Category: Business & Economy

Russian President, Saudi King discuss situation on global hydrocarbons market

Russian President, Saudi King discuss situation on global hydrocarbons market

MOSCOW, February 19. /TASS/. Russia’s President Vladimir Putin and Saudi Arabia’s King Salman bin Abdulaziz al-Saud have reiterated the readiness to continue coordinating actions on the global hydrocarbons markets. “Russian President has had a telephone conversation with Saudi King, during which they considered pressing issues of bilateral cooperation,” the Kremlin press service reported on Tuesday. “Both sides highly estimated the level of cooperation, particularly in trade, economic and investment areas, as well as demonstrated determination to further strengthen diversified Russian-Saudi ties,” the Kremlin said. Meanwhile, the press service of the Russian leader stressed that as the two sides “shared views on the situation around global…

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Russia to showcase shipborne Ka-226T helicopter at Aero India exhibition

Russia to showcase shipborne Ka-226T helicopter at Aero India exhibition

Ka-226T light multirole helicopter © Marina Lystseva/TASS MOSCOW, February 19. /TASS/. Russian Helicopters Group (part of the hi-tech state corporation Rostec) will feature the deck-based version of the Kamov Ka-226T light multirole helicopter at the Aero India-2019 international exhibition in Bangalore on February 20-24, the Group’s press office reported on Tuesday. “The model of the deck-based Ka-226T light helicopter will be a key exhibit on the Group’s display stand this year. The seaborne version is distinguished by its system of the rotor’s folding blades,” the press office said. “Besides, the helicopter is equipped with the latest onboard equipment and its components and systems are suited for…

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Attorneys submit appeal against arrest of all defendants in Baring Vostok case

Attorneys submit appeal against arrest of all defendants in Baring Vostok case

MOSCOW, February 19. /TASS/. The defense has appealed against the detention of all defendants in the case of Baring Vostok’s founder Michael Calvey, who is suspected of embezzling 2.5 bln rubles ($37.5 mln) from the Vostochny bank. On Tuesday, the lawyers of Ivan Zyuzin, head of investment department at Baring Vostok, submitted a petition against his detention, a spokesperson with the Basmanny Court in Moscow told TASS. “Zyuzin’s defense filed an appeal against the court’s decision on imposing detention as a preventive measure for him,” the official said. The spokesperson added that the court has not set the date yet to consider the appeal. Earlier,…

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Russian PM approves regulations on mandatory star ratings for hotels

Russian PM approves regulations on mandatory star ratings for hotels

© Ekaterina Shtukina/Press Service of the Government of the Russian Federation/TASS GORKI, February 18. /TASS/. Russian Prime Minister Dmitry Medvedev made a statement on approval of the regulation for classification of Russian hotels, which are to be awarded with stars in line with their categories rom this year. “I approved the regulation on qualification or classification of hotels,” the Prime Minister said. “All the hotels should receive the so-called ‘stars,’ and now this is compulsory,” Medvedev noted. Awarding of such stars was optional earlier. “Those who wanted portrayed these stars, and often irrespective of actual services they provided,” he added. The star rating of hotels will…

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Arctic: Territory of Dialogue forum attracts more than 3,000 people

Arctic: Territory of Dialogue forum attracts more than 3,000 people

© Artiom Geodakyan/TASS MOSCOW, February 18. /TASS/. More than 3,000 people from about 40 countries will take part in the Arctic: Territory of Dialogue forum, organized by the Roscongress Foundation, the organizer’s representative Armen Khachatryan told reporters on Monday. “We expect more than 3,000 people from more than 40 countries will participate in the forum,” he said. However, he told reporters it is too early to say who will head foreign delegations. About the forum The International Arctic Forum – Arctic: Territory of Dialogue – is a key platform for discussing the Arctic region’s problems and development at the international level. The event was organized for…

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Sanctions cost Russia $6.3bln in 2018, says Economy Ministry

Sanctions cost Russia $6.3bln in 2018, says Economy Ministry

MOSCOW, February 19. /TASS/. Various restrictions, including economic sanctions, introduced by other countries cost Russia $6.3bln by late 2018, according to the estimates of the Economic Development Ministry presented on Tuesday. These restrictions include anti-dumping duties, licensing, quotas, technical barriers, sanitary and phytosanitary measures and also economic sanctions. Russia suffered the biggest loss ($2.42bln) due to restrictions introduced by the EU countries. US sanctions cost Russia nearly $1.17bln, and Ukraine’s restrictions were the third hard-hitting to the tune of $775mln, the ministry said. The European Union ranks top in terms of the number of restrictions (25), while Ukraine imposed 22 restrictions on Russia. India took…

