Category: Business & Economy

Wind farm in Yakutia passes Arctic winter test

Wind farm in Yakutia passes Arctic winter test

YAKUTSK, March 12. /TASS/. Four months of the wind farm’s work in northern Yakutia’s Tiksi proved the equipment is effective in extremely low temperatures, Russia’s hydroelectricity company, RusHydro, told reporters on Tuesday. The wind farm of Komaihaltec’s three wind turbines with the capacity of 900 kW was launched in November, 2018. Presently, the wind farm works in the settlement along with the local diesel electric plant. “The wind farm, made by RusHydro jointly with the Japanese counterparts in the Arctic settlement of Tiksi, has demonstrated high effectiveness and reliability in the severe Arctic climate conditions,” the company’s press service said. “In winter 2018-2019, air temperatures…

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Kremlin excoriates US moves against Nord Stream 2 as ‘asset-grabbing’ on global scale

Kremlin excoriates US moves against Nord Stream 2 as ‘asset-grabbing’ on global scale

Russian presidential spokesman Dmitry Peskov © Mikhail Metzel/TASS MOSCOW, March 12. /TASS/. Washington’s attitude towards the Nord Stream 2 gas pipeline project is comparable to “asset-grabbing” on an international scale, Kremlin Spokesman Dmitry Peskov said on Tuesday. He was commenting on publications in various media outlets that the US was putting together more sanctions against the Nord Stream 2 gas pipeline project. “The US’s hostile and non-competitive attitude to this purely economic project is well known, this is not new. We are aware that we are dealing with attempts at unfair competition, and sometimes with actions comparable to assets grabbing, but on an international level,” Peskov…

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Kremlin not expecting lack of participants at SPIEF amid Calvey case

Kremlin not expecting lack of participants at SPIEF amid Calvey case

MOSCOW, March 12. /TASS/. The Kremlin knows about concerns of foreign businesses amid a criminal case against founder of the Baring Vostok investment fund Michael Calvey, but vows that the Russian authorities’ support for investors is unshakable, Russian Presidential Spokesman Dmitry Peskov told reporters on Tuesday. “We really know that business representatives both from the United States and other countries voiced their concerns through various business associations and organizations over Michael Calvey’s case . Each time we assure our trade and economic partners that Russia was, is and remains committed to a key goal of creating the most convenient conditions for foreign businesses and foreign…

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Kremlin not expecting lack of participants at SPIEF amid Calvey’s case

Kremlin not expecting lack of participants at SPIEF amid Calvey’s case

MOSCOW, March 12. /TASS/. The Kremlin knows about concerns of foreign businesses amid a criminal case against founder of the Baring Vostok investment fund Michael Calvey, but vows that the Russian authorities’ support for investors is unshakable, Russian Presidential Spokesman Dmitry Peskov told reporters on Tuesday. “We really know that business representatives both from the United States and other countries voiced their concerns through various business associations and organizations over Michael Calvey’s case . Each time we assure our trade and economic partners that Russia was, is and remains committed to a key goal of creating the most convenient conditions for foreign businesses and foreign…

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Putin to take part in St. Petersburg International Economic Forum in June

Putin to take part in St. Petersburg International Economic Forum in June

© Sergei Bobylev/TASS MOSCOW, March 12. /TASS/. Russian President Vladimir Putin will take part in the St. Petersburg International Economic Forum (SPIEF 2019) that will be held on June 6-8, Kremlin Spokesman Dmitry Peskov told journalists. “This is a forum in which Putin traditionally takes part and traditionally attends a plenary session and other formats on the sidelines of the forum,” Peskov said, answering the question on whether the Russian president will take part in the SPIEF this year. The Kremlin spokesman did not say who will be the SPIEF’s guests this year, highlighting that it will be “a meaningful event in the global forum life.”…

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Lukoil’s president assesses effects of sanctions on Russia’s oil and gas sector

