Stalled progress towards EU membership has shifted Turkey's economic interest, and it is now looking for closer cooperation with Russia's Customs Union, Economic Development Minister Aleksey Ulyukayev said. Ulyukayev discussed the plan with Turkish Economy Minister Nihat Zeybekci at the G20 trade ministers meeting in Sydney, Australia, over the weekend. [...]

The Association of European Businesses (AEB), a Moscow-based business lobby, said that new US sanctions against Russia have a more severe effect on European than on American business. The AEB says it “regrets” the US sanctions, and warns that they will stunt economic growth “not only in Russia”. [...]

A six-day tour by Russian President Vladimir Putin to Latin America ended with a long anticipated creation of the BRICS bank and the signing of energy agreements, as Russia looks to build alliances to counter Western influence. The Latin America tour started with the visit to Cuba, where Putin signed a new agreement on oil exploration in Caribbean waters which contain most of the estimated 124 mil [...]

Russia will start settling more contracts in Asian currencies, especially the yuan, in order to lessen its dependence on the dollar market, and because of Western-led sanctions that could freeze funds at any moment. [...]

Russia and Austria have agreed on a joint company to construct the Austrian arm of the $45 billion South Stream gas pipeline project, which is expected to deliver 32 billion cubic meters of Russian gas to the country, bypassing Ukraine. [...]

Russia, Belarus, and Kazakhstan signed the historic Eurasian Economic Union which will come into effect in January 2015. Cutting down trade barriers and comprising over 170 million people it will be the largest common market in the ex-Soviet sphere. [...]

While this year'€™s Int Economic Forum in St Petersburg saw fewer foreign guests due to sanctions tension, those who chose to leave politics aside told RT imposing economic restrictions on Moscow would mean "€œcutting the trees"€ they are "€œsitting on." [...]

China could replace Germany as Russia's biggest gas consumer, if Moscow and Beijing agree to add a route from Russia'€™s Western Siberia to the one already agreed under a $400 billion contract, President Putin said at a meeting with media in St. Petersburg. [...]

VTB, Russia'€™s second biggest lender, has signed a deal with Bank of China, which includes an agreement to pay each other in domestic currencies. “Under the agreement, the banks plan to develop their partnership in a number of areas, including cooperation on ruble and renminbi settlements, investment banking, inter-bank lending, trade finance and capital-markets transactions,” says the offi [...]

US and EU diplomats have said they will help Ukraine cut back on Russian gas, and also promised to help diversify the Russian-dominated European energy market, a difficult long term task for energy-dependent EU countries. US Secretary of State John Kerry, EU foreign policy chief Catherine Ashton and other energy advisers met in Brussels on Wednesday for an energy summit. [...]

A historic, long-term deal for the delivery of Russian gas to China that has been 10 years in the making is 98 percent ready, Russia'€™s Deputy Energy Minister Anatoly Yanovsky has said. All that's needed are the two countries'€™ signatures, he added. [...]

Europe should switch from promises to real action to help Ukraine out of the economic chaos, says Russia'€™s President Putin. “What’s the problem for the near future? It’s that Russia can’t bear the brunt [of helping Ukraine] in a one-way fashion,” Vladimir Putin told the Security Council meeting on Friday. [...]

Russia can'€™t continue to prop up Ukraine's faltering economy, and this responsibility should fall on the US and EU, which have recognized the authorities in Kiev but not yet given one dollar to support the economy, President Putin has said. “The situation is - to put it kindly, strange. It’s known our partners in Europe have recognized the legitimacy of the government in Kiev, yet have don [...]

€‹Ukrainian McDonald'€™s Ltd, a subsidary of the world's largest fast food chain, has temporarily closed its doors in Crimea because of "€œmanufacturing reasons." “Due to reasons beyond the control of the company, business activities have been suspended in Simferopol, Sevastopol, and Yalta,” said a company statement posted on the Ukrainian website. [...]