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Debt Crisis Looms as Putin's Pledges Bankrupt Russian Regions

Three years ago, President Vladimir Putin promised the Russian people a kind of utopia: salaries would grow by up to 50 percent, average life expectancy...

Russian Housing Construction Rises 30%, But Drop Is Coming

Residential construction in Russia has yet to be visibly hit by the country's economic turmoil, with nearly 30 percent more housing delivered in the...

Economic Crisis Bites Into Russia's Taste for Chocolate

Rather than turning to chocolate for consolation in these tough economic times, Russians are eating less and less of the classic comfort food as crises...

Distrust of Government Risks Sabotaging Russia's Capital Amnesty

With a revamped amnesty for who declare their foreign assets just steps away from becoming law, the Russian government would offer a prodigious olive...

Kazakh President Proposes New High-Speed Link From Asia to Europe

Kazakh President Nursultan Nazarbayev on Friday proposed creating a transport corridor that would run from Asia to Europe across Kazakhstan.

Russia's Top 3 Obstacles to Economic Growth

The Russian economy has its fair share of problems, as the government knows all too well.

As Inflation Soars, One in Five Russians Can Only Afford Bare Necessities

Nearly 20 percent of Russians can now afford nothing more than the absolute necessities as double-digit inflation erodes their spending power, a survey...

Russia Declared Best of BRICS in Developing Human Capital

Russia on Wednesday claimed 26th place in a global ranking of countries' ability to foster human capital thanks to its highly educated populace, putting...

Russia’s Biggest Social Network VK Beats Television in Battle for Viewers

Russia’s leading social network VK has beaten the country’s biggest television channel in the battle for viewers’ attention, data from media research...

Q&A: Staying Positive in Construction Market Meltdown

French building materials company Saint-Gobain is braced for a tough two years, but still sees Russia as a rapidly developing market.

Russian Spacecraft Named 'Progress' Crashing Back to Earth

Russia on Wednesday struggled to restore contact with a cargo spaceship named "Progress 59," which by early afternoon was reported to be crashing back...

Ruble Rebound Slows Russia's Rampant Food Price Inflation

The ruble's rapid recovery in recent weeks has seen prices on some foods fall, easing months of spiraling inflation and softening one of the most...

Russia's Shrinking Services Sector Less Miserable Than Before

Cautious optimism is beginning to emerge in Russia's services sector, even as business activity continues to drop and the Russian economy veers toward...

Russian Government to Subsidize Auto Loans as Car Market Collapses

Russia's Industry and Trade Ministry has announced measures to support the struggling domestic car industry, including subsidies aimed at cutting...

Soviet Union's Top Toy Store Back in Business

The Soviet Union's biggest toy store reopened to a new generation of children on Tuesday with a burst of ceremonial pomp and patriotic fervor...

Russian Customs Duty Could Cause Massive Delays on International Deliveries

Russia's Federal Customs Service has drawn outcry from express delivery services after informing market players last week that all low-value shipments...

Russian Government Struggles to Check Surging Cost of Medicine

The cost of medicine is rising fast in Russia, hitting consumers and challenging a government that has made its reputation as a bulwark of social...

State Subsidies Offer Relief to Hard-Pressed Russian Developers

The Russian government on Monday announced that it will subsidize mortgage rates of 12 percent, a major step toward propping up an industry beset...

Where Russian Tourists Will (And Won't) Go in 2015

In any ordinary year, the resort towns of Spain, Greece and Italy would be looking ahead to a rising tide of Russians tourists and their typically...

Q&A: Are Top Executives Fleeing Russia, And Does it Matter?

As Russia's economy pays the price of Western sanctions and cheap oil, its top executives and entrepreneurs are looking to greener pastures.

Russian 'Anti-Crisis' Cow Can Survive Without Eating

As Russia's growing economic crisis weighs on farmers, some breeders appear to have found a miraculous solution — a new type of cow that doesn't...

India Pushes Russia Out of Third Place in Billionaire Ranking

India has edged out crisis-stricken Russia in a ranking of the world's billionaires, for the first time claiming third place behind the U.S. and China...

Falling Ruble Promises Renaissance for Russia's Tourism Industry

Russia is looking forward to a renaissance in domestic tourism as the ruble's devaluation scares Russians away from European destinations and makes...

Russian Deputies Complain About High Porridge Prices in State Canteen

As food prices soar around the nation, a lawmaker in Russia's lower house of parliament has spoken out on a deeply troubling issue: the rising cost...

Even Russia's Circus Animals Face Layoffs as Recession Strikes

How does a circus cut costs in an economic crisis? Answer: Find out which crocodiles are slacking, and fire them.

Pro-Kremlin Media Sees Cuts as Russian Economy Slows

Pro-Kremlin broadcaster RT and news agency Rossiya Segodnya will have to slash spending by 50 percent or more and likely give up on expansion plans...

