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Business

Fuel Shortage Hits Crimea's Tourism Industry as Summer Bookings Canceled

Yet some industry participants argued that it was too early to declare the tourist season a failure.

Russia's Steel Output Falls to 15-Year Low as Sanctions, Weak Demand Bite

Steel output declined to 67 million metric tons last year, down 12% from pre-war 2021 levels.
3 Min read

Russian Lawmaker Calls for Terrorist Designation for SpaceX as Company Readies Blockbuster IPO

SpaceX has provided Starlink satellite internet terminals to Ukraine since the early stages of Russia's full-scale invasion.
2 Min read

VK Executives Received Multimillion-Dollar Bonuses Despite Years of Losses, Report Says

The technology group remains deeply unprofitable despite receiving substantial state support.
2 Min read

Russia Confiscates $7.6Bln in Assets in Largest Nationalization Yet

The Kremlin's campaign to bring private assets under state control has already transferred businesses worth an estimated $89.7 billion to government ownership...
2 Min read

Russian Oil Output Falls for Sixth Straight Month as Ukrainian Drone Attacks Hit Infrastructure

The decline leaves Russia producing about 690,000 bpd below its OPEC+ quota, according to Bloomberg calculations based on OPEC data.
2 Min read

Russian Tax Relief to Bypass 1.5M Small Businesses on Patent Regime

The number of businesses benefiting from the VAT threshold freeze will be significantly smaller than the number excluded from the measure.
3 Min read

Russian Fashion Retailer Gloria Jeans Moves Headquarters to Dubai After Shutting Factories

The relocation comes as Gloria Jeans restructures its business amid declining sales, shrinking profitability and the closure of both factories and stores...
2 Min read

Russia Says No Budget Crisis Despite Deficit Exceeding Annual Target

"We do not believe we have a budget crisis," Deputy Finance Minister Irina Okladnikova said. "The budget is being executed according to schedule."
2 Min read

Russian Economists Raise Questions Over Industrial Output Data

Since the start of the year, assessments of Russia's industrial growth have diverged sharply from figures published by state statistics agency Rosstat...
3 Min read

Third Government Auction Fails to Sell Stake in Russian Gold Miner

Since May, the Russian government has been trying to sell a 67.2% stake in the Yuzhuralzoloto Group of Companies.

2 Min read

Russian Oil Firms Receive Nearly $10Bln in State Subsidies as Refinery Disruptions Mount

Analysts at Raiffeisenbank said the increase in compensation payments reflects growing difficulties in the refining sector.
3 Min read

Russian Urals Oil Returns to Discount as Asian Refiners Cut Purchases – Reuters

The discount marks a sharp reversal from April and May, when Urals crude traded at premiums of $7-$8 per barrel to Brent.
1 Min read

Russian Stocks Slide to Lowest Level Since October as Hopes for Ukraine Peace Deal Fade

Investment analysts note that the MOEX’s 14-week slide has already surpassed its historic losing streak during the 2008 global financial crisis.
1 Min read
News Analysis

Cracks in Russia’s Economy Shine Through at SPIEF

Amid the spectacle of Russia's centerpiece business event, top executives and officials hinted at growing unease about the state of the economy.
5 Min read

In Photos: Russia Flaunts Mascots, Cars and Patriotism at Its Premier Economic Forum

SPIEF's elaborate displays and events were aimed at projecting confidence despite Western sanctions and diplomatic isolation over the invasion of Ukraine...
1 Min read

Putin Talks Multipolarity and Shrugs Off Economic Pain at ‘Russian Davos’

The president’s address bore a striking similarity to his speech last year, once again touting BRICS and framing Russia’s economy as resilient.
3 Min read

Swedish Court Clears Transfer of Detained Cargo Ship to Ukraine

Ukraine requested the vessel's transfer as part of an investigation into alleged war crimes involving the appropriation and removal of property from territories...
2 Min read

Japanese Officials Meet Russian Counterparts Over Corporate Assets – Bloomberg

Japanese officials also attended an event involving Russian energy, metals and fertilizer companies.
2 Min read
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