Category: Business & Economy

Nornickel inks deal to support North’s indigenous ethnic minorities

MOSCOW, December 25. /TASS/. Nornickel (the Norilsk Nickel Company) signed an agreement with Russia’s Federal Agency for Nations Affairs (FADN) on cooperation in support for the North’s low-numbered indigenous peoples, who live in the areas, where the company works, Nornickel’s Vice President Vladislav Gasumyanov said at the ceremony of signing on Tuesday. “By signing this agreement, the company confirms it follows the route of public-private partnership in the sensitive sphere like sustainable development of the low-numbered indigenous peoples and the areas where they live,” he said. “I am adamant, by joint efforts we shall offer new systems of support for the North’s low-numbered indigenous peoples.”…

Read More »

Russian companies face delays in payments in dollars with partners

MOSCOW, December 25. /TASS/. Russian companies face long delays in payments in dollars with foreign partners due to coordination with OFAC (Office of Foreign Assets Control, a division of the US Treasury responsible for sanctions enforcement). At the same time, the government did not issue directives to state-owned companies to switch to settlements in national currencies, First Deputy Prime Minister, Minister of Finance of Russia Anton Siluanov told reporters on Tuesday. “So far, such directives have not been given, but it seems to me that the companies themselves are interested in receiving money for paying for services and delivered products on time, without delay, which…

Read More »

Nornickel signs agreement to support North’s low-numbered indigenous peoples

MOSCOW, December 25. /TASS/. Nornickel (the Norilsk Nickel Company) signed an agreement with Russia’s Federal Agency for Nations Affairs (FADN) on cooperation in support for the North’s low-numbered indigenous peoples, who live in the areas, where the company works, Nornickel’s Vice President Vladislav Gasumyanov said at the ceremony of signing on Tuesday. “By signing this agreement, the company confirms it follows the route of public-private partnership in the sensitive sphere like sustainable development of the low-numbered indigenous peoples and the areas where they live,” he said. “I am adamant, by joint efforts we shall offer new systems of support for the North’s low-numbered indigenous peoples.”…

Read More »

Petersburg’s authority, museum agree to develop jointly Arctic projects

ST. PETERSBURG, December 25. /TASS/. St. Petersburg’s Committee on the Arctic and the Russian Museum of Ethnography agreed to develop jointly cultural, scientific and educational projects, connected with the Russian Arctic zone. The committee’s head, German Shirokov, and the museum’s director, Vladimir Grusman, signed the document on Friday. “Clearly, it will favor development of St. Petersburg’s relations with the Arctic regions, as well as further publicity of the city’s competences in the Arctic,” the Committee’s representative said, adding the committee hopes for expert support from the museum’s specialists. According to the document, which is not limited by validity terms, the parties will develop jointly cultural,…

Read More »

Russian-Belarus relations have turnover growth trend, says Putin

MOSCOW, December 25. /TASS/. Relations between Russia and Belarus are developing successfully and the trade turnover growth trend is visible, Russian President Vladimir Putin said on Tuesday. “I generally believe our relations are developing quite successfully,” Putin said when opening talks with his Belarus counterpart Alexander Lukashenko. “It is enough to say that our turnover rose by more than 23% last year and exceeded $32 bln. Growth in this year is above 12% more against the last-year base. It means we will surpass indicators of the last year,” Putin noted. Belarus has already accumulated about $4 bln of Russian direct investments, the head of state…

Read More »

Russian PM expands list of Ukrainian persons under counter-sanctions

MOSCOW, December 25. /TASS/. Russian Prime Minister Dmitry Medvedev signed a decree expanding the list of Ukraine’s individuals and legal entities under countersanctions. “The list of Ukraine’s individuals and legal entities, with special restrictive measures to be applied against them, has been expanded. I signed the relevant decree,” the Prime Minister tweeted. “This was done to protect interests of the Russian state, companies and citizens of Russia,” Medvedev said. On November 1, Medvedev signed a government decree introducing special economic measures against 322 Ukrainian citizens and 68 companies. Counter-sanctions included freezing non-cash funds, non-documentary securities and property in Russia and banning transfer of funds (withdrawal…

Read More »

