Russia’s Nabiullina Signals New Rate Cut, Returns to 2024 Inflation Target

Russia’s economy cannot survive indefinitely on its financial reserves and will have to transform to deal with the impact of international sanctions, Central Bank Governor Elvira Nabiullina said on Monday, pointing to a further rate cut. In his most significant speech since Russia sent its forces into Ukraine on February 24, Nabiullina said it would … Read more

“Russia needs 2 years to return to the inflation target under sanctions”

Russia’s economy cannot survive indefinitely on its financial reserves and will have to transform to cope with the impact of international sanctions, Central Bank Governor Elvira Nabiullina said on Monday. In his most significant speech since Russia sent its forces into Ukraine on February 24, Nabiullina said it would take until 2024 for inflation to … Read more

Russia’s economy braces for biggest contraction since 1994, says Kudrin

Russia’s economy is on track to contract by more than 10% in 2022, the biggest drop in gross domestic product (GDP) since the years after the fall of the Soviet Union in 1991, former Finance Minister Alexei Kudrin said on Tuesday. Russia faces skyrocketing inflation and capital flight as it grapples with a possible debt … Read more

The clock is ticking as Russia faces an almost inevitable default

Russia is facing its first sovereign external default in more than a century after it arranged to make an international bond payment in rubles last week, even though the payment was due in US dollars. The credit rating agency Standard & Poor’s (S&P) on Saturday downgraded Russia’s foreign currency ratings to “selective default” amid rising … Read more

Russia’s FX payments in ‘selective default’: S&P

Credit rating agency S&P Global Ratings on Saturday downgraded Russia’s foreign currency payments rating to “selective default” after Moscow paid off a dollar-denominated debt in rubles this week. The agency does not expect that investors will be able to convert ruble payments to dollar equivalents of amounts originally owed or that Russia will convert payments … Read more

EU puts Putin’s daughters on sanctions list

The European Union has put Russian leader Vladimir Putin’s daughters, Ekaterina Tikhonova and Maria Vorontsova, on the sanctions list as the war between kyiv and Moscow continues, according to a document published in the EU’s official journal on Friday. Since the start of the war in Ukraine, the EU has blacklisted some 700 people linked … Read more

Russian ruble appears to recover value despite Western sanctions

Following the massive devaluation in the wake of Russia’s military offensive in Ukraine, the ruble appears to have made a dramatic comeback due to energy exports and strict capital controls. But analysts warn that success is artificial in many ways and does not bode well for the health of the Russian economy. The February 24 … Read more

Russian car sales plummet as the West hits the Kremlin with sanctions

Moscow’s invasion of Ukraine continues to hurt the Russian economy as new car sales in the country plummeted by nearly 63% in March compared to the same month in 2021, data revealed on Wednesday. , amid parts shortages and company withdrawals triggered by Western sanctions. . The massive drop in the car and light commercial … Read more

Car sales plunge as the West hits Russia with sanctions

New car sales in Russia fell nearly 63% year-over-year in March, industry data showed on Wednesday, as the West hits the country with sanctions over Moscow’s military campaign in Ukraine. The massive drop in the car and light commercial vehicle segment comes after Russian troops entered Ukraine on February 24, prompting harsh Western sanctions, including … Read more

Russia says it has fully paid off a coupon on $102 million in Eurobonds due in 2035

Russia’s Finance Ministry said on Tuesday it paid in full a coupon on the country’s Eurobonds due in 2035, its third payment since unprecedented Western sanctions cast doubt on Moscow’s ability to service foreign currency debt. . The ministry said it had channeled $102 million for the Eurobond coupon payment to Russia’s National Settlements Depository … Read more