Indian Prime Minister Narendra Modi has been in Moscow holding talks with Russian President Vladimir Putin, in discussions likely to have far-reaching, positive consequences for Russia-India bilateral trade as well as the BRICS group. There are however, technical problems to solve. A major stumbling block is that India buys far more from Russia than vice […]
Cyprus loses a major Russian client to Kazakhstan’s fiscal gain as Western exits increase The Russian chain of low cost retailers, Fix Price has redomiciled its corporate PLC entity from Cyprus to the Astana International Financial Centre in Kazakhstan. Fix Price operate over 6,500 retail stores worldwide, with 2023 revenues of ₽291.9 billion (US$3.3 billion)
Russia’s Leading Low-Cost Retailer Redomiciles From Cyprus to Kazakhstan Read More »
The Russian Ministry of the Economy has been assessing the effectiveness of the 44 Special Economic Zones (SEZ) in the country, including their fiscal effectiveness. SEZs are attractive investments for foreign investors as they typically offer reduced corporate income tax rates – typically zero for the first three-five years and at a 50% discount for
Russia’s Special Economic Zones Attracting New Foreign Investors Read More »
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.
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