The Russian central bank confirmed Friday that it has cut its key interest rate by one percentage point to 14 percent as part of efforts to stabilize and support the economy, which is in the midst of a horrific recession. In a statement (via the Associated Press), the Bank of … [Read more...]
Russia Orders Exporters to Sell Forex Currency
One day after the Russian government confirmed that it would not impose currency controls because it did not believe in them, it was announced that Moscow would in fact institute informal currency controls by ordering exporters to sell their foreign exchange currency revenues to aid … [Read more...]
Russia is Embarking Upon a ‘Full-Blown Economic Crisis’
A former Russian finance minister has lambasted the government for helping the country enter into a "full-blown economic crisis" for not tackling the nation's financial problems fast enough during the "quiet years." Alexei Kudrin, a former finance minister, warned that Russia will … [Read more...]
Ruble Tumbles as Bank of Russia Raises Interest Rates
It's safe to objectively say that the Russian Federation is going through a currency crisis. As the ruble continues to decline - it tumbled to 73 against the dollar during the Tuesday trading session - the Bank of Russia announced that it has raised its short-term interest rate … [Read more...]
Russia Ends Currency Controls for Rubles
Is the Russian Federation on the brink of a recession and financial crisis that could send one of the superpowers tumbling? Officials within Moscow may think so as the Kremlin and central bank continue to reduce economic forecasts, abandon currency controls and foresee sanctions … [Read more...]
Russia imposes food sanctions on U.S. and other Western countries
Soon after the fall of the Soviet Union, Russians enjoyed the many food items that other countries export, such as delicious French cheese, scrumptious Canadian maple syrup and renowned Italian ham. Over the course of the next year, Russians will yet again have to do without. In … [Read more...]
Russia makes $32 billion dollars of Cuba’s outstanding debt disappear
Are Moscow and Havana becoming strong allies again? It does indeed appear so. Russia has officially eliminated approximately $32 billion of Cuba’s outstanding debt, which dates back decades ago when the country received it from the Soviet Union. Cuba will still be required to pay … [Read more...]
EU sanctions against Russia would destroy Cyprus economy: FM
If the Europe Union were to implement economic sanctions against Russia then it could very well “destroy” the economy of Cyprus, according to foreign minister Ioannis Kasoulides, who spoke with a German newspaper last week. "There are very strong economic ties between Cyprus and … [Read more...]