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Russia’s economy lacks factors leading to economic crisis – minister

Russia’s economy lacks factors leading to economic crisis – minister

MOSCOW, February 17. /TASS/. Russia’s Economic Development Ministry develops macroeconomic institutions to prevent sudden and deep economic crises, Russian Economic Development Minister Maksim Oreshkin said on Rossiya’24 television channel on Sunday. Oreshkin added that there are no systemic prerequisites for an economic crisis in the Russian economy. “We build [Russia’s] macroeconomic institutions in such a way that the crises will not come out of the blue. The common macroeconomic structure now presupposes a lack of these systemic problems which might end up in deep crises like it was in 2008 or in 2015,” Oreshkin said. Earlier, Spokesman for the International Monetary Fund (IMF) Gerry Rice…

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Airline from Slovenia might take SSJ-100 aircraft from CityJet

Airline from Slovenia might take SSJ-100 aircraft from CityJet

SSJ-100 aircraft © Marina Lystseva/TASS ABU DHABI, February 18. /TASS/. A preliminary agreement has been reached with an airline from Slovenia on the transfer of Sukhoi Superjet-100 (SSJ-100) aircraft from Irish airline CityJet, Russian Minister of Industry and Trade Denis Manturov told reporters on Monday. “The aircraft, which will be withdrawn from the CityJet, will remain in Europe, there is already a preliminary agreement with an airline from Slovenia,” he said. Earlier, Vedomosti wrote that CityJet, the only European operator of the Russian aircraft, had returned SSJ-100 to the lessor. According to the newspaper, Brussels Airlines, for which flights were carried out by CityJet aircraft, refused…

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Russian manufacturer refutes reports Ireland’s CityJet terminated Superjet deal

Russian manufacturer refutes reports Ireland’s CityJet terminated Superjet deal

© Nicolas Economou/NurPhoto via Getty Images MOSCOW, February 18. /TASS/. Sukhoi Civil Aircraft, producer of Sukhoi Superjet-100 planes, has not confirmed media reports that the Irish airline CityJet has sent all aircraft back. “The report that the CityJet airline has returned SSJ-100 planes to their owner is inconsistent with the reality. Currently, the CityJet airline is revising its business model, in this context Sukhoi Civil Aircraft and CityJet are actively cooperating to solve this issue regarding the SSJ-100,” the company’s press service told TASS. Earlier, Vedomosti reported that CitiJet, the only European airline using the Russian aircraft, had returned the SSJ-100 to the lessor. According to…

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Venezuela’s PDVSA denies reports on Gazprombank ‘freezing’ company’s accounts

Venezuela’s PDVSA denies reports on Gazprombank ‘freezing’ company’s accounts

© Valery Sharifulin/TASS CARACAS, February 18. /TASS/. The Venezuelan state-owned oil company PDVSA (Petroleos de Venezuela) has denied Sunday reports that the Russian Gazprombank had decided to freeze its accounts. This is according to the statement the company published on its Twitter account. “PDVSA categorically denies a new attempt to disrupt the work of our oil industry with false news,” the statement said. According to PDVSA, the attack on the company was “orchestrated by representatives of the right wing and by American media.” On Sunday, Reuters reported citing a source with the Russian bank that Gazprombank had decided to freeze PDVSA accounts due to concerns about…

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Kremlin on Baring Vostok founder’s arrest: Innocent until proven guilty in a court of law

Kremlin on Baring Vostok founder’s arrest: Innocent until proven guilty in a court of law

MOSCOW, February 18. /TASS/. Founder of the Baring Vostok equity firm, Michael Calvey, who was detained on February 16 on suspicion of fraud, cannot be considered guilty on any charges until a court has handed down a verdict, Kremlin Spokesman Dmitry Peskov said on Monday. “We know that law enforcement agencies have questions for Michael Calvey, and we know that the court decided to detain him. Right now, we can say that he cannot be considered guilty on any charges, because there was no legal trial and he can only be convicted by a court’s verdict,” the spokesman emphasized. When asked if President Vladimir Putin…

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Nornickel allocates 59.5 million rubles for projects in Norilsk and on Taimyr

