Economy
Does Russia really face a wave of bankruptcies Paid Members Public
Amid the central bank’s aggressive interest rate hikes last year – taking the key rate to a two-decade high of 21% – the industrial lobby, joined by sympathetic economists, has been increasingly warning of a wave of bankruptcies as over-exposed industries struggle to service their debts. We took a look at
Russia’s economy risk freezing over Paid Members Public
Russian economic activity is showing a slowdown not only in manufacturing, but also in the service sector — early signs of an impending hit to growth after 2024’s robust expansion of 4.1%. * The monthly PMI index — a closely watched indicator of business activity — recorded a slowdown in both the
Daron Acemoglu talks to The Bell about Putin, Zelensky and Trump Paid Members Public
Daron Acemoglu, one of the most cited economists in the world, received the Nobel Prize for Economics last year alongside his team for their research into how institutions affect well-being. Three years of war in Ukraine has finally ended the idea of institutions in Russia – but neither the government nor
How Russians assess their life after three years of war Paid Members Public
Three years of fighting in Ukraine have seriously affected the lives of Russian residents, sociologists say. Day-to-day life got worse for more than half the population, and more than a third found their financial circumstances have deteriorated. * 54% of Russians said that the war had a negative effect on their
High interest rates could trigger wave of bankruptcies, says think tank linked to defense minister Paid Members Public
The Center for Macroeconomic Analysis and Short-Term Forecasting—which has deep connections to Defense Minister Andrei Belousov—has predicted a wave of bankruptcies if high interest rates stay in place. Alongside arms manufacturers and big businesses, the think tank is one of the main lobbyists calling for lower borrowing costs.
How a billionaire Armenian separatist leader, now on trial in Azerbaijan, made his fortune in Russia Paid Members Public
Some 18 months after regaining control over the Nagorno-Karabakh region, Azerbaijan has begun putting the former leaders of the breakaway pro-Armenian republic on trial. The most high-profile among them is Ruben Vardanyan, an investment banker who managed the finances of the Russian elite before giving it all up in an
‘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
