THE BELL WEEKLY: The richest Russian gives an exemplary statement about the mood of the oligarchs PRO Members Public
This week’s big story was Andrei Melnichenko; the richest man in Russia spoke in detail about the war and sanctions in an interview with FT. Melnichenko’s interview must be bookmarked as an exemplary statement about the mood among leading Russian business figures. It is far more representative than
THE BELL WEEKLY: Prigozhin’s legacy PRO Members Public
Hello! This week we explore the fallout from Yevgeny Prigozhin’s dramatic death last Wednesday. In this newsletter, we’ll explore how a restaraunt owner from St. Petersburg became one of the most powerful businessmen in Russia, and what will happen to his businesses now he’s gone. Who will
A Broker Popular with Russian Investors Is Accused of Dodging Sanctions PRO Members Public
On Aug. 15, activist short sellers from Hindenburg Research accused Freedom Holdings, a broker popular with Russian investors, of falsifying reports and circumventing sanctions. Hindenburg’s sources said that Freedom’s clients brought suitcases stuffed with cash, and its employees broke the law to launder millions of dollars of dirty
Russia Loses its First-Ever Lunar Station PRO Members Public
Russia attempted to launch a lunar station for the first time since the Soviet era. The Luna-25 mission was initially planned for the late 90s. But because of a combination of the failure of other space programs, a lack of funding, sanctions, and the collapse of international cooperation in space,
Why is the exchange rate so important to Russians and to the Kremlin PRO Members Public
This summer, Russia is facing its latest currency crisis. On Aug. 11, the dollar broke through the benchmark 100-ruble mark, while the euro was trading at 110 rubles. Its tumbling value has become a hot topic in the Russian media in recent weeks. Ordinarily, foreign exchange rates shouldn’t be
THE BELL WEEKLY: More Than Just an Exchange Rate PRO Members Public
Hello! This week, in our main story we explain why Russians take the ruble exchange rate so personally that its devaluation is a serious political problem for the Kremlin. Then we turn to a failed launch of a Russian lunar station. Finaly, we look at how one of the most
The ruble is a prisoner of Russian politics PRO Members Public
Hello! This is your weekly guide to the Russian economy — brought to you by The Bell. Our main story is about how the Russian ruble this week slumped below 100 to the U.S. dollar, exposing an unusual level of indecision and lack of agreement among officials. Ironically, this all
Tax leaks expose the huge salaries of state company bosses PRO Members Public
A leak of Russian tax data for 2020 enabled researchers to work out the incomes of the directors of two leading state companies – Rosneft boss Igor Sechin, and the head of one of Russia’s biggest banks, VTB’s Andrei Kostin. Both received salaries huge enough to cover the annual
Russian Central Bank takes emegency measures as the ruble plummets PRO Members Public
Russia’s Central Bank, which is also responsible for national monetary policy, is trying to strengthen the falling ruble. Last week, it refused to invest in foreign currency as required by budget rules. But on Monday, as the dollar rate reached 100 rubles for the frst time since March 2022,
Volozh against the war PRO Members Public
Arkady Volozh, co-founder of Russian tech giant Yandex, spoke out last week against “Russia’s barbaric invasion of Ukraine.” His statement came after 18 months of silence during the war, surprising Yandex, where Volozh is the de jure boss as part of a collective management group. Volozh is only the
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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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