Fuel crisis intensifies PRO Members Public
The gasoline crisis triggered by Ukrainian strikes on Russian oil infrastructure has spread to nearly every region of Russia. The authorities are looking for solutions, from relaxing fuel specifications to ramping up imports. However, neither has improved a problem that is spilling over from the consumer sector to the wider
State nationalizes army’s bearings supplier PRO Members Public
Russia’s authorities continue to nationalize enterprises whose owners have served as lawmakers in the State Duma on corruption allegations. The latest victim is Russia’s biggest bearings manufacturer, the European Bearings Corporation (EBC). * Moscow’s Lefortovo court on June 15 ordered the seizure of the assets of the European
Bank of Russia slows rate cuts, sends signal to government PRO Members Public
The Central Bank reduced its base rate on Friday by 25 basis points to 14.25%. It was the ninth successive cut, but the smallest possible reduction. Amid public pressure from Putin, who last week used inflation figures to publicly push to cut rates faster, this looks like a compromise.