Russia Risk: It’s a Feature, Not a Bug

File Photo of Outdoor Electronic Sign with Russian Exchange Data

(Kennan Institute – wilsoncenter.org/program/kennan-institute – Maxim Trudolyubov – February 19, 2019 – wilsoncenter.org/blog-post/russia-risk-its-feature-not-bug) Maxim Trudolyubov is a Senior Fellow at the Kennan Institute and the Editor-at-Large of Vedomosti, an independent Russian daily. In a story both typical of Russian business practices and so unusual as to bring a response from Putin’s key business allies, the American investor Michael Calvey and […]

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RUSSIALINK: “Having an Honest Business Is Not Possible in Russia, Majority Says” – Moscow Times

Men Sitting Around Long Oval Boardroom Table, File Photo of FIFA Officials Meeting with Vladmir Putin

(Moscow Times – themoscowtimes.com – February 20, 2019) A majority of Russians say that doing business in the country without breaking a few rules is impossible, according to a newly released state-funded survey. The poll was carried out a day after Michael Calvey, a U.S. citizen and one of the biggest private equity investors in Russia, was detained on suspicion […]

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JRL NEWSWATCH: “Calvey’s arrest sends chill through Russia’s foreign investors; U.S. founder of Moscow-based Baring Vostok was seen as savvy operator” – Financial Times/ Max Seddon, Anne-Sylvaine Chassany

File Photo of Outdoor Electronic Sign with Russian Exchange Data

“Kremlin officials were touting Russia’s investment opportunities at a [Sochi resort] conference … when news trickled out that one of the country’s last remaining American investors had been thrown behind bars. Michael Calvey … founder of Moscow-based private equity fund manager Baring Vostok, remained one of the last Russia bulls at a time when most of his contemporaries had left […]

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Russia’s Kudrin Calls Detention Of American Investor ‘Emergency’ For Economy

File Photo of Kremlin Tower, St. Basil's, Red Square at Night

(Article text ©2019 RFE/RL, Inc., Radio Free Europe/Radio Liberty – rferl.org – February 19, 2019 – article text also appeared at rferl.org/a/russian-official-calls-us-investor-s-detention-emergency-for-economy-/29778434.html) A longtime former finance minister who is close to President Vladimir Putin has called the arrest of a prominent American investment-fund manager an “emergency” for the Russian economy, suggesting it could further damage the country’s image and harm the […]

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JRL NEWSWATCH: “Is the arrest of US fund manager Michael Calvey a litmus test for Russia?” – bne Intellinews/ Ben Aris

File Photo of Outdoor Electronic Sign with Russian Exchange Data

“The arrest of Michael Calvey on February 14 on ‘large-scale embezzlement’ charges sent shockwaves …. Calvey has been both a savvy investor and at pains to keep his head down. He never comments on politics and is known as a straight shooter. … What is unusual is that a court issues an arrest warrant and a leading fund manager and […]

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JRL NEWSWATCH: “Top American investor detained in Moscow” – BMB Russia/ Bear Market Brief

Cash, Calculator, Pen

“Michael Calvey … was detained in Moscow … on charges of fraud. … Since founding Baring Vostok in 1994, Calvey has been one of the preeminent foreign investors in Russia. … [T]he fraud allegations may be fallout from an ownership dispute over Vostochny Bank …. a blow to Russia’s already cold investment climate. … one journalist noted, the Kremlin must […]

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JRL NEWSWATCH: “With Savings to Burn, Russia Turns (Again) to a State-Led Spending Plan” – New York Times/ Andrew E. Kramer

Diverse Paper Currency, Coins, Line Graph

“… So much gold has piled up in its central bank that Russia surpassed China last year to become the world’s fifth-largest holder of gold. … Russia has $472 billion in reserves, more than the country’s combined public and foreign debt of $453 billion and nearly three times what the I.M.F. recommends. … the lode is also making for an […]

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JRL NEWSWATCH: “‘These Are Our Friends’; Russians Push to Preserve North Korea Ties; Some Russian business owners and ethnic Koreans are braving U.S. ire to maintain business ties with Pyongyang” – Wall Street Journal/ Anatoly Kurmanaev, Thomas Grove, Ksenia Barakovskaya, Lyubov Barabashova, Ian Talley

