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US sanctions helped Russia to boost oil exports

Exports of Russian crude surged last year, with shipments to the US increasing threefold, as Washington tightened sanctions against a number of countries, the Russian Ministry of Economic Development has said. The volume of Russian oil exports was up 3.9 percent, according to customs data for January-November 2019. In a note, seen by business outlet RBC, the ministry said that ... Read More »

Morocco, Turkey agree to review terms of free trade agreement

Morocco and Turkey have agreed to review a free trade agreement signed in 2004 to ensure more balanced trade relations between the two countries, Agence Marocaine De Presse (MAP) reported on Wednesday. Morocco has been threatening to walk out of the agreement since last year over complaints that while Turkish products have flooded into Moroccan markets as a result of ... Read More »

Russia’s Trade Surplus Down To $161.1Bln In January-November 2019

MOSCOW ; Russia’s trade surplus dropped to $161.1 billion in January-November 2019, decreasing by 15.7 percent or $29.9 billion compared to the first 11 months of 2018, the country’s Federal Customs Service said on Tuesday. Russia’s exports dropped by 6.1 percent year-on-year over the given period and totaled $385.2 billion. Countries outside the Commonwealth of Independent States (CIS) accounted for ... Read More »

$100,000 in suspicious iPhones seized on their way to Moscow

When Yulia Radochinskaya landed at New York City’s John F. Kennedy International Airport from Moscow on Dec. 26, she told US Customs and Border Protection (CBP) officers she was in town to buy a cellphone and laptop. Radochinskaya said she worked for an airline, and that she would be staying in the country for three days. But flight manifests showed ... Read More »

Investment By EU Countries In Russia Increasing Despite Sanctions

MOSCOW : European companies are investing in the Russian economy in ever-increasing numbers, despite Brussels continuing to impose sanctions on Moscow, Kirill Dmitriev, the head of the Russian Direct Investment Fund (RDIF), told Sputnik. According to Dmitriev, foreign investment in the Russian economy has increased significantly during the course of the year. “At the start of this year, I forecasted ... Read More »

Russia-Austria Trade Up 6.6% Year-on-Year To Over $5Bln

VIENNA : The trade between Russia and Austria from January to October increased by 6.6 percent compared to the same period last year exceeding $5 billion, Russian Ambassador to Vienna Dmitry Lyubinsky told Sputnik. According to the diplomat, Austria has traditionally been and remains one of Russia’s important economic partners in Europe. “Despite sanctions opposed by the overwhelming majority of ... Read More »

Russian Companies Interested In Working With Iran Regardless Of US Sanctions

TEHRAN : Russian companies are interested in working with Iran on various projects in such sectors of the economy as energy, agriculture, automobile manufacturing and many others despite the punitive US sanctions against Tehran, Rustam Zhiganshin, Russia’s trade representative in Iran, told Sputnik. In May 2018, the United States began the process of reimposing previously lifted sanctions on Tehran after ... Read More »

Russian wheat up for sixth week on strong rouble

MOSCOW : Export prices for Russian wheat rose for a sixth straight week last week due to a stronger rouble against the dollar RUBUTSTN=MCX and demand ahead of Russia’s New Year holiday, analysts said. Black Sea prices for Russian wheat with 12.5% protein content for January delivery rose $6 to $218 per ton on a free on board (FOB) basis ... Read More »

The comeback of kombucha in Russia

In Russia the fermented tea known as kombucha has been around for centuriesBut now it could be making a comeback and manufacturers aren’t sure whether to exploit, or shake, the drink’s Soviet image as the “tea mushroom.” Read More »

Russia & China project trade to hit $110bn this year

Beijing expects trade turnover with Moscow to surpass $110 billion in 2019, setting a new record for trade volume between the two countries, according to a Chinese Ministry of Commerce (MOC) forecast. From January to November, mutual trade between Russia and China stood at 100.32 billion, which is 3.1 percent more than in the same period last year. A new ... Read More »

