Finance

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Russia-Indonesia Free Trade Agreement To Reduce 93% Of All Traded Goods Duties To Zero

Asia, BRICS, Eurasian Economic Union, Exports, Finance, Imports, Trade

Russian Deputy Industry and Trade Minister Roman Chekushov has said that the proposed Eurasian Economic Union free trade agreement with Indonesia has seen an initial preliminary agreement signed in St. Petersburg, with plans to sign the full agreement with the participation of all Eurasian Economic Union (EAEU) countries by the end of this year. He […]

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BRICS RMB

BRICS Energy Alliance Launches Petro-Yuan Contracts To Minimise US Dollar Usage

BRICS, China, Energy, Exports, Finance, Trade

The BRICS energy alliance has launched a coordinated system of Petro-Yuan (Chinese RMB Yuan currency) oil contracts that directly challenges US dollar dominance in global energy markets. The BRICS controls 46 million barrels per day of oil production and is implementing BRICS plus currency shift mechanisms through Yuan-denominated contracts, Indian Rupee – Russian Ruble swaps,

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Russia’s VTB Finalizing Legal Integration With Crimea’s National Commercial Bank

Economy, Finance, Russian Market

Russia’s VTB bank, the second largest in Russia, has finalized the legal merger of Crimea’s largest bank, the Russian National Commercial Bank, (RNCB), with integration procedures to be completed by the end of 2025, according to VTB CEO Andrei Kostin. He stated that “Completing RNCB’s integration is not just a technical step. We hold RNCB

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Indian Rupee Gaining Traction in Russia Usage

BRICS, Exports, Finance, Imports, India, Trade

A top executive at Russia’s largest bank has said he sees a growing role for the Indian rupee in the country. Aleksandr Vedyakhin, the first deputy chairman of the board of Sber, has stated that the Indian currency is popular with the bank’s individual and business clients. He said, “In Russia, Sber allows you to make transactions in rupees,

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BRICS Plus

Uzbekistan Expected To Join BRICS New Development Bank

BRICS, Commonwealth of Independent States, Finance, Trade

The board of governors of the BRICS New Development Bank (NDB) has given its consent in principle for Uzbekistan to join the bank, according to Uzbekistan’s presidential press service. Uzbek President Shavkat Mirziyoyev and BRICS New Development Bank Governor Dilma Rousseff have discussed developing collaboration and the prospects for Uzbekistan to join the NDB. Uzbekistan’s

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Tether

Russian Use Of Crypto – USDT (Tether) versus Non-USD Alternatives

Economy, Finance, Russian Market, Trade

Russians relying on cryptocurrency transactions will need to change their usage to comply with new Russian Central Bank regulations implementing new rules for foreign digital rights (FDR). These regulations, which came into effect on May 26, prohibit individuals from acquiring USDT and other unfriendly US dollar-aligned stablecoins. The alternatives would appear to be gold-backed such

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CREDIT RATING Russia

Chinese Credit Ratings Agency Gives Russian Debt A “Stable Outlook” Ranking

Economy, Finance, Russian Market

The Chinese credit ratings agency CCXI has assigned a credit rating to Russia, the first sovereign status rating given to the country since 2022. The credit rating is BBB+g, with a stable outlook. This implies that Russia is a reliable borrower and is capable of fulfilling its debt obligations. The China ratings come after the

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Russian Agricultural Bank Considering Cryptocurrencies in Grain Trade Settlements

Agriculture, Economy, Exports, Finance, Trade

The Russian Agricultural Bank (RusAg) is considering using cryptocurrencies for settlements in grain trading, the bank has stated. RusAg first deputy CEO Irina Zhachkina said that “We believe that cryptocurrencies could be a convenient alternative instrument, and we are now exploring the possibility of using cryptocurrency instruments for settlements in grain trading with the Bank

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Industrial Park

Russia To Invest Millions Into The Creation Of New Industrial Parks

Economy, Exports, Finance, Russian Market, Trade

The Russian government will allocate nearly ₽860 million (US$11 million) this year to finance the development of industrial parks and techno parks in numerous regions. Industrial and technological parks were a key component of China’s manufacturing success from the early 2000’s to the present day. They offer investment incentives, such as tax breaks, reduced utility

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