Russia Briefing News

Legitimate Russian Businesses in China Unable to Establish Banking Facilities

Posted on by

complementary-or-competitive-bannerLegitimate Russian businesses and investors in China are reporting difficulties in being able to open or operate their bank accounts in the country, apparently due to the effect US sanctions are having on the international business environment. Dezan Shira & Associates report that their Russian clients in Beijing and elsewhere in China are unable to access banking facilities, or establish accounts as Chinese banks are unwilling to operate them under threat of retaliatory punishments from the US. For the small number of Chinese banks that are prepared to offer services, the corresponding (clearing) bank is declining transactions.

Continue reading…

Russia Looks at Creating Offshore Financial Centers Similar to Delaware, Hong Kong

Posted on by

rublesRussia’s Vedomosti newspaper has reported that the Russian government is planning the creation of two offshore financial centers (OFCs) with special legal systems in the Kaliningrad Region and the Vladivostok in Russia’s Far Eastern Primorsky Krai territory to support business and trade.

Kaliningrad is based in the Western Baltics and is a Russian enclave surrounded by the European Union. The OFC may be situated on its Oktyabrsky Island, to allow customs and financial operations to be physically separated from normal commercial applications at standard national tax rates. A similar plan is envisaged for Russky Island near Vladivostok in Primorsky Krai.

Continue reading…

Russia Begins Use of Cryptocurrencies in International Trade

Posted on by

venezuela-petro-dollarRussia has begun making trades in cryptocurrencies, with trades beginning on a trial basis in Switzerland and an trade deal with Venezuela for Russian auto component parts being settled in Venezuela’s own national cryptocurrency, the Petro.

Russia’s Gazprombank, the third largest bank in the country, is planning to execute its first test deals with cryptocurrencies later this year via its subsidiary in Switzerland. According to deputy chief executive Alexander Sobol, the bank doesn’t currently have plans for massive introduction of the feature, but is looking into it due to existing demand from some of its major clients. “It’s going to be test deals. Not major ones, just for ourselves. Some of our major clients are interested in such services, so we are currently looking into the possibilities of how to organize it,” Sobol said.

Continue reading…

Russia Moves to Fund Digital Economy in Five Sectors

Posted on by

digital-rusRussian Prime Minister Dmitry Medvedev signed an order this weekend to allocate funds for financing the priority activities of the program – “The Digital Economy of the Russian Federation”. The document was published on Saturday on the government website and can be found in English here. According to the document, US$53.14 million from the reserve fund of the Russian government has been allocated to finance priority activities of the program.

The funds will be used for the state digital programs – “Information Society (2011-2020)”, “Economic Development and Innovative Economy”, “Development of the Transport System”, and “Development of the Electronic and Radioelectronic Industry in 2013-2025”.

Continue reading…

Russia Ships LNG to India in First Silk Road Fund Arctic to Asia Deal

Posted on by

sabettaNovatek Gas and Power Asia Pte. Ltd., Novatek’s wholly owned subsidiary, shipped to the Indian market its first cargo with LNG produced by the Yamal LNG plant, Novatek said in a press release published on Tuesday.

Yamal LNG’s shareholders are: Novatek (50.1 percent), Total (20 percent), CNPC (20 percent), and the Silk Road Fund (9.9 percent).

“One of our core priorities enumerated in the Company’s Corporate Strategy up to 2030, is the expansion of the supply geography and the growth of our presence in the key Asian markets”, Lev Feodosyev, First Deputy Chairman of Novatek said. “The first cargo delivered to the growing Indian market is an important development in this direction”.

Continue reading…

Chinese Premier Says Russia-China Trade to Hit US$100 Billion

Posted on by

russian-china-tradeChinese State Council Premier Li Keqiang has stated that trade between Russia and China will reach US$100 billion. “There are huge prospects for Russian-Chinese trade and economic cooperation and there is no doubt that trade can reach $100 billion,” Li said at a press conference.

China was Russia’s largest trade partner. In 2017, trade between Russia and China grew by 20.8 percent year-on-year to reach US$84 billion. Chinese exports to Russia increased by 14.8 percent to US$42.9 billion, while imports from Russia increased 27.7 percent to US$41.2 billion, according to China’s General Administration of Customs. That means Russia is one of the few countries to have a relatively balanced trade accord with China.

Continue reading…

Russia Attracts 1.5 Million Chinese Tourists in 2017

Posted on by

chinese-red-squareRussia has been experiencing a boom in the visiting numbers of Chinese tourists, according to Chinese Ambassador to Russia Li Hui, who said that 1.5 million Chinese nationals visited Russia in 2017.

“The number of Chinese tourists in Russia reached 1.5 million in 2017. This is the largest number among all countries for Russia. China, for its part, ranked second among the countries visited by Russian tourists,” the Chinese envoy said. Li was speaking at a board meeting of the Russian Ministry for the Development of the Russian Far East in Vladivostok.

Continue reading…

Russia, China Nizhneleninskoye-Tongjiang Bridge over Amur Border River Nears Completion

Posted on by

bridge-mapConstruction of the Nizhneleninskoye-Tongjiang railway bridge is expected to be completed this year, together with other cross border infrastructure programs aimed at enhancing Russia’s connectivity with China, Central Europe, and Central Asia, according to senior officials of northeast China’s Heilongjiang Province.  The Nizhneleninskoye-Tongjiang bridge, which crosses the Amur River in the far northeast corner of Russia and China, aims to enhance Russia’s connectivity with China, and the Belt and Road routes.

Heilongjiang is a landlocked province, and the bridge will help connectivity for Russian goods to be processed in China then shipped onto markets in Japan, South Korea, and North America via the Primorye-1 Corridor.

Continue reading…

EU to Reconsider Russia Relations as US Steel Tariffs, Cold Winter Seriously Impact Attitudes

Posted on by

cde-op-ed-commentary

russian-winter

The Russian winter defeated Napoleon and the Nazis. It may defeat EU sanctions too.

Two major recent events have begun to impact EU attitudes towards Russia as the reality of unpredictable weather together with an increasing trade unreliability with the United States has jolted European nations out of the rut of anti-Russian views. The US has damaged its credibility with the EU and its other trade partners, as President Trump, reacting to protect a declining industry (as he did with coal) to “make America great again”, has raised import tariffs for steel and aluminium – in an attempt to bring back jobs and to protect his ratings. Yet, even as he insists that these are necessary measures to protect against what he calls Chinese dumping on US markets, the latest data from the US Department of Commerce actually shows that Canada and the EU are the largest suppliers of steel to the US, and not China.

Continue reading…

Russian Doubled its Gold Exports in 2017

Posted on by

russgoldRussian exports of fine gold increased 2.5 times to 56.6 tons in 2017, compared to 22.4 tons in 2016, according to the Russian State Assaying Chamber, a division of the Russian Ministry of Finance.

In addition to the export demand, Russia’s precious metals refineries reportedly produced 306.9 tons of gold in 2017, some 6.4 percent more than 288.6 tons produced in 2016. 18.4 percent of the gold produced in the country was exported, while the balance of 224 tons of the metal were purchased by the Central Bank of Russia to add to the country’s gold and foreign currency reserves.

Continue reading…

Never Miss an Update

Subscribe to gain even better insights into doing business in Russia. Subscribing also lets you to take full advantage of all our website features including customizable searches, favorite, wish list and gift functions and access to otherwise restricted content.

Scroll to top