Category: Business & Economy

Moldovan president plans to discuss migrants, export liberalization at talks in Russia

Moldovan president plans to discuss migrants, export liberalization at talks in Russia

Moldovan President Igor Dodon and Russian President Vladimir Putin © Mikhail Klimentyev/Russian Presidential Press and Informatin Office/TASS CHISINAU, October 19. /TASS/. Moldovan President Igor Dodon plans to discuss migration and export liberalization during his official visit to Russia on October 31, he said in a televised interview with the NTV-Moldova channel on Friday. “We hope to agree on liberalization for some goods on the Russian market. Also, we will be discussing the issue of our migrants,” Dodon said, noting that he would highlight the issues at his meeting with Russian President Vladimir Putin. In 2017, Russia declared amnesty for Moldovan migrants who violated Article 26 of the…

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US Treasury extends term for US investors to complete transactions with Russia’s GAZ Group

US Treasury extends term for US investors to complete transactions with Russia’s GAZ Group

WASHINGTON, October 19. /TASS/. The U.S. Treasury has extended the term for American investors to complete operations with the shares and debt instruments of Russia’s GAZ Group until December 12, 2018. This was according to a statement by the U.S. Department of the Treasury’s Office of Foreign Assets Control. Earlier the US Treasury extended this term until December 12 for the shares and debt instruments of Russian companies Rusal and En+. On April 6, the US authorities announced sanctions against a number of Russian officials, businessmen and companies. Among them were Russian businessman Oleg Deripaska and associated companies Rusal, Basic Element holdings, En+ and Russian…

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US gas for Europe will be 40% more expensive than Russian, Medvedev says

US gas for Europe will be 40% more expensive than Russian, Medvedev says

BRUSSELS, October 19. /TASS/. Russian gas supplies are politicized by the United States but US gas will be 40% more expensive for Europe, Russian Prime Minister Dmitry Medvedev said on Friday after talks with Belgian Prime Minister Charles Michel. “This issue is highly politicized lately and not by efforts of Russia or Belgium, but by efforts of the United States in the first instance that wags its finger warningly at our European partners and says – do not buy gas from Russians. Why not? This is because the US has its own one,” Medvedev said. US LNG for Europe will require development of infrastructure and…

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OPEC+ participants performed Vienna Agreement by 111% in September, says source

OPEC+ participants performed Vienna Agreement by 111% in September, says source

© REUTERS/Leonhard Foeger MOSCOW, October 19. /TASS/. The performance level of the OPEC+ oil production capping deal was 111% in September, a source in OPEC told TASS after the technical committee meeting in Vienna. This figure was 129% in August. OPEC+ agreement participants made the decision to return the deal performance level from 150% to 100% from July, which actually means the need to increase oil production by 1 mln barrels per day. However, this target has not yet been reached due to a strong decline in oil production in certain OPEC countries. Production is largely increased by Russia, Saudi Arabia, and the UAE. Russia has…

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Russian PM discussed Nord Stream 2 implementation with German Chancellor

Russian PM discussed Nord Stream 2 implementation with German Chancellor

BRUSSELS, October 19. /TASS/. Russian Prime Minister Dmitry Medvedev met Chancellor of Germany Angela Merkel on the sidelines of the ASEM summit and discussed implementation of the Nord Stream 2 project with her. “I had a meeting with Federal Chancellor Angela Merkel. We discussed different issues. Let me frankly say that the Nord Stream was also discussed, certainly. And various statements regarding the Nord Stream that are made overseas,” Medvedev said. In other media

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Russia has not yet received invitation to join SWIFT’s European counterpart – Central Bank

Russia has not yet received invitation to join SWIFT’s European counterpart – Central Bank

MOSCOW, October 19. /TASS/. The Central Bank has not yet received an invitation to join the European counterpart of SWIFT, Chairperson of the Bank of Russia Elvira Nabiullina said on Friday on the air with Rossiya 24 TV Channel. “We believe such concept [of counterpart of SWIFT payment system – TASS] is feasible. As far as the European [initiative] is concerned, this is their project. We have not yet received invitations to participate in it but if they are suddenly received, we will certainly consider them,” Nabiullina said. Russia has already implemented the initiative of creating a payment system being an alternative to SWIFT and…

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Presidents give start to construction project of first NPP in Uzbekistan

