Economy of Russia

Standard and Poor's has cut Russia's credit rating from BBB to BBB-, lowering it for the first time in five years.

The agency has kept its negative outlook on the Russian economy, as the Wall Street Journal reported.

After the step by S&P, Russia's rating is now just a step above "speculative" or "non-investment" grade.

An investment of USD 1.5 B will go to the first stage of the construction of a heavy waste treatment complex at the Bulgarian Lukoil Neftochim Burgas refinery.

The investment was announced by the government's press office on Wednesday after a meeting of Prime Minister Plamen Oresharski with Vagit Alekperov, President of Russian energy giant Lukoil.

The Management Board of the Bulgarian Petroleum and Gas Association (BPGA) elected Valentin Zlatev, CEO of fuel retailer Lukoil Bulgaria EOOD, as its Chair.

Zlatev was elected BPGA Chair at a regular meeting of the Management Board of the BPGA on April 8.

Bulgarian tour operators are concerned by a possible drop in the number of Ukrainian and Russian tourists this summer.

According to the newspaper Capital Daily, another reason, besides severe tensions between the two countries, is the fall in value of the Ukrainian hryvnia and the Russian ruble to the euro – by 46 and 20 per cent respectively.

The Bulgarian touroperators are concerned by the possible drop of number of Ukrainian and Russian tourists this summer. 

According to Bulgarian-language Capital Daily, another reason, besides the tensions between the two countries, is the depreciation of the Ukrainian hryvnia and the Russian ruble to the Euro – with 46 and 20%, respectively. 

World Bank: Capital outflow from Russia could reach 150bn

MOSCOW -- If the crisis over Ukraine escalates capital outflow from Russia could reach USD 150 billion in 2014, the World Bank predicted under its "high-risk scenario."

This figure would be USD 85 billion under the low-risk scenario, the organization said in a new report.

On Friday the Fitch rating agency lowered its outlook on the Russia economy to 'Negative' from 'Stable', citing the potential impact of the sanctions.

The agency confirmed Russia's “BBB” rating.

“The revision of the outlook to negative reflects the potential impact of sanctions on Russia’s economy and business environment,” Fitch said in a statement.

Crimean authorities took control of Ukraine's Black Sea and Sea of Azov oil and gas fields off the coast of the peninsula.

The speaker of Crimea's parliament Volodymyr Konstantinov told the Russian news agency RIA Novosti that the Russian companies including energy giant Gazprom should be involved in extracting the resources.