By Marina Romanova Turkish president Recep Erdogan travels to St. Petersburg on coming Tuesday, August 9th, to meet his Russian counterpart Vladimir Putin to restore two nations’ economic ties being down since Turkish air force dropped Russian Su-24 fighter jet near the Syrian-Turkish border in November 2015. The followed termination of Moscow-Ankara affairs painfully hit[…..]
By Marina Romanova The Supreme Court of Russia has affirmed the lower court’s ruling rejecting a claim of an agricultural enterprise, former collective farm “The Way to Communism”, which demanded to demolish two 15 store’s buildings of the “Khimky” business park, belonging to Swedish furniture retailer. Thus the court has settled the claim of IKEA,[…..]
Feb. 3 – Russia is to become Europe’s second largest retail market with sales in 2011 amounting to US$621 billion, according to Euromonitor International, and may become the largest market in Europe by 2013-2014. Retail sales in Russia rose 9.5 percent year-on-year in December, compared to 2.6 percent growth in the UK.
Oct. 17 – The Anglo-Dutch Unilever PLC said Friday that it had agreed to buy 82 percent of the Yekaterinburg-based beauty and cosmetics products manufacturer OJSC Concern Kalina for 500 million euros (US$700 million). The deal, which has to be approved by regulators, “will strengthen and re-balance Unilever’s portfolio and competitive position in Russia, an[…..]
Aug. 26 – American payment system PayPal will begin carrying out money transfers in Russia and the Ukraine starting from the end of September, the company said in a statement. The PayPal web site has published new money transfer tariffs that will come into force on September 24. The fee for sending money to Russia[…..]
Jul. 12 – The State Duma may approve additional restrictions on the sale of beer with alcohol content of more than 0.5 percent between 11 p.m. and 8 a.m. in the country before the summer recess. The bill would also ban the sale of beer altogether at outdoor kiosks (stalls), train stations and street stands,[…..]
Nov. 4 – Russians will spend US$19.5 billion online this year, according to research of the market’s value released by Google Russia and Citibank on Tuesday. Spending by online shoppers will grow to US$26 billion in 2012 from US$20 billion anticipated this year, the study found.
Oct. 8 – Sweden’s IKEA Group, one of the world’s largest home product retailers, turned down its plan to invest up to US$1 billion in the construction of a giant shopping complex in Moscow. The shopping complex was expected to be the largest in Europe with a total area of 400,000 square meters over 50[…..]
Jul. 9 – Russia, Kazakhstan and Belarus have reached an agreement creating a new Customs Union (CU) starting this week that will put all three countries under one customs territory. The new Customs Code will simplify Russian-Kazakhstan border customs registration, though Customs control at the border will be remain until 2011. The three countries have[…..]
Mar. 30 – French retail giant Auchan, which has never publicized its financial indicators in Russia, has now been compelled to do so in a judicial dispute with tax inspectors. The operational company of the hypermarket network Auchan, is trying to challenge the decision of the Moscow branch of The Russian Federal Tax Service (FTS)[…..]