INDUSTRY REPORTS

Russia Becomes World’s Largest Supplier of Crude Oil

Posted on by

russia-oil-flagRussia has taken over from Saudi Arabia as the world’s largest supplier of crude oil, according to the Riyadh based Joint Organisations Data Initiative. Russia pumped 10.49 million barrels a day in December, with Saudi Arabia just behind at 10.46 and the US third at 8.9 million barrels. Iraq came up in fourth place with 5 million barrels.

Continue reading…

LinkedIn Banned in Russia

Posted on by

By Marina Romanova

linkedin-banned-in-russiaSince Friday, November 17 LinkedIn is officially blocked for around 6 million Russians, who have accounts in the world’s largest job searching engine. Russia’s Roskomnadzor communications watchdog, told Interfax news agency on Thursday that the website would be blocked within 24 hours, and a number of Internet service providers appeared to have immediately begun blocking the website, according to media reports.

LinkedIn, which has its headquarters in the United States, is the first major social network to be blocked by Russian authorities, setting a precedent for the way foreign Internet firms operate.

Continue reading…

Kazakhstan to Set Up its First Cargo Airline

Posted on by

By Marina Romanova

kazakhstan-cargo-airlineAccording to the national railway operator, Kazakhstan Railways is setting up a cargo airline in partnership with national carrier Air Astana. The first national cargo airline will begin to operate in 2017 with China, Europe, Iran, Russia and Turkey among its first destinations.

The new transportation project aim is to strengthen Kazakhstan’s competitiveness in the world. The Kazakhstan railways described the project called Rail-Air as a “new product of intermodal transport by rail and air transport.” It is expected that cargo airline will become “an alternative to the existing, but slower supply chain Sea-Air from South East Asia to Europe via Dubai”, said the railway operator.

Continue reading…

Severstal to Export Chinese Steel to EU to Avoid the Utmost Anti-dumping Tariffs

Posted on by

By Marina Romanova

severstal-to-export-chinese1Russian steelmaker found the way to lower the effect of severe anti-dumping duties levied by the EU on Russian steel in August 2016. According to Vadim Larin, chief executive of Severstal, Russia’s fourth-largest steelmaker, the firm is exporting Chinese cold rolled steel to the European Union instead of Russian one, because EU anti-dumping duties on the Chinese product are much lower.

The levies against Russia range from 18.7 percent to 36.1 percent and those against China range from 19.7 percent to 22.1 percent, depending on the company. Among Russian exporters, Novolipetsk Steel is subject to the maximum rate of 36.1 percent, Severstal faces a 34 percent levy and Magnitogorsk Iron & Steel Works has an 18.7 percent duty. Among Chinese exporters, Shougang group faces a 22.1 percent rate, while Angang Steel is subject to a 19.7 percent duty.

Continue reading…

Apple Pay to Launch in Russia

Posted on by

By Marina Romanova

013016_motor_tilke-vadapt-664-high-7510 Russian financial institutions including VTB 24, Alfa-Bank, Tinkoff Bank and Raiffeisen bank are planning to launch Apple Pay following the market leader, state owned Sberbank, which has launched Apple contactless payment service since last week, Russian media reports.

According to the appleinsider.com, at launch, participating retailers include ATAK, Aushan, Azbuka Vkusa, BP, Magnit, Media Market, M.Video, TsUM and authorized Apple reseller re:Store. Touchless payments are expected to roll out at Electronics store Eldorado and Burger King in the near future.

Continue reading…

Eurasian Transport Hub for the Silk Road Economic Belt to be Built in Outskirts of Moscow

Posted on by

By Marina Romanova

vagon_03Russia and Kazakhstan plan to build a 400,000 TEU international logistic center ‘Central Dry Port’ in Moscow suburbs, Russian daily Kommersant reports. Russian firm Coalco Development and KTZExpress, subsidiary of Kazakhstan’s Railways, signed an agreement on this project on October 5th.

The construction site of the logistics hub handling containers passing along the “New Silk Road” (China – Kazakhstan – Europe) and Trans-Siberian corridor will be situated in Domodedovo district of Moscow region on a 60 hectare plot of land at Russian M-4 “Don” highway. Container and transport terminals, warehouses of low-temperature and dry containers are planned to be built there.

Continue reading…

E-learning Market to Grow in Russia

Posted on by

By Marina Romanova

gfk501Online education industry, also known as elearning, is growing fast in Russia, and according to the experts forecast, is expected to grow by 25 percent a year, Russian daily Kommersant reports. Statistics reveal that the world e-learning market is worth around US$107 billion and one of its major markets – Eastern Europe – is driven by Russia.

Although Russia, according to the J’son & Partners Consulting research, is responsible for only about US$162 million market share, nation e-learning market has a vast potential and continue to grow despite of the current economic crisis. Quite the contrary, the economic crisis is prompting more and more Russians to learn foreign languages. As many as 7.2 million Russians at least ones were enrolled in e-learning, Stanislav Korolkov, head of the Russian e-learning center Unibrains, told Kommersant daily.

Continue reading…

Alrosa to Double Diamond Sale to Asia in 2018

Posted on by

By Marina Romanova

CrV6ASvUIAAIIH5A day ahead of the Second Eurasian Economic Forum, Russian PJSC Alrosa, the world’s largest producer of rough diamonds, has open its Eurasian Diamond Centre in Far Eastern port-city of Vladivostok. According to the miner press release, the company wants to boost gem sales to Asia-Pacific nations, including China, India, Japan, and Singapore; and improve cooperation with companies in the region.

The new trading platform will provide an infrastructure cluster to unite diamond industry companies and cater to export-import operations. The Centre will also be in charge for the search of “potential new partners and investors to set up manufacturing facilities for industrial grade diamonds and production of diamond cutting industry equipment.”

Continue reading…

Russian Art Market to Return to the Health

Posted on by

By Marina Romanova

lott48-1This summer London’s Russian art sales at four London auction houses – Sotheby’s, Christie’s, Bonhams and MacDougall’s – were the lowest in over a decade in records dating to 2007 at £16.4 million (around US$21.5m), falling short of their £17.7 million (US$23.2m) target, according to the UK and international press.

In 2015 Russian art sales brought a combined £21.1 million (US$27.69m) – barely over half the £40.7 million (US$53.41m) taken at the previous Russian Week in November 2014, and just one-third of the £64.3 million (US$84.38m) generated by the corresponding week in June 2014, according to Russian Art & Culture.

Continue reading…

Hyundai Motor’s Russia to Ship Cars to Georgia and Tunisia

Posted on by

By Marina Romanova

asian-alliance-mapHyundai Motor’s Russian plant in St Petersburg will start exporting Russian-assembled cars to Georgia and Tunisia this month, the company said in its statement yesterday.

The world’s fifth-biggest automaker will ship the Solaris, its flagship model in Russia, to Tunisia and its Accent and Creta models to Georgia. Creta will also be exported to Kazakhstan, Belarus, Ukraine and Georgia and to the Middle Eastern Egypt and Lebanon.

Hyundai Motor’s Russia started producing its second model, Creta crossover, at company’s St Petersburg plant this August. Following an upgrade which cost the equivalent of US$100 million, Hyundai has now added production of the Creta crossover to the facility which formerly built only the Solaris small car.

Continue reading…

Dezan Shira & Associates

Meet the firm behind our content. Dezan Shira & Associates have been servicing foreign investors in China, India and the ASEAN region since 1992. Click here to visit their professional services website and discover how they can help your business succeed in Asia.

Scroll to top