Presidents give start to construction project of first NPP in Uzbekistan

© Mikhail Metzel/TASS TASHKENT, October 19. /TASS/. Russian President Vladimir Putin and President of Uzbekistan Shavkat Mirziyoyev give a start to construction of the first nuclear power plant (NPP) in the Republic under the Russian design. Leaders of two countries took part in the ceremony using a videoconference with the future NPP site, TASS reports. The event took place within the framework of the state visit of the Russian President to Uzbekistan. Engineering surveys started on the site after the ceremony. On December 29, 2017, Russia and Uzbekistan signed a cooperation agreement on peaceful use of nuclear energy. The document envisages joint work in a number…

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Pavlovskoye deposit on Novaya Zemlya to mine ores for more than 20 years

Pavlovskoye deposit on Novaya Zemlya to mine ores for more than 20 years

ARKHANGELSK, October 19. /TASS/. Mining at the Pavlovskoye deposit on the Novaya Zemlya archipelago will continue in two stages for more than 20 years to extract all reserves of zinc, lead and silver, Director General of the First Ore Mining Company (a branch of Rosatom) Alexander Lukin told the 6th international forum Arctic Projects: Today and Tomorrow, which opened in Arkhangelsk on Thursday. Earlier, the First Ore Mining Company reported it planned to organize at the Pavlovskoye deposit a complex for mining and processing lead-zinc ores with the annual capacity of 3.5 million tonnes. The Arkhangelsk Region’s Governor Igor Orlor told TASS the deposit’s development…

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Arctic Floating University plans to survey Spitsbergen Archipelago in 2019

Arctic Floating University plans to survey Spitsbergen Archipelago in 2019

ARKHANGELSK, October 19. /TASS/. Participants in the Northern Arctic Federal University’s Arctic Floating University project will survey the Spitsbergen Archipelago in 2019, the University’s press service said. “We plan to have a big complex of sea surveys, to make a few calls on Spitsbergen’s reference points,” the press service quoted the federal university’s Deputy Head on International Cooperation and the expedition’s leader Konstantin Zaikov as saying. “The expedition has not visited the archipelago for a few years: we made surveys in 2013-2014, and now we need to update the earlier data.” During the expedition, the project’s participants will continue studies related to the environment’s pollution…

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PM calls state of Russia-EU economic relations ‘time of missed opportunities’

PM calls state of Russia-EU economic relations ‘time of missed opportunities’

Russia’s Prime Minister Dmitry Medvedev © Yekaterina Shtukina/Russian Government Press Office/TASS BRUSSELS, October 19. /TASS/. Prime Minister Dmitry Medvedev called the current state of economic relations between Russia and the EU “time of missed opportunities.” “The past years have been a time of missed opportunities for economic ties between Russia and the EU,” he said speaking at the ASEM summit. He added that in recent years Russia has managed to do much more in the eastern direction. According to Medvedev, Russian and European businesses have always been closely linked and stressed that Russia and the EU are long-term partners in such areas as energy, trade, industries,…

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Russia and Uzbekistan sign economic cooperation program

Russia and Uzbekistan sign economic cooperation program

TASHKENT, October 19. /TASS/. Russia and Uzbekistan signed an economic cooperation program for 2019-2024 and a plan of action on its implementation, as well as agreed to cooperate in the fields of science, education and mineral resource management following the talks between presidents of the two countries, Vladimir Putin and Shavkat Mirziyoyev, on Friday. Russia’s Lukoil and Uzbekneftegaz signed a memorandum of understanding. The Russian and Uzbek governments signed a cooperation program in the cultural and humanitarian field for 2019-2021. The sides also agreed to cooperate in the textile, garment and knitwear industries, as well as collaborate at the level of labor ministries and national…

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Yandex capitalization down almost $1 bln as trading kicks off on Moscow Exchange

Yandex capitalization down almost $1 bln as trading kicks off on Moscow Exchange

MOSCOW, October 19. /TASS/. Shares of Russia’s largest internet service Yandex lost 10% as Friday trading opened on the Moscow Exchange (MOEX) to 2,011.5 rubles per share, according to the trading data. Meanwhile, the company’s capitalization on the MOEX shrank by 65.36 bln rubles, or $994.5 mln at the exchange rate of the Russian Central Bank for October 19. As of 10:25 a.m. Moscow time, Yandex shares partially recovered losses to 2,069 rubles, down 7.5% since its previous closure. On Thursday, the company’s shares lost 3.25%, dragging its capitalization down by around $335 mln following the publication in Vedomosti daily with reference to sources that…