Nornickel allocates 59.5 million rubles for projects in Norilsk and on Taimyr

KRASNOYARSK, February 18. /TASS/. The Norilsk Nickel Company (Nornickel) under its grant program World of New Opportunities allocated in 2018 almost 60 million rubles to non-governmental and budget organizations in Norilsk and on Taimyr. The official award ceremony was organized on Friday during a forum of social technologies, dubbed City is Us, the company told TASS. The forum worked in Norilsk (the Krasnoyarsk Region) on Friday, February 15, and on March 2-3 it will take place in the Murmansk region (in Monchegorsk and Nickel). “We have received applications from 126 non-governmental and budget organizations in Norilsk and in the Taimyr District – the total of…

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US embassy to provide consular assistance to Baring Vostok founder

US embassy to provide consular assistance to Baring Vostok founder

MOSCOW, February 18. /TASS/. The US embassy in Moscow will provide all appropriate assistance to Michael Calvey, the founder and senior partner of the private equity firm Baring Vostok Capital Partners, arrested in Russia on embezzlement charges, embassy spokesperson Andrea Kalan told TASS on Monday. “The US Embassy in Moscow is aware of the case and will be following it closely, and will provide all appropriate consular assistance. We have no higher priority than the protection of US citizens abroad. Due to privacy considerations, we have no further comment at this time,” she said. On February 16, Moscow’s Basmanny District Court arrested Calvey for two…

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Baring Vostok founder’s defense files appeal against arrest, says lawyer

Baring Vostok founder’s defense files appeal against arrest, says lawyer

MOSCOW, February 18. /TASS/. The defense of the founder of the Baring Vostok equity firm, Michael Calvey, who was detained on February 16 on suspicion of fraud, has filed an appeal against the arrest in the Moscow City Court, his lawyer Dmitry Kletochkin told TASS. “We have filed an appeal in the Moscow City Court. It will be considered in the appeals instance of the Moscow City Court. We ask to vary the preventive measure for Calvey from detention in custody to house arrest or bail,” he said. As reported earlier Russia’s Investigative Committee initiated the criminal case on suspicion of embezzling 2.5 bln rubles…

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Volume of contracts concluded at Sochi Investment Forum reaches $15.12 bln, Medvedev says

Volume of contracts concluded at Sochi Investment Forum reaches $15.12 bln, Medvedev says

GORKI, February 18. /TASS/. The total volume of contracts concluded during the Russian Investment Forum in Sochi reached 1 trillion rubles ($15.12 bln), Prime Minister Dmitry Medvedev said on Monday at a meeting with deputy prime ministers. “If we talk about the results, then I would like to note that contracts are usually signed during the forum. In any case, according to Roscongress, contracts have already been signed for around 1 trillion rubles ($15.12 bln), which is generally quite decent, bearing in mind the interests of investors,” Medvedev said. According to Medvedev, implementation of national projects, interaction with regions, business and experts was discussed at…

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First Collection Bureau, involved in Baring Vostok’s case, appoints new general director

First Collection Bureau, involved in Baring Vostok’s case, appoints new general director

MOSCOW, February 18. /TASS/. The First Collection Bureau has appointed a new general director Pavel Mikhel replacing Maxim Vladimirov, who was detained in case of the Baring Vostok fund, the company said in a statement. Mikhel previously headed the company from 2005 to 2016. The company also stressed that they consider allegations made against Vladimirov to be ungrounded. “The company has always conducted its activities in full compliance with the law. We consider all the charges against our general director Maxim Vladimirov to be groundless and will defend our position in court,” the company said. The company also stressed that it not controlled by Michael…

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Oman set to continue coordination with Russia on global hydrocarbons market — minister

Oman set to continue coordination with Russia on global hydrocarbons market — minister

MOSCOW, February 18. /TASS/. Oman considers it necessary to continue coordination with Russia on the global oil and gas market, the country’s Minister Responsible for Foreign Affairs Yousuf bin Alawi bin Abdullah said at a meeting with Russian Foreign Minister Sergey Lavrov on Monday. “Our bilateral relations are advanced, based on mutual confidence. We will welcome and promote expansion of ties in the tourism sector, and we will welcome an increase in Russia’s tourist flow to our country. We are interested in development and enhancement of the trade and economic relationship. Taking into account the fact that both countries are oil-producing, we consider it necessary…

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Russians detained for working illegally in South Korea more often, says Foreign Ministry

Russians detained for working illegally in South Korea more often, says Foreign Ministry

