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• May 21, 2012 by Russia Briefing
  

  Capital Outflow from Russia Reached US$8 billion in April

  May 21 – Net capital flight from Russia in April came to around US$8 billion and the country will also likely record capital outflows in May, Interfax news agency quoted Deputy Economy Minister Andrei Klepach as saying on Monday. Capital outflow will probably continue in May, Klepach said at a State Duma budget committee meeting.[…..]
• May 7, 2012 by Russia Briefing
  

  First-Ever Business Angel Week Held in Russia

  May 7 – Investors from all over the world came to the first-ever business angel week in Russia, which started in Moscow but is continuing for a week across 25 regions. Business angels are investors who not only finance entrepreneurial projects at an early stage and readily risk their own money, but they also support[…..]
• May 2, 2012 by Russia Briefing
  

  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[…..]
• April 26, 2012 by Russia Briefing
  

  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[…..]
• April 19, 2012 by Russia Briefing
  

  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[…..]
• April 11, 2012 by Russia Briefing
  

  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[…..]
• February 23, 2012 by Russia Briefing
  

  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[…..]
• February 16, 2012 by Russia Briefing
  

  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[…..]
• February 8, 2012 by Russia Briefing
  

  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[…..]
• January 23, 2012 by Russia Briefing
  

  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[…..]