two-and-a-half year high of 58.1, S&P Global said in a press release on May 4.
Russia reported record low poverty rates at the end of 2022, with the number of people living below the poverty line falling to 14.3mn, or 9.8% of the population, according to RosStat data.
Russian Deputy Prime Minister Alexander Novak said on April 25 that Russia is now settling more of its international trade deals with yuan than it is with dollars.
The dollar is becoming toxic in regular transactions, Russian Deputy Minister of Foreign Affairs Alexander Pankin told reporters on April 25, 2023. EM central banks are rushing into gold to protect their sovereign reserves.
The EU should leverage the diplomatic aspect of the Community to amplify the pro-European message in its eastern neighbourhood. While keeping Georgia close is crucial, so is integrating Armenia and Azerbaijan.
The board of the Central Bank of Russia (CBR) at the policy meeting of April 28 resolved to maintain the key interest rate at 7.5%, taking no monetary policy action for the fifth consecutive meeting and maintaining the rate unchanged since September.
Talk of peace plans is back in the news after China’s President Xi Jinping and Ukrainian President Volodymyr Zelenskiy had a “long and meaningful” telephone call on April 26. But a workable formula still seems a long way off.
Investment bankers and brokers in Moscow are accessing Bloomberg terminals remotely via subscriptions in Armenia a year after the US media giant cut access for all its Russian clients, bne IntelliNews can reveal.
Inflation in Russia has currently decreased to 3%, Russian Finance Minister Anton Siluanov said on April 24.
Two recent events have highlighted that the EU is not ready to make Ukraine a member: five countries have banned imports of cheap Ukrainian grain, and talks on the eleventh sanctions package have died before they started.
Russian exporters accumulated $146bn of foreign currency abroad in 2022 after the authorities lifted mandatory requirements of repatriating and selling export FX cash.
The Central Bank of Russia is rolling out a “digital ruble” as Russia gets ready to join the cryptocurrency revolution, but in a way that the regulator remains in control of the e-currency.
Russia is facing a mounting labour crisis as worker shortages grow, sending unemployment to record lows. Emigration is soaring and immigration tumbling.
Lawyers of the European Commission have come to the conclusion that the Central Bank of Russia's frozen assets must be returned to Russia after the war in Ukraine ends, Die Welt reported on April 13.