To cut or not? Central bank faces tough choice 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 get behind the dilemma facing Russia’s central bank — whether to carry on cutting rates even as inflation creeps higher. Can the central
All eyes on inflation again PRO Members Public
Prices have already risen by almost 2% since the start of the year. Although data shows the pace of inflation on a weekly basis has slowed from the very high rate of 1.2% to 0.19% (Jan. 20-26), the economic authorities are still on high alert. * Prices are rising
Waging war with the poor 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 reveal our research into how regional poverty levels correlate with death rates in the Russian army, and explore what the slowing economy could
Starting the year in the red PRO Members Public
Russia kicks off the year with a significant budget deficit, Deputy Finance Minister Vladimir Kolychev has warned. Weak oil-and-gas revenues as well as start-of-year advance payments are putting pressure on Moscow’s coffers from the off. But this year’s problems seem more intense than usual. * Oil remains cheap and
Six lessons for Russia from the Iran protests 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 explain what the Kremlin learned from the Iranian protests and how Moscow could strive to avoid a similar uprising. We also review the
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
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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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