Russia Briefing News

Russian Ministerial Support For The “KryptoRuble” & Blockchain Technologies

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ruble-bitcoinRussian First Deputy Prime Minister Igor Shuvalov said on Wednesday that he supported cryptocurrencies and would welcome the appearance of the Russian “Kryptoruble”.

“I am a supporter of cryptocurrencies, I think that there should be the Kryptoruble. But this is a complicated issue. At a working group on the blockchain we agreed that we would proceed with caution, but would not drag out the process.”

Shuvalov added that the Russian government, the Central Bank, and the Federal Security Service were working on the security implications of the introduction of this currency, and added that the advance of cryptocurrencies could not be stopped, but they had to be introduced in such a way that would boost the national economy rather than weaken it. Russian President Vladimir Putin said in late July he was “cautious” about the usage of cryptocurrencies since the area was not well regulated.

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Eurasian Economic Union Grants Moldova Observer Status

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moldovaThe member-states of the Eurasian Economic Union (EAEU) have endorsed Moldova’s application for observer status within the organization, Kyrgyz President Almazbek Atambayev said at the meeting of the Supreme Eurasian Economic Council on Friday.

“It has been decided to welcome and endorse Moldova’s application,” he said, adding that the decision on granting the country a new status “has been approved under the established procedure.” The Presidents of Armenia, Belarus, Kazakhstan, Kyrgyzstan, Moldova, and Russia are participating in the meeting of the Supreme Eurasian Economic Council in Bishkek.

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Eurasian Development Bank Taking on Sanctions-Hit Financing Projects

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eurasiondevelopmentbankThe Eurasian Development Bank (EDB) is continuing projects initially led by foreign banks but currently suspended due to anti-Russia sanctions, Dmitry Pankin, the chairman of the EDB Management Board, said on Friday.  Speaking on the sidelines of the Eurasian Week international forum in Astana, Pankin said that the EDB may take the opportunity to take up those projects that cannot be run by foreign banks. “The anti-Russian sanctions have two sides for us. There are factors that restrict work, and there are those that open up new opportunities and should be used,” Pankin said.

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EAEU Prioritizes Free Trade Agreement with Singapore

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Russian Deputy PM Igor Shuvalov with Singapore Deputy PM Tharman Shanmugaratnam

Russian Deputy PM Igor Shuvalov with Singapore Deputy PM Tharman Shanmugaratnam

The Eurasian Economic Union (EAEU) has prioritized a Free Trade Agreement (FTA) with Singapore following “several ASEAN nations” approaching the EAEU for Free Trade Agreements at the Russia-ASEAN summit in Sochi last May. The Singapore deal may be concluded by the end of this year. The EAEU is a free trade bloc that includes Armenia, Belarus, Kazakhstan, Krygyzstan, and Russia. It essentially extends from the borders of China to the borders of the European Union.

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Импорт Продуктов Питания и Напитков в КНР: Тенденции и Лицензирование.

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Edited by Maria Kotova
Translated by Veronika Petruleva

fish-meatНесомненно растущий потенциал рынка Китая привлекает все больше иностранных инвестиций, особенно в пищевую промышленность (Food & Beverage Industry). Достаточно взглянуть на статистику чтобы понять, что КНР – крупнейший потребитель импортной пищевой продукции. Около 71% респондентов среди китайского населения в 2015 году посчитало безопасность питания приоритетным вопросом для нации, полагая, что импортная продукция более качественная, чем произведённая в стране. Рост доходов населения также дает основу полагать, что у китайцев есть средства на приобретение иностранных продуктов, а недавние законодательные нововведения расширяют возможности для более простого выхода на локальный рынок Поднебесной.

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Russia Cuts Admin Requirement for Local Government Business Inspections by 70%

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russia-docsThe Kremlin has issued a decree that local government inspections of businesses in Russia should be decreased by 70 percent following complaints from entrepreneurs that local government administration checks were making their businesses inefficient.

The order reads: “The government of the Russian Federation jointly with the General Prosecutor of the Russian Federation: To ensure the inclusion in the legislation of the Russian Federation changes providing for the limiting the number of unscheduled inspections carried out by each authority control (supervision) in respect of legal entities and individual entrepreneurs annually (no more than 30 percent of the number of planned inspections envisaged by the annual plan of scheduled inspections of each body of control (supervision).”

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Eurasian Diamond Trading Centre Opens in Vladivostok

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russian-diamondsRussia’s Eurasian Diamond Centre (EDC) has established a facility in the Vladivostok Free Trade Zone to create a diamond infrastructure cluster in the Russian Far East that will unite the companies of the industry and will focus on export-import operations with the countries of the Asia-Pacific region, the Ministry for the Development of the Russian Far East said on Thursday. The EDC is part of ARLOSA, a group of Russian diamond mining companies and a world leader in the diamond mining industry, holding the world’s largest diamond reserves in Yakutia.

The Eurasian Diamond Centre opens up opportunities for companies in the rough and polished diamond industry, and also for retailers and jewelry manufacturers, including the luxury segment, cultural values and antiques markets participants. The unique platform allows developing and implementation of new manufacturing technologies, holding of exhibitions and regular auctions of precious gems and opening of new market channels.

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Developing Your Own Russian Rail Hub for Your Russian Manufacturing Plant

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cde-op-ed-commentary

mitsubishi-trainAn undeniable fact when looking at EU-China rail services is that goods need to be transported via Russia. This is not always the easiest of situations, and especially so for EU based businesses. The sanctions have slowed down much needed EU-Russian infrastructure development and integration and customs clearance, while occasional petty theft or bribery can also be a problem.

However, there is no reason to miss a Russian transit once one understands the longer term issues and how to deal with them. Concerning logistics, this business is currently heavily politicized in Russia. Due to the on-going EU sanctions, Russia’s policy is that no railway company will be given railway development plans for or to be directed to or from the EU by rail. That means that the services and capacity provided in Russia is frozen in time at 2014, a period during which China overland freight has begun to develop.

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Eurasian Economic Union Agrees to US$2 Billion Free Trade Deal With Iran

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iran-flag-with-ereu-logoThe Eurasian Economic Union’s (EAEU) prime ministerial council has signed a directive for a temporary agreement on forming an EAEU-Iran free trade agreement. The signing of a full format deal on the free trade area between the member states of the EAEU and Iran will contribute to GDP growth in all EAEU member states, and will boost trade and economic relations, according to the Eurasian Economic Commission.
“According to the results of the EEC econometric analysis, conducted within the framework of the joint research with Iran on the expediency of free trade zone establishment, a sufficient potential of GDP growth for all EAEU member states was deduced (plus US$27 million for Armenia, US$78.6 million for Belarus, US$508.6 million for Kazakhstan, US$12 million for Kyrgyzstan, US$1.3 billion for Russia)” the commission said. The prognosis was based on the scenario of the EAEU adopting a full FTA with Iran, but the transition to such a type of agreement can take time.

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China’s UnionPay Cards Making Inroads into Murmansk

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unionpay-in-russiaFollowing on from China’s Alipay forming a Russian network via the VTB Bank, further evidence of increasing cooperation and integration between China and Russia’s point of sale financial development systems have just been announced in Murmansk. Tourists from the People’s Republic of China and other Asia Pacific countries visiting the Murmansk Region will now be able to make withdrawals and pay for their purchases using UnionPay cards. These cards are accepted by over 90 percent of local Mumansk ATMs and terminals.

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