Economy

The Russian economy has been rocked by the coronavirus outbreak, and analysts fear the new OPEC+ oil production pact between Russia and Saudi Arabia will not be enough to address a historic fall in demand, The Moscow Times writes. The turmoil has shocked traders around the world and resulted in sharp...

State Development Corporation VEB.RF provided its first guarantees in the amount of 20 billion rubles each in favor of Sberbank and Bank VTB. In total, VEB.RF plans to provide guarantees for a total amount of up to 100 billion rubles in favor of the backbone banks of Russia and for...

Recovery of a number of sectors of the Russian economy after the crisis will take more than a year, Head of the Russian Accounts Alexey Kudrin said in an interview with Rossiya 1, TASS writes. "For some sectors, indeed, it will take a year or more. We need to balance...

Russia’s Prime Minister Mikhail Mishustin instructed the Ministry of Labor, the Ministry of Economic Development, the Federal Service for Surveillance on Consumer Rights Protection and Human Wellbeing, and the Ministry of Health to prepare proposals for phasing out restrictions on the activities of organizations and individual entrepreneurs, according to...

The Bank of Russia reported this week that the country’s financial institutions received 994.300 requests from borrowers asking them to change lending conditions against the backdrop of the coronavirus pandemic, RBC reported. The data was obtained from a survey of 60 credit institutions that issued almost 95% of consumer and...

The official unemployment rate in Moscow has risen more than 50% over the past three weeks, with more and more citizens of the Russian capital taking low-paid jobs to keep income coming amid an unravelling economic crisis, the Moscow Times writes. Alexei Kudrin, head of the state Audit Chamber and a former...

Russian economy is losing about 100 billion rubles ($1.34 billion) a day due to restrictions imposed to contain the new coronavirus, Economic Development Minister Maksim Reshetnikov said on Friday, according to Forbes Russia. "In the current situation, we are losing about 100 billion rubles of GDP a day throughout the...

The Bank of Russia reduced the key rate by 50 basis points at once for the first time since October 2019 to 5.5% per annum, and left the door open to further reductions at future monetary policy meetings, RFE/RL reports. The move comes as the spread of the coronavirus pandemic...

One of the biggest stadiums in Russia, St Petersburg’s Gazprom Arena, expects to receive compensation from the Union of European Football Associations (UEFA) later this month for cancellation of Euro 2020, one of the world's biggest football tournaments, and derailed plans for summer matches scheduled to be played in...

A $217-million loan recently issued by Russia to Moldova has become the cause of political controversy in the Balkan country, as the Constitutional Court has suspended its ratification in order to examine opposition claims of its illegality, Balkan Insight reports. The decision came after opposition lawmakers challenged the agreement before...