Lukoil’s president assesses effects of sanctions on Russia’s oil and gas sector

Lukoil’s President Vagit Alekperov © Sergei Savostyanov/TASS HOUSTON, March 12. /TASS/. Technological sanctions placed on Russia’s oil and gas sector have negatively affected Lukoil’s operations and the sphere as a whole, but it is possible to adapt to restrictions, Lukoil’s President Vagit Alekperov told CERAWeek energy conference in Houston. Alekperov said sanctions destroyed Lukoil’s joint project with France’s Total and made it harder to have access to technologies. At the same time, he noted that transitioning to domestically produced technologies will allow to adapt to restrictions. The OPEC+ deal on cutting oil production has allowed to save the market from speculators, while the developments in Venezuela…

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Bashar al-Assad may attend Yalta Economic Forum in Crimea

Bashar al-Assad may attend Yalta Economic Forum in Crimea

UFA, March 11. /TASS/. Syrian President Bashar al-Assad may attend the fifth Yalta International Economic Forum (YIEF), member of the forum’s organizing committee Andrey Nazarov informed TASS on Monday. Earlier, Crimea’s head Sergei Aksyonov invited al-Assad to attend the Yalta forum, which will take place on April 17-20. On February 19, Syrian Ambassador to Russia Riad Haddad told reporters that the Syrian leader is unlikely to take part in the upcoming forum. “Bashar al-Assad confirmed that if no circumstances stand in the way, he will come, which is why his visit is being developed. The Syrian delegation will be there as honored guests. So we…

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Journalistic investigation of Troika Dialog doesn’t contain particular new data — Kremlin

Journalistic investigation of Troika Dialog doesn’t contain particular new data — Kremlin

MOSCOW, March 11. /TASS/. The journalistic investigation on channeling money out of Russia through the Troika Dialog offshore network contains obsolete, distorted and wrong data, Presidential spokesman Dmitry Peskov told reporters on Monday. “It contains numerous facts that were known long time ago. They were mentioned earlier. Some of them are not consistent with the reality. Some items are mentioned incorrectly, with distortions, and therefore this investigation does not contain any particularly new things,” Peskov said. Earlier, several media outlets, including RBC, published data from the journalistic investigation project of the Organized Crime and Corruption Reporting Project (OCCRP), according to which investment company Troika Dialog,…

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Evrofinance Mosnarbank continues working normally

Evrofinance Mosnarbank continues working normally

MOSCOW, March 11. /TASS/. Evrofinance Mosnarbank hit by US sanctions earlier today continues normal operations, press service of the credit institution told TASS on Monday. “In connection with news regarding sanctions introduced by the US in respect of Evrofinance Mosnarbank, we inform that the bank continues stable operations. The Bank meets and will unconditionally meet all its commitments to clients and partners in full scope,” the press service said. The US Treasury introduced sanctions against the Russian-Venezuelan bank Evrofinance Mosnarbank in connection with the situation in Venezuela, according to its statement released earlier on Monday. Evrofinance Mosnarbank was founded at the turn of 2003 as…

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Putin marks decline in volume of funds channeled out of Russia via offshore networks

Putin marks decline in volume of funds channeled out of Russia via offshore networks

MOSCOW, March 11. /TASS/. President Vladimir Putin has marked a twofold decline in volume of funds, which were channeled out of Russia via offshore networks in comparison with 2016. He made this remark during a meeting with Yury Chikhanchin, head of the Federal Financial Monitoring Service [Rosfinmonitoring], on Monday. At the meeting with the head of state, Chikhanchin noted that in the channeling of funds to offshore accounts was mainly due to tax evasion. “But the decline (in volume of withdrawn funds – TASS) is very significant,” the head of the regulator emphasized. “Yes, it is twofold [as compared to] 2016,” Putin said. According to…

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Moscow tourism industry brings around $13 bln in revenue in 2018

Moscow tourism industry brings around $13 bln in revenue in 2018

MOSCOW, March 11. /TASS/. In 2018, tourists have spent nearly 864 bln rubles (approximately $13 bln) in Moscow hotels, restaurants, theaters and shops, Moscow Mayor Sergei Sobyanin stated on his website on Monday. “According to updated data, in 2018, Moscow hotels, restaurants, theaters, shops and stadiums have received 863.9 bln rubles in revenue from tourists. A major part of this sum was converted into salaries for workers,” the website informs. The mayor noted that out of this figure, 118 bln rubles (around $1.8 bln) formed part of the city’s budget via taxes. “You can build a new metro line with this money, or finance a…

