No insulation from nationalization PRO Members Public
Vladimir Putin has signed a decree seizing another asset from another foreign owner. The latest victim of the Russian authorities was Denmark’s Rockwool, which owns four enterprises producing heat and sound insulation materials. The Bell discovered the assets were handed to the management of a division of state defense
Russia’s hidden economic weak points: What to watch in 2026 PRO Members Public
Hello! Welcome to your weekly guide to the Russian economy, written by Alexandra Prokopenko and Alexander Kolyandr and brought to you by The Bell. This week we run through ten potential signs of stress in the Russian economy, highlighting what to watch in 2026 as the war drags into its
Foreign banks in Russia after four years of the war PRO Members Public
After the invasion of Ukraine and the sanctions shock of 2022, foreign banks massively reduced or completely halted their operations in Russia. The vacant market niches were quickly occupied by Russian players, but a significant number of foreign subsidiaries continue to do business in Russia, albeit in a very different
The cost to Russia of losing Maduro PRO Members Public
Hello and Happy New Year! Welcome to your weekly guide to the Russian economy, written by Alexander Kolyandr and Alexandra Prokopenko and brought to you by The Bell. In our first newsletter of 2026, we look at how the US campaign against Venezuela is creating a painful headache for Russia.
How Russia’s economy changed in 2025 PRO Members Public
Hello! Welcome to your weekly guide to the Russian economy, written by Alexandra Prokopenko and Alexander Kolyandr and brought to you by The Bell. This week we bring you a state of the nation rundown, a look at the condition of Russia’s economy as it enters 2026. Thank you
Central Bank prepares end-of-year cut PRO Members Public
Next week the Central Bank will take its final interest rate decision of the year, likely cutting borrowing costs by at least 50 basis points, to 16%, amid slowing inflation. * The last meeting of the year is scheduled for Dec. 19. At the previous meeting on Oct. 24, the board
Final battle for Russia’s frozen billions PRO Members Public
Hello! Welcome to your weekly guide to the Russian economy, written by Alexander Kolyandr and Alexandra Prokopenko and brought to you by The Bell. This week we look at the battle over whether the EU will channel Russia’s frozen assets to Ukraine — and how Moscow is already responding. Edited
What might Putin bring back from India? PRO Members Public
Vladimir Putin went to India for his first visit since 2021. India is one of Russia’s key political and economic partners, but pressure from Western sanctions is hitting both trade and diplomatic relations. Putin’s visit is intended to revive them. * The United States is trying to knock India
EU puts Russia on financial blacklist PRO Members Public
Hello! Welcome to your weekly guide to the Russian economy, written by Alexander Kolyandr and Alexandra Prokopenko and brought to you by The Bell. This week we analyze the EU’s decision to put Russia on its financial blacklist, and what Putin hopes to bring back from his trip to
A strange rise in productivity PRO Members Public
Amid a general slowdown in industrial output, especially manufacturing (which we discussed last week), Russia’s federal statistics agency Rosstat unexpectedly reported a sharp rise in production and manufacturing, including military-related industries, in October. A slight increase in corporate lending does not seem to explain the surge. * According to Rosstat,
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The Bell was founded in 2017 by journalists Elizaveta Osetinskaya, Irina Malkova and Peter Mironenko as a news outlet independent from the Russian authorities, after its founders have been sacked as top editors at the largest Russian news website RBC because of pressure from the Kremlin.
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