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    S&P Upgrades Novosibirsk

    May 2 – Standard & Poor’s upgraded Russia’s third largest city, Novosibirsk, from “stable” to “positive,” the credit-rating agency said in a statement issued this Monday. The ratings are constrained by what the agency regards as the city’s limited financial flexibility and predictability, as well as low economic productivity. However, these constraints are mitigated by[…..]

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    Russia Needs to Decentralize Power to Attract Investors

    Apr. 26 – Russia needs to decentralize power to lure a greater number of investors, former Finance Minister Alexei Kudrin said at a conference run by Russian lender VTB Capital in New York. “The vertical of power that’s built today is flawed and the effectiveness of state governance is very low,” Kudrin said, adding that[…..]

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    Russia Sees Factoring Market Nearly Double in 2011

    Apr. 19 – Russia’s factoring market almost doubled last year, according to worldwide industry statistics for 2011 released this week by Factors Chain International (FCI). The total worldwide volume for factoring grew by 22 percent in 2011 compared to 2010. Russia’s market factoring turnover totaled 21.174 billion euros, with 20.944 billion euros from the domestic[…..]

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    Russia’s Yandex Money to Accept Foreign Bank Cards

    Apr. 11 – Users from any country, other than Russia, can make payments to the sites of Russian companies or e-shops through Russia’s online payment system Yandex.Money. Yandex is a popular Russian search engine. The payment system has recently launched a redesigned website: money.yandex.ru. The website is the main space for transactions, such as money[…..]

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    Russian Capital Continues to Enter the Latvian Banking Market

    Feb. 23 – Russian entrepreneur Igor Kim has become the sole shareholder of Latvian LTB Bank, the Latvian lender has said in a press release. The Financial and Capital Market Commission of the Republic of Latvia on January 26, 2012 issued permission to Igor Kim to hold a qualifying holding in the Bank. Relevant changes[…..]

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    Sberbank to Buy Austria’s Volksbank

    Feb. 16 – OAO Sberbank closed a US$661 million deal to buy the international arm of Austria’s Volksbank International AG (VBI) on Wednesday. The Volksbank acquisition will serve as a springboard for further expansion in Europe, RIA Novosti quoted Sberbank CEO German Gref as saying in Moscow. Russia’s biggest lender bought VBI from Oesterreichische Volksbanken[…..]

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    Russia’s Domestic Debt to Rise Considerably

    Feb. 8 – The domestic debt of Russia in terms of government securities rose in 2011 at the fastest pace in 15 years, according to data published by the Finance Ministry on its web site today. Russia’s domestic debt expanded 42.5 percent to 4.19 trillion rubles (US$139.8 billion) as of January 1, up from last[…..]

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    Capital Outflows from Russia to Continue in January

    Jan. 23 – Central Bank Chairman Alexei Ulyukayev said on Thursday that the net capital outflows that plagued Russia in 2011 and weighed on the ruble are continuing in January, but the country may experience net inflows during 2012. “We can see that outflows are continuing, because we have had to conduct sales of foreign[…..]

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    Newly Formed Lobby Group to Develop Russian e-Payment Legislation

    Jan. 19 – A lobby group named the National Payment Council has been established by Visa and MasterCard, together with Russian payment services provider Zolotaya Korona, on Wednesday. The main reason for the decision of the payment systems to create a lobby is the tightening of the domestic card market regulation by implementation of “The[…..]

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    Russian Private Equity Market Grows in 2011

    Jan. 18 – Russia saw 15 new private equity funds established last year, but very few newly established and existing funds succeeded in attracting institutional investors, Financial Consulting Group (FCG) says in its report “Private Equity Market in 2011.” The non-food retail sector – clothing retail, children’s clothing and toys, household appliances, and media retail[…..]

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