In a classic example of how convoluted and opaque the US sanctions upon Russia can be, the American iphone manufacturer Apple has paid a ₽1.18 billion (US$12.3 million) fine to the Russian government after a court in Moscow found the US tech giant guilty of abusing its dominant market position through its App Store. FAS, […]
Apple Pays Multi-Million Dollar Anti-Trust Fine To Russia Read More »
Russia’s largest lender Sberbank made a record net profit of ₽1.5 trillion (US$16.3 billion) in 2023, as Russia’s financial sector recovers from western sanctions. Sberbank’s IFRS full-year results, published on February 28th 2024, showed a more than fivefold increase in profits on the previous year, primarily achieved through a high level of lending activity. It
Russia’s Sberbank Made Record Annual Profits in 2023 Read More »
Russia’s finance ministry has set terms for a proposed swap of Russian and western investors’ frozen assets in each other’s jurisdictions, allowing each side to claw back value lost to sanctions. Moscow hopes the potential exchange, announced by the ministry on March 11, will unblock ₽100 billion (US$1.1 billion) in European securities, mostly owned by
Russia Proposes US$1 Billion Asset Swaps with Western Investors Read More »
The Financial Times has reported that demand to move goods from Asia to Europe by rail via Russia has soared since the start of the Red Sea crisis, according to logistics companies and rail operators, providing a boost to RZD, Russia’s state-owned rail monopoly. Germany’s DHL said requests to transport goods on the Russian rail
2024 Red Sea Shipping Problems See Russian Rail Transit Demand Increase 40% Read More »
Private investor activity on the Moscow Exchange (MOEX), Russia’s largest stock market, reached an all-time high in February 2024, according to the exchange. A total of 4.1 million individuals conducted transactions on the exchange last month. During this period, they invested 74.2 billion rubles (US$820 million), an 11% increase year-on-year. The vast majority of investments
Moscow Exchange Reports Record Transactional Activity by Private Investors in February Read More »
Russia has approved a list of states whose bankers and brokers can now take part in currency trading in Russia. This list of “friendly and neutral” countries allowed to trade on the country’s currency exchange market, was released in early February this year and is exclusive to countries who have not signed up to Western
Russia Approves “Friendly States” List Of Bankers & Brokers Able To Trade In Forex Read More »
The head of the Russian cabinet, Mikhail Mishustin, has signed off the approval for the Northern Sea Route development plan, to be completed by 2035. It is one of Russia’s largest development projects and will be financed to almost 2 trillion rubles (US$22 billion) A National Transport Artery The NSR development plan includes more than
Russia Approves North Sea Development Plan To 2035 Read More »
A new deep sea port and terminal is to be constructed in Russia’s northern Arkhangelsk Port, according to the key provisions of the Comprehensive Development Plan of the Arkhangelsk Transport Node. The plan details Arkhangelsk development to 2035. The full text of the document (in Russian) can be found here. The construction of the new
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