What’s Left of Russian Liquidated Banks

…can be found at https://www.torgiasv.ru/, the specialized site managed by the state Deposit Insurance Agency for the purpose of auctioning off what’s left of Russian failed banks. Slon.ru reports that the Russian Central Bank closed almost one in three banks in Russia since Mrs. Elvira Nabiulina took over its helm. The state Deposit Insurance Agency is…

Rosinterbank Folds and Buries Data on 3000 Clients

Russian business daily Vedomosti reports that approximately 3,000 Rosinterbank’s clients with 5 billion rubles (USD 80.4 million) in deposits might not be able to get their money from the Russian Deposit Insurance Agency after the breakdown of their bank. These clients opened or topped their accounts after July 18, the date on which the Agency…

Vladislav Inozemtsev on Healthcare in Russia

Writing for Slon.ru, Russian economist Vladislav Inozemtsev lists some of the differences between the approach to healthcare in Russia and the West. Starting with the obvious, he writes that developed countries like the United States, Japan, Germany, Israel and Great Britain, as the biggest spenders, set the prices for drugs and medical equipment. While the…

Yandex.Market changes its Game

Russian business daily RBK reported that the leading Russian online search engine Yandex.ru decided to change the rules for featuring products on its marketplace Yandex.Market. The new system gives preference to the products sold directly in Yandex’s store, which is currently the option of choice for approximately 20% of the suppliers present on the marketplace….

Privation on the Rise in Russia

Gazeta.ru reports that the disposable real income in Russia dropped by 8.3% on a yearly basis in August 2016. This turns out to be an even worse drop than the one registered in August 2009, when the disposable income fell by 8.2%. Real income in Russia continues to fall at an increasing rate – the…

Russia Adds Salt to the Sanctions List

…but not just to hurt the biggest exporter of salt to Russia that happens to be Ukraine.  Business daily Vedomosti reports that the Russian Government added salt to the list of banned imports, a countermeasure to the western sanctions introduced after Russia annexed Crimea in March 2014. Salt suppliers from the Ukraine, United States, European…

Yevtushenkov on Arrests of Russian Businessmen: “This is Our Homeland”

Russian portal Slon.ru published a transcript of the interview with Vladimir Yevtushenkov, Russian businessman who enjoyed USD 9 billion of his worth before he was apprehended for participation in the allegedly illegal privatization of Bashneft oil company that the Russian Government seeked and managed to annul, apparently for the purpose of re-privatization (in lack of…

Should Russians Brace for a Tax Hike?

According to Vedomosti.ru, the Russian Ministry of Finance believes that balancing the federal budget in the short term will require the Government to sell assets, drain the reserve funds and rise taxes. In order to cut the deficit from the projected 3.2% of GDP in 2017 to 1.2% of GDP in 2019, the Ministry of…

Monetary Value of Human Life in Russia

Russian daily Kommersant writes about the value of human life in Russia – this time not in numinous terms, but in rubles. Having reviewed government compensations and standard life insurance policies, Kommersant came to the conclusion that there is no widely accepted value: life of a person deceased in a psychiatric ward was estimated at 500.000…

Two Large Insurers Quitting the Russian Health Insurance Market

Slon.ru reports that Uralsib and Alliance, two major insurance companies, are looking to sell their health insurance businesses.  Slon.ru cites Russian business daily Vedomosti and its three sources from the companies’ top management. Allianz spent the last three months collecting bids for its Rosno-MS subsidiary. The value of Allianz’s health insurance business is estimated at…

Inflation of Fines in Russia

Russian news portal Slon.ru writes about the phenomenon of rising fines in Russia as one of the manifestations of the economic downturn. The imminent depletion of the national Reserve Fund and the rising budget deficits force the Government to look for additional sources of revenue. Taxes and duties are not the only way to extract…