Russia’s Nornickel terminates deal with Botswana’s BCL Group

MOSCOW, December 25. /TASS/. Russia’s Norilsk Nickel (Nornickel) has terminated its agreement to sell African assets to Botswana’s BCL Group, including a 50% stake in the Nkomati joint venture, Russian company said in a press release. The Russian company will continue to seek damages from the BCL Group for the losses it suffered due to BCL’s failure to meet the terms of the agreement. “Nornickel’s termination of the agreement means that it will no longer be requiring the BCL Group to purchase Nornickel’s interest in the Nkomati joint venture. Instead, Nornickel will continue to seek damages from BCL for the significant loss it has suffered…

Read More »
Russia’s digital economy development national program to receive over $26 bln in 2019-2024

Russia’s digital economy development national program to receive over $26 bln in 2019-2024

Russian Prime Minister Dmitry Medvedev © Alexander Shcherbak/TASS GORKI, December 25. / TASS /. Russia’s digital economy development national program will receive more than 1.8 trillion rubles ($26.2 bln) in 2019-2024 over the next 5 years, said Russian Prime Minister Dmitry Medvedev on Tuesday. “The estimated amount of funding for 2019-2024 for the national digital economy development program will exceed 1.8 trillion rubles, of which more than a trillion are funds from the federal budget,” said Medvedev at the meeting of the government commission on digital development, and using information technology to improve the quality of life and business conditions. In other media

Read More »
Kremlin sees no reason for emergency meetings and negotiations due to lower oil prices

Kremlin sees no reason for emergency meetings and negotiations due to lower oil prices

© AP Photo/Gregory Bull MOSCOW, December 25. /TASS/. The Kremlin sees no reason for emergency meetings and international negotiations due to lower oil prices, Russian Presidential spokesman Dmitry Peskov told reporters on Tuesday. “There is no reason for any emergency meetings,” Peskov said answering a question abou a possible meeting in the Kremlin due to declining oil prices. According to Peskov, the Russian government “keeps this topic under control”. He noted that the “effect from the agreements” within OPEC+, aimed at adjusting energy prices is often postposed. “That is, the effect is not momentary, so here it is necessary to assess the effectiveness of these agreements…

Read More »
Russian, Belarusian presidents to discuss tax maneuver — Kremlin

Russian, Belarusian presidents to discuss tax maneuver — Kremlin

Russian President Vladimir Putin and Belarusian President Alexander Lukashenko © AP Photo/Dmitri Lovetsky, Pool MOSCOW, December 25. /TASS/. Presidents of Russia and Belarus, Vladimir Putin and Alexander Lukashenko, will discuss the details related to the tax maneuver in Russia’s oil sector during the meeting in Moscow on Tuesday, the Kremlin Spokesman Dmitry Peskov told reporters. “There are details in approaches (related to implementation of the maneuver) that will be discussed (by leaders of Russia and Belarus),” he said. “Our Belarusian colleagues and partners put the issue point-blank, which is why our Belarusian colleagues most probably will raise that issue (at upcoming talks),” Peskov said, adding that…

Read More »

Russian energy minister expects oil market to stabilize by summer

MOSCOW, December 25. /TASS/. Reduced production of OPEC member-states and other oil-exporting countries agreed at a meeting in Vienna in December will stabilize the oil market by the summer, Russia’s Energy Minister Alexander Novak said in an interview aired by the Rossiya-24 TV news channel on Tuesday. “I think that the joint efforts agreed by OPEC and non-OPEC countries in December in Vienna will stabilize the situation, balance it in the first half (of 2019 – TASS). The demand will traditionally grow during the summer, which is why I think the market will be balanced,” he said. OPEC+ ministers discussed the opportunity for oil output…

Read More »
Russian, Saudi energy ministers meet on G20 sidelines

Russia earned additional $120 billion after OPEC deal — energy minister

Russian Energy Minister Alexander Novak © Sergei Savostyanov/TASS MOSCOW, December 25. /TASS/. Russia has earned at least $120 billion over the two years after signing an agreement with OPEC+ countries due to oil price adjustments, Russian Energy Minister Alexander Novak told Kommersant daily in an interview published on Tuesday. “Over the two years of the agreement with OPEC+, Russia earned at least an additional $120 billion, according to estimates. That’s why it is important to assess the effectiveness of cooperation with OPEC countries for the state as a whole,” Novak said. The energy minister talked about smaller numbers before. He told Rossiya 24 TV channel on…