MOSCOW, February 18. /TASS/. Russian citizens have been detained and deported for working illegally in South Korea increasingly more often, the Russian Foreign Ministry’s Consular Department said in a statement posted on its Facebook page on Monday. “According to the South Korean Foreign Ministry, Russian nationals have recently been detained and deported for working illegally in the country more often,” the statement runs. According to the Russian Foreign Ministry, “the Russian-South Korean intergovernmental agreement on mutual abolition of visa requirements of 2013 does not provide for the possibility of visa-free entry for the purpose of employment.” “Such a violation of South Korea’s migration legislation involves…

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RDIF with partners from UAE, Saudi Arabia to invest over $2 bln in Russia in 2019

RDIF with partners from UAE, Saudi Arabia to invest over $2 bln in Russia in 2019

MOSCOW, February 18. /TASS/. The amount of direct investments attracted by Russian Direct Investment Fund (RDIF) together with partners from UAE and Saudi Arabia is expected to reach $2 bln in 2019, RDIF’s Chief Executive Officer Kirill Dmitriev said in an interview aired by the Rossiya-24 TV news channel on Monday. “We expect investment from UAE and Saudi Arabia to soar this year,” he said, adding that “their investment together with RDIF in Russia will slightly exceed $2 bln this year.”. In other media

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Polar bears ‘lift’ siege from Russian Arctic settlement

Polar bears ‘lift’ siege from Russian Arctic settlement

MOSCOW, February 18. /TASS/./TASS/. Dozens of polar bears who have been besieging the Belushya Guba settlement on Russia’s Novaya Zemlya archipelago for over a week, have left the area, a source from the Arkhangelsk regional department of the Russian Federal Service for Supervision of Natural Resources told TASS on Monday. On February 9, the Novaya Zemlya Archipelago, located in the Arctic Ocean in the Arkhangelsk Region in Russia’s North, declared a state of emergency after dozens of polar bears had ‘invaded’ local settlements. At least 52 polar bears were spotted near the settlement of Belushya Guba, some of them acting aggressively or breaking into homes…

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Nord Stream 2 AG lays 700 km of Nord Stream 2 gas pipeline

Nord Stream 2 AG lays 700 km of Nord Stream 2 gas pipeline

MOSCOW, February 18. /TASS/. The company – operator of the Nord Stream 2 project, Nord Stream 2 AG, laid about 700 km in total for two lines of the gas pipeline (1,224 km each), Russian Energy Minister Alexander Novak said on Monday, according to the Ministry of Energy. “In total, around 700 km of the gas pipeline have been laid along both lines,” Novak said after a telephone conversation with Federal Minister for Economic Affairs and Energy of Germany Peter Altmaier. Novak noted that the project is being implemented in accordance with the schedule. During the conversation, the ministers also discussed various aspects of energy…

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Zvezda Shipyard to build first Aframax tanker in 2021

Zvezda Shipyard to build first Aframax tanker in 2021

MOSCOW, February 18. /TASS/. Russia’s Zvezda Shipyard plans to build its first Aframax class tanker in 2021, Chief Executive Officer of the company Sergey Tseluiko told TASS in an interview on Monday. “The launch of the first tanker is scheduled to 2019. This will be an ice class support vessel. The first Aframax will be constructed in 2021,” the top manager said. Series production of Aframax class tankers for carriage of crude oil and oil products started at the turn of 2018. The headmost tanker in the line is scheduled for launching in 2020. Zvezda currently have 37 vessels under contracts in total, with 12…

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US breaches WTO principles, slows down its operation – Russian economics minister

US breaches WTO principles, slows down its operation – Russian economics minister

Russian Minister of Economic Development Maxim Oreshkin © Ekaterina Shtukina/TASS MOSCOW, February 17. /TASS/. The World Trade Organization (WTO) has been slowed down by the United States and, apparently, its operation has come to a halt, but Russia should not quit the organization, Russian Economic Development Minister Maksim Oreshkin said on the Russian television channel Rossiya’24 on Sunday. “The United States is playing actively on the global arena, breaching all the principles that have evolved over the recent years,” the minister said. “[Not long ago] an extensive meeting of the WTO ministers was held, but the organization is not de facto functioning now. All the processes…

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Russia’s economy lacks factors leading to economic crisis – minister

