Sberbank to Start Operations in Crimea

Sberbank will open its offices on the Crimean peninsula already in the first half of 2023, according to its press service. As reported by the representatives of Sberbank, a team of specialists has been formed and new ATMs have been installed.

Sberbank Raises Mortgage Rates Again

On January 10, Sberbank announced an increase in interest rates on mortgage programs. This applies to both the purchase of housing in a new building, as well as in the secondary market. According to the credit institution, the rates have increased by 0.5 percentage points, and now the countdown starts at 10.9% per annum.

Putin Signed Decree on Countermeasures to Introduction of Russian oil Price cap

The decree of Russian President Vladimir Putin on the response to the introduction of the ceiling on Russian oil prices was published on the official Internet portal of legal information.

Finance Minister Ties up Falling Ruble to Increased Imports

Weakening of the ruble is due to the fact that Russia began to import more goods, said Russian Finance Minister Anton Siluanov. According to him, those restrictions on oil and gas prices, adopted by the countries of the European Union, have mainly a moral impact on market actors.

North-South is Logistics Route of Modern era

The Russian government is analyzing the idea of creating a shipping state company for the North-South international transport corridor (ITC.) The form of such company is being discussed and variants of participation of the state and business as well as shipping companies and ship-owners are being analyzed.

Finance Ministry Approves Criteria for Sale of Assets by Foreigners

A subcommittee of the Ministry of Finance, which has been given the right to authorize transactions with foreign companies, has approved the criteria allowing foreigners to sell Russian assets.

Khanty-Mansiysk Autonomous Region Waste Public Money

The Khanty-Mansiysk Autonomous Region, like other regions of Russia, has got also the problems of unfinished construction projects. Some of them have not been completed for decades.

Price cap on Russian oil to not Bring Down Russian Financial System

Minister of Finance of Russia Anton Siluanov said that the federal budget deficit by the end of 2022 will be about 2% of GDP, which will be covered by borrowing.

Putin Signs ‘Most Complicated’ Budget in Recent Years

Russian President Vladimir Putin has signed the law on the budget of the country for the next three years (2023 – 2025.) Earlier, this document had already been approved by the State Duma and the Federation Council.

GDP Decline may be About 3%, Said Prime Minister

The year-end GDP decline is expected be about 3%, said the Russian Prime Minister Mikhail Mishustin at a meeting on economic issues. The worst-case scenario, voiced by some experts in the first half of the year did not come true, and no double-digit production decline is expected.

Sanctions not Affecting Rise in Turnover Between Russia and China

As reported by the media, in 2022, imports from China to Russia of special equipment, including excavators, trucks and tires, increased significantly but the volume of purchases of smartphones and computers decreased, according the data provided by China.

Car Assembly at Moskvich Plant to Begin Next Week

Moscow Mayor, as reported by RIA Novosti, announced that as early as next week at Moscow-based Moskvich plant will start assembling cars. Sergey Sobyanin expressed the hope that next year the company will assemble as many cars as Renault assembled in Moscow before it left the Russian market.

Increase in Cement Imports may Lead to Closure of Number of Russian Plants

Cement supplies to Russia from Belarus increased sharply in the third quarter of this year, as reported by RBC. In the first two months of the third quarter alone, more than 434,000 of cement were delivered to Russia from the union state, which is 61% more than in the same period last year.

Russia Needs Accelerated Structural Economic Conversion, Says Central Bank Head

The situation in the global economy has got worse, said Elvira Nabiullina, the chairwoman of Central Bank of Russia, at the meeting of the relevant committees of the State Duma held the day before.

West's Sanctions are Backfired

The Western anti-Russian sanctions did not work, according to analysts from the Brussels-based Brugel Center and the U.S.-based International Finance Institute (IIF.)