Russia banned from Olympic Games over doping scandal

MOSCOW, : Russia was banned from the Olympics and world championships in a range of sports for four years on Monday after the World Anti-Doping Agency (WADA) ruled to punish it for manipulating laboratory data, a WADA spokesman said. WADA’s executive committee took the decision after it concluded that Moscow had tampered with laboratory data by planting fake evidence and ... Read More »

Russia-US Trade Up 5.2% Year-on-Year To $21.6Bln In January-October

MOSCOW : The trade between Russia and the United States from January to October has increased by 5.2 percent when compared to the same period last year, totaling $21.638 billion, freshly published statistical data by the Russian Federal Customs Service showed on Thursday. The US has accounted for 4 percent of Russian trade in the given period as opposed to ... Read More »

SportAccord to return to Russia in 2021

Ekaterinburg in Russia has been announced as the host city of the 2021 edition of the World Sport & Business Summit as the country awaits a decision on a potential ban from staging competitions over a four-year period. The event is scheduled to take place from May 23-28, 2021 at the IEC Ekaterinburg-Expo convention centre. Ekaterinburg hosted matches during the ... Read More »

Ukraine will pump Russian gas into storage facilities even without contract

If Ukraine and Russia do not sign a new gas contract, Russian gas will be pumped into Ukrainian underground gas storage facilities from January 1, 2020, as “unspecified owner gas,” Naftogaz’s Executive Director Yuriy Vitrenko has said. He wrote this on his Facebook page in a comment to a post regarding Naftogaz’s response to the proposal of Russian monopoly Gazprom. ... Read More »

former FBI staffer is reportedly being investigated over an altered document in the Russia probe

A former FBI lawyer is being criminally investigated over an altered document related to the 2016 Russia investigation, CNN reported Thursday, citing people briefed on the matter. The allegations are reportedly being levied by the Justice Department’s inspector general, Michael Horowitz, who is expected to release a report on December 9 reviewing the FBI’s actions during the Russia investigation. The ... Read More »

Russia’s VTB plans to expand grain business and then exit – CEO

MOSCOW : Russia’s VTB bank (VTBR.MM), which is expanding in commodities in a bid to create a national grains champion, will exit the sector once it has built up the assets in the next few years, its CEO told Reuters. Andrey Kostin also said in an interview that VTB plans to start trading wheat via its Swiss operation and that ... Read More »

Investing in Russia is a Gamble, Whatever the Government Says

Private investment has become the Russian government’s most longed-for dream. Unless investment triples from its current level, the economy will not see the 3% growth demanded by President Vladimir Putin. For officials, that means the national goal will not be fulfilled, and the government will not meet its KPIs. Conditions for investment in Russia are good right now, the government ... Read More »

Glavgosexpertiza of Russia approves survey findings under project for port construction on Novaya Zemlya

Glavgosexpertiza (Russia’s Main Department of State Expertise) says that its experts have considered and approved the design documentation and engineering survey findings under the project on construction of a port on the Yuzhniy Island of the Novaya Zemlya Archipelago (Arkhangelsk Region) as infrastructure of Pavlovskoye Lead and Zinc Deposit. Pavlovskoye Lead and Zinc Deposit discovered in late 1990-ies is one ... Read More »

Russia Raids a Renowned Physics Institute, and Theories Abound

MOSCOW — The Lebedev Physics Institute in Moscow helped the Soviet Union detonate its first nuclear bomb, figured out how to build a hydrogen bomb and has stood for decades in the vanguard of Russian scientific achievement. Seven of its scientists have won Nobel Prizes. So it came as a shock last week when, shortly before celebrations to mark the ... Read More »

Russia’s Top Startups Meet at Digital Business Space in Moscow

MOSCOW: G8, an open discussion club set up by the Moscow Agency of Innovations in partnership with the Singapore-based investment holding Altergate, will greet investors and startup founders at its sixth weekly gathering at the Digital Business Space on November 7. “We have quite a diverse audience at these meetings: from representatives of corporations and banks to business angels and ... Read More »