Economy

Russia ends subsidized mortgages, leaving a housing bubble and inequality behind Members Public

On July 1, Russia halted its preferential mortgage program after awarding loans to millions of people at interest rates of up to 8% — half the Central Bank’s current base rate. The program was first introduced to support the real estate market during the Covid pandemic, but ultimately proved hugely

The Bell
Economy

The hidden reasons behind Russia’s mega tax rises Members Public

Last month Russia’s finance ministry officially unveiled plans for the country’s biggest tax “reform” in over 20 years. The changes will mean higher taxes for business and Russia’s middle class. The Bell spoke to economist Oleg Buklemishev, a former head of the finance ministry’s department of

The Bell
Economy

A ‘competitive’ tax rate? Members Public

Finance Minister Anton Siluanov keeps saying that even after income tax rates go up, Russia’s tax regime will remain “competitive and comfortable.” It is true that Russia’s headline rate of personal income tax rate was, and will remain, low compared with other countries. But those who paid close

The Bell
Economy

When is a tax rise not a tax rise? When Russian propaganda talks about it Members Public

Russia’s finance ministry last week officially put forward its proposals to “reform” the country’s tax system. The key change is the introduction of new progressive income tax bands, which will significantly raise taxes on the salaries of the country’s top earners. Businesses, too, will face a greater

The Bell
Economy

Is the West’s oil price cap working? 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

The Bell
Economy

Authorities scramble to curb rising egg prices 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

The Bell
Economy

How Putin's economic aide cherry-picks data for his reports 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

The Bell
Economy

Troll farms and sanctions: Russian opposition gripped by libertarian activist’s questionable reporting 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

The Bell
Economy
Support The Bell!

The Bell's Newsletter

An inside look at the Russian economy and politics. Exclusively in your inbox every week.