MOSCOW, July 6 (Reuters) – Russia will keep a tight grip on
budget spending to reduce an excessive reliance on oil and gas
revenues, according to a draft three-year budget plan reviewed
by the new government on Friday.

The fiscal strategy cuts projections for both revenues and
spending, rowing back on fast spending growth that has helped
Russia to resist global economic weakness and smoothed President
Vladimir Putin’s return to the Kremlin.

MOSCOW, July 4 (Reuters) – Food prices helped drive Russian
inflation sharply higher in June, data showed on Wednesday,
marking an end to months of record low price increases and
buttressing the central bank’s case for keeping interest rates
on hold.

Despite tumbling inflation during the first five months of
2012, the central bank has resisted cuts in interest rates,
arguing that record low inflation was largely the result of
temporary factors – an argument underscored by the
faster-than-expected acceleration last month.

MOSCOW (Reuters) – Falling oil prices could trigger a prolonged slump in Russia that would lay bare the growing fiscal risks, threatening President Vladimir Putin’s election promise to increase wages and fanning public discontent.

The world’s largest oil producer is well-placed in the short run to withstand sliding prices, thanks to sizeable cash reserves and a flexible rouble. An d P u tin, who returned to the Kremlin after March’s election, is still widely popular.

MOSCOW (Reuters) – Falling oil prices could trigger a prolonged slump in Russia that would lay bare the growing fiscal risks, threatening President Vladimir Putin’s election promise to increase wages and fanning public discontent.

The world’s largest oil producer is well-placed in the short run to withstand sliding prices, thanks to sizeable cash reserves and a flexible rouble. And Putin, who returned to the Kremlin after March’s election, is still widely popular.

MOSCOW, June 6 (Reuters) – At the bustling Levsha flea
market just outside Moscow, hundreds of Russian pensioners flock
each weekend to supplement their incomes by selling off family
possessions.

While some bring silver-plated dinner sets and jewelry, most
have simpler wares – second-hand clothes and toys, obsolete
household appliances, vinyl records and dog-eared paperbacks.

MOSCOW, April 23 (Reuters) – A marked deceleration in
economic growth in March provided further evidence on Monday
that after a strong start to the year, Russia is feeling the
chill from a cooling global economy.

Russia’s gross domestic product (GDP) grew 3.2 percent in
March, year-on-year, Economy Minister Elvira Nabiullina said,
down from a 4.8 percent annual growth recorded in February.

MOSCOW, April 12 (Reuters) – Russia’s commitment to economic
reform will soon be tested by a plan to place its fragile public
finances on a stable footing – primarily by weaning them off the
ups and downs of the global oil market.

Various proposals are being floated, but the main idea is to
cap the amount of money energy-rich Russia can spend from its
oil profits, saving windfalls instead.

MOSCOW (Reuters) – Russian President-elect Vladimir Putin said on Wednesday that the government should consider investing money held in the larger of its two sovereign wealth funds in regional development and strategic projects.

Putin’s comments, in an annual address to parliament, appeared to undermine efforts by Finance Minister Anton Siluanov to save Russia’s windfall oil revenues as insurance against a possible oil-price collapse.

MOSCOW, April 4 (Reuters) – Headline Russian inflation held
steady at a record post-Soviet low in March, data showed, but is
projected to rise later in the year as gas and power price hikes
kick in and base effects disappear.

Consumer prices rose 3.7 percent year-on-year, unchanged
from February when inflation hit a record post-Soviet low, the
Federal Statistics Service said on Wednesday. Month on month
inflation rose to 0.6 percent from 0.4 percent.

MOSCOW (Reuters) – Russia hit its foreign currency borrowing target for 2012 when it drew strong demand for $7 billion in Eurobonds on Wednesday, in the biggest hard currency denominated issue from an emerging market country since 2000.

Russia was able to sell at the bottom of its previously-announced yield guidance, indicating strong demand from investors, who are presently attracted by the country’s strong oil earnings.