Read More »

Google opts not to dispute Russian watchdog’s fine

MOSCOW, December 24. /TASS/. The US-based Google Corporation elected not to dispute the fine of 500,000 rubles ($7,300) imposed by the Russian telecom regulator Roskomnadzor for failure to comply with Russian laws on deletion of links to resources banned in Russia from search results, the company’s press service told TASS on Monday. “We can confirm that we decided not to dispute the fine; we will pay it,” the company said. Roskomnadzor fined Google 500,000 rubles ($7,300) for non-compliance with Russian legislation – failure to connect to the Federal State Information System in due time, Head of the regulator Alexander Zharov said on December 11. The…

Read More »

No agreement on compensation for tax maneuver has ever been reached with Minsk

MOSCOW, December 24. /TASS/. There have been no agreements on providing a compensation for Belarus due to the tax maneuver in Russia’s oil and gas sector, press service of the Russian government said in a statement on Monday. “We would like to point out once again that no agreements on paying a compensation to Belarus due to the tax maneuver in Russia’s oil and gas sector have ever been reached. It was agreed to discuss the issue, which is happening now,” the statement said. Belarusian President Alexander Lukashenko said at a meeting on relevant issues of cooperation with Russia earlier on Monday that Moscow had…

Read More »

Russia ready to create engineering enterprises with Azerbaijan

BAKU, December 24. /TASS/. Russia is ready to establish joint ventures with Azerbaijan in the field of production of equipment for the oil and agricultural industries, Russian Ambassador to Azerbaijan Mikhail Bocharnikov announced on Monday at a press conference. “Russia has so far invested $4.2 bln in various forms, including joint ventures, into the economy of Azerbaijan. We would like to focus on the industrial sector in order to diversify the economy of Azerbaijan, as well as our economic relations. From the side of the state, we will support enterprises that promote the development of industrial production,” he said. “Our plans include creating mechanical engineering…

Read More »
Arkhangelsk Region can process excess fish output from Far East

Arkhangelsk Region can process excess fish output from Far East

© Yuri Smityuk/TASS ARKHANGELSK, December 24. /TASS/. The Arkhangelsk Region’s companies are ready to process sardine and saury from the Far East, where Russia expects to build up the production within next 3-5 years. The regional Ministry of Agriculture and Trade says some companies in the Arkhangelsk Region can receive for further processing this fish, delivered by the Northern Sea Route. The Russian fish authority, Rosrybolovstvo, expects production of sardine and mackerel in Russia will grow to one million tonnes within next 3-5 years. In 2018, the production was 150,000 tonnes, which is practically twice the production year-on-year. “Should the Far Eastern companies be interested, enterprises…

Read More »

Moscow rejects proposals of Minsk on compensation for tax maneuver, says Lukashenko

MINSK, December 24. /TASS/. Moscow has rejected all proposals made by Minsk on gas prices and compensation for the tax maneuver, Belarusian President Alexander Lukashenko said at a meeting on relevant issues of cooperation with Russia ahead of Tuesday’s visit to Moscow. “We had to start (addressing) the issues related to gas prices in the middle of this year and finish by the end of the year as we agreed with (Russian President) Vladimir V. (Putin) at a meeting in St. Petersburg to settle oil issues connected with the tax maneuver in the Russian Federation. However, Russia rejected all our proposals, which virtually means a…

Read More »

Integrated dispatching center is key project of Russian Railways in Serbia

BELGRADE, December 24. /TASS/. Setup of an integrated dispatching center in Serbia is the key project of Russian Railways in the country, Chief Executive Officer of the Russian railway operator Oleg Belozerov told reporters on Monday. “We believe that establishment of the integrated dispatching center will be the key project of our work. We believe that infrastructure and rolling stock will perform better and become the driver of economic development if managed from a united center,” Belozerov said. CEO of the Russian Railways discussed construction of the integrated dispatching center and high-speed railway transport development in the country with Serbia’s Minister of Construction, Transport and…

Read More »

