EMerging Equity
Russia and the global economy
Russia Cuts US Debt Holding By More Than 40% Over Year
Russia held US Treasury bills worth $66.5 billion as of April this year, according to the latest monthly report from the US Treasury. That compares with the $116.4 billion held a year ago. From March to April 2015, Russia sold $3.4 billion in US Treasury bonds, reported US Department of the Treasury Monday. Since August 2014, … Continue reading
Russia To Help Egypt Build ‘A Whole New Nuclear Power Industry’ – Putin
Russia will contribute to building “a whole new nuclear power industry” in Egypt, President Vladimir Putin has announced as the two countries have signed a number of agreements after a meeting in Cairo. The leaders of Russia and Egypt have signed “a memorandum of understanding to build the first nuclear plant in [the northern city … Continue reading
Egypt To Join Russia-Led Eurasian Free Trade Zone
Egypt has established a free trade zone with the Russian-led Eurasian Economic Union, which includes Russia, Armenia, Belarus, and Kazakhstan, president Sisi of Egypt announced at a joint news conference with Russian President Vladimir Putin. “We have reached an agreement to establish a free trade zone between Egypt and the Eurasian Economic Union,” Egyptian President … Continue reading
Moscow And Ankara To Trade In National Currencies – DenizBank
Russia and Turkey are working towards trade payments in national currencies, according to the president and CEO of Turkey’s DenizBank, Hakan Ates. “We are ready to do everything to facilitate the transition to payments in national currencies. Such a transition is possible but our central banks have to make this decision. We’re already working in … Continue reading
Ruble Sinks To New Record Low As WTI Nears $44
The volatile ruble has hit a fresh low against the US dollar, trading at 69 per 1 USD after the Russian currency lost 2 percent of its value in opening trading hours in Moscow. Since the beginning of the year, the ruble has lost nearly 15 percent of its value, in tandem with plunging oil … Continue reading
Russia’s PM Signs Multibillion Dollar Anti-Crisis Plan
Russian Prime Minister Dmitry Medvedev has signed a one-year anti-crisis plan designed to stabilize the economy. The document includes 60 measures and will cost at least $35 billion (2.3 trillion rubles). The final cost hasn’t yet been calculated but the official statement published Wednesday shows that as for now the Government is going to spend … Continue reading
S&P Downgrade ‘Groundlessly Pessimistic’ – Russian Finance Minister
The downgrade of Russia’s credit rating by S&P is unreasonable, as the agency didn’t consider the country’s anti-crisis plan, and the strong economy with its large reserves and extremely low public debt, said Russian Finance Minister Anton Siluanov. Siluanov says he does not think the move will lead to a sharp decline in the share … Continue reading
Russian Politicians And Bankers Think Oil Will Reach $60-$80 In 2015
An average oil price in 2015 will probably be in the range of $60 to $80 a barrel, say leading Russian politicians and bankers talking at the Gaidar Economic Forum in Moscow. The Head of Sberbank German Gref suggests oil will return to the level of $60-70 a barrel in the near future. “I do … Continue reading
Gazprom Becomes 100% Owner Of Abandoned South Stream Gas Pipeline
Gazprom has bought out the shares of South Stream Transport BV, a company that was in charge of the construction of the cancelled gas pipeline marine section. Italy’s Eni, Wintershall of Germany, and France’s EDF have decided to withdraw from the South Stream project. They have sold their shares to Gazprom, which already owned 50 percent … Continue reading
Sanctioned: Visa, MasterCard Suspend Servicing Russian Banks in Crimea
MasterCard and Visa have suspended service for Russian banks in Crimea, saying the decision complies with US sanctions. “According to the US sanctions imposed against Crimea on December 19, 2014, Visa currently cannot provide services and offer their products in the Crimea. This means that we can no longer issue or accept bank cards in … Continue reading
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