Russians are still guided by emotions when buying luxury goods, despite declining incomes having forced them to give up on entertainment and travel, a new Nielsen poll reveals, according to Kommersant.
Experts speaking to the business-oriented newspaper believe that Russians seek to use luxury goods to emphasize their status.
Up to...
The ruble was lower against the dollar on Thursday, ahead of a Russian national holiday and a European Central Bank meeting that’s expected to increase volatility on the global currency market, Reuters reports.
The Russian currency was 0.04 percent weaker against the dollar at 66.01 (07.15 GMT) and had lost...
Russia’s biggest telecommunications company, MTS, has agreed to pay $850 million to resolve federal bribery charges in the United States, the U.S. Securities and Exchange Commission (SEC) said Wednesday.
The company entered into a deferred prosecution agreement with the U.S. Justice Department, pleaded guilty and agreed to pay an $850 million fine, according...
German automotive major Volkswagen has suspended talks on buying a stake in Russian automaker GAZ because the company is under U.S. sanctions, Finanz.ru reported citing RIA news agency.
"At the moment this (a deal to buy a stake in GAZ) is not possible for us because of sanctions ... Talks are suspended," RIA...
A Russian Economy Ministry forecast of the ruble’s average exchange rate this year was revised to 66.4 per U.S. dollar from 63.9, minister Maxim Oreshkin told members of the State Duma (lower house of Parliament) on Wednesday, according to Reuters.
According to the minister, the revision was due to...
Russia's biggest lender, state-owned Sberbank, has said it acquired a 10% stake in Ei Kei Restaurants Russia, a company that owns the local franchise for restaurants under the KFC brand, Interfax reported.
A subsidiary of the bank, Sberbank Investments, is the buyer, the report said.
Ei Kei Restaurants LLC...
The richest Russian on the Forbes billionaire list, Novatek chairman Leonid Mikhelson, became even richer on Tuesday after selling a 10% stake in its Arctic LNG 2 project to France’s Total, state-run news agency TASS reported.
The $24 billion majority shareholder of Russia’s largest, privately owned natural gas company, inked a $2.5...
Some of Europe’s biggest banks are being drawn into money-laundering allegations centered on dirty Russian funds, adding to the scandal in an industry still recovering from the financial crisis, Bloomberg reports.
Lenders from Danske Bank and Swedbank AB to Raiffeisen Bank International and several Dutch institutions and are alleged to have handled a broad...
The Bank of Russia says it may cut its key interest rate as soon as late 2019 if the economy develops in line with forecasts, the bank’s head of monetary policy department said on Tuesday, Russian news agency Regnum reported.
Alexey Zabotkin, the central bank’s director of credit operations, told...
U.S. President Donald Trump has extended several packages of sanctions imposed on Russia by the Barack Obama administration over the occupation of Crimea for another year, until March 2020, according to a statement posted on the White House's website on Monday.
Trump has extended a national emergency that serves...
