Russia’s financial sector is changing as new infrastructure and development projects materialise, overseas funding is provided to friendly nations, and the landscape changes as regards use of currencies into addition to shifts in the way in which capital is used, from QR codes to Crypto all driving new regulatory and Central Bank guidelines. Navigate Russia’s financial landscape. Get analysis on the banking sector, investment mechanisms, currency exchange, and capital markets for businesses operating and investing in Russia.
The Bank of Russia Chairwoman, Elvira Nabiullina has stated that Russia’s MIR card is being accepted in more countries, despite Western sanctions. She was speaking to the State Duma, the lower house of the Russian parliament. The main countries that are accepting MIR transactions are in friendly countries where Russian tourists tend to visit. Some […]
The Russian salary growth rate in 2024 was the highest in the past six years amid increased competition for potential workers. Overall, the median salary offered in Russia increased by 18%, from ₽65,400 in January 2024 to ₽77,200 in January 2025, according to Maria Ignatova of the Human Resources analytical agency HH Help. That equates […]
The Russian Direct Investment Fund (RDIF) has proposed creating a new investment fund together with Russian and international development institutions, banks, pension funds and foreign partners to support the implementation of projects in the Arctic, according to Kirill Dmitriev, the RDIF CEO, and Russian Special Representative for Investment and Economic Cooperation with Foreign Countries. He […]
Shareholders in Luxembourg’s O’Key Group have voted in favor of the company’s re-domiciliation from Luxembourg to Russia, the retailer has stated. The global depositary receipts of the Luxembourg holding company will be recognized as shares of the IPJSC at a 1:1 ratio following re-domiciliation, with the company to be registered in Kaliningrad’s’ Oktyabrsky Island Special […]
Russian exporters can now receive subsidies of up to 50% to compensate for transportation costs when exporting their products to friendly countries, according to Dmitry Kuskov, Director of the Department of International Cooperation and Licensing for Foreign Trade of the Russian Ministry of Industry and Trade. Kuskov announced this at the plenary session of the […]
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Russia’s VTB bank has launched phone number-based transfers to Azerbaijan, in moves that circumnavigate the financial sanctions placed on Russian banks using the SWIFT financial transfer service. Russian retail clients can now instantly send money to Azerbaijan using the recipient’s phone number to clients of the subsidiary bank – VTB Azerbaijan. The transfer is made […]
Russia’s VTB bank has launched a QR code payment system for purchases in Turkiye, with the system coming operational from March 12. About 7 million Russians visit Turkiye every year, either on holiday or in transit elsewhere. Western sanctions have restricted the use of Russian Mir cards in Turkey – The US Treasury Department’s Office […]
Hong Kong’s Exchanges and Clearing house, which runs the Hong Kong stock market, said last week that it was working with the Hong Kong monetary authority to develop an Asian international settlement house intended to rival Belgium’s Euroclear and Luxembourg’s Clearstream. The move comes as a bid to lessen dependence on western financial infrastructure, and […]
The Third International Future Technologies Forum held February 20 and 21 in Moscow, which sets the stage for groundbreaking scientific exploration, where emerging ideas, still taking shape in laboratories and research centres, are discussed and refined. This year’s forum focused on chemistry and the application of new materials – cross-cutting fields that will play a […]
The Russian Ministry of Industry and Trade, together with the Russian Export Centre (REC), is launching a program of state support for exports to Latin America and Africa. According to the program, Russian logistics companies engaged in maritime transportation will be able to receive subsidies from the federal budget and set preferential tariffs for their […]
Brazilian President Luiz Inacio Lula da Silva has said that the BRICS nations remain committed to developing new “transparent and secure” payment platforms to boost their economic integration and reduce “vulnerabilities” in the global market. He was speaking at a meeting of the BRICS Ambassadors (also known as “Sherpas”) on Thursday, (February 27) as the […]
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