North Korea Map and Flag, adapted from .gov image

“… some 13,000 North Korean workers [were] left in Russia by October …. Some Western diplomats view Moscow’s implementation of … sanctions as overly liberal. … allowing [Pyongyang] to continue earning foreign currency and sourcing vital supplies in Russia and undermining U.S. attempts to strong-arm the country into giving up [WMD]. … Russian customs data show North Korea imported about […]

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The World’s Most Geopolitically Charged Pipeline

Gas Flame file photo

(Oilprice.com – Tim Daiss – January 19, 2019) Russia’s proposed pipeline to bring more gas from Russian fields into Europe via an undersea pipeline to Germany seems to be unable to shake both geopolitical maneuvering as well as headline-grabbing quotes from both sides of the divide. On Thursday, Wolfgang Ischinger, chairman of the Munich Security Conference, and a seasoned diplomat […]

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JRL NEWSWATCH: “Russia drops two places on Bloomberg innovation ranking” – bne Intellinews

File Image of Stylized Eye Surrounded by Binary Code

“Despite … hype surrounding … state digitisation … Russia fell to … 27th … in … [Bloomberg] global innovative rankings …. but was still … third best in Emerging Europe …. now on a par with Malaysia and Luxembourg. Last year, Russia was two positions higher. The top slot was once again taken by South Korea, the six-time champion of […]

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JRL NEWSWATCH: “Russia says oil price war with U.S. would be too costly” – Reuters

Oil Well file photo

“Russia should not unleash an oil price war against the United States but … stick with output cuts even … losing market share in the medium term, one of the main Russian architects of a production pact with OPEC said. Since 2017, Russia and OPEC have cut oil production jointly … to boost the price of crude. … oil has […]

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JRL NEWSWATCH: “Russia sanctions: Myths and lessons” – The Hill/ Nigel Gould-Davies

Portion of U.S. Treasury Department Building Facade, North Side, with Sculpture of Alexander Hamilton

“… First, sanctions now directly target economic elites and major private assets, not only state officials and companies. Second, the United States is deploying some of the most potent weapons in its sanctions arsenal … hitherto used against terrorist groups, transnational crime and ‘rogue states.’ Third, sanctions have become an accepted, not exceptional, instrument for dealing with Russia. … 1. … […]

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JRL NEWSWATCH: “Russia faces sharp outflow of private investment; More than $67bn shifted out of the country’s economy last year” – Financial Times/ Henry Foy

Diverse Paper Currency, Coins, Line Graph

“More private money left Russia in 2018 than … since the Crimean crisis and oil market rout of 2014 …. Over $67bn … according to the … central bank …. some … attributed to fears over … U.S. sanctions and threats of more actions from Washington …. [ING’s] Dmitry Dolgin … [indicated that when] Russia’s central bank suspended foreign exchange […]

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JRL NEWSWATCH: “Russia’s Constitutional Court decides to ease limits on foreign involvement in the media – a bit” – Meduza/ Mikhail Zelensky, translation by Hilah Kohen

Russian Constitutional Court file photo

“Russia’s Constitutional Court issued a decision … regarding Article 19.1, a law that governs mass media. The law prohibits foreigners from founding or controlling media outlets in Russia, but the Court ruled that it requires correction. The new ruling indicates that the prohibition itself is just ‘because that sort of influence might threaten the security of state information,’ but the […]

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RUSSIALINK: “Pragmatic Paternalism: The Russian Public and the Private Sector” – Carnegie Moscow/ Andrei Kolesnikov, Denis Volkov

Men Sitting Around Long Oval Boardroom Table, File Photo of FIFA Officials Meeting with Vladmir Putin

“Russians have a dream for their children and their grandchildren of a different environment that is favorable for entrepreneurship and private initiatives. This is where the true interests of Russians and their perceptions about the future diverge radically from the interests and perceptions of the state in which they live. …”

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JRL NEWSWATCH: “The revival of Russia’s cinema industry” – bne Intellinews/ Ben Aris

File Photo of Reel of Film

“Russia’s cinema business is growing three times faster than the real economy, but it’s a bumpy ride. In 2018 Russian movie-goers set a new record with 56mn visits to a cinema to generate a box office take of RUB13.5bn ($200mn). With one Russian in three having a night out in front of the silver screen, the growth of the business […]

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RUSSIALINK: “Russians spent more in 2018, set to cut expenses – poll” – Interfax/ Romir Research Holding

Diverse Paper Currency, Coins, Line Graph

MOSCOW. Jan 16 (Interfax) – A quarter of Russians are not planning big purchases within the next six months, according to a report of the Romir Research Holding. Russians are planning to significantly cut expenses on clothes, healthcare, vacations, and smartphones, Romir said. “Certain types of expenses are hard to plan and carry out precisely. These include healthcare, car repairs, […]

