Alfa Bank, one of the largest private commercial banks in Russia, has joined a blockchain trade finance network backed by HSBC.
The Asian Infrastructure Investment Bank (AIIB ), of which Russia is a major shareholder, is extending financing to Russian Railways (RZD) to the Ruble equivalent of US$300 million. RZD owns and operates Russia’s integrated national passenger and freight railway network and is the largest commercial employer in Russia with around 900,000 employees. The AIIB loan will[…..]
Russia’s Ministry for the Development of the Far East and Arctic will support Karelia’s initiative to organize a free customs zone in the region’s Arctic districts. It will be a major benefit for potential Arctic investors, working with foreign equipment, according to the Arctic regional Deputy Minister Alexander Krutikov, who stated “The free trade customs zone option[…..]
Russian President Vladimir Putin will host the Heads of State of Brazil, China, India and South Africa via videoconference on 17 November for the BRICS 2020 summit. Initially planned to take place in July, it was postponed due to the current coronavirus pandemic.
Russia is calling on its partners in the Eurasian Economic Union (EAEU) and China to limit the use of the US dollar (and the euro) within the trading block in order to reduce dependence on the monetary and financial system dominated by Western powers.
Chris Devonshire-Ellis, the Chairman of Dezan Shira & Associates was a guest speaker with the St.Petersburg Rotary Club on October 21, and spoke for an hour about Russia and China’s Belt & Road Initiative. Chris is a Visiting Professor at the St.Petersburg Higher School of Economics and has a 30 year career in China and[…..]
China’s share in the foreign trade turnover of member-states of the Eurasian Economic Union (EAEU) increased to 20% from January to August of this year, Chinese Vice-Minister of Commerce Wang Shouwen said on Tuesday. The EAEU comprises Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia and sits in between China and the European Union.
Russia’s own domestic infrastructure build continues with the completion of the first bridge over the River Pur, in Yakutia, Siberia.
The Central Bank of Russia (CBR) has published a consultation paper to introduce a “digital ruble” as an alternative to cryptocurrencies, which are banned in the country. This follows the lead from China, where the Digital Yuan has been trialing for public use in four cities with a national roll-out expected next year.
Russia’s Finance Ministry has proposed a fixed income tax rate for Russian shareholders of foreign companies in Russia. The amendments to the tax code would introduce a fixed tax rate of 5 million rubles per annum (US$64,600) per annum, without the need to file audited accounts. The rates will be applicable for five years. The[…..]