Economy of Russia

The technological giant Apple has temporarily suspended online sales in Russia, because of the instability of the ruble, reports Bloomberg.

"Our online store in Russia is currently unavailable while we review pricing," Alan Hely, spokesperson of Apple told Bloomberg in an e-mail on Tuesday. "We apologise to customers for any inconvenience."

The Turkish Lira hit record lows this week due to several factors. The currency is like a pendulum swung in the middle of both domestic and foreign developments.

The rapid slide of the ruble is a "critical situation" and the Russian central bank will take additional measures soon, the bank's first deputy chairman Sergei Shvetsov said Dec. 16.
      
"The situation is critical. We could not imagine this in our worst nightmare a year ago," he was quoted by Interfax as saying.        

Russia's central bank announced on Tuesday it increased its key lending rate to 17% with immediate effect to avert a currency crisis.

The rouble on Monday posted its biggest one-day drop versus the US dollar and the euro since 1999. The Russian currency traded 5.22 roubles lower to the dollar at 63.4 and 6.53 rubles lower to the euro at 78.81.

The Russian rouble fell in early trade on Friday, hitting a new historical low of below 57 against the dollar after a rate rise by the central bank failed to support the Russian currency.
   

Russian President Vladimir Putin urged the central bank and government on Dec. 4 to take "tough action" to stop speculation on the ruble  after the currency hit new all-time lows this week.

The ruble turned back down on Dec. 3, reaching a new record low against the dollar at 54.82 to the greenback, as well as the euro, which was buying 67.82 units of the Russian currency in early trade.

Arber Bako, the man who opened fire on a bar in Mikrolimano last month, injuring more than 10 people, admitted on Tuesday to taking part in another attack that led to one man being killed, sources said.

Bako appeared before a prosecutor to give his deposition after being arrested last week.

The Russian Direct Investment Fund (RDIF) and Renaissance Holding of Turkey have agreed to jointly invest in projects across Russia’s regions.

The two parties will invest in the healthcare and infrastructure sectors, using public private partnership (PPP) models, while also undertaking the construction of new shopping centers in the regions.

The revenues and expenses of the general consolidated budget go up some 1.32 billion lei in the balance and the general consolidated budget deficit will be kept as nominal value at 14.713 billion and as share in the gross domestic product (GDP), at 2.2 per cent, according to the emergency ordinance draft setting the legal framework for the third budget revision for 2014.