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.
Uzbekistan is completing the procedure to join the Eurasian Development Bank (EDB), Prime Minister Abdulla Aripov said at a meeting of the Eurasian Intergovernmental Council in Yerevan. The EDB is an international development bank with charter capital of US$7 billion. Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Tajikistan are the bank’s shareholders. Uzbekistan’s decision to participate […]
The Russian President Vladimir Putin has been speaking at the Russian Energy Week forum in Moscow, and stated as part of his speech that the BRICS member nations are jointly developing a payment and settlement framework to be used for trading within the group. Putin stressed that supplies of Russian oil and gas to ‘friendly’ […]
Money Can’t Buy Me Love, but Diamonds Are Forever Russia has imported a significant quantity of diamonds from China for the first time, with 35,000 carats of the gems, worth more than US$12 million, imported last month, based on Chinese customs data. Both countries had stated that barter could be used to settle trade transactions […]
The Moscow Stock Exchange (MOEX) has begun trading in cocoa futures contracts, with trading and settlements conducted in Russian Rubles. The cocoa trade desk began operating yesterday (September 24) and reflects an international demand for the product, reflecting the dynamics of the price of cocoa beans supplied from countries in Africa, Asia, and Central and […]
In signs that more wealth and capital is moving away from Europe to Asia as a result of Western sanctions, Soven 1 Holding Limited, an investor from the UAE, has signed an agreement to purchase the Austrian Raiffeisen Bank International’s 87.74% stake in the Belarus-based subsidiary Priorbank, and its subsidiaries. Raiffeisen’s core business has been […]
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Russia is increasing the volume of payments in its national currency, with the Ruble’s share in its export trade with Europe rising to a historical high of 67% of the total, according to the Russian Central Bank. This indicates that the global structure of renumerations is changing against the backdrop of Western financial sanctions, and […]
Russia’s financial authorities are moving towards the use of crypto-currency for international trade, with a focus group established to pilot and test international trade settlements using digital currencies. The group reportedly consists of members of the Russian Chamber of Commerce, and the Association of Electronics Developers and Manufacturers, as well as several lenders. The selected […]
Update – September 18 Alexsei Mozhin, the IMF’s executive director for Russia, has stated that the IMF’s leadership has now scrapped plans to begin a review of the Russian economy this week, because the mission was “technically not ready”. The IMF is understood to have come under pressure from European member states not to visit […]
The Digital Ruble will be in use across Russia in less than a years’ time, as the Central Bank has issued instructions to Russia’s systemically important lending institutions to allow clients the option to conduct transactions in Digital Rubles by July 1, 2025. The regulator has sent the corresponding proposals on amending the legislation to […]
Some Russian businesses have begun using gold to pay Chinese suppliers to get around US sanctions and threats of sanctions against Chinese banks affecting Russia-China bank transfers. The alternative solution means that gold is purchased in Russia, transported by private courier to Hong Kong, where it is sold, and the cash is deposited into the […]
Russian-owned multinationals (MNCs) are relocating to friendlier jurisdictions, with another two businesses announcing redomiciling plans this past week. Both are representative of the new, more financially attractive options available for them. Qiwi Qiwi provides payment and financial services in Russia and CIS countries. The group includes QIWI payment systems, QIWI Bank, CONTACT money transfer system, […]
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