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World News

Russian central bank cuts GDP growth forecast to zero

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Russia

Russian invasion of Ukraine: How the war is impacting Russia’s economy?

Rising VAT and tax reforms are hitting Russia’s small businesses hard. Beauty salons in St. Petersburg and Moscow’s Mashenka bakery face closure as costs soar, demand drops, and owners struggle to stay afloat amid stricter regulations and economic pressures from four years of war.

Economy

Italian firms in Russia lead to €1bn boost for Kremlin war coffers

Since the full-scale invasion of Ukraine in 2022, Italian companies paid over €1 billion in taxes to Russia, half of which went to military spending to finance the ongoing destruction of Ukraine.

Economy

How long can the Russian economy continue to fund the frontline?

The Russian economy is balancing on the edge of recession, yet the war could go on for years. Its financing appears to have no immediate major obstacles, according to experts.

Russia

Kremlin bans fuel exports amid Ukraine's strikes on Russian oil sector

Russia’s ban on petrol exports is now extended until the end of the year as shortages continue to hit the domestic market and spread across the regions. Kyiv says that in less than two months, Ukrainian forces struck 85 high-value targets in Russia.

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Business

Russian economy is stagnating amid Ukraine war, says Sberbank CEO

German Gref said the country's central bank should lower interest rates to avoid a recession.

World News

Pressure on Russia's economy intensifies as war in Ukraine continues

Russians are likely to face higher taxes as the burden on the budget grows and the Central Bank of Russia says that "the economy needs a breather."

EuroVerify

Is Russia producing a year's worth of NATO ammunition in three months?

NATO Secretary General Mark Rutte has repeatedly said that Moscow’s annual ammunition production capacity is four times greater than that of the western alliance.

Economy

Which countries will lose the most if tensions reignite around Iran?

Russia could benefit from an escalating situation in the Middle East, while China and Europe would see their economies suffer if the ceasefire between Iran and Israel fails to hold.

Business

UK elite law firm fined over €500,000 for Russian sanctions breaches

The firm voluntarily reported the breaches to the OFSI, although the UK's Treasury body said it must remain "steadfast" in its commitment to sanctions.

Economy

Billions on ice: What to do with Russia's frozen assets?

With US support for Ukraine in doubt, Kyiv's European allies are weighing whether to seize $300bn (€274bn) in frozen Russian assets.

Ukraine

Trump claims war in Ukraine could end if price of oil falls

Addressing the World Economic Forum, the US president pledged to apply pressure on OPEC, claiming that a drop in the price of oil would end Russia's full-scale invasion of Ukraine.

Russia

Russian central bank holds interest rate at 21%

The decision has brought criticism from influential business figures, who say high rates are hindering business activity and preventing growth.

Europe News

Ukraine: New EU sanctions package against Russia 'not enough'

The European Union on Wednesday issued new sanctions against Russia, targeting the "shadow fleet" of tankers. Ukraine’s Presidential advisor and commissioner for sanctions policy says he welcomes the step, but believes pace remains a problem.

Economy

Russian central bank hikes interest rate to record-high 21%

Russia's central bank has hiked the key interest rate by 200 basis points to a record-high 21% in a bid to fight inflation, fuelled by military spending.

Economy

Russia's economy: A balance between labour shortage and military might

Russia's leadership finds itself in a peculiar dilemma – it lacks manpower to protect its borders and continue the fight in the Donbas, but it also needs to plug labour gaps if it is to sustain its war economy.

Europe News

Brussels agrees to send €3bn from frozen Russian assets to aid Ukraine

Diplomats agreed the controversial plans at a meeting on Wednesday – but some say they don’t go far enough.