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    China to become Russia’s Largest Trading Partner

    Mar. 10 – China overtook Germany to become Russia’s largest trading partner in 2010. The bilateral trade between two countries has climbed back to the level seen prior to the global economic crisis. Foreign trade turnover of Russia with China increased by 43.1 percent and has reached US$55.44 billion, according to the both Federal State[…..]

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    Russia to Tighten its Monetary Policy

    Mar. 1 – The Russian Central Bank unexpectedly raised its key interest rate by 0.25 percent to 8 percent for the first time since the economic crisis over two years ago. The Bank of Russia said in a statement that the rate hike, effective from Monday, was needed due to the high inflationary pressure and[…..]

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    Russia’s Secret Service Keeping French Water Firm from Operations

    Feb. 28 – Russia’s secret service, the KGB successor FSB, is keeping French Veolia Voda SA from satisfying its contract agreement, which it signed with the authorities of Russia’s Tomsk Region on December 6, 2010, the business weekly Vedomosti-Novosibirsk reports. The authorities of the region awarded Paris-based French Veolia Voda SA, the water division of[…..]

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    New Registration Rules to Create Legal Chaos for Expats in Russia

    Feb. 23 – Businesses have blasted changes to Russia’s migration rules that prevent firms registering foreign employees from February 15. Expats will now have to register at their place of residence every time they enter Russia, but many landlords don’t provide formal rental agreements. Registration and de-registration are required every time a person enters or[…..]

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    Russians to Remain the Most Serious Drinkers in the World

    Feb. 22 – Russians still remain the number one drinkers of strong alcohol in the world, and the first for alcohol-related deaths, but the World Health Organization (WHO) ranked the country only fourth in the world by alcohol consumption. The report, released in Geneva on Feb. 11, used the data for 2006 and took into[…..]

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    French Accor to Open Hotel in Nizhny Novgorod

    Feb. 21 – The French Accor Group, an international hotel operator, increased its presence in Russia by opening the three-star, 220-bed Ibis Nizhny Novgorod. The operator also plans to open up three more hotels in the region within two years, business weekly Vedomosti- Nizhny Novgorod reports. “It took one and a half years to build[…..]

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    Foreign Capital Raises its Share in Russian Insurance Market

    Feb. 18 – The share of foreign capital in the total capital of insurance companies rose to 22 percent in 2010, up from 16.1 percent in 2009 and 13.5 percent in 2008, Federal Insurance Service department head Tatyana Mayorova said to reporters on Wednesday. Of the total, 11.9 percent is the outright equity stakes held[…..]

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    Barclays to Leave Russian Retail Banking Sector

    Feb. 17 – Barclays Plc plans to sell its Russian retail and commercial lending arm, the bank’s Chief Executive Officer Robert Diamond said today. The bank announced in its 2010 full-year financial statement released on Tuesday that it has written off the cost of its Barclays Bank Russia, claiming a £243 million goodwill write-down. The[…..]

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    Italian and Turkish Developers to Construct the New Pulkovo Airport in St. Petersburg

    Feb. 16 – St. Petersburg’s new aviation hub Pulkovo will be expanded by Italian Astaldi together with Turkish Ictas Insaat, the airport said on its web site. The contract is worth an estimated US$1.2 billion to US$1.3 billion. “The main criteria for choosing the general contractor were international experience in building large hubs, as well[…..]

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    Mitsui and Sumitomo to Invest in Siberian Rare Earth Deposits

    Feb. 14 – Mitsui & Co. and Sumitomo Corp. may invest in Siberian rare earth deposits, Sakha Yakutia Republic Governor Yegor Borisov said to reporters. Japan´s second and third-biggest trading companies have held talks with regional officials about niobium and scandium resources in Yakutia, an area of northeastern Russia roughly the size of India. In[…..]

Showing 10 of 1337 articles