Early 2019 to be challenging for Russian economy, says minister

MOSCOW, December 24. /TASS/. The beginning of 2019 will be a challenging period for the Russian economy because of external and internal factors, Minister of Economic Development Maxim Oreshkin said in an interview with Rossiya-24 TV channel on Monday. “The beginning of 2019 will be the most challenging period for the economic dynamics. We have the whole range of factors converging now: this is the challenging global situation, volatility on commodity markets, and declining demand for Russian export products at large due to global economy’s slowdown. The VAT increase in Russia will take a portion of consumer demand in particular. The Central Bank’s policy for…

Read More »
Rostec ready to participate in 5G development projects in Russia

Rostec ready to participate in 5G development projects in Russia

© Sergei Bobylev/TASS MOSCOW, December 24. /TASS/. State corporation Rostec is ready to participate in projects for the development of 5G communication networks in Russia, Deputy Head of Rostec Dmitry Lelikov said in an interview with TASS. “Rostec is ready for any partnerships where there is a potential for developing business and technology. Our holdings have a good technical reserve in the direction of 5G,” he said. Head of Rostelecom Mikhail Oseevsky earlier talked about the need to create a single infrastructure operator for the development of 5G standard communication networks in the summer of 2017. Last fall, Rostelecom and Megafon signed an agreement on development…

Read More »
Russian watchdog denies spending nearly $300 mln on new technology to block Telegram

Russian watchdog denies spending nearly $300 mln on new technology to block Telegram

© Kirill Kukhmar/TASS MOSCOW, December 24. /TASS/. Head of Russia’s telecom and media watchdog Alexander Zharov rebuffed reports on Monday about spending 20 bln rubles ($293 mln) to develop a new system for blocking apps, including Telegram. “Roskomnadzor [Russia’s Federal Service for Supervision of Communications, Information Technology and Mass Media] has neither asked the Finance Ministry for 20 bln rubles nor any other sum for any programs,” Zharov said in an interview with TASS. “We did not do anything that the BBC reported.” Meanwhile, the watchdog chief confirmed that the telecom agency has kept enhancing its blocking system. “We are certainly working on approaches for effective…

Read More »
Runet shutdown not looming now, assures telecom watchdog

Runet shutdown not looming now, assures telecom watchdog

© Alexandr Ryumin/TASS MOSCOW, December 24. /TASS/. The Russian Internet, known as Runet, is not facing any threat of being cut off from the global network now, head of Russia’s telecom and media watchdog, Alexander Zharov said in an interview with TASS on Monday. “There isn’t any likelihood that the Russian Federation could be cut off from the global Internet network now,” Zharov, who heads Russia’s Federal Service for Supervision of Communications, Information Technology and Mass Media, said, commenting on a bill regarding Runet’s autonomy and external threats against Russian networks. Meanwhile, in case of an emergency, be it natural, manmade or technologically-related, the government should…

Read More »

Huge fines to make Google abide by Russian laws, media watchdog says

MOSCOW, December 24. /TASS/. Huge fines will make Google abide by Russian laws and access the unified register of banned information, Head of the Russian media watchdog Alexander Zharov said in an interview with TASS. “It is too early to say whether it will be just huge fines or fines depending on the company’s turnover. I think we should consider various options, taking the opinion of other state agencies into account,” he noted. “There is no such bill yet but I hope it will be drafted soon,” Zharov said, adding that huge fines would make foreign companies abide by the Russian legislation. The media watchdog’s…

Read More »
About 370 kilometers of Nord Stream-2 gas pipeline already laid – project operator

About 370 kilometers of Nord Stream-2 gas pipeline already laid – project operator

MOSCOW, December 23. /TASS/. The implementation of the Nord Stream-2 project proceeds as scheduled, with about 370 kilometers of the pipeline have already been laid, Nord Stream 2 AG, the pipeline construction’s operator, said on Sunday. “By now, about 370 kilometers have already been laid,” the company said in a press release. The Pioneering Spirit pipe-lay vessel has joined the Nord Stream-2 flotilla in Finland’s exclusive economic zone. It will supersede the Solitaire vessel which has been working in Finland since September. Now, the Solitaire will head to the southern part if Sweden’s exclusive economic zone to lay a 510-kilometer section of the pipeline. Both…

