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The IMF Changes Its Rules To Isolate China And Russia
By Michael Hudson A nightmare scenario of U.S. geopolitical strategists is coming true: foreign independence from U.S.-centered financial and diplomatic control. China and Russia are investing in neighboring economies on terms that cement Eurasian integration on the basis of financing in their own currencies and favoring their own exports. They also have created the Shanghai Cooperation … Continue reading
Meet The Press: Vladimir Putin’s Annual News Conference
Russian President Vladimir Putin held his annual press conference on Thursday with Russian and international journalists in Moscow. The 3 hour and 10 minute press conference was broadcast live by Rossiya-1, Rossiya-24 and Channel One, as well as Mayak, Vesti FM and Radio Rossii radio stations. The following is a transcript of the press conference, courtesy of the Kremlin. President of Russia Vladimir … Continue reading
De-Dollarization: Russia Wants Firms To Default On Western Loans, Ban Firms From Using FX/FX Loans
By Pepe Escobar Let’s start with some classic Russian politics. Finance Minister Anton Siluanov is drawing up Russia’s economic strategy for 2016, including the government budget. Siluanov – essentially a liberal, in favor of foreign investment – will present his proposals to the Kremlin by the end of this month. So far, nothing spectacular. But then, … Continue reading
Falling Oil Prices Hurt Russia More Than Sanctions
By Ante Batovic As oil prices continue to go south and emerging markets remain in turmoil, Russia is struggling to keep its sanction-affected economy floating. For years, the Russian economy enjoyed stable growth rates supported by high commodity prices – oil and gas, in particular. Everything changed in 2014, when a combination of Western sanctions … Continue reading
Russia Is Going To Pass A Law Formally Dumping The U.S. Dollar
By Michael Snyder Russian President Vladimir Putin has introduced legislation that would deal a tremendous blow to the U.S. dollar. If Putin gets his way, and he almost certainly will, the U.S. dollar will be eliminated from trade between nations that belong to the Commonwealth of Independent States. In addition to Russia, that list of … Continue reading
Market Meltdown Means More Pain For Oil-Producing Economies
By Zachary Fillingham Supply-side downward price pressure has been the story of global energy prices over the past year: newfound supply from the Shale Revolution, OPEC’s gambit of market-share grabbing inundation, and new supply coming online from Iraq and soon Iran. The result was a plunge in oil prices from $115 in mid-June 2014 to below … Continue reading
In Russia, The Auto Industry Is In A Tailspin
By Daniel Schearf Russia’s auto industry appears to be in reverse along with the contracting economy and sliding ruble. At the opening of the International Moscow Automotive Forum this week, a Russian business association representative spoke openly about the crisis facing industry leaders, his concern echoing industry insiders who say the country relies too heavily on … Continue reading
Sanctions Could Cost Russia 9% Of Its Economic Growth, IMF Says
By IMF Russia’s economy is expected to contract by 3.4 percent in 2015, although growth should return in 2016. Medium-term growth prospects are modest due to slow progress in implementing structural reforms, according to the IMF’s latest economic health check. The dual external shock of lower oil prices and geopolitical tensions are key factors exerting … Continue reading
Russia Overtakes U.S. And China In Manufacturing Competitiveness Amid Cheaper Oil, Ruble: BCG
Russia has overtaken the United States and China in terms of manufacturing competitiveness helped by a fall in oil prices and the country’s currency, according to a report by the Boston Consulting Group (BCG). The report from BCG evaluates the competitiveness of the world’s top 25 export economies, which account for nearly 90 percent of world exports … Continue reading
Russia, China Deepen Stock Exchange Ties
Russia’s largest exchange group the Moscow Exchange (MOEX) and the China Financial Futures Exchange (CFFEX) signed an Memorandum of Understanding (MoU) on Thursday that will help further develop financial ties between the countries. The MoU signed by both exchanges aims to strengthen the bilateral partnership and facilitate the development of both parties through information sharing, reciprocal … Continue reading
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