Russia has received a notice from China, the United States, Turkey, Ukraine, and Japan of their intention to join negotiations on the car recycling tax within the WTO which were initiated by the European Union.
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Russia will continue seeking amicable agreement
26 july 2013
State Armaments Program is doomed to fail
23 july 2013
Recently, the Minister of Finance of Russia has allegedly agreed with the Ministry of Defense of Russia on the reduction of SAP expenditures in years to come. According to mass media with reference to the State Duma1, it would mean that a part of the federal budget expenditures would be "deferred" from 2014-2016 to 2017-2018.
Reduction in budget expenditures and growth in revenues has potential limits
22 july 2013
The Fiscal Policy Guidelines for 2014-2016 (hereinafter - the FPG) were published in the Ministry of Finance's official website on Thursday, July 18, 2013. Macroeconomic indicators served as a basis of the draft federal budget for 2014 and planning period of 2015-2016, show accumulation of problems in the economy and, consequently, in the fiscal sector.
Civil service quality can’t be changed by simply increasing civil servant wages
19 july 2013
Minister of Labor and Social Security Maksim Topilin has recently stated that civil servant wages are very low. Furthermore, regional authorities are running short of personnel.
Russia’s industrial sector in H1 2013
16 july 2013
Industrial production index stood at 100.1% in H1 2013 against H1 2012. Such a slow dynamics can be explained by stagnating industrial production in the first quarter and a growth rate increase as little as 0.3 p.p. year-on-year in the second quarter.
Monetary policy easing will end up with no very positive results
15 july 2013
On July 12, a regular meeting of Bank of Russia's Board of Directors left Central Bank's interest rates unchanged, while the Bank of Russia announced the introduction of a new instrument of refinancing in the banking system - auctions on 12-month loans secured by non-market assets or guarantees.
For the first time Russia publicly discloses data on its national oil and gas reserves
12 july 2013
According to the data available as of January 1, 2012, Russia's oil productive capacity was 17,8 billion tons under C1 category and 10,2 billion tons under C2 category. National gas reserves amounted to 48,8 trillion cubic meters under С1 category and 19,6 trillion cubic meters under С2 categoryThese data were presented by Minister for Natural Resources of Russia Sergei Donsky. He explained that it was the first ever official data disclosure after the declassification of information about national reserves in Russia.
European Union initiates first WTO-based arbitration proceedings against the Russian Federation
09 july 2013
The European Union repeatedly accused the Russian Federation of violations of WTO regulations.
No reason to substantially increase civil servants’ salaries unless their headcount is optimized
08 july 2013
The problems of pumping up the federal budget didn't prevent the Ministry of Finance of Russia from envisaging a 2.6-fold wage rise for civil servants in Russia.
World Bank updates its country classification by GNI per capita
05 july 2013
Since 2012 the World Bank updated its classification of countries by gross national income per capita.
The industrial sector never saw such an intensive reduction in the post-crisis period
04 july 2013
First data of Gaidar Institute's business surveys on the situation in the Russian production sector in May 2013 show that the situation has been deteriorating in the sector. Enterprises had to further slow down their output, lower prices, reduce the number of employees and be very careful about their investment plans in response to further drop in sales and growth in finished product surplus stock.
New details concerning counteraction of illegal financial operations
02 july 2013
The President of the Russian Federation signed the Federal Law No. 134 "On the Introduction of Amendments to Certain Legislative Acts of the Russian Federation With a View to Counteracting Illegal Financial Operations" on June 28, 2013.
EEC’s decision will have an adverse impact on exports of John Deere grain harvesters
28 june 2013
The Customs Union (CU) countries keep working on the protection of their domestic manufacturers: at its Panel Meeting on June 25, 2013 the Eurasian Economic Commission (EEC) took a decision to impose a final protective duty on exported grain harvesters and their modules until March 7, 2016.
Stagnation in the Investment Sector Intensifies a Drop in Production
27 june 2013
Within the first five months of 2013, the Russian economy was characterized by weakening of the dynamics of the domestic and external demand, as well as slowdown of growth rates of investments.
The Current Depreciation of the Ruble is the Weakest One in the Past Two Years
26 june 2013
From the end of May 2013, the ruble exchange rate has undergone a regular depreciation. In the period from May 28 till June 25 the ruble depreciated by 5.1% and 6.5% to the US dollar and euro, respectively. The cost of the bi-currency basket rose by 5.8% to Rb 37.5.
The Share of Secret Expenditures Has Reached the Maximum Level in 10 Years
25 june 2013
On June 13, at the Web-site of the President of the Russian Federation Federal Law No.133-FZ of June 7, 2013 on Amendment of the Federal Law on the Federal Budget in 2013 and the 2014-2015 Planned Period approved by the State Duma on May 24 was published.