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US introduces sanctions against Russian-Venezuelan bank

US introduces sanctions against Russian-Venezuelan bank

US Treasury Department © AP Photo/Pablo Martinez Monsivais WASHINGTON, March 11. /TASS/. The US Treasury introduced sanctions against the Russian-Venezuelan bank Evrofinance-Mosnarbank in connection with the situation in Venezuela, according to its statement released on Monday. “This action [to impose sanctions – TASS] demonstrates that the United States will take action against foreign financial institutions that sustain the illegitimate [President Nicolas] Maduro regime and contribute to the economic collapse and humanitarian crisis plaguing the people of Venezuela,” Treasury Secretary Stephen Mnuchin said in a comment. Evrofinance-Mosnarbank is the joint Russian-Venezuelan bank, operating on the basis of the intergovernmental agreement on establishment of the Russian-Venezuelan bank. Russia…

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Russia, China sign general contract on construction of two units of Tianwan NPP

Russia, China sign general contract on construction of two units of Tianwan NPP

MOSCOW, March 11. /TASS/. Russia and China have signed general contract on construction of the seventh and eighth power units of Tianwan nuclear power plant (TNPP) and the contract on basic design of the third and fourth units of Xudabao nuclear power plant (NPP), Russia’s state-run nuclear corporation Rosatom said in a statement on Monday. Respective contracts were signed in Beijing by Rosatom’s engineering division and enterprises of CNNC corporation. Earlier Rosatom and China signed a protocol on cooperation and a framework agreement on serial construction of power units for the Xudabao nuclear power plant in China. The plan is to construct two power units…

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Russian financial authorities stopped operation of 27 ‘shadow’ money transit sites in 2018

Russian financial authorities stopped operation of 27 ‘shadow’ money transit sites in 2018

MOSCOW, March 11. /TASS/. Russia’s Federal Financial Monitoring Service [Rosfinmonitoring] in cooperation with the Federal Security Service (FSB), the Interior Ministry and the Bank of Russia stopped the operation of 27 “shadow” money transit sites in 2018, head of the service Yury Chikhanchin said this at a meeting with Russian President Vladimir Putin. “Only in 2018 we managed to close 27 shadow sites, which was our joint work with the FSB, the Ministry of Internal Affairs and the Bank of Russia. The total amount of shadow funds is about 245 bln rubles ($3.7 bln),” he said. The official stressed that over the past year there…

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Russia-EU trade turnover up 20% in 2018

Russia-EU trade turnover up 20% in 2018

© Yuri Smityuk/TASS MOSCOW, March 11. /TASS/. The trade turnover between Russia and the EU grew by 20% in 2018, Industry and Trade Minister Denis Manturov said during a meeting with representatives of European business in Moscow. The volume of accumulated investments from the EU countries to the Russian Federation amounted to 300 billion euros last year, the minister added. “This is a lot. This shows that the European business is interested in coming to our country, investing its funds in the development of its business,” Manturov said. In other media

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OMV welcomes possible implementation of Turkish Stream 2 project, says CEO

OMV welcomes possible implementation of Turkish Stream 2 project, says CEO

Chief Executive Officer of Austrian oil and gas company OMV AG, Rainer Seele © EPA/CHRISTIAN BRUNA MOSCOW, March 11. /TASS/. OMV welcomes the possible implementation of the Turkish Stream 2 project, Chief Executive Officer of the Austrian oil and gas company Rainer Seele told reporters in Moscow. “I am interested in any pipeline running to Austria. And any pipeline running to Austria is a good pipeline,” he said when asked about the interest in the project in case of its implementation. Gazprom CEO Alexei Miller told TASS earlier that he did not rule out that the Turkish Stream 2 natural gas pipeline project would be implemented…

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Russia’s Arctic North Sea Route

Russia’s Arctic North Sea Route

Russia has developed new rules for the passage of all foreign ships, including warships and merchant vessels navigating through Russia’s Northern Sea Route (NSR). The need for such new “rules of the roadâ€� has arisen due to recent intensification of naval interest both military and commercial, and activities by various state players in the Arctic. According to Russia the purpose of these new rules are to maintain control over shipping, and the environment. The new rules call for all ships and vessels from other countries to notify a Russian monitoring service 45 days before they plan navigating through the NSR. They must report the name…