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Russia, Uzbekistan ink agreements worth $27 bln at interregional forum

Russia, Uzbekistan ink agreements worth $27 bln at interregional forum

TASHKENT, October 19. /TASS/. Russia and Uzbekistan have signed agreements to the tune of $27 bln during the two countries’ first interregional forum underway in Tashkent, Uzbekistan’s Economy Ministry reported on Friday. “Nearly 800 trade and investment agreements and memorandums worth about $27 bln have been signed during the first Russian-Uzbek interregional cooperation forum,” the ministry said. An agreement has been reached on setting up 79 joint ventures, 23 trading houses and creating 20 wholesale distribution centers in Uzbekistan, the ministry added. In other media

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Putin hails development of Russia-China relations

Putin hails development of Russia-China relations

SOCHI, October 18./TASS/. Russia is working on implementation of the agreements with China and is satisfied with the way relations with its neighbor develop, President Vladimir Putin told Yang Jiechi, member of the Communist Party of China (CPC) Central Committee Political Bureau, meeting him after a session of the Valdai International Discussion Club on Thursday. “We in Russia will be working to implement the agreements that we arrived at during a visit of Chinese President Xi Jinping to Vladivostok for the Eastern Economic Forum,” he said. “We can be pleased with the way our relations develop. We rate highly the additional efforts towards the development…

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Blockchain technology not ready yet, needs another 3-5 years, says Sberbank CEO

Blockchain technology not ready yet, needs another 3-5 years, says Sberbank CEO

Head of Sberbank Herman Gref © Mikhail Metzel/TASS SOCHI, October 18. /TASS/. Blockchain technology has a great future, but it is not ready yet, Head of Sberbank Herman Gref said on Thursday. “This technology is amazing, it is a technology of the future, it provides tremendous opportunities. The technology is not ready right now. When will it be ready? Three – five years, in my opinion,” Gref said. “The society spends little on the development of this technology, it refinances itself. I think this is an amazing phenomenon that needs rethinking. There are not many examples when a fundamentally new technology develops through a self-financing mechanism,”…

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Sibur to buy back part of $500 mln Eurobonds for the sum of $192 mln

Sibur to buy back part of $500 mln Eurobonds for the sum of $192 mln

MOSCOW, October 17. /TASS/. Russia’s largest integrated petrochemicals company Sibur announced the successful completion of the tender offer announced on October 9 to purchase part of the $500 mln Eurobonds issued in October 2017 and maturing in 2023 with a coupon rate of 4.125% per annum, the company said in a press release on Wednesday. “As part of the offer, the company accepted for purchase an aggregate principal amount of Eurobonds equal to $192,023,000 at a price of 97.4% of the par value. The buyback price was set at a premium to the notes’ market price as at the time of the tender offer announcement,”…

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Trade between Russia and Uzbekistan may reach $5 bln in 2019

Trade between Russia and Uzbekistan may reach $5 bln in 2019

MOSCOW, October 17. /TASS/. The volume of trade between Russia and Uzbekistan may reach $5 bln in 2019, President of the Chamber of Commerce and Industry of the Russian Federation Sergey Katyrin told TASS said on the sidelines of the Forum for Interregional Cooperation, which is under way in the Uzbek capital of Tashkent. “In 2017, the whole turnover amounted to $3.65 bln, which was actually 40% more than a year earlier. This year, in January-July alone the increase was almost a third in comparison with the same period of last year, and the turnover has already exceeded $2.37 bln. I suppose that it is…

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Russia, Egypt to sign subcontractor agreements for NPP construction by year-end

Russia, Egypt to sign subcontractor agreements for NPP construction by year-end

SOCHI, October 17. /TASS/. Interaction between Moscow and Cairo in the energy sphere is important, Russian President Vladimir Putin said after talks with President of Egypt Abdel Fattah al-Sisi on Wednesday. “We discussed in detail issues of bilateral interaction in the energy sector,” the Russian President said after talks. “The key joint project in this sphere is construction of a nuclear power plant of the Russian design in Egypt by Rosatom,” Putin said. “Preparatory activities started on the site. Contracts with Egyptian companies intended to be proactively engaged as subcontractors are planned to be signed by the year-end,” he noted. “Positive experience of cooperation has…

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Russia’s three organizations agree to develop artificial intellect in Arctic

