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For Russia, Oil Collapse Has Soviet Echoes

For most countries, the economic slowdown in China and the accompanying slump in commodity prices represent something between nuisance and pothole. For Russia, they are a catastrophe, The Wall Street Journal reported. Russia’s currency and economy, a ...

Daily Headline - global.abi.org - 09/02/2015 - 20:35 - 0 comments

Russia, Venezuela to Discuss Potential Steps to Stabilize Oil Prices

Russian President Vladimir Putin will discuss “possible mutual steps” to stabilize the global price for oil at a meeting with Venezuelan President Nicolás Maduro in China on Thursday, a Kremlin aide said, as both countries grapple with lower prices for t ...

Daily Headline - global.abi.org - 08/31/2015 - 20:12 - 0 comments

Russian GDP Plunges 4.6%

Russia’s economy shrank the most since 2009 after a currency crisis jolted consumer demand, while a selloff in oil threatens to drag the country into a deeper recession. Gross domestic product contracted 4.6 percent in the second quarter from a year earl ...

Daily Headline - global.abi.org - 08/10/2015 - 17:54 - 0 comments

Russian Belts Tighten, Affecting Tastes for the Finer Things

Russia is slouching through a recession, and Barvikha Luxury Village — a neatly groomed shopping mall housing brands like Prada and Gucci as well as two car dealerships, Bentley and Ferrari/Maserati — is deserted most days, the International New York T ...

Daily Headline - global.abi.org - 07/08/2015 - 18:05 - 0 comments

Russia Weathers Financial Risks but More Remain, Bank of Russia Says

Russia’s sufficient reserves and flexible monetary policy ensures the country’s financial stability for now, but a possible interest-rate increase in the U.S. and unpredictable oil prices keep the central bank ready to intervene, the Bank of Russia said ...

Daily Headline - global.abi.org - 06/23/2015 - 22:17 - 0 comments

Russia's VTB Says Mechel Agrees To Debt Restructuring Terms

Russian steel and coal producer Mechel has agreed to the terms for restructuring its debt with VTB, the country's second-largest bank said on Thursday, Reuters reported. Separately larger rival Sberbank said it had found two prospective buyers for i ...

Daily Headline - global.abi.org - 06/18/2015 - 21:00 - 0 comments

Russia Says Ukraine Debt Repayment Law Amounts To Default

Russia on Wednesday demanded the timely repayment of all debts owed to it by Ukraine and accused Kiev of effectively preparing the way for default with a new law. It threatened to take the issue to international courts if necessary. The law, approved by ...

Daily Headline - global.abi.org - 05/20/2015 - 21:38 - 0 comments

Russia’s Economy Shrinks By 2% As Sanctions And Oil Prices Bite

Russia’s economy contracted 2 per cent last quarter, prime minister Dmitry Medvedev said, saying the country faced unprecedented challenges from a plunge in oil prices and sanctions imposed over Ukraine, the Irish Times reported. The downturn was “mo ...

Daily Headline - global.abi.org - 04/21/2015 - 21:04 - 0 comments

Tsipras Flies To Moscow Amid Speculation Of Bailout From Putin

Determined to take Greek-Russian relations out of “the deep freeze”, a defiant Alexis Tsipras flew to Moscow yesterday for talks with president Vladimir Putin, ratcheting up the pressure on the western creditors keeping his debt-stricken country afloat, ...

Daily Headline - global.abi.org - 04/07/2015 - 22:14 - 0 comments

VTB Bank, Gazprombank Discuss Restructuring Debt of Mining Giant Mechel

Russia's VTB bank and Gazprombank are holding talks on the restructuring of mining giant Mechel's debt, along with other Russian banks, VTB head Andrei Kostin announced on Monday, Sputnik News reported. "We are working with Mechel, discuss ...

Daily Headline - global.abi.org - 04/06/2015 - 21:26 - 0 comments

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