The World Bank has recognised Russia as a high-income nation in its official global rankings, after stating that the average Russian gross national income per capita in Russia is US$14,250, which at current exchange rates, in local Ruble terms is ₽1,260,940. The World Bank Group assigns the world’s economies to four income groups: low, […]
The role of national currencies in global trade is changing, as countries look at ways of at least partial minimisation of exposure to the US dollar. We discuss the evolutionary trends. Two main global financial evolutionary events are happening at the same time: the first is changes to the role of the US dollar,
As The World Looks At US Trade and Dollar Alternatives, What Are The Options? Read More »
Government fiscal income revenues from Russian imports will have declined in the West and increased in the East by tens of billions of dollars Russia’s exports actually increased by US$31 billion after the West imposed trade sanctions, according to open-source intelligence calculated by Sputnik, itself based on data from Russia’s Federal Customs Service. While
Russia’s Total Export Values Increased After The West Imposed Sanctions Read More »
Russia’s exchange rate-linked export duty will decrease to 4.5% from July 1 from 5.5%, the Economic Development Ministry has stated. The decrease will impact a wide range of goods including ferrous, nonferrous and precious metals, coal (the export duty on coal was temporarily lifted from May 1 to August 31) and fertilizers. Russia approved a
The mutual trade volume within the Eurasian Economic Union (EAEU) in the first quarter of 2024 increased by ₽2 trillion (US$22.5 billion), according to Dmitry Volvach, a Deputy Minister of the Russian Ministry of Economic Development of Russia. He was speaking at the ‘Export to the EAEU countries’ conference of interregional cooperation in Novosibirsk last
Intra-Eurasian Economic Union Trade Up 7% In Q1 2024 Read More »
Russia has proposed to BRICS countries and partnership members a mechanism for cross-border payments based on the BRICS Bridge settlement platform, according to Anton Siluanov, Russia’s Finance Minister. He explained that the mechanism would see BRICS members central banks issue digital financial assets (DFAs), which would in turn peg their value to the national currencies
Russia Outlines “BRICS Bridge” Digital Settlement Plans Read More »
The Financial Times has published an article describing a key meeting between the Ukrainian Finance Ministry and Officials attending the Peace Conference held over the weekend in Lucerne, Switzerland. The newspaper reported that Ukraine had asked for its official bondholders to take a 60% haircut on foreign exchange bonds due in August of US$20 billion.
Update June 18: As we predicted, Russian President Vladimir Putin will meet Kim Jong-Un, the President of North Korea, with the dates now confirmed for June 18th/19 in Pyongyang. According to the Kremlin, the Russian delegation will also include Foreign Minister Sergey Lavrov, First Deputy Prime Minister Denis Manturov, Defense Minister Andrey Belousov, Health Minister
Russia – North Korea 2024 Trade & Security Developments Read More »
In response to Wednesday’s (June 12) US sanctions concerning the provision of services to Russia for trading US dollars or Euros, the Bank of Russia has stated that the Chinese RMB Yuan / Russian Ruble exchange rate will now be the baseline from which other currency pairs, including for the euro and the dollar, will
In a sign that Russia’s push towards a multipolar world is gaining traction, and that the international community is happy to connect with the with country, Vladimir Poteshkin, Russia’s Deputy Transport Minister has stated that direct flights to Tanzania, Kuwait, Saudi Arabia and Indonesia are due to begin before the end of this year. New
Russia Introduces New Direct Flights To Africa, Asia & Middle East Read More »
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