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Russia’s Arctic North Sea Route

Russia’s Arctic North Sea Route

Russia has developed new rules for the passage of all foreign ships, including warships and merchant vessels navigating through Russia’s Northern Sea Route (NSR). The need for such new “rules of the road” has arisen due to recent intensification of naval interest both military and commercial, and activities by various state players in the Arctic. According to Russia the purpose of these new rules are to maintain control over shipping, and the environment. The new rules call for all ships and vessels from other countries to notify a Russian monitoring service 45 days before they plan navigating through the NSR. They must report the name…

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Russian regions suggest making single list of ports for foreign ships in Far East

Russian regions suggest making single list of ports for foreign ships in Far East

MOSCOW, March 10. /TASS/. Russian regions suggested preparing a single list of ports and points of call for foreign cruise ships in the territory of the Far East. The relevant proposal was incorporated into the final resolution of the plenary session for preparation of the Tourism Development Strategy by 2035, held at the Inturmarket tourist exhibition. “Constituencies of the Russian Federation consider necessary to undertake the following measures for mitigation of administrative barriers when developing cruise navigation in the Far East: prepare and approve a single list of ports and points of call for foreign cruise ships. A “one-stop shop” principle was earlier introduced for…

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New Russian aircraft engine to be certified in 2020

New Russian aircraft engine to be certified in 2020

© Valery Matitsin/TASS MOSCOW, March 10. /TASS/. Certification of the new Russian aircraft engine VK-800S will take place in 2020, press service of the Central Institute of Aviation Motors (CIAM) told reporters. “Certification of an airplane with the VK-800S engine is planned in 2020,” the press service said, citing Vitaly Loginov, the project lead designer. According to the developer, the top-priority task is to make engines of the standard design and initiate certification tests. “The meeting of the mockup committee with participation of specialists from the CIAM certification center has already been held,” Loginov noted. “We expect to closely cooperate with the Institute this year,” he…

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Russia’s Aurus brand provided with clients in Europe for next 3-4 years, says minister

Russia’s Aurus brand provided with clients in Europe for next 3-4 years, says minister

© Sergei Fadeichev/TASS MOSCOW, March 7. /TASS/. Suppliers of Russian luxury cars under the Aurus brand are provided with clients on the European market for the next 3-4 years, Industry and Trade Minister Denis Manturov said in an interview aired by the Rossiya-24 TV news channel on Thursday. Particularly, he noted that European dealers have keen interest in those cars. “We already see keen interest from the side of potential dealers in the first place who want to sell the car in Europe. One can say that we are not going to have any problems with clients in Europe in the next 3, and maybe even…

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Moscow, Luxembourg eye launching direct flights in 2019

Moscow, Luxembourg eye launching direct flights in 2019

LUXEMBOURG, March 7. /TASS/. Luxembourg and Russia are actively working to launch direct flights between the countries, Deputy Prime Minister of Luxembourg Etienne Schneider said in an interview with TASS on Thursday, adding that the sides plan to solve the issue within a couple of months. He also said that the issue was discussed during Russian Prime Minister Dmitry Medvedev’s visit to the country on March 5-6. “Currently we are discussing the possibility of launching direct aviation flights between Moscow and Luxembourg as the move would considerably ease our exchanges. We see that such a flight is required, first of all from the side of…

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Russian low-cost airline Pobeda launches flights to Belgium’s Ostend

Russian low-cost airline Pobeda launches flights to Belgium’s Ostend

OSTEND, March 7. /TASS/. Russia’s low-cost carrier Pobeda, a unit of the flagship carrier Aeroflot, has launched flights from Moscow to the Belgian city of Ostend, TASS informs. The first flight from Moscow landed at Ostend-Bruges International Airport at 16:49 local time (18:49 Moscow time). At 19:45 Moscow time on Thursday, the first plane from Ostend to Moscow took off. The flights will take place three times a week – on Tuesdays, Thursdays and Saturdays. Pobeda’s head Andrey Kalmykov was one of the passengers on the first flight to Ostend. In other media

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Rusal expects aluminum demand to grow in 2019