A Tour Through Russia's Five Poorest Cities

While Moscow offers some wealthy residents a level of luxury on par with other world capitals, urban life in the dozens of other cities across Russia...

Gambling Zone in Russia's Far East Aims to Become Next Macau

A long-awaited gambling oasis designed to tempt wealthy Asian and domestic tourists into Russia's Far East is finally getting off the ground, with...

Russia's Response to Crisis Risks Cutting Off Future Growth

Although slashing economic development budgets may help Russia deal with its oncoming recession in the short term, the government should continue to spend...

Glossy Magazines Hit Hard by Russia's Ruble Collapse

As Russia marked its holiday honoring the press on Tuesday, the reality for most publishers was nothing worth celebrating.

How Far Will Russia's Recession Spread Beyond Its Borders?

As the clouds of recession gather over Moscow, Russia isn't the only one preparing for a storm.

Belarus Slaps Fee on Dollar Purchases to Prevent Currency Meltdown

Belarus has slapped a 30 percent commission on foreign currency purchases in an effort to rein in demand for dollars and euros and prevent a currency...

China Eclipses Europe on Russian E-Commerce Market

Europe is rapidly losing its share in the Russian e-commerce market to Chinese firms whose steady growth in the region has been fueled by this year's...

Finland's Sanoma Agrees to Sell Russian Cosmopolitan, Esquire

Top Finnish media holding Sanoma has agreed to sell its stake in Fashion Press, publisher of the Russian editions of such popular magazines as Cosmopolitan...

5 Things That Will Hit Russians' Quality of Life in 2015 (Video)

Russian consumers face financial trials and tribulations aplenty in 2015 as the ruble currency bleeds value and warnings of a deep recession mount...

Sense or Sabotage? Russia's Central Bank Takes Flak for Interest Rate Hike

The Central Bank's midnight decision to hike Russia's key interest rate to 17 percent set off clashing waves of support and opprobrium Tuesday as Russia...

Russian Firms' Lavish New Year's Parties Curtailed Amid Economic Woes

Russian companies are cutting back on the lavish New Year's parties that have become a hallmark of Russian corporate culture as falling oil prices and...

Russia Readies for Showdown Over Taxing Offshore Companies

Russia's lower house of parliament on Tuesday passed a bill levying new taxes on offshore companies owned by Russian nationals and companies.

Russia Tightens Control Over Foreign Ownership of Print Media

Foreign companies will soon have to seek government permission before buying a more than 25 percent stake in newspapers or magazines in Russia, extending...

Oil Falls to Price That Putin Said Could Cause Collapse of Global Economy

Brent crude oil fell to a four-year low of less than $80 per barrel on Thursday, descending to the point that Putin recently said could, if prolonged...

Russia's Small Farmers Struggle to Get Loans

Russia's economic turmoil has left small farmers increasingly unable to access financing, casting doubt on the state's ambitious plans to quickly replace...

Half of Russians Believe Support for Ukraine Separatists Will Cause Economic Crisis

A majority of Russians now believe that the annexation of Crimea and Russia's support for separatists in eastern Ukraine will lower their standard...

Q&A: Why Russians Haven't Bought Paris, and Other Real Estate Insights

Over recent decades, the transforming face of Moscow has become a vivid symbol of Russia's topsy-turvy economic growth. Booming and at times unruly...

Siberian Couple Creates All-Russian Goat Camembert and Roquefort

As most Russians make do with a life without the European cheese, residents of Siberia's Altai region won't have to thanks to a small agricultural...

Q&A: AEB Chief Says Put Business First, Ukraine 2nd (Video)

Philippe Pegorier describes himself as a "bridge" between Russia and the West, and in speaking with him it doesn't take long to see why.

Russian CEO Charged With Taking Bribes for Uranium Contracts in U.S.

The CEO of a subsidiary of Russia's state nuclear monopoly Rosatom has been charged in the U.S. with soliciting bribes in exchange for uranium contracts...

Foreign Companies Cut Production of Life-Saving Medicine for Russia - Report

Some foreign manufacturers are cutting production of life-saving medications for the Russian market as the rapid devaluation of the ruble and restrictive...

Russians Burdened by Less Debt Compared With U.S.

Despite concerns of a consumer lending bubble in Russia, relatively few Russians have any debt at all compared with residents of the U.S. and Europe...

Sanctions Cause Leadership Crisis as Foreign Directors Ditch Russian Firms

Western sanctions have forced some foreign directors to step down or curb their activities on the boards of publicly traded Russian companies, leaving...

Finance Minister: Russia Needs Backup Budget For Worst-Case Scenario

Russia must create a contingency budget to counter the threat that Western sanctions, economic stagnation and low oil prices will dash the country's...