Read More »
Gerhard Schroeder criticizes US for exerting pressure on Germany over Nord Stream 2

Gerhard Schroeder criticizes US for exerting pressure on Germany over Nord Stream 2

Former German Chancellor Gerhard Schroeder © Sergei Savostyanov/TASS BERLIN, December 22. /TASS/. The United States pursues its own energy interests in Europe, which explains their pressure in regards to the Nord Stream 2 gas pipeline project, Germany’s former chancellor Gerhard Schroeder told Welt Am Sontag newspaper. “They [the United States] are doing it not out of love for Ukraine, but rather because they want to supply Germany with gas themselves. Liquefied gas is worse in quality and more expensive than the gas supplied via pipelines,” Schroeder said. Berlin should not allow Washington to determine its trade partners, he added. “Iran, China, Russia. If this continues, we…

Read More »
Crypto & Dollars

Crypto & Dollars

This past fall I gave a talk on de-dollarization at the Global Business Forum in Canada. Since that time, I had some further thoughts on the de-dollarization trend. Back then I mentioned a U.S. Army War College study concluding that America’s power is in decline because the world has entered a new phase of transformation, where the U.S. led international order is unravelling. Strong words, given the popular view that the U.S. dollar is stronger than ever, unemployment is at its lowest level in 20 years, the stock market is historically robust despite recent volatility, and the Federal Reserve just tweaked up interest rates together…

Read More »

Gazprom completed bulk of activities at Power of Siberia pipeline

MOSCOW, December 21. /TASS/. Gazprom has completed the bulk of activities for the Power of Siberia natural gas pipeline from Russia to China, the Russian gas holding reports on Friday, citing its CEO Alexei Miller. “We have reached an important milestone in construction of the Power of Siberia gas pipeline – the bulk of activities at its linepipe segment has been completed,” the company says. Natural gas supplies to China Currently, Gazprom is building the Power of Siberia gas pipeline, which will pump natural gas from the giant Chayanda oil and gas condensate deposit in Yakutia and the Kovykta gas condensate field in the Irkutsk…

Read More »
Three Russians enter Forbes list of 2018 biggest billionaire winners

Three Russians enter Forbes list of 2018 biggest billionaire winners

NEW YORK, December 21. /TASS/. The Russian businessmen entered the Forbes list of the world’s richest people. The list of the 2018 Biggest Billionaire Winners and Losers was published at the Forbes website on Friday. Amazon’s founder Jeff Bezos, who earned $27.9 bln this year and whose fortune totals $127.2 bln, tops the list, remaining the richest man on the planet. Japanese entrepreneur Tadashi Yanai, founder of the Uniqlo retail chain, ranks second. He earned $7 bln over the past year and his net worth is $27.1 billion). President and co-owner of Russian oil major Lukoil Vagit Alekperov ranks third. In 2018 he added $4.6…

Read More »

Ukraine confirms extension of nuclear fuel supply contract with Russia by 2025

KIEV, December 21. /TASS/. Ukraine’s national nuclear power company Energoatom confirmed extension of the contract for supplies of Russian nuclear fuel until 2025, press service of the company said on Friday. The supplement agreement was signed with Russia’s TVEL company, Energoatom said. According to the press service, terms of the document stipulate contraction of Russian fuel supplies, limitation of its deliveries by 2025 and revision of the pricing procedure for the Russian fuel. “The cause to sign the supplement agreement was… expansion of nuclear fuel supplies produced by Westinghouse,” Energoatom said. The parties signed supplement agreements to the effective contract on nuclear fuel supplies to…

Read More »

Sukhoi Civil Aircraft to sign a contract for 6 aircraft for a Thai airline by year’s end

MOSCOW, December 21. /TASS/. Sukhoi Civil Aircraft, producer of Sukhoi Superjet 100 planes, plans to conclude a deal to supply six aircraft for a new airline in Thailand by the end of 2018, the company’s President Alexander Rubtsov told reporters. “We are planning to make a deal in Thailand – at the end of this year we will publicly announce it – it is a deal with a company, which is now being established. If everything goes smoothly, it concerns six aircraft. Apparently, they will build a warehouse to service the aircraft in Asian region,” he said. In other media

Read More »