Friday, March 29, 2024
The Russian government plans to use additional revenues from increasing the value-added tax (VAT) from 18% to 20% for financing infrastructure, health care, and education, Finance Minister Anton Siluanov said on Sunday in an interview with Channel One. According to the preliminary calculations by the Ministry of Finance, the additional revenues will...
Russian state-owned energy major Rosneft announced that it has signed energy deals with a pair of Chinese energy counterparts, seizing an opportunity as Beijing moves to diversify suppliers amid a trade war with the U.S., TASS news agency reports. China National Chemical, known as ChemChina, agreed to purchase 2.4 million tons a year...
Troubled German banking giant Deutsche Bank is damaged by fines, legal action and the possible prosecution of “senior management” because of its role in a $20 billion Russian money-laundering scheme, The Guardian reports citing a confidential internal report by the lender. According to the document, the bank acknowledges “a...
One of Russia’s biggest mobile operators, Mobile TeleSystems (MTS), has launched a corporate venture fund targeting startups across Russia and neighboring countries, East-West Digital News reports. According to the website, the fund expects to invest around 1 billion rubles (approximately $15.5 million at the current exchange rate) in early-stage startups...
One of the world’s most popular cross-platform IM apps, Viber, is currently in the process of entering the Russian financial market, News BTC reports. Viber is owned and operated by a Japanese multinational called Rakuten who plans to introduce its native currency offering called the Rakuten Coin within the Russian...
The largest manufacturer of steel pipes for the oil and gas industry in Russia, TMK, has agreed on selling its U.S. branch IPSCO Tubulars Inc. for $1.2 billion to Italy’s Tenaris, RBC reported citing the companies’ press service. The sum does not include IPSCO’s funds and the debt, the size...
The decision by energy giant Royal Dutch Shell to withdraw from its joint Baltic LNG project with Russia’s Gazprom could delay the venture, sources told business newspaper Kommersant. The Russian state-run gas giant will now have to find over $10.8 billion for the construction of both the Baltic LNG...
A U.S. decision to end Iran sanctions waivers is set to put pressure on oil prices and benefit Russia's budget and oil producers, as international buyers are likely to seek more Russian crude as an alternative to Iranian supplies, S&P Global Platts reports. The United States said last week it...
This year’s Black Friday campaign has proven successful for retailers, Izvestya reports. According to early indications, total sales reached 17.4 billion rubles ($259.7 million), which is 2.5-times more than in 2017, according to ArtyomSokolov, president of the Association of Internet Trade Companies (AITC). Fiscal data operator OFD Platform said the...
An unexpected drop in share value stunned the managers and owners of Magnit, Russia’s second-biggest supermarket chain on Monday, following plans to nearly double its number of stores by 2023 as part of efforts to revamp the business, RBK reports. Magnit’s share was down 4.7 percent in Moscow on Tuesday,...