Russia will run out of money next year, need 'friendly' nations to invest, says oligarch
1 year, 9 months ago

Russia will run out of money next year, need 'friendly' nations to invest, says oligarch

India Today  

Russia's treasury may run dry within a year, necessitating foreign investment, said outspoken Russian oligarch Oleg Deripaska at an economic conference in Siberia on Thursday. “There will be no money already next year, we need foreign investors,” he said in light of the Russia-Ukraine war, as per comments reported by TASS, a Russian state-owned news agency. Russia's economic output fell by 2.1 per cent last year, as per government records. The value of the European Union's imports from Russia decreased by 51 per cent between February and December of last year, according to data published on Friday.

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History of this topic

How Russia's weakening economy could impact the war with Ukraine
2 weeks, 3 days ago

How Russia's weakening economy could impact the war with Ukraine

NPR  

How Russia's weakening economy could impact the war with Ukraine NPR's Elissa Nadworny talks with Alexandra Prokopenko, of the Carnegie Russia Eurasia Center, about weakness in the Russian economy and what that might mean for the country's war in Ukraine. Alexandra Prokopenko worked at the Russian Central Bank and is now a fellow at the Carnegie Russia Eurasia Center. NADWORNY: …

Russia’s war economy shows new cracks after the ruble plunges
3 weeks, 4 days ago

Russia’s war economy shows new cracks after the ruble plunges

Live Mint  

The Russian economy, surprisingly resilient through two-plus years of war and sanctions, has suddenly begun to show serious strains. The catalyst for the change in economic fortunes was a decision by the Biden administration to ratchet up sanctions on Russia’s Gazprombank, the last major unsanctioned bank that Moscow uses to pay soldiers and process trade transactions, as well as more …

Russia is locking up butter as inflation crisis reaches new heights
1 month ago

Russia is locking up butter as inflation crisis reaches new heights

CNN  

CNN — Americans have spent the last few years complaining about inflation. But an influential group of Russian economists said on Telegram this week that “increased inflationary pressure will not only persist but may even increase.” Russia’s President Vladimir Putin said earlier this month that the Russian economy needs nearly 1 million new workers because of an unemployment rate of …

Russia is locking up butter as inflation crisis reaches new heights
Top News
1 month ago

Russia is locking up butter as inflation crisis reaches new heights

CNN  

CNN — Americans have spent the last few years complaining about inflation. But an influential group of Russian economists said on Telegram this week that “increased inflationary pressure will not only persist but may even increase.” Russia’s President Vladimir Putin said earlier this month that the Russian economy needs nearly 1 million new workers because of an unemployment rate of …

Russia is locking up butter as inflation crisis reaches new heights
Top News
1 month ago

Russia is locking up butter as inflation crisis reaches new heights

CNN  

CNN — Americans have spent the last few years complaining about inflation. But an influential group of Russian economists said on Telegram this week that “increased inflationary pressure will not only persist but may even increase.” Russia’s President Vladimir Putin said earlier this month that the Russian economy needs nearly 1 million new workers because of an unemployment rate of …

'Gloomy' Russian oligarchs think country is in trouble even with Trump win
1 month, 1 week ago

'Gloomy' Russian oligarchs think country is in trouble even with Trump win

Raw Story  

The Russian government has long held that Donald Trump is to their benefit, as it went so far as to interfere on his behalf in the 2016 election, and then enjoyed years of relative friendliness as Vladimir Putin and Trump were together on the world stage. According to Bloomberg News, the Russian billionaires colloquially known as "oligarchs" do not expect …

Why China's sinking economy could backfire on Vladimir Putin
3 months, 1 week ago

Why China's sinking economy could backfire on Vladimir Putin

ABC  

Skirmishes in the South China Sea and a counterattack in Kursk. On the surface, the alliance between the two strongmen, China's President Xi Jinping and Russia's President Vladimir Putin, remains intact, creating a serious threat to ongoing global stability. Russia's reliance on China as a trading destination increased dramatically after the Ukraine invasion and the sanctions imposed upon Moscow. China, …