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Call for Papers: Business Ethics and National Patterns of Behavior: The Economics Profession in Russia

Men Sitting Around Long Oval Boardroom Table, File Photo of FIFA Officials Meeting with Vladmir Putin

Subject: Call for Papers: Business Ethics and National Patterns of Behavior: The Economics Profession in Russia Date: Mon, 14 Jan 2019 From: Patricia Dowden <pedowden@gmail.com> I’m attaching a call for papers for a conference to be held in Saint Petersburg, Russia, in May of 2019. We would be very grateful if you could publish this to your readers. Best wishes, […]

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World-Renowned Scientific University Quietly Untangles Itself From Russian Billionaire

Viktor Vekselberg file photo, adapted from image at state.gov

(Article ©2019 RFE/RL, Inc., Radio Free Europe/Radio Liberty – rferl.org – Mike Eckel – Jan. 14, 2019 – article also appeared at rferl.org/a/mit-quietly-untangles-itself-from-russian-billionaire/29708417.html) Nine years ago, Russian tycoon Viktor Vekselberg was welcomed with open arms by U.S. companies, universities, and even the government. Washington’s relations with Moscow were being reset, and Vekselberg was heading a Kremlin-backed initiative called Skolkovo to […]

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RUSSIALINK: “Medvedev hopes pact with oil cos to rein in prices will be honored” – Interfax

Dmitri Medvedev file photo

MOSCOW. Jan 14 (Interfax) – Russian Prime Minister Dmitry Medvedev said he hoped agreements between the government and oil companies to rein in fuel prices would be followed and that it would not be necessary to resort to restrictive measures. “As you know we have a number of understandings with oil companies, including that price growth for petroleum products, motor […]

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JRL NEWSWATCH: “Russia’s GMO debate looks a lot like America’s – with more geopolitics” – Christian Science Monitor/ Fred Weir

File Photo of Wheat Field in Kenya, adapted from image at usda.gov

“… faced with something new, Russian lawmakers have generally found it easier to ban it than … debate it, even if such prohibitions often prove dysfunctional …. case in point: Russia’s legislation banning … production of genetically modified organisms (GMOs) … nominally implemented … to keep Russia’s food supply ‘pure.’ The passage two years ago of the law … prohibit[ing] […]

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Why Russia Isn’t Worried About Lower Oil Prices

Oil Wells File Photo

(oilprice.com – Nick Cunningham – Dec 27, 2018 – oilprice.com/Energy/Oil-Prices/Why-Russia-Isnt-Worried-About-Lower-Oil-Prices.html) Even as Saudi Arabia has scrambled to prevent a bust in the oil market, so far failing to head off a dramatic price slide, Russia seems just fine with prices where they are. Russia is a key piece of the oil price puzzle. OPEC, once a coalition of oil-producing members […]

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JRL NEWSWATCH: “Russian oil output reaches record high in 2018” – Reuters/ Vladimir Soldatkin

Oil Well file photo

“Russian oil production rose to a post-Soviet record high of 11.16 million barrels per day (bpd) last year on an annual average basis, data from its energy ministry showed …. surpass[ing] the previous annual record average of 10.98 million bpd … in 2017. Russian oil output reached 555.838 million tonnes last year, against 547 million tonnes in 2017. Reuters uses […]

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Only Three Percent of Young Russians Want to Work in Private Sector, Study Finds

File Photo of Empty Chair and Desk with Computer, adapted from image at osha.gov

(Paul Goble – Window on Eurasia – Staunton, December 30, 2019) Only three percent of young Russians want to work in the private sector with more than 60 percent saying they would prefer the stability offered by employment in major companies linked to the government or even the government itself, according to a new sociological study of young people in […]

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Is Russia Prosperous? Depends Whom You Ask

Diverse Paper Currency, Coins, Line Graph

(Voice of America – voanews.com – Pete Cobus – MOSCOW – December 29, 2018) [Text with video voanews.com/a/russias-prosperity-depends-on-whom-you-ask/4719526.html] During the past four years, Russia’s $1.7 trillion economy has been plagued by under-investment, broadening state ownership of enterprise and Western sanctions over Moscow’s 2014 annexation of Crimea. Kremlin economic ministers have even warned of unexpectedly high inflation, but you wouldn’t know […]

