Economy of Russia

Russia's central bank unexpectedly raised its main interest rate by a half point to 8.0 percent on Friday, warning that geopolitical tensions were increasing inflationary risks.
      

"U.S. sanctions represent conspiracy against Europe"

MOSCOW -- Russia is "not afraid" of either the new or the previous sanctions that the United States introduced against it.

This is according to statements made by those connected with the authorities, from the circles of the president himself, to advisers in Russian ministries.

Simeon Djankov, Bulgaria's former Finance Minister in center-right GERB government (2009-2013) has joined the Supervisory Council of Russian VTB Bank.

Gazprom Neft "plans to make NIS energy leader"

MOSCOW -- Russian and Gazprom officials have presented their "development and investment plans for NIS" to Serbian Minister of Mining and Energy Aleksandar Antić.

This took place as Antić was meeting in Moscow with Gazprom Neft CEO Aleksandr Dyukov and Russian Minister of Energy Aleksandr Novak, Tanjug reported.

Çukurova Holding is close to securing financing from a local partner to recover a disputed stake in the country’s biggest mobile phone operator Turkcell, three sources close to the matter told Reuters.

A Cyprus court has frozen the assets of three offshore entities through which Mechel’s main shareholder and chairman Igor Zyuzin owns a 67.4 percent stake in the indebted steelmaker and coalminer, Interfax news agency reported on Monday.

The annual general meeting of the leading Turkish mobile phone company Turkcell failed to convene on May 29, as there has yet to be a settlement amid a long-running dispute between the company’s main shareholders, company officials said.

France's Total and Russia's Lukoil have agreed to jointly explore shale oil reserves in Siberia.

The deal between Total and Russia's No.2 oil producer was signed on the sidelines of the St Petersburg International Economic Forum, as the Moscow Times reports.

Rating agency Moody's has lowered its estimate for Russia's economic output in 2014 to a 1.5-2% contraction, according to its monthly report.

In its March forecast, the agency had put its outlook for the Russian economy at 2%, thus expecting growth.

Russia is experiencing recession, and the 2014 growth forecast has been cut to 0.2% from 1.3%, the International Monetary Fund mission chief to Moscow said on Wednesday.

Ukraine and Western-led sanctions are partly to blame, as political tension has dragged down the economic forecast for Russia, which at the beginning of the year, the IMF estimated could reach 3%, reports RT.com.