Buoyed by an economy re-modelling itself after Western-imposed sanctions, Russia’s exports are expected to grow to US$250 billion by 2024.
Six years after international sanctions were imposed on Russia, once imported European gourmet foods are now being produced in Russia.
The Northern Sea Passage opens up a new Eurasian route; significant Chinese and Russian investment in ports along Russia’s arctic land mass support this.
Russia will launch four industrial and investment zones overseas as part of its Export Development Plan; the first such facility was set up near Port Said in Egypt.
China has held a Russian premiere at the Mariinsky Theatre in St.Petersburg of its opera “The Dawns Here Are Quiet”, adapted from a book by Boris Vasilyev.
Wealthy Russian nationals with money parked overseas are scrambling to find new homes for their wealth and business after a new round of sanctions get triggered in October.
Russian-controlled foreign offshore companies can now re-register in offshore financial centers established in the Kaliningrad Region and Primorsky Territory to minimize exposure to sanctions and other political risks.
The sanctions against Russia are creating new trade corridors; Egypt’s trade exchange with Russia increased by 37 percent during first half of 2018.
Russia, Iran, Azerbaijan, Kazakhstan, and Turkmenistan have signed the Convention on the Legal Status of the Caspian Sea.
From January 1, 2019, Russia’s standard VAT rate will be 20 percent, up from 18 percent. VAT exempt goods will not be affected by the hike.