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Jan 15, 2014

OECD urges Russia to fix business climate and diversify

MOSCOW, Jan 15 (Reuters) – Russia needs to address its poor
business climate and improve education to reverse an economic
slowdown that is being compounded by its structural problems,
the Organisation for Economic Coopration and Development (OECD)
said on Wednesday.

The OECD said Russia’s economic downturn was primarily the
result of a slide in its growth potential, in addition to the
end of the period of fiscal expansion that preceded President
Vladimir Putin’s election to a third Kremlin term in 2012.

Jan 15, 2014

Russian central bank backs free float as economic shock absorber

MOSCOW, Jan 15 (Reuters) – Russia’s central bank has no
exchange rate target and is shifting towards a free float of the
rouble to insulate the economy from volatility on global
markets, First Deputy Chairwoman Ksenia Yudayeva said on
Wednesday.

The central bank’s top technocrat was addressing concerns
that emerging economies are vulnerable to cross-currents from
the withdrawal of U.S. monetary stimulus at a time when central
banks in Europe and Japan are still easing policy.

Jan 7, 2014

Ice hockey: Ovechkin leads Russian bid for gold in Sochi

MOSCOW (Reuters) – Washington Capitals captain Alex Ovechkin was named in Russia’s squad for next month’s Olympics in Sochi while veteran defenseman Sergey Gonchar and forward Alexander Semin were surprise omissions from the 25-man roster.

Forward Ovechkin is among 15 NHL players named in the squad, but Russia’s head coach Zinetula Bilyaletdinov is also banking on the strength of the domestic Kontinental Hockey League (KHL).

Jan 7, 2014

Ovechkin leads Russian bid for gold in Sochi

MOSCOW (Reuters) – Washington Capitals captain Alex Ovechkin was named in Russia’s squad for next month’s Olympics in Sochi while veteran defenseman Sergey Gonchar and forward Alexander Semin were surprise omissions from the 25-man roster.

Forward Ovechkin is among 15 NHL players named in the squad, but Russia’s head coach Zinetula Bilyaletdinov is also banking on the strength of the domestic Kontinental Hockey League (KHL).

Jan 7, 2014

Olympics-Ice hockey-Ovechkin leads Russian bid for gold in Sochi

MOSCOW, Jan 7 (Reuters) – Washington Capitals captain Alex Ovechkin was named in Russia’s squad for next month’s Olympics in Sochi while veteran defenseman Sergey Gonchar and forward Alexander Semin were surprise omissions from the 25-man roster.

Forward Ovechkin is among 15 NHL players named in the squad, but Russia’s head coach Zinetula Bilyaletdinov is also banking on the strength of the domestic Kontinental Hockey League (KHL).

Jan 7, 2014

Russia imposes security clampdown in Sochi before Olympics

SOCHI (Reuters) – Russian forces went on combat alert in Sochi and tightened restrictions on access to the Black Sea resort on Tuesday, exactly one month before the start of the Winter Olympic Games.

Aware that the success or failure of the Sochi Games will help shape his legacy, President Vladimir Putin has increased security across Russia following two suicide bomb attacks in the southern city of Volgograd which killed 34 people.

Dec 2, 2013

Russian central bank acts to stem banking crisis in Samara

MOSCOW, Dec 2 (Reuters) – Russia’s central bank announced on
Monday it was intervening in two banks in the Samara region,
following days of depositor unease over mounting payment
problems in the region.

The steps come two weeks after the central bank withdrew the
licence of Master Bank, a mid-sized Moscow bank, in the most
potent demonstration Governor Elvira Nabiullina is serious about
cracking down on questionable banks.

Nov 24, 2013

Russians see no cause for alarm in crackdown on shadowy banking

MOSCOW, Nov 24 (Reuters) – The problems exposed in Russia’s
banking system by last week’s collapse of mid-sized lender
Master Bank are deep-rooted, but in contrast with banking
failures of the past there was no evidence this time of other
banks’ customers taking fright.

Which might seem surprising, as the collapse has highlighted
the difficulty of enforcing regulations against banks with
strong political connections, and the widespread use of illegal
payments to service Russia’s large black economy, analysts said.

Nov 20, 2013

Russian bank’s licence withdrawal may signal central bank crackdown

MOSCOW, Nov 20 (Reuters) – Russia’s central bank has
withdrawn Moscow-based Master Bank’s licence because of what it
called “large-scale dubious operations”, raising the possibility
of a wider crackdown on the country’s banks.

An announcement by the central bank on Wednesday referred to
a failure by Master Bank, a mid-sized lender with significant
retail operations, to observe anti-money laundering laws, false
accounting, and loans to connected parties.

Nov 8, 2013

Russian central bank holds rates, facing stagflation dilemma

MOSCOW, Nov 8 (Reuters) – Russia’s central bank left its key
policy rate unchanged for the 14th month in a row on Friday,
underscoring the painful dilemma faced by policymakers grappling
with slowing growth and rising inflation.

The bank held its benchmark one-week minimum auction repo
rate at 5.5 percent, reflecting concerns about above-target
inflation.