Vladimir Efimov, the Deputy Mayor of Moscow for Economic Policy and Property and Land Relations, has stated on March 10 that Russia’s capital city now concludes about 80% of contracts for the purchase of Russian goods on its Russian supplier portal. He stated that “In 2023, Moscow customers concluded 130,400 contracts on our supplier portal […]
The Russian State Duma has approved in the first reading this March, a bill on the gradual decoupling of prices for goods on the domestic market of Russia from global indicators. This means about the possibility of the Russian Federal Antimonopoly Service (FAS) to not take these into account when determining the monopoly high and […]
As geopolitics reshape the contours of physical commerce, digital services remain one area where sovereign countries can engage between each other with relative freedom, during a period where certain nations around the world are erecting new politicized barriers, controlling, restricting, or sanctioning trade in goods like minerals, raw materials, food, through to services, semiconductors and […]
Developing Agricultural Express Routes Via EAEU, Iran, Middle East, India & China The Eurasian Economic Commission, the governing body for the Eurasian Economic Union (EAEU) held meetings with Iran in mid-March side to discuss the development of the Eurasian Agroexpress project. This is aimed at developing exports of agricultural products from Eurasian Economic Union member […]
The share of national currencies in the Eurasian Economic Union (EAEU) trade currently amounts to 90%, according to Russian Prime Minister Mikhail Mishustin, speaking at the end of February this year. According to him, the percentage of use of domestic currencies is still growing. The EAEU, which is based on the Customs Union of Russia, […]
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Russia’s economy continues to successfully battle through hardships while continuing to grow stronger, The Economist has reported on March 10, and has repeatedly “defied the doomsayers”. The publication added that Russia’s economic performance appears to be returning to pre-conflict levels despite numerous rounds of unprecedented sanctions imposed by the West over the past two years. […]
The Financial Times has reported that China’s foreign trade grew faster than expected in the first two months of 2024, driven partly by electronics and increased exports to emerging markets and Russia, with Beijing’s foreign minister touting “a new paradigm” in relations with Moscow. China’s total exports rose by 7.1% in January and February compared […]
In a classic example of how convoluted and opaque the US sanctions upon Russia can be, the American iphone manufacturer Apple has paid a ₽1.18 billion (US$12.3 million) fine to the Russian government after a court in Moscow found the US tech giant guilty of abusing its dominant market position through its App Store. FAS, […]
Russia’s largest lender Sberbank made a record net profit of ₽1.5 trillion (US$16.3 billion) in 2023, as Russia’s financial sector recovers from western sanctions. Sberbank’s IFRS full-year results, published on February 28th 2024, showed a more than fivefold increase in profits on the previous year, primarily achieved through a high level of lending activity. It […]
Russia’s finance ministry has set terms for a proposed swap of Russian and western investors’ frozen assets in each other’s jurisdictions, allowing each side to claw back value lost to sanctions. Moscow hopes the potential exchange, announced by the ministry on March 11, will unblock ₽100 billion (US$1.1 billion) in European securities, mostly owned by […]
The Financial Times has reported that demand to move goods from Asia to Europe by rail via Russia has soared since the start of the Red Sea crisis, according to logistics companies and rail operators, providing a boost to RZD, Russia’s state-owned rail monopoly. Germany’s DHL said requests to transport goods on the Russian rail […]
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