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Dutch Court Overturns $50 Billion Yukos Award Against Russia

In a victory for Moscow, a Dutch court on Wednesday overturned an order that Russia pay $50 billion to shareholders in defunct oil company Yukos, saying that the Hague-based Permanent Court of Arbitration had no jurisdiction, the Irish Times reported ...

Daily Headline - global.abi.org - 04/20/2016 - 22:00 - 0 comments

Mechel Signs Debt Restructuring Deal With Sberbank

Russian coal and steel producer Mechel said on Monday it had agreed a debt restructuring deal with the country's biggest bank Sberbank totalling 30 billion roubles ($446 million) and $427 million, Reuters reported. The mining company, controlled by ...

Daily Headline - global.abi.org - 04/18/2016 - 20:52 - 0 comments

Amid The Oil Price Crash, Rosneft Is Running To Stand Still

Across the global oil patch, from Texas to the North Sea, drilling rigs are standing idle as energy companies respond to the slump in crude prices by cutting investments. Not so in the swampy Siberian marshes that are Rosneft’s heartland, the Financial ...

Daily Headline - global.abi.org - 03/23/2016 - 21:39 - 0 comments

Number of Russians Living in Poverty Rises

The number of Russians living below the poverty line rose to the highest levels in nearly a decade in 2015, as the oil-dependent economy suffered a second year of recession, data showed Monday, The Wall Street Journal reported. Years of high crude oi ...

Daily Headline - global.abi.org - 03/21/2016 - 21:08 - 0 comments

Head Of Russian Development Bank VEB Could Be Replaced Soon

The head of Russia's ailing state development bank Vnesheconombank (VEB) could be replaced soon by a senior banker from Sberbank, four sources familiar with the situation told Reuters on Wednesday. Three of the sources said the decision to replace V ...

Daily Headline - global.abi.org - 02/17/2016 - 22:11 - 0 comments

Russia's Gazprombank To Gain Elga Project In Mechel Debt Deal

Russia's Gazprombank will receive Mechel's Elga coal project in exchange of paying off some of the coal and steel company's debt to Sberbank, according to preliminary debt restructuring deal, two banking sources told Reuters. The agreement ...

Daily Headline - global.abi.org - 02/15/2016 - 23:19 - 0 comments

Russia's Mechel Agrees Debt Restructuring Deal With Creditors

Russian coal and steel producer Mechel has reached debt restructuring agreements with its major creditors after two years of negotiations on a debt pile it said had threatened the company's survival, Reuters reported. The mining company controlled b ...

Daily Headline - global.abi.org - 02/04/2016 - 22:44 - 0 comments

When The Going Gets Tough, Russia's Rich Go Shopping

Conspicuous consumers helped some luxury brands report their best-ever results in Russia in 2015, even as overall retail sales dropped 10 percent, Bloomberg News reported. About half of Russians can barely afford purchases beyond food and other basics, a ...

Daily Headline - global.abi.org - 02/03/2016 - 23:12 - 0 comments

Putin Lines Up State Sell-Offs To Plug Budget Hole

Russia is lining up seven major state companies, including Aeroflot, Alrosa, the diamond miner, and Rosneft, for potential privatisation as the Kremlin debates drastic options to replace dwindling oil revenues, the Financial Times reported. The decis ...

Daily Headline - global.abi.org - 02/01/2016 - 21:11 - 0 comments

Russian Economy Has Worst Year Since Global Financial Crisis

Russia’s economy shrank 3.7 per cent in 2015, the worst drop since the depths of the global financial crisis, as the country struggled with a drop in the price of its oil exports and international sanctions, the state statistics service said Monday, Th ...

Daily Headline - global.abi.org - 01/25/2016 - 22:41 - 0 comments

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