Rusal expects aluminum demand to grow in 2019

MOSCOW, March 7 /TASS/. Russia’s aluminum producer Rusal expects accelerated growth of aluminum demand in 2019 due to persisting shortage of supply standing at 1-1.4 mln tonnes, Director of Strategy, Business Development & Financial Markets Oleg Mukhamedshin told reporters on Thursday. “We assume that that aluminum demand will continue growing in 2019. Deficit persists on the market. That is at least 1 mln tonnes, or virtually maybe 1.4 mln tonnes. We expect the demand to gain 3.7% in 2019 to 68 mln tonnes. Consequently, the price will rise as well,” he said. According to Mukhamedshin, the aluminum price on the market added 7.3% in 2018…

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Russia’s Gazprom Export completes first gas sales deal on electronic platform in rubles

Russia’s Gazprom Export completes first gas sales deal on electronic platform in rubles

MOSCOW, March 7. /TASS/. Russia’s Gazprom Export has successfully completed the first deal on gas sales to Western Europe priced in rubles on the Electronic Sales Platform, the company said in a statement on Thursday. “The deal is a balance-of-month with NCG (German hub – TASS) delivery point. The volume of gas sold is about 80 mln cubic meters,” the statement said. According to the company’s Director General Elena Burmistrova, “today’s test deal has not just commercial but a highly symbolic meaning.” “For the first time in Gazprom Export’s history, a western European company buys gas and pays in rubles for it. So far it…

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Rusal plans to enter new markets in 2019, says CEO

Rusal plans to enter new markets in 2019, says CEO

© Stanislav Krasilnikov/TASS MOSCOW, March 7. /TASS/. Russia’s aluminum producer Rusal plans to enter new trade markets in 2019, Chief Executive Officer Evgenii Nikitin told reporters on Thursday. “Currently Rusal is on track to fully restore all business processes, which is the main task for our company for the next 2-3 months. We have to restore everything that was lost during sanctions and, subsequently, use the opportunities that emerged during sanctions, I mean new markets. It is necessary to expand them. We will try to get back all old partners, attracting new ones,” he said, noting that the company is still interested in the American market.…

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Serbia’s top diplomat hopes Turkish Stream will not share South Stream’s fate

Serbia’s top diplomat hopes Turkish Stream will not share South Stream’s fate

BELGRADE, March 7. /TASS/. Serbian Foreign Minister Ivica Dacic hopes that the Turkish Stream project will not share the fate of South Stream. “The core question for us now is the expansion of gas transport infrastructure, so that each region of Serbia could receive gas. For doing that, gas should reach Serbia, which means that the Turkish Stream project that used to be termed as South Stream, will be completed. As far as we are concerned, the construction of the section from the Bulgarian border to the border with Serbia is being worked out at all levels, and we hope that it will not turn…

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Snowmobile expedition across Arctic comes to Yakutia’s northernmost settlement

Snowmobile expedition across Arctic comes to Yakutia’s northernmost settlement

© Lev Fedoseev/TASS TASS, March 6. The Northern Path 2019 snowmobile expedition, which had started on January 11 from Murmansk, drove on the Lena River’s ice to get to Tiksi – Yakutia’s northernmost settlement, the project’s coordinator Igor Smolin told TASS. The expedition’s route of about 17,000 km crosses Russia’s eight regions. “On the first day, they drove from Yuryung-Hai to the Ust-Olenyonok polar station, and then it took them two days to drive on the Lena to get to Tiksi,” the coordinator said. “On the Lena’s shore, they stayed overnight at a fisherman’s and on the next day they drove to the river’s another arm,…

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Russia’s Rusal restores product deliveries to US

Russia’s Rusal restores product deliveries to US

© REUTERS/Ilya Naymushin MOSCOW, March 7 /TASS/. Rusal restored shipments of products to the United States “at significant levels,” especially deliveries of high-margin produce and alloys, Rusal Strategy and Business Development Director Oleg Mukhamedshin told reporters on Thursday. “We have also restored shipments to the United States. Shipments are now made at significant levels, so that we will be able to demonstrate sales of about several hundred thousand tonnes annually. Sales in the United States are also high-margin by nature. These are largely alloys, making it possible to supply products without losses, despite the import duty,” the top manager said. In other media

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