Vladimir Putin spends big—and sends Russia’s economy soaring
4 months ago

Vladimir Putin spends big—and sends Russia’s economy soaring

Hindustan Times  

A Ukrainian incursion into Russia represents an enormous embarrassment for Vladimir Putin and his military leadership. Consumer confidence, as measured by Russia’s statistical agency, is well above its average since Mr Putin assumed power 24 years ago. Sberbank, the country’s largest financial institution, notes that in June overall consumer spending rose by 20% year on year in nominal terms. Data …

Why Putin’s inflation battle is weakening Russia from within
4 months, 1 week ago

Why Putin’s inflation battle is weakening Russia from within

The Telegraph  

There is no better signal that money is tight than Putin’s decision to appoint a trained economist with zero military experience as his defence minister. “The risk is that a slowdown in growth will become much more pronounced than moderation in inflation which could mean that Russia might be facing a scenario of stagflation as early as next year. This …

As Putin eyes sure reelection, Russia’s economy defies sanctions, critics
9 months, 1 week ago

As Putin eyes sure reelection, Russia’s economy defies sanctions, critics

Al Jazeera  

Russian president’s all but guaranteed fifth term in power comes as economy has outperformed expectations. But I doubt that drinking Dobry Cola instead of Coca-Cola will change the election.” Owing to high oil prices and elevated military spending, Russia has managed to mitigate much of the impact of sanctions. It’s true that oil and gas exports have fallen because of …

Putin can point to a resilient Russian economy as he orchestrates his reelection
9 months, 1 week ago

Putin can point to a resilient Russian economy as he orchestrates his reelection

Associated Press  

MOSCOW — Russians are finding a few imported staples, like fruit, coffee and olive oil, have shot way up in price. “We know this very well, but I believe we’ll overcome them.” Higher prices “bother me, of course — like any consumer, I see them going up,” said Fedotov, who works in education. Yes, we all see that some goods …

Putin’s petrodollars dry up as Arab-Russian cartel loses its grip
11 months ago

Putin’s petrodollars dry up as Arab-Russian cartel loses its grip

The Telegraph  

With Russian forces stuck in a stalemate on the frontlines in Ukraine, Vladimir Putin is facing a drain on the Kremlin coffers that threaten to sink his war machine. A combination of falling prices and Western sanctions are driving Putin’s revenues steadily down even though he is pumping more oil, the report says. “Russian oil exports rose by 500,000 barrels …

Russia to hike defence spending by almost 70% in 2024: Ministry
1 year, 2 months ago

Russia to hike defence spending by almost 70% in 2024: Ministry

The Hindu  

Russia is set to hike defence spending by almost 70 percent in 2024, a finance ministry document published Thursday showed, as Moscow pours resources into its full-scale offensive in Ukraine. The document said defence spending was set to jump by over 68 percent year-on-year to almost 10.8 trillion rubles, totalling around 6 percent of GDP -- more than spending allocated …

No 'insurmountable problems' in ruble fall: Putin downplays West's sanctions
1 year, 3 months ago

No 'insurmountable problems' in ruble fall: Putin downplays West's sanctions

Hindustan Times  

President Vladimir Putin on Tuesday downplayed the weakening of the Russian ruble, as Moscow shoulders the economic fallout of its dragging offensive in Ukraine and rising inflation. "This issue requires its own painstaking research by the central bank and the Russian government and financial authorities," Putin said at Russia's Eastern Economic Forum in Vladivostok. Putin has sought to downplay the …

Russia earns less from oil and spends more on war. So far, sanctions are working like a slow poison
1 year, 3 months ago

Russia earns less from oil and spends more on war. So far, sanctions are working like a slow poison

Associated Press  

The Russian ruble’s wobble in value has exposed a crack in President Vladimir Putin’s fortress economy, a vulnerability quickly plastered over by the Kremlin’s economic team in a move that allowed the currency to regain its footing, at least for now. Longer term, however, Russia’s economy is facing a “slow burn” under pressure from sanctions and Putin’s war spending, said …