Russia’s economy lacks factors leading to economic crisis – minister

MOSCOW, February 17. /TASS/. Russia’s Economic Development Ministry develops macroeconomic institutions to prevent sudden and deep economic crises, Russian Economic Development Minister Maksim Oreshkin said on Rossiya’24 television channel on Sunday. Oreshkin added that there are no systemic prerequisites for an economic crisis in the Russian economy. “We build [Russia’s] macroeconomic institutions in such a way that the crises will not come out of the blue. The common macroeconomic structure now presupposes a lack of these systemic problems which might end up in deep crises like it was in 2008 or in 2015,” Oreshkin said. Earlier, Spokesman for the International Monetary Fund (IMF) Gerry Rice…

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Germany continues eyeing Nord Stream 2 as commercial project – Lavrov

Germany continues eyeing Nord Stream 2 as commercial project – Lavrov

Russia’s Foreign Minister Sergei Lavrov © Alexander Shcherbak/TASS MUNICH, February 17. /TASS/. Russia has not received from Germany any evidence about the change in the position regarding construction of the Nord Stream 2 gas pipeline as a purely commercial project, Russian Foreign Minister Sergey Lavrov said on the sidelines of the 55th Munich Security Conference. “As far as the Nord Stream 2 is concerned, I have not heard anything from my colleague, which would evidence change in the Germany’s position in favor of this purely economic and commercial project,” the Russian Minister said. “This was my impression from the today’s early lunch visited by [Germany’s Foreign…

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Putin to attend Belt and Road Forum in Beijing – Russian Foreign Minister

Putin to attend Belt and Road Forum in Beijing – Russian Foreign Minister

MUNICH, February 17. /TASS/. Russian President Vladimir Putin will participate in the Belt and Road Forum in Beijing at the turn of April 2019, Foreign Minister Sergey Lavrov said on Saturday. “We are looking forward to the second Road and Belt Forum, where President Putin will participate,” Lavrov said at the meeting with Yang Jiechi, head of the Central Foreign Affairs Commission of China’s Communist Party. “In our turn, we expect successful participation of China’s President Xi Jinping during his visit to Russia and in the St. Petersburg International Economic Forum as the main guest,” Lavrov added. Moscow shares “satisfaction of Beijing with the state…

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567 agreements amounting to $14.5 bln signed at Sochi Investment Forum

567 agreements amounting to $14.5 bln signed at Sochi Investment Forum

MOSCOW, February 17. /TASS/. Participants in the Russian Investment Forum in Sochi signed 567 agreements and protocols of intentions to the amount of 968 bln rubles ($14.5 bln) (net of agreements, whose amount is a commercial secret), up 106 bln rubles ($1.6 bln) on an annualized basis, press service of the Forum reports. Sixteen projects are categorized as the most critical. Governor of the Khabarovsk Region signed an agreement worth 115 bln rubles ($1.7 bln) with President of the Russian Copper Company Vsevolod Levin, whereby regional authorities will assist the company in developing the Malmyzhskoe deposit. The Leningrad Region concluded a strategic agreement on development…

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S7 Space CEO Sergei Sopov to step down

S7 Space CEO Sergei Sopov to step down

Chief Executive Officer of S7 Space Sergei Sopov © Anton Novoderezhkin/TASS MOSCOW, February 16. /TASS/. Chief Executive Officer of S7 Space (the operator of the Sea Launch floating spaceport) Sergei Sopov is leaving the company. “I confirm the information about leaving,” he told TASS, adding that it is expected “by the end of next week.” The Sea Launch is an international commercial project of the seaborne rocket and space complex. Overall, 36 launches were made under it: 32 of them were successful, three abortive and one partially successful. S7 Space plans the first launch under the Sea Launch program in December 2019, three launches are expected…

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Fitch Ratings forecasts Russia’s economic growth at 1.5% in 2019

Fitch Ratings forecasts Russia’s economic growth at 1.5% in 2019

MOSCOW, February 16. /TASS/. Fitch Ratings forecasts Russia’s economic growth to slow to 1.5% in 2019 and then to modestly accelerate to 1.9% in 2020. “Fitch expects growth to slow to 1.5% in 2019 reflecting the impact of the VAT rate increase on consumption and weaker investment (especially given a higher base effect from 2018). We then expect growth to accelerate modestly to 1.9% in 2020, below the expected 3.2% for the ‘BBB’ median, supported by recovering private consumption and faster execution of government priority programmes,” Fitch said in the report. “Average inflation will increase from the historical low of 2.9% in 2018, to 5.3%…

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