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. Last Updated: 07/27/2016


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Shuvalov Offers Peek at Budget Cuts

In the first glimpse of how the government will slash spending, First Deputy Prime Minister Igor Shuvalov said Wednesday that funds would be cut for infrastructure programs to provide greater support for the banking sector.

Putin Wants Loopholes Closed

But the prime minister is vague on which laws regarding foreign investors in strategic sectors need to be changed.

Fitch Cuts Russia's Sovereign Debt Rating

Fitch downgraded Russia's sovereign rating on Wednesday, prompting scorn from Russian investors over whether international agencies could offer credible ratings in view of their apparent miscalculations before the global crisis.

Aeroflot Apologizes After Pilot Incident

Aeroflot said Wednesday that it mishandled an incident where a pilot was removed from a plane after passengers accused him of drunkenness, and the airline offered an apology.

Gref Says Don't Rely on State Orders

Sberbank chairman German Gref said Wednesday that government orders with businesses would not be enough to get them through the economic crisis and that such deals cannot replace private demand.

Kyrgyzstan Moves to Close U.S. Base

The Kyrgyz government took the first steps Wednesday to close a U.S. military air base that is vital for supplying U.S.-led troops fighting in Afghanistan.

Russia Says Aid and Base Not Linked

The Moscow Times
Deputy Foreign Minister Grigory Karasin denied any link between Moscow's decision to give Kyrgyzstan aid worth more than $2 billion and Bishkek's decision to close a U.S. air base.

Bureaucratic Rat Vision

Laboratory rats do not have objective vision. Even if a rat sees your hand and your head at the same time, it cannot make the connection between the two.

Russia to Place $7.5Bln in CIS Rescue Fund

Combined Reports
Russia will contribute $7.5 billion to a rescue fund of five former Soviet states on top of more than $3 billion already promised to individual allies, Belarussian President Alexander Lukashenko said Wednesday.

Alrosa Sees Diamond Resurgence

The diamonds market may revive by September, Alrosa president Sergei Vybornov said Wednesday on the sidelines of the Troika Dialog investment conference.

Polonsky Plugs Cheaper Mortgages

Mirax Group co-owner and chairman Sergei Polonsky said Wednesday that boosting demand for apartments, including with cheaper mortgages, could help Russia out of the crisis.

Integra's Orders Nearly Halve in January

London-listed Russian oil-field services firm Integra said Wednesday that its order book almost halved in January year on year, as energy companies rushed to cut capital expenditure because of falling oil prices.

Kudrin Says State Preparing Capital Injection of $40Bln

Russia is preparing to inject about $40 billion in Tier 1 and Tier 2 capital into domestic banks on the condition that banks will lend some of the funds to businesses, Finance Minister Alexei Kudrin said Wednesday.

Kazakhstan Devalues Its Currency By 18%

Kazakhstan's Central Bank radically widened the tenge's trading corridor on Wednesday, allowing the currency to drop by almost a fifth from the previous day's close.

Business in Brief

Fitch Lowers Raft of RatingsBolivia to Visit for Gas DealUralkali's $86M Fine?Gref Tipped for LUKoilAgriculture Tariffs ApprovedRosinter Sees Revenue JumpKamAZ to Export MoreElectricity Output DeclinesRaspadskaya at 30%Air Passengers Down 10%Russia Blocks More BirdsFor the Record

An Advertising Drive Born in Kremlin Politics

In the heat of Ukraine’s presidential election in 2004, a Kremlin spin doctor pitched an idea for a smear campaign to the pro-Russia candidate.

Wolfowitz Says Diplomacy Is Key

The future of world security and Russia-U.S. relations hinges upon multilateralism and intergovernmental cooperation, former U.S. Deputy Defense Secretary Paul Wolfowitz said in an interview Wednesday.

Russia Assailed at UN Over Racist Attacks

Russia must do more to stop violence against minorities, torture by the police and army, and the murders of journalists, delegates to a UN rights body said Wednesday.

News in Brief

Ivanov Welcomes Arms TalksMissile Defense Vote Put OffTbilisi's OSCE Envoy Quits
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