Russia’s technocrats keep funds flowing for Vladimir Putin’s war
1 year, 5 months ago

Russia’s technocrats keep funds flowing for Vladimir Putin’s war

Hindustan Times  

VADIM, A CAR-PARTS dealer from a provincial Russian town, never supported the war. Indeed, he broadly backed the West’s sanctions on Russia: how else could you stop the “monsters” intent on destroying his country, as well as Ukraine, if not by hitting their pockets? Gross domestic product contracted by just 2.2% last year, smashing many economists’ expectations, made in the …

Russia’s economy can withstand a long war, but not a more intense one
1 year, 5 months ago

Russia’s economy can withstand a long war, but not a more intense one

Hindustan Times  

A WEEK AFTER Russia invaded Ukraine last year, Antony Blinken, America’s secretary of state, crowed, “The value of the ruble has plummeted; the Russian stockmarket closed as fear of capital flight rose; interest rates more than doubled; Russia’s credit rating has been cut to junk status.” American authorities clearly hoped that the “massive, unprecedented consequences” they and their allies had …

Russia’s economy holds up, but growing challenges test Putin
1 year, 9 months ago

Russia’s economy holds up, but growing challenges test Putin

Associated Press  

Western sanctions have hit Russian banks, wealthy individuals and technology imports. Economists say sanctions on Russian fossil fuels only now taking full effect — such as a price cap on oil — should eat into earnings that fund the military’s attacks on Ukraine. “We have had even worse periods of time in history, and we coped,” he said, but added …

'War's turning point soon': Russia to run out of ammunitions by end of spring, claims Ukraine intel chief
1 year, 9 months ago

'War's turning point soon': Russia to run out of ammunitions by end of spring, claims Ukraine intel chief

India TV News  

Russia-Ukraine war: The Russian forces are wasting huge amounts of human resources, armaments, and materials in the ongoing war against Ukraine but they will soon run out of ammo "very soon", claimed Ukrainian military intelligence chief Kyrylo Budanov. Russia may run out of money by next year' Earlier last week, a Russian oligarch made a big claim wherein he asserted …

'Economic crisis awaiting.. Russia may run out of money by next year', claims outspoken Oligarch Deripaska
1 year, 9 months ago

'Economic crisis awaiting.. Russia may run out of money by next year', claims outspoken Oligarch Deripaska

India TV News  

Awaiting crisis: Amid the unprecedented crisis that erupted following the escalation of the brutal war against Ukraine, a Russian oligarch made a big claim wherein he asserted that Moscow would run out of money by 2024. According to outspoken Russian oligarch Oleg Deripaska, the country would plunge into further economic crisis, if it does not attract foreign investments. "There will …

Russian oligarch Oleg Deripaska warns Moscow likely to run out of money next year
1 year, 9 months ago

Russian oligarch Oleg Deripaska warns Moscow likely to run out of money next year

Firstpost  

New Delhi: Russian oligarch Oleg Deripaska has warned that Moscow may run out of money by 2024 as it struggles to replace western investors. He also went on to criticise Russian President Vladimir Putin, and said the government should “stop dreaming about some special place for Russia in the world and go about its own business.” Speaking at an investment …

Moscow will run out of money by…: Russian oligarch Deripaska amid Ukraine war
1 year, 9 months ago

Moscow will run out of money by…: Russian oligarch Deripaska amid Ukraine war

Hindustan Times  

Russian billionaire Oleg Deripaska said Moscow is running out of money amid Vladimir Putin's Ukraine invasion and is likely to have no financial stability by 2024. If Russia receives investment from “friendly” countries, the impact of Western sanctions amid Ukraine war could be reduced, the oligarch added. Oleg Deripaska said that funds have been running low and “that’s why they’ve …

Russian economy shrank 2.1% in 2022, much less than expected
1 year, 10 months ago

Russian economy shrank 2.1% in 2022, much less than expected

Al Jazeera  

The economy defied fears of a recession and previous predictions that it would contract by more than 12 percent. Russia’s economy contracted by 2.1 percent last year, the federal statistics service said on Monday, shrinking less than expected despite its invasion of Ukraine last February and sanctions imposed by European nations and the United States. The economy ministry had at …

