Economy
‘Silent’ tech layoffs despite massive labour shortages Paid Members Public
As the year comes to an end, Russian companies are laying off IT staff. Back in 2022, the government and employers were bending over backwards to keep them in the country, offering exemption from military service, preferential mortgages and pay rises. But two-decade-high interest rates are taking a toll: despite
Ruble stabilizes after latest sanctions slump Paid Members Public
The ruble has recovered from a sudden devaluation last month, which was largely tied to liquidity problems in the wake of US sanctions against dozens of Russian banks — chiefly Gazprombank. The value of the currency against both the dollar and the yuan, on various measures, had reached its worst level
New U.S. sanctions push the ruble to its lowest since spring 2022 Paid Members Public
The United States has imposed the most wide-reaching range of banking sanctions on Russia since spring 2022 (read more here), hitting leading state institution Gazprombank, which had remained connected to SWIFT and conducted settlements in euros. The fallout of the potential disruption on Russia’s energy trade pushed the ruble
Russia’s authorities squeeze exiled critics’ income Paid Members Public
The authorities are looking to strip income for Russians who criticize the Ukraine invasion from abroad. For celebrities and artists, that means no more royalty payments, while for others it could mean halting any income they get from renting out property. * Many prominent Russian artists who left the country after
Can we trust Russian economic statistics? Paid Members Public
Since the start of the war, the Russian authorities have classified heaps of important statistical and economic data. For the third year in a row, Moscow is not publishing figures on imports, exports, foreign trade, gold and foreign exchange reserves, or oil production. But can the data that Moscow still
The Central Bank readies another rate hike Paid Members Public
There is little doubt that the central bank is gearing up to raise its key interest rate in its next meeting on Friday. Currently set at 19%, it’s expected to be hiked to 20-21% — matching or surpassing the emergency interest rate introduced days after Russia invaded Ukraine. This time
Putin’s new passion: boosting Russia’s flagging birth rate Paid Members Public
The bleak demographic prospects for Russia’s near future have prompted the authorities into fresh action, with new legislation set to come into force to try to boost the country’s low birth rate. Last week, a bill banning “childfree propaganda” passed the first of three readings in parliament. The
Calls for childless tax Paid Members Public
Weeks after advancing a bill to ban “childfree ideology,” several Russian figures have started calling for a tax to be introduced on couples that do not have children. It is the latest proposal that advocates say will address the country’s war-related demographic problems and fits into a deepening conservative