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JRL NEWSWATCH: “Stalin’s Soaring Moscow Towers Sorely Need Body Work” – New York Times/ Neil MacFarquhar

Moscow State University file photo

“… Most of [Moscow’s] so-called ‘Stalin high-rises’ – both residential and government buildings – desperately need renovating. … stuck in limbo … over who will foot the substantial bill. Since the residential apartments were privatized in the 1990s, the government considers the owners responsible. The residents, particularly … impoverished elderly who inherited apartments from … now deposed Soviet elite, believe […]

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The Battle To Control Russia’s Pipelines

File Photo of Rosneft and Russian Flags Next to Rosneft Banner

(Oilprice.com – Viktor Katona – December 27, 2018) For much of 2018, the internal situation of Russia’s oil market was remarkably peaceful – no hostile takeovers and no overt antagonization. To a significant degree, this was the result of U.S./EU sanctions which have indiscriminately left all major oil companies in a somewhat constrained position. This meant they would cooperate much […]

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RUSSIALINK TRANSCRIPT: “[Putin at] Meeting with representatives of the Russian business community” – KremlinRu

File Photo of Vladimir Putin at Podium with United Russia Logo, Gesturing

(Kremlin.ru – December 26, 2018) Vladimir Putin held his traditional end-of-year meeting with representatives of the Russian business community. More than 60 business leaders, heads of private and state-owned companies, banks, entrepreneurs’ associations and unions were invited to attend. President of Russia Vladimir Putin: Good afternoon, colleagues. It has become a tradition for us to meet ahead of the New […]

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JRL NEWSWATCH: “Russians spend a third of their income on food” – bne Intellinews

Cash, Calculator, Pen

“Russian spend a third of their income (31.2%) on food, according to RIA Rating … [compared with] two years ago where the share of spending of food crept up to 55% according to VTB Capital (VTBC) …. While incomes have fallen dramatically in dollar terms so have prices … with heavy investment into domestic food and food processing industries in […]

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RUSSIALINK: “Can Russia Turn a Plastic Corner? As the country grapples with a waste crisis, some supermarkets have begun charging shoppers for plastic bags.” – Moscow Times/ VICTORIA DMITRIEVA

Russian Landfill; adapted from image at epa.gov

(Moscow Times – themoscowtimes.com – VICTORIA DMITRIEVA – December 17, 2018) [https://themoscowtimes.com/articles/can-russia-turn-a-plastic-corner-63850] Tatiana Chulyuskina likes to think of herself as an efficient housekeeper. For the past two years, the 32-year old graphic designer has lived by the motto, “There’s nothing that cannot be reused.” She brings her own cup with her to coffeeshops and wraps her food in re-usable packaging. […]

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JRL NEWSWATCH: “Russian-Saudi Oil Cooperation Won’t Last; They say they will cut production. But it’s in the interests of both big oil producers to pump as much as they can.” – Bloomberg/Leonid Bershidsky

Oil Well file photo

“There’s a nasty undercurrent to the surprisingly strong Saudi-Russian oil alliance behind the upcoming oil production cuts …. Saudi Crown Prince Mohammed bin Salman may high-five … Putin in public, but … expect[s] that Russia will disappear from the oil market …. Eventually … the two big exporters may not be interested in production-cutting deals as they square off for […]

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World Bank: Russia Can Withstand Oil Price Volatility In 2019

World Bank Building

(Oilprice.com – Julianne Geiger – December 4, 2018) Russia is well-positioned to withstand external shocks, The World Bank said today in its most recent version of Russia Economic Report, cited by TASS. Oil prices are expected to average $71 per barrel over the next three years, the report also said, with the caveat that there is still “considerable uncertainty” to […]

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RUSSIALINK: “PMI in Russian manufacturing climbs to 52.6 in Nov, highest since July 2017 – IHS Markit” – Interfax

Diverse Paper Currency, Coins, Line Graph

MOSCOW. Dec 3 (Interfax) – The Purchasing Managers’ Index (PMI) for Russia’s manufacturing sector rose to 52.6 points in November from 51.3 points in October, IHS Markit research shows. The November PMI points to the biggest improvement in the business situation in Russia’s manufacturing sector since July 2017. Index readings above 50.0 points indicate growth in business activity, while those […]

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Russia Outmaneuvers U.S. LNG