Russia's Vladimir Putin says positive dynamic in military operation in Ukraine
1 year, 11 months ago

Russia's Vladimir Putin says positive dynamic in military operation in Ukraine

Hindustan Times  

Russian President Vladimir Putin said the special military operation was showing a positive trend and that he hoped Russian soldiers would deliver further gains after Soledar. Vladimir Putin On Russia-Ukraine War: Russian President Vladimir Putin "The dynamic is positive," Putin told Rossiya 1 state television. "And I hope that our fighters will please us even more with the results of …

Does Russia have enough money for war?
2 years ago

Does Russia have enough money for war?

Al Jazeera  

Even with the Western sanctions and an expected drop in oil and gas revenues, Russia, unfortunately, still has money to continue its aggression on Ukraine. The confrontation with the West over the war in Ukraine also affected Russia’s hydrocarbon exports, which in 2021 accounted for nearly 50 percent of total exports and 45 percent of federal budget revenues. Overall, in …

World Bank: Ukraine’s war-torn economy will sink 35% in ’22
2 years, 2 months ago

World Bank: Ukraine’s war-torn economy will sink 35% in ’22

Associated Press  

WASHINGTON — Devastated by Russia’s invasion eight months ago, the Ukrainian economy will plunge 35% this year, the World Bank forecast Tuesday. The World Bank, a 189-country anti-poverty agency, estimates that rebuilding the country will cost at least $349 billion, 1.5 times the size of Ukraine’s prewar economy. “Ukraine continues to need enormous financial support as the war needlessly rages …

Is Russia’s economic resilience realigning the global economic order | In Focus podcast
2 years, 3 months ago

Is Russia’s economic resilience realigning the global economic order | In Focus podcast

The Hindu  

Western sanctions had initially threatened to derail the Russian economy ever since the country invaded Ukraine. However, Russia has shown a resilience that has surprised observers, and which has the potential to realign the global economic order. In a recent article for Business Line, Biswajit Dhar, Professor of Economics at the JNU, points out how observers’ projections for Russia’s GDP …

Russian economy to decline by 2-2.5%: Putin after 6 months of war in Ukraine
2 years, 3 months ago

Russian economy to decline by 2-2.5%: Putin after 6 months of war in Ukraine

Live Mint  

Russian President Vladimir Putin said on Wednesday that Russia's economy will decline by 2-2.5 per cent, about six months after he declared a “special military operation” in Ukraine. Vladimir Putin said Russia's budget surplus would come in at 0.5 trillion roubles in 2022, and the GDP would fall by "around 2% or a little more." “I’m sure that we’ve lost …

Russia’s war at 6 months: A global economy in growing danger
2 years, 4 months ago

Russia’s war at 6 months: A global economy in growing danger

Associated Press  

MECKENHEIM, Germany — Martin Kopf needs natural gas to run his family’s company, Zinkpower GmbH, which rustproofs steel components in western Germany. Russia’s war led the International Monetary Fund last month to downgrade its outlook for the global economy for the fourth time in under a year. “The world may soon be teetering on the edge of a global recession, …

Russia ministry says economic slump less severe than feared
2 years, 4 months ago

Russia ministry says economic slump less severe than feared

Al Jazeera  

Economy ministry says gross domestic product to shrink 4.2 percent this year amid sanctions over the war in Ukraine. Russia’s economy will contract less than expected and inflation will not be as high as projected three months ago, economy ministry forecasts showed, suggesting the economy is dealing with sanctions better than initially feared. Yet nearly six months since Russia started …

Russia sees 38% rise in energy export earnings this year: Report
2 years, 4 months ago

Russia sees 38% rise in energy export earnings this year: Report

Al Jazeera  

Russia is expected to pocket $337.5bn this year on energy exports alone, according to an economy ministry document seen by Reuters news agency. Higher oil export volumes, coupled with rising petrol prices, will boost Russia’s earnings from energy exports to $337.5bn this year, a 38 percent rise from 2021, according to an economy ministry document seen by Reuters news agency. …