Russia’s three organizations agree to develop artificial intellect in Arctic

MOSCOW, October 17. /TASS/. A polar division of the Russian Union of Industrialists and Entrepreneurs, the Project Office for Development of the Arctic (PORA) and the National Association of the Robotics Market Participants will cooperate in implementation of the artificial intellect program in the Arctic. The organizations signed an agreement during a meeting of the discussion club on use of artificial intellect in the Russian Arctic zone, organized in Moscow on Tuesday. “We can see this agreement will help us find and support the works and projects, which are important for the Russian Arctic,” PORA’s Coordinator Alexander Stotsky told TASS. “The projects will be aimed…

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Arctic Maritime Competence Center opens in St. Petersburg

Arctic Maritime Competence Center opens in St. Petersburg

ST. PETERSBURG, October 17. /TASS/. The Arctic Maritime Competence Center in the interests of the Russian nuclear fleet authority, Rosatomflot, began working at the Admiral Makarov State University of Maritime and Inland Shipping, a TASS correspondent reported from the opening ceremony on Tuesday. “By 2024, the amount of transported cargo will be 80 million tonnes, which will require new vessels, new crews to work on them, and new icebreakers,” Russia’s Deputy Minister of Transport Yuri Tsvetkov said at the opening ceremony. “For the year-round navigation in the Arctic’s eastern sector, we should need super-powerful icebreakers of the Leader type, we shall need new energy systems,…

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Eurasian Development Bank needs capital boost to deepen integration, says сhairman

Eurasian Development Bank needs capital boost to deepen integration, says сhairman

MOSCOW, October 17. /TASS/. The Eurasian Development Bank (EDB) needs recapitalization for deepening integration processes in the Eurasian Economic Union (EAEU), Chairman of EDB’s management board Andrey Beliyaninov said Wednesday. “The (EDB’s – TASS) own capital is currently $1.7 bln, while the loan portfolio is $3 bln. That is indeed a small portfolio for developing serious integration processes. I am confident that the government will support my suggestion that it is necessary to recapitalize such development institutions to make them active on the market,” he explained. Russia’s First Deputy Prime Minister, Finance Minister Anton Siluanov said earlier that the funds of the National Wealth Fund…

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Putin backs creation of a free trade zone between Egypt and Eurasian Economic Union

Putin backs creation of a free trade zone between Egypt and Eurasian Economic Union

© Mikhail Metzel/TASS SOCHI, October 17. /TASS/. Russian President Vladimir Putin has voiced Moscow’s support for creating a free trade zone between Egypt and the Eurasian Economic Union (EAEU). “Our country supports Egypt’s aspiration to conclude an agreement on a free trade zone with the Eurasian Economic Union,” the Russian leader said after his talks with Egyptian President Abdel Fattah al-Sisi. Putin said he is confident that “this will open up additional opportunities for boosting economic cooperation and increasing the trade turnover. The EAEU includes Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan. By now, the EAEU has signed an agreement on a free trade zone with Vietnam and…

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Russia ready to revive energy dialogue with EU

Russia ready to revive energy dialogue with EU

© AP Photo/Yves Logghe MOSCOW, October 17. /TASS/. Russia’s Energy Ministry is ready to revive the Energy Dialogue with the European Union that was put on hold in 2014 spearheaded by the European Commission (EC), Deputy Minister Anatoly Yanovsky said in an interview with TASS, adding that the ministry is expecting proposals from the European side. “Of course, we are waiting for some proposals, dates. We are ready to consider (them). However, there are no such signals as of now,” he noted. The EU and Russia agreed to start an Energy Dialogue dealing with the issue of developing a long-term energy partnership, with the gas sector…

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Gazprom gas supplies to Poland up almost 10% in 2018 amid rhetoric against gas from Russia

Gazprom gas supplies to Poland up almost 10% in 2018 amid rhetoric against gas from Russia

MOSCOW, October 17. /TASS/. This year Gazprom increased gas supplies to Poland by almost 10% amid rhetoric against Russian gas, company spokesman Sergey Kupriyanov told TASS, commenting on Poland’s signing of a 20-year contract for the supply of liquefied natural gas (LNG) from the United States. “Supplies to Poland, amid all the rhetoric against Russian gas, grew by almost 10% this year,” he said. He noted that Gazprom considers Russian gas to be absolutely competitive. As for Poland’s signing the contract, “this is their right,” Kupriyanov added. In other media