Gas Flame file photo

(Oilprice.com – Nick Cunningham – November 28, 2018) For years, boosters of U.S. LNG have trumpeted the fact that gas exports from the Gulf of Mexico could break Russia’s grip on the European energy market. That has yet to be the case, and in fact, Russia has managed to respond with various strategies to maintain its market share on the […]

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RUSSIALINK TRANSCRIPT: “Russia Calling! Investment Forum (excerpt/with Q&A)” – KremlinRu

Kremlin and Saint Basil's File Photo

(Kremlin.ru – November 28, 2018) [Full text en.kremlin.ru/events/president/transcripts/59216] Vladimir Putin took part in the annual Russia Calling! Investment Forum hosted by VTB Capital. The plenary session is entitled “Building Partnerships. Bridging Differences.” Russia Calling! Forum is a leading platform for drawing capital to the Russian economy, improving the investment climate and promoting the country’s international economic and business ties. President […]

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Russia’s Most Powerful Oilman: We’re Fine With Any Oil Price

Oil Well file photo

(Oilprice.com – Irina Slav – November 15, 2018) Rosneft is fine with any level of oil prices, chief executive Igor Sechin told Kommersant radio station as quoted by news agency TASS. “We manage risks. If prices fall, we will work on increasing our market share,” Sechin said, adding that if prices continued their current slide, Rosneft would focus on maintaining […]

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JRL NEWSWATCH: “IMF, World Bank see little progress in fight against corruption in Ukraine” – Interfax-Ukraine

International Monetary Fund Logo Over Ukraine Flag

“… key donors of Ukraine – the International Monetary Fund (IMF) and the World Bank – note low effectiveness of the Ukrainian authorities in the fight against corruption. ‘We see good and important progress in setting out institutions for tackling investment …. Shortcomings in the judicial system and corruption are some of the key reasons why investment is so low […]

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JRL NEWSWATCH: “Capital flight from Russia triples y/y to $42.2bn in January-October” – bne Intellinews

Diverse Paper Currency, Coins, Line Graph

“The net outflow of capital from Russia in January-October 2018 was up to $42.2bn, a three-fold increase from the $14bn that left Russia in the same period a year earlier, according to preliminary estimates from Central Bank of Russia (CBR) …. Approximately half of this amount is accounted for by operations of banks to repay external liabilities[;] the other half […]

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The Biggest Threat To Dollar Dominance

Diverse Paper Currency, Coins, Line Graph

(Oilprice.com – Irina Slav – November 12, 2018) Russian oil exporters are pressuring Western commodity traders to pay for Russian crude in euros and not dollars as Washington prepares more sanctions for the 2014 annexation of Crimea by Moscow, Reuters reported last week, citing as many as seven industry sources. While it may have come as a surprise to the […]

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JRL NEWSWATCH: “Russia clashes with Western oil buyers over new deals as sanctions loom” – Reuters

Oil Well file photo

“Russian energy majors are putting pressure on Western oil buyers to use euros instead of dollars for payments and introducing penalty clauses in contracts as Moscow seeks protection against possible new U.S. sanctions. … Western oil majors and trading houses have clashed with Russia’s third and fourth biggest producers, Gazprom Neft and Surgutneftegaz, over 2019 oil sales contract terms during […]

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Let Them East Cheese: Russian Plant Thrives Amid Sanctions

Russia Map

(Article ©2018 RFE/RL, Inc., Radio Free Europe/Radio Liberty – rferl.org – Dmitry Lyubimov, Tony Wesolowsky – Oct. 22, 2018 – also appeared at rferl.org/a/let-them-east-cheese-russian-plant-thrives-amid-sanctions-/29557433.html) Sergei Chernych proudly points to the gleaming Western-made stainless-steel machinery at his cheese factory in Mari El, a small republic in Russia’s Volga region. Production at the plant in Sernur, some 90 kilometers east of the […]

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RUSSIALINK: “Putin sees national projects as detailed plan of breakthrough in Russia’s development” – Interfax

Kremlin and River

MOSCOW. Oct 24 (Interfax) – Russia will have to “make a breakthrough” in its development, and the implementation of the national projects envisioned by President Vladimir Putin’s May Decrees must be put under “substantive control,” Putin said on Wednesday. “We needed a detailed plan of such a breakthrough, a resolute progress on each track, and considerable and serious work was […]

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RUSSIALINK: “[Putin at] Small Business as a National Project forum” – KremlinRu

File Photo of Putin Sitting at Desk, Looking Down, Writing, During Call-In Show, adapted from screenshot of video at kremlin.ru