Putin’s war sets Russian economy back 4 years in single quarter
2 years, 4 months ago

Putin’s war sets Russian economy back 4 years in single quarter

Al Jazeera  

A wave of international sanctions after Moscow’s invasion of Ukraine disrupted Russia’s trade and threw various of its industries into paralysis. President Vladimir Putin’s invasion of Ukraine set Russia’s economy back four years in the first full quarter after the attack, putting it on track for one of the longest downturns on record even if less sharply than initially feared. …

Russia’s central bank slashes rate, saying inflation slows
2 years, 5 months ago

Russia’s central bank slashes rate, saying inflation slows

Associated Press  

MOSCOW — The Russian central bank diverged from its Western counterparts by slashing its key interest rate Friday just a month after dropping it to where it was before the country sent troops into Ukraine. “The recent essentially involuntary accumulation of savings is a compressed spring in the economy, which can cause dramatic consumption growth under certain circumstances,” central bank …

Russia’s Oil Is in Long-Term Decline – And the War Has Only Added to the Problem
2 years, 5 months ago

Russia’s Oil Is in Long-Term Decline – And the War Has Only Added to the Problem

The Quint  

Yet despite all these restrictions, oil prices fell from their March highs. Asian buyers also welcomed the “opportunity” to buy Russian crude oil at discounted prices: the main product, known as Urals, used to sell at around US$1 per barrel below Brent, but the gap is currently over US$30. In its April report, it expected Russian oil supply that month …

How is Russia’s economy performing under Western sanctions?
2 years, 7 months ago

How is Russia’s economy performing under Western sanctions?

Al Jazeera  

The Kremlin says the economy is weathering the storm, but analysts warn of a steep future decline. Western nations imposed some of their strongest ever sanctions on Russia as punishment for invading Ukraine. They include freezing the central bank’s foreign reserves, banning oil and gas imports and suspending Russia’s banks from global financial systems. The American investment bank JP Morgan …

Putin: West’s Russia sanctions triggering global economic crisis
2 years, 7 months ago

Putin: West’s Russia sanctions triggering global economic crisis

Al Jazeera  

The West’s attempt to economically isolate Russia has propelled the global economy into uncharted waters with soaring prices for food and energy. Russian President Vladimir Putin said on Thursday that the West had triggered a global economic crisis and a wave of ruinous inflation by imposing on Russia the most severe sanctions in recent history over the conflict in Ukraine. …

Sanctions hit Russian economy, although Putin says otherwise
2 years, 8 months ago

Sanctions hit Russian economy, although Putin says otherwise

Associated Press  

NEW YORK — Nearly two months into the Russian-Ukraine war, the Kremlin has taken extraordinary steps to blunt an economic counteroffensive from the West. Russian President Vladimir Putin felt emboldened and proclaimed — evoking World War II imagery — that the country had withstood the West’s “blitz” of sanctions. A closer look, however, shows that the sanctions are taking a …

Sanctions Hit Russian Economy, Although Putin Says Otherwise
2 years, 8 months ago

Sanctions Hit Russian Economy, Although Putin Says Otherwise

Huff Post  

LOADING ERROR LOADING NEW YORK — Nearly two months into the Russian-Ukraine war, the Kremlin has taken extraordinary steps to blunt an economic counteroffensive from the West. Russian President Vladimir Putin felt emboldened and proclaimed — evoking World War II imagery — that the country had withstood the West’s “blitz” of sanctions. A closer look, however, shows that the sanctions …

Sanctions hit Russian economy, although Putin says otherwise
2 years, 8 months ago

Sanctions hit Russian economy, although Putin says otherwise

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Russian President Vladimir Putin felt emboldened and proclaimed — …

Russia faces deep recession that will ‘only get deeper,’ Treasury official says
2 years, 8 months ago

Russia faces deep recession that will ‘only get deeper,’ Treasury official says

CNN  

New York CNN Business — Sanctions leveled on Russia have pushed the country toward becoming a closed economy, a status the country is ill-equipped to handle, a senior Treasury official said on Friday. The goal of the sanctions is to debilitate Russia’s economy to the point that it weakens the country’s ability to use its military, the senior Treasury official …

