Tag Archives: russia

The Russian economy contracted by 8.5% on an annual basis during the second quarter (Q2) of 2020, official data showed on Tuesday. The economic downturn came amid the coronavirus (COVID-19) outbreak, with lockdowns and preventive measures casting their shadows economic activities. Next year, Russia’s gross domestic product (GDP) is expected …

Russia announced on Tuesday it began developing a new analytical tool to monitor major cryptocurrencies such as bitcoin and other cryptocurrencies, as part of the Russian government’s attempt to combat money laundering and terrorism using artificial intelligence. The new system is designed to track the movements of digital financial assets …

Russian President Vladimir Putin said that the Russian Ministry of Health has given its approval to the world’s first vaccine to combat Covid-19 disease, which was developed by the Gamaleya Institute in Moscow, less than two months after it was tested on humans. This step paves the way for large-scale …

Data from Refinitiv Eikon and Traders showed that Russia continued to increase its fuel oil exports to the United States, rising 16% in July compared to June, to 1.078 million tons, and replacing crude oil supplies from Venezuela. Demand for Russian fuel oil is also supported by its attractive price …

The source familiar with the data on Monday said that Russia’s production of oil and gas condensates increased to 9.8 