(Kremlin.ru – October 23, 2018) The President spoke at a plenary session of the All-Russia Non-Governmental Organisation of Small and Medium-Sized Businesses OPORA Russia’s Small Business as a National Project annual forum. Before the session, Vladimir Putin visited the technical workshops of Moscow’s Technograd recreational and educational complex, which opened at VDNKh in September. This complex is aimed at educating […]

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Lobbyists Now More Powerful than People in Putin’s Russia, ‘Nezavisimaya Gazeta’ Warns

File Photo of Kremlin Tower, St. Basil's, Red Square at Night

(Paul Goble – Window on Eurasia – Staunton, September 21, 2018) Russia now faces a problem many other countries have long been familiar with, the editors of Nezavisimaya gazeta say. Well-organized lobbyists are often far more effective than “larger but amorphous social groups” in securing a larger share of government resources for those they represent. The power of lobbyists, however, […]

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More U.S. Sanctions On Russia Would Be Counter Productive

U.S. Capitol in Bright Sunlight

(Oilprice.com – Nicholas Trickett – September 20, 2018 – oilprice.com/Energy/Energy-General/More-US-Sanctions-On-Russia-Would-Be-Counter-Productive.html) Hoping to push back against Russia and prevent president Trump from changing current policy, the Senate has produced two new sanctions bills: the Defending Elections from Threats by Establishing Redlines (DETER) Act and the Defending American Security from Kremlin Aggression Act (DASKAA). Both would create a new set of harsh […]

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The U.S. Calls On Russia To Cap Soaring Oil Prices

Offshore Oil Rig file photo

(Oilprice.com – Tim Daiss – September 15, 2018 – oilprice.com/Geopolitics/International/The-US-Calls-On-Russia-To-Cap-Soaring-Oil-Prices.html) As crucial mid-term congressional elections in November draw near, the Trump administration is feeling the heat over higher oil prices. London-traded global oil benchmark Brent breached the $80 per barrel price point on Wednesday, its highest level since May 2. NYMEX-traded U.S. oil benchmark West Texas Intermediate Crude (WTI) reached […]

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Capitalism the Kremlin Way

File Photo of Kremlin Tower, St. Basil's, Red Square at Night

(Kennan Institute – wilsoncenter.org/program/kennan-institute – Boris Grozovski, Maxim Trudolyubov – Sept. 13, 2018 – kennan-russiafile.org/2018/09/13/capitalism-the-kremlin-way/) Boris Grozovski is a prominent Russian journalist writing about the country’s economy and development. His work has appeared in Forbes Russia, InLiberty, the Moscow Times, the New Times, Vedomosti Daily, penRussia and others. In 2002-2008 and 2014-2015 he held various editorial positions at Vedomosti Daily […]

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Applications open – American Councils Russian study abroad programs + financial aid

File Photo of Russian Orthodox Church at Kremlin, adapted from defense.gov Image

Subject: Applications open – American Councils Russian study abroad programs + financial aid Date: Tue, 11 Sep 2018 From: Elliott Kaduck <EKaduck@americancouncils.org> Program website: http://acstudyabroad.org/rlasp/ Dear Colleagues, American Councils for International Education is currently accepting applications for Spring 2019 semester Russian language study-abroad programs. The application deadline is October 15, 2018 for the following programs: Applications: https://americancouncils-horizons.symplicity.com/index.php?s=programs&mode=form&id=bb7e0d8cd1ba264823238be9da64773d&au=&ck= Advanced Russian Language […]

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Russia Looks To Boost Gas Sales In Tighter European Markets

Gas Flame file photo

(Oilprice.com – Tsvetana Paraskova – September 8, 2018) Western Europe will need more flexibility in natural gas supplies in the coming winter season. The European market has been tight amid higher demand in the summer’s heat wave, while natural gas stockpiles are lower than usual after one of the coldest winters in the past decade. Liquefied natural gas (LNG) is […]

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JRL NEWSWATCH: “Russian oil and gas groups shrug off sanctions; Higher crude prices and weakened rouble bolster producers’ profits” Financial Times/Henry Foy

Gas Facility file photo

“Higher energy prices and a weakened rouble saw second-quarter profits soar at three of Russia’s largest oil and gas groups … the country’s energy industry … has weathered international sanctions to reap strong earnings. Gazprom, the world’s largest gas producer, said … second-quarter profits had risen an annual 440 per cent … both exports to Europe and average prices jumped. […]

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