Half of Russians Think Sanctions Will Cause 'Financial Crisis'

More than half of Russians believe that Western sanctions over Russia's role in the Ukraine crisis could bring about a "financial crisis" in the country...

As Sanctions War Rages On, France Seeks Closer Business Ties With Russia

Despite political tension over Ukraine, French business remains committed to exploring the Russian market, with the French-Russian Chamber of Commerce...

Demand for Warehouse Space in Moscow Nosedives

Demand for warehouse space is plummeting in Moscow amid widespread economic uncertainty, threatening the next few years of development in a traditionally...

Most Russians Think Western Sanctions Will Boost Nation's Economy

Despite an economic slump and rising inflation, the majority of Russians believe that Western sanctions and Russia's retaliatory ban on food imports...

Russians Lose Faith in Banks as Ruble Falls and Sanctions Bite

Consumer confidence in Russia's financial system is falling, with half of Russians saying they don't trust banks and are using such services less, in a...

Moscow to Get Exact Replica of Crimean Cathedral

If imitation is the highest form of flattery, then Moscow certainly seems keen to boost the spirits of recently annexed and internationally spurned...

Empty Stores in Moscow as Falling Ruble, Inflation Take Toll

The vacancy rate in Moscow shopping centers nearly doubled in the third quarter of this year and will continue to rise as consumption slumps and retailers...

Critic of Russian Economic Policy Ejected From Influential Journal

Economist Sergei Alexashenko says that political pressure has forced him to surrender his post as editor and contributor to a macroeconomic bulletin...

Russia May Force Visa, MasterCard to Work Via State Company

Visa and MasterCard could soon be forced to process all their Russian transactions through the "national payment system," an unfinished state project...

How Russia Can Tackle Its Budget Crisis

Russia's budget is in a bind, as slowing economic growth and Western sanctions over the crisis in Ukraine turn the spending promises of yesterday...

Sberbank's Gref: Inefficiency Crippling Russia's Development Efforts

German Gref, head of Russia's biggest lender Sberbank, on Friday castigated systemic inefficiencies in the Russian government that, he said, waste trillions...

Rosneft Head Sechin Says Bashneft Is Not Yukos 2.0

Rosneft head Igor Sechin has rejected comparisons between the case against billionaire Vladimir Yevtushenkov and an earlier case ending in the imprisonment...

Curbs on Foreign Ownership Will Gut Russia's Media

An era in Russian media ends as a law limiting foreign ownership is passed, hitting global media companies and turning back the clock on an industry...

Moscow Expats Face Shortage of International Schools

For many foreign professionals debating a move to Moscow, the deciding factor is not the amount of money they'll make or even the career-boosting...

Russia Wants Say in EU-Ukraine Association Deal

Russia wants to propose amendments to the association agreement between Ukraine and the EU despite Ukraine and the EU maintaining that the bilateral...

Detsky Mir Opens Russia's Largest Toy Store in Moscow

The largest toy store in all of Russia opened to the public in Moscow on Wednesday with an explosion of golden confetti, as beloved Soviet, Russian...

EU Case Against Russia's Import Bans Would Unravel WTO

If the EU bites the bullet and challenges Russia's food import bans at the WTO, the bitter battle of sanctions could claim yet another, unexpected...

Russian Regulator Seeks Leverage Over Moody's, Fitch and S&P

As Russia continues its campaign to place financial services under its thumb, international ratings agencies may soon have to create Russian subsidiaries...

Crackdown on McDonald's Spreads Across Russia

Since Russia's health watchdog unceremoniously shut down four McDonald's in Moscow on Wednesday, the campaign against the iconic U.S. fast food chain...

Inflation Races as Russia's Food Bans Push Up Prices

Two weeks after their introduction, Russia's bans on Western food imports have sent prices skyrocketing in some far-flung corners of the country as...

Russia, EU Wage Phony War Over Sanctions at WTO

As the war of sanctions and trade bans between Russia and the West smolders, parties on both sides have brandished the World Trade Organization as...

Million-Man Army of Programmers Won't Free Russia From Western Software

Foreign software has become the latest target of Russian officials' clamorous calls for self-sufficiency, with plans to swiftly replace all foreign...

Cash-Strapped Russian Budget Plans Raid on Central Bank Profits

The Russian government may start helping itself to a bigger share in its Central Bank's profits, in the latest attempt to plug up holes in a federal...

Russian Farmers Will Need Years to Fill Gaps Left by Food Ban

Russian politicians have declared the recent bans on Western imports a golden opportunity for Russian agriculture — but farmers and economists warn...

Russia's Food Ban Strikes Its Own Consumers

On the orders of President Vladimir Putin, Russia on Thursday cut off over $9 billion in food imports to its market in the most aggressive response...

