From January 1, 2019, Russia’s standard VAT rate will be 20 percent, up from 18 percent. VAT exempt goods will not be affected by the hike.
Russia has sold off US$77 billion of its US Treasury Bonds, and in future will be investing in IMF securities and gold.
UK-Russia trade dropped significantly following sanctions imposed on Russia after its repossession of Crimea, but bilateral trade is showing signs of recovery even after the Novichok incident.
Talks of China taking over Central Asia from Russia ignore the current cash flow and familiarity aspects of regional infrastructure development.
The implications of the Trump-Putin summit are clear for Russia: there will be no expansion of relations with Washington, sanctions are likely to remain, and developing trade with Asia is a priority.
Armenia’s continuing positive free trade relations with Russia and the EAEU has shown rapid growth.
As Russia moves on, 100 years later, to diplomatic heights, it is prudent to quietly remember the sacrifices it has made to get here.
The US, in going it alone in trade, could facilitate a new global trade bloc built around the instigation and wishes of Beijing and Moscow.
US President Trump’s threats to tear up the NAFTA with Canada and Mexico could increase interest in the Moscow-backed Eurasian Economic Union.
The Moscow-backed Eurasian Economic Union (EAEU) is making overtures to South America as Russia seeks to limit exposure to Western sanctions.