Putin’s war to wipe out 15 years of progress for Russian economy
2 years, 9 months ago

Putin’s war to wipe out 15 years of progress for Russian economy

Al Jazeera  

Russia’s invasion of Ukraine last month spurred a collapse of the rouble and threw global supply chains and commodities prices into chaos. The economy is expected to contract 15% in 2022, followed by a decline of 3% in 2023, leaving gross domestic product where it was about fifteen years ago, economists Benjamin Hilgenstock and Elina Ribakova wrote in a preliminary …

Here’s how we know sanctions are hurting Russia
2 years, 9 months ago

Here’s how we know sanctions are hurting Russia

CNN  

A version of this story appeared in CNN’s What Matters newsletter. Needing help Russia has sought economic and military help from China, which has stayed notably aloof during the Ukraine invasion, according to conversations CNN had with two US officials.White House national security adviser Jake Sullivan told CNN’s Dana Bash on Sunday that China providing Russia with support is a …

Russia built an economy like a fortress but the pain is real
2 years, 9 months ago

Russia built an economy like a fortress but the pain is real

Associated Press  

Western sanctions are dealing a severe blow to Russia’s economy. Despite the punishing financial sanctions, Russia has built “an economy that’s geared for conflict,” said Richard Connolly, an expert on the Russian economy at the Royal United Services Institute in Britain. The Russian government’s extensive involvement in the economy and the money it is still making from oil and gas …

What’s awaiting Russia may be much worse than the chaos of 1990s
2 years, 9 months ago

What’s awaiting Russia may be much worse than the chaos of 1990s

Al Jazeera  

If Putin does not change course – and fast – Russia may find itself in an economic catastrophe akin to that of 1918. President Vladimir Putin has long justified his strongman rule through warnings that without his guiding hand, Russia would be destined to fall back into the chaos of the 1990s when Russians experienced a drastic decline in living …

How Russia’s invasion of Ukraine changed the global economy in a week
2 years, 9 months ago

How Russia’s invasion of Ukraine changed the global economy in a week

CNN  

London CNN Business — A week of war in Ukraine has rocked the global economy, as quick-fire Western sanctions isolated Russia, collapsed its currency and financial assets and sent energy and food prices soaring. Now, a barrage of sanctions have made Russia’s biggest banks radioactive, traders are shunning barrels of Urals crude oil, and Western companies are fleeing the country …

Economic dangers from Russia's invasion ripple across globe
2 years, 9 months ago

Economic dangers from Russia's invasion ripple across globe

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “We know there are consequences that we cannot predict.’’ …

Russia has spent years preparing for international sanctions
2 years, 9 months ago

Russia has spent years preparing for international sanctions

LA Times  

With no appetite for military confrontation, the U.S. and its allies are relying on sweeping economic sanctions to persuade Russian President Vladimir Putin to pull out of Ukraine. “Putin and Lavrov are very well insulated from such action.” Sanctions would have to go deeper into the lives of Russia’s elite to place pressure on Putin, others said. “Seizing the estates …

The economic fallout of Russia’s Ukraine invasion: Explained in 4 charts
2 years, 9 months ago

The economic fallout of Russia’s Ukraine invasion: Explained in 4 charts

Hindustan Times  

Russia’s decision to launch a military offensive against Ukraine has sent shock waves through the global economy. The ripple effect of Russian President Vladimir Putin military offensive against Ukraine are unlikely to end in the commodity, equity and currency markets The more long-term consequences will depend on how the North Atlantic Treaty Organization members, especially the US react to Russia’s …

Putin’s economic strategy shows Russia has changed little in 100 years
3 years, 9 months ago

Putin’s economic strategy shows Russia has changed little in 100 years

The Independent  

The best of Voices delivered to your inbox every week - from controversial columns to expert analysis Sign up for our free weekly Voices newsletter for expert opinion and columns Sign up to our free weekly Voices newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy One hundred …

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