L'économie
Is the West’s oil price cap working? Paid Members Public
In the 18 months since it was introduced, the oil price cap has become one of the more controversial Western sanctions slapped on Russia since it invaded Ukraine. Moscow and its oil clients have found it easy to circumvent the measures and Russia’s Urals blend of crude oil has
Authorities scramble to curb rising egg prices Paid Members Public
The price of eggs has risen sharply recently, prompting Russian authorities to intervene to bring the market back under control. Prices started climbing back in the fall and in December shops throughout the country were left with empty shelves amid panic buying and soaring demand. After simmering for weeks, the
How Putin's economic aide cherry-picks data for his reports Paid Members Public
Maxim Oreshkin, Vladimir Putin’s economic aide, gave a major interview to the Moskovsky Komsomolets tabloid last week, in which he spouted figures showing that all is well in the Russian economy. He rarely resorted to using outright lies to make his argument, but he did cherry-pick and manipulate some
Troll farms and sanctions: Russian opposition gripped by libertarian activist’s questionable reporting Paid Members Public
Over the past week, two big talking points have emerged around the Russian opposition — both triggered by political activist Mikhail Svetov, founder of the Russian Libertarian Party, which has found a niche among young Russians on Twitter. First, Svetov’s SVTV News reported on how leading Russian economists helped to
Back to the pandemic — Russian stats body delays bad news publications Paid Members Public
Rosstat, Russia’s statistics agency, appears to be reverting to its pandemic-era practice of delaying the publication of statistical reports. Last week, Rosstat withheld the release of its latest socio-economic report which included information on soaring inflation levels across the country, until well into the evening. * Last week, Rosstat delayed
Central Bank tips economy towards recession to stem inflation Paid Members Public
The central bank has reacted aggressively to surging inflation, the falling ruble and the imminent increase in government spending. It hiked the base rate on Friday by two full percentage points, from 13% to 15%, and signalled there was little likelihood of rates coming back down again before spring or
Russian authorities start winding down the preferential mortgage program Paid Members Public
Avec l'augmentation du taux de base de la Banque centrale russe, les autorités russes ont commencé à durcir les conditions d'accès aux prêts hypothécaires préférentiels et familiaux. Auparavant, ce programme permettait aux Russes de bénéficier de prêts subventionnés pour acheter des maisons. Le programme consomme des fonds budgétaires de plus en plus importants, mais les autorités ne sont pas satisfaites.
Why is the exchange rate so important to Russians and to the Kremlin Paid 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
Russian Central Bank takes emegency measures as the ruble plummets Paid 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,
Falling ruble forces Russia to abandon its own budget principles Paid Members Public
The Russian ruble has continued its steep decline, reaching 95 rubles against the dollar and 105 against the euro this week. For Russians, this is more than the usual psychological blow (many are used to using the exchange rate as a barometer for the economy’s fortunes): it is a
