Russia’s Finance Minister Anton Siluanov told the upper house of parliament on Saturday that the country’s budget deficit could reach 0.9% of gross domestic product (GDP) in 2020 at current oil prices, Reuters reported.
The country's economy has been hit by a slump in global oil prices and the spread of the coronavirus, with...
One of Russia’s top retailers, Magnit, plans to increase vegetable production in its greenhouse complexes by 30% in 2020, while also being set on increasing direct purchases from Russian producers by 80%, Potato System reports.
According to the company, this will help reduce the retail chain’s dependence on imported products.
In...
The Russian government may announce new economic measures this week to help offset the dual impact of low oil prices and the coronavirus, Vedomosti reported.
Moscow is considering setting up a 300 billion ruble ($4 billion) fund as part of a larger “anti-crisis” plan to support citizens and the economy,...
X5 Retail Group, which operates Pyaterochka, Perekrestok, and Karusel chains, notes the increased demand for certain goods both in physical stores and online, but indicates that it has an adequate supply of goods in warehouses, RIA Novosti reported citing a representative of X5.
“In terms of stores, we are now...
Russian e-commerce store Ulmart has filed for bankruptcy after legal problems for the company’s owner led to his arrest, East-West Digital News reports.
Founded in St Petersburg, Ulmart was Russia’s largest online retailer 5-6 years ago, specializing in consumer electronics and estimated sales worth $1.3 billion in 2014.
Ulmart was an...
Russian job board HeadHunter Group said on Friday that its revenue in 2019 reached 2.06 billion rubles ($28.5 million) for the fourth quarter of 2019, an increase of 22.8% compared to the previous year.
HeadHunter launched its IPO last year and was the first Russian company since 2013 to begin...
Russian biggest telecommunications operator MTS said in a statement Thursday that its share of the Moscow Pay-TV market grew to 45.5% in 2019.
At the same time, according to the company’s latest set of results, its share of the Moscow broadband market increased to 42%.
MTS also saw the growing adoption...
The global market crash on Monday which followed the launch of a price war between Russia and Saudi Arabia cost the richest businessmen in Russia around $15 billion in one day, RIA Novosti reports.
On Monday, global stock markets plunged drastically over panic selling triggered by fears over the double...
The Russian Athletics Federation (RusAF) has been fined $10 million by the World Athletics Council for breaching the sport’s anti-doping rules, DW reported.
World Athletics has also reinstated the Authorised Neutral Athlete (ANA) process for Russian athletes but has capped the number of ANAs allowed to compete in the Tokyo...
