Russia and the global economy

World needs more development banks like BRICS’, not “mindless austerity” – minister

BRICS is gaining momentum as an increasingly effective organization and its New Development Bank is likely to become new source of funding for the current infrastructure gap, South Africa’s Trade and Industry Minister Rob Davies told RT. There’s a need for more development banks in the world involved in more developmental finance, the minister said […]

Saudi Arabia to invest record $10bn in Russia

The Public Investment Fund (PIF) of Saudi Arabia in partnership with the Russian Direct Investment Fund (RDIF) has agreed to invest $10 billion into Russian projects. It is the largest foreign investment in Russia. “We have reached final agreements and are announcing the creation of a partnership with the sovereign fund of Saudi Arabia, under […]

Russia overtakes Saudi Arabia to become biggest crude exporter to China

In May China imported a record 3.92 million metric tons of crude oil from Russia, which is equivalent to 927,000 barrels per day. Russia has become Beijing’s top crude supplier for the first time since October 2005. “Russia is using its good relationship with China to increase supplies and has now taken the top spot,” […]

Russia cuts US debt holding by more than 40% over year

Russia held US Treasury bills worth $66.5 billion as of April this year, according to the latest monthly report from the US Treasury. That compares with the $116.4 billion held a year ago. From March to April 2015, Russia sold $3.4 billion in US Treasury bonds,reported US Department of the Treasury Monday.

Russia and Iran ready to launch “oil-for-goods” deal next week – Iranian oil minister

Iran hopes to start implementing an “oil-for-goods” barter deal with Russia after June 7, said Iranian Oil Minister Bijan Namdar Zanganeh. It will supply Iranian crude oil to Russia in exchange for grain, equipment and construction materials. “We hope that next week” Russia will take its first imports, said Zanganeh, quoted by Bloomberg on Friday […]

Russia’s largest bank issues first credit guarantees in yuan

Sberbank has issued its first yuan-denominated letters of credit that involve funding from the Export-Import Bank of China to Russia’s largest pharmaceutical company. Pharmasyntez, Russia’s leading drug manufacturer, appealed to Sberbank with a request for funding credit guarantees in Chinese national currency as part of contracts for the supply of imported pharmaceutical products worth over […]

Russia to take legal moves if Ukraine defaults on $3bn debt – finance minister

Russia will appeal to the International Court of Justice if Ukrainian President Petro Poroshenko signs a moratorium on the payment of Ukraine’s external debt into law and fails to pay its debt to Russia, said Russian Finance Minister Anton Siluanov. Siluanov said Ukraine was virtually defaulting on its debt, adding that Russia doesn’t yet have […]

Serbia wants to join Turkish Stream – foreign minister

Serbia is interested in joining the Turkish Stream gas pipeline project, as it wants to ensure energy security for its citizens and cut dependence on deliveries via Ukraine, said the Serbian Minister of Foreign Affairs Ivica Dacic. “At present, we can express our readiness for participation in this project because we need reliable gas supplies,” […]

Russia isn’t considering fully lifting food embargo  – Deputy PM

Russia is not considering completely lifting the food embargo on products from the West, says Deputy Prime Minister Arkady Dvorkovich. “We do not consider lifting the embargo currently in the broadest sense of the word, there are some special orders about individual products or countries,” said Dvorkovich. “These issues are being considered, but no final […]

Merkel says free trade zone with Russia possible

German Chancellor Angela Merkel believes that a free trade zone with Russia is possible in the future, despite the current political tensions with the West. “In the long view it is possible to create a large free trade zone, including with Russia,” Merkel said at Friday’s economic forum in Stralsund.

BRICS Development Bank won’t rival China-led AIIB, but complement – CBR head

The BRICS New Development Bank and the Asian Infrastructure Investment Bank (AIIB), both seen as alternatives to US – led institutions, will not compete, but rather complement each other, said the head of the Central Bank of Russia Elvira Nabiullina. Nabiullina made the statement Thursday in Washington where she is attending the spring meetings of […]

Politics, “hypocrisy” cost US global economic leadership: ex-Treasury chief

The US may no longer be in control of the global economy, warned former Treasury Secretary Lawrence Summers, urging Washington to regain dominance by honoring commitments and stopping its own hypocrisy. China’s establishment of the Asian Infrastructure Investment Bank (AIIB), and Washington’s failure to stop its traditional allies from joining, was a development without precedent […]

Russia ratifies $100bn BRICS New Development Bank

The Russian State Duma has ratified the $100 billion BRICS bank that’ll serve as a pool of money for infrastructure projects in Russia, Brazil, India, China and South Africa, and challenge the dominance of the Western-led World Bank and the IMF. The New Development Bank is expected to start fully functioning by the end of […]

Sanctioned: Visa, MasterCard suspend servicing Russian banks in Crimea

MasterCard and Visa have suspended service for Russian banks in Crimea, saying the decision complies with US sanctions. “According to the US sanctions imposed against Crimea on December 19, 2014, Visa currently cannot provide services and offer their products in the Crimea. This means that we can no longer issue or accept bank cards in […]

Bulgaria ready to issue South Stream permits

Bulgaria is ready to issue all the necessary permits for the construction of the South Stream pipeline, according to Prime Minister Boyko Borisov. He said it will up to Gazprom whether the pipeline is built or not. Borisov said he has the full support and understanding of the European Union and that Bulgaria is not […]



Accident Arms Army Austria China Clashes Conflict Crime Crimea Crisis Economy EU Europe Finance Germany Health History Human rights Information Technology Intelligence internet Iraq Law Mass media Military NATO Obama Opposition Police Politics Protest Putin Russia Sanctions Scandal Security Snowden Syria terrorism UK Ukraine USA video Violence war

9th Most Read

A Log in Your Own Eye: Decades of US Meddling in Foreign Elections
Web of Deceit | The History of Western Complicity in Iraq
Russian economy under Putin: Quality of life tripled, foreign debt fell 75%
9/11 The Peace We Lost
United We Fall – [Full Film]
UK media demonizing Russia as “guilty” of daring to resist US Empire
Hotel in Russia’s Crimea named best in the world (VIDEO)
NSA’s telephone metadata collection not authorized by Patriot Act – appeals court
Merkel, Hollande, Putin to discuss end to Ukraine’s civil war at Moscow talks