Putin Strikes Back Against Sanctions With Food Import Bans

Russia's President Vladimir Putin signed a decree banning or limiting imports of agricultural products from countries which have imposed sanctions on Russia...

Billionaire Demands More Money for World Cup Stadium Projects

As Russia's preparations for the 2018 FIFA World Cup kick into gear, the fate of the planned football stadiums in Volgograd and Nizhny Novgorod has...

VTB, Bank of Moscow, Rosselkhozbank Brush Off Sanctions

Russian bank VTB Bank on Wednesday declared U.S. sanctions politicized and "completely inappropriate" but said that they will not prevent the bank from...

As Crisis Deepens, EBRD Freezes New Investment in Russia

The European Bank of Reconstruction and Development, or EBRD, on Wednesday froze financing of new projects in Russia amid escalating international...

Putin Signs Controversial Law Banning Advertising on Paid TV

Among about 40 bills signed by President Vladimir Putin in a marathon session on Tuesday was a widely lambasted law that will strip hundreds of independent...

Visa, MasterCard Must Find Russian Partner to Avoid Paying Security Deposit

The Russian government has officially declared the conditions that will allow international payment systems Visa and MasterCard to continue business...

Russia Tightens Control of Animal Product Imports Across EU

Russia on Monday toughened conditions for imported animal products that transit across the European Union, Interfax reported, citing a statement issued...

Death of Adopted Russian Boy in Italy Sparks Outrage

The alleged killing of a five-year-old Russian boy by his adoptive Italian father has been met in Russia with mourning and calls for adoption reform...

U.S. Sanctions on Russia More Shock Than Substance

As separatist insurgents and the Ukrainian army approach a final stand in war-torn eastern Ukraine, the U.S. struck Russia with its harshest round...

U.S. Defense Sanctions Toothless, But Europe's May Bite

As the U.S. and the European Union castigate Russia for allegedly aiding and abetting the violence in eastern Ukraine, the U.S. Treasury in its...

Russia Prepares Economic Retaliation Over Moldova's EU Deal

As Ukraine, Georgia and Moldova move ever nearer to Europe, the board of the Eurasian Economic Commission assembled with plans to discuss imposing...

Business Mood Brightens, But Won't Save Russian Economy, Study Finds

Economic sentiment among Russian businesses improved in the second quarter, but the effect was largely seasonal and shot through with troubling long-term...

Victims of Moscow Metro Crash Eligible for up to $58,000 Compensation

The victims of Tuesday morning's crash in the Moscow metro will be eligible for up to 2 million rubles ($58,000) in compensation.

Russian Government Sets Up Four-Year Plan to Boost Productivity

The government has unveiled a series of legal and financial measures aimed at fulfilling President Vladimir Putin's ambitious pledge to increase...

Billionaire Prokhorov Bids for 100% Stake in Russian Daily Vedomosti

Onexim Group, owned by billionaire and Brooklyn Nets owner Mikhail Prokhorov, has bid to purchase 100 percent of shares in the influential Russian...

Ruble Devaluation May Save Russian Car Production

While the ruble devaluation has devastated car sales and much else over recent months, it has simultaneously served one of the state's long-term aims:...

Gazprom's Gas Pipeline to China to Cost Up to $70Bln, Kremlin Says

The price tag for state-run energy giant Gazprom's forthcoming gas pipeline to China is estimated at between $60 billion and $70 billion, Kremlin...

Russian, Iran Holding Railroad Talks

State-owned monopoly Russian Railways is in negotiations with Iran to electrify 600 kilometers of railroads in the Islamic Republic at a price of up...

Housing Market Cools as Russians Stop Panic Buying

The buying frenzy that swept over the housing market in the first few months of the year has ended, with June by some accounts showing the least...

Duma Approves Abrupt Advertising Ban for Paid Television

The State Duma has rubber-stamped a widely censured bill banning advertising on cable and satellite television from the beginning of 2015.

Putin Signs Last-Minute Law to Satisfy FATCA

With just one day left before the Russian financial system was to fall foul of the U.S. Treasury, President Vladimir Putin has signed a law to appease...

Banks Wary of Construction Companies After Olympic Debacle

Construction companies are finding it increasingly hard to raise money as banks hike lending rates and cut back the share of real estate assets in their...

Russia Turns East, Belatedly and With Caution

Russia's growing focus on Asian relations were thrown into the spotlight Wednesday when state-owned energy giant Gazprom declared that construction of...

Ukrainian 'Black Hole' Weighs Heavy On European Business in Russia

Politics took front stage at the flagship conference of the Association of European Business, or AEB, on Tuesday, where foreign companies with committed...

Regions to Gain Control of Russia's Special Economic Zones

From next year, responsibility for Russia's special economic zones — key institutions that have proved an invaluable boon to domestic and international...