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Moscow and Cairo will seek to resume charter flights to Egyptian resorts, says Putin

Moscow and Cairo will seek to resume charter flights to Egyptian resorts, says Putin

SOCHI, October 17. /TASS/. Moscow and Cairo will seek to resume charter flights between Russian cities and Egyptian resorts in the near future, Russian President Vladimir Putin said following negotiations with Egyptian President Abdel Fattah al-Sisi. According to him, at the negotiations they discussed full resumption of air traffic, including charter flights to Hurghada and Sharm El Sheikh. Putin noted that the Egyptian side is doing everything necessary to improve the level of flight safety. “We will seek to resume charter flights in these destinations in the near future,” the Russian leader said. In other media

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European market has no alternatives to Russian gas, Energy Ministry believes

European market has no alternatives to Russian gas, Energy Ministry believes

MOSCOW, October 17. /TASS/. There are no alternatives for the Russian pipeline gas on the European market, Deputy Minister Anatoly Yanovsky said in an interview with TASS, adding that other suppliers cannot offer such low prices. “Our commodity is a single option. Neither the Americans, nor the Qataris, nor the Norwegians, nor Africans can supply such volumes for a low price like that,” he said. Yanovsky considers it necessary for Russia to let its European partners have a try to agree with other suppliers. “They will eventually turn to (Russia) all the same, no one wants to spend cash,” he said. Moreover, deputy minister believes…

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De-dollarization plan does not contain restrictive measures — Russia’s Finance Ministry

De-dollarization plan does not contain restrictive measures — Russia’s Finance Ministry

MOSCOW, October 17. /TASS/. The plan to de-dollarize the Russian economy does not contain restrictive measures and is aimed only at stimulating the use of the ruble, Deputy Minister of Finance Alexey Moiseev told reporters on Wednesday. “I spoke specifically to reassure the market that there are no restrictive measures, only the ones to stimulate the use of the ruble. Repatriation of foreign exchange earnings and similar measures. We are talking about promoting settlements in ruble and we do not offer any restrictions on anything,” Moiseev said, commenting on the plan to de-dollarize the Russian economy. Moiseev said earlier that the Finance Ministry expects that…

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Russian, Egyptian presidents discuss regional problems

Russian, Egyptian presidents discuss regional problems

Egyptian President Abdel Fattah el-Sisi and Russian President Vladimir Putin © Mikhail Metzel/TASS SOCHI, October 17. /TASS/. Russian President Vladimir Putin and Egyptian President Abdel Fattah el-Sisi have discussed regional problems at a narrow-format meeting. “We are very glad to see our friends in Russia and share opinions on the development of bilateral relations and on regional problems here in Sochi today,” the Russian president said, starting off the restricted negotiations. Putin stated that the economic ties between the two countries are successfully developing. “Last year we stated a sharp 62% growth in the trade turnover, plus 28% in the first six months of this year,”…

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Nord Stream 3 project possible if gas demand grows in Europe, Russian Energy Ministry says

Nord Stream 3 project possible if gas demand grows in Europe, Russian Energy Ministry says

© EPA/JENS BUETTNER MOSCOW, October 17. /TASS/. Construction of the Nord Stream 3 main gas pipeline is possible in case of growth of natural gas demand in Europe, Russia’s Deputy Energy Minister Anatoly Yanovsky told TASS in an interview on Wednesday. “This is a calculation, an economic task. Gas should be supplied from our fields by the most efficient method and their geographic location is such that the Nord Stream reduces the length of gas transportation by 2,000 km, comparing to the route via Ukraine. This is an economic, rather than a political issue. Extra construction and operation expenses should also be addressed – all of…

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Bratislava-Vienna railway project implementation can start before yearend, minister hopes

Bratislava-Vienna railway project implementation can start before yearend, minister hopes

VYSOK· TATRY, October 16. /TASS/. Implementation of the project for construction of the Bratislava – Vienna railway can start before the year-end. The project is at the funding finalization stage, Russian Minister of Industry Denis Manturov told reporters on Tuesday. “We expect this project will receive support from financial institutions shortly. It is highly beneficial in economic terms,” the minister said. “Therefore, I believe it will materialize already by the end of this year. I look forward to this,” Manturov noted. Railway administrations and transport agencies of Russia, Austria, Slovakia and Ukraine are taking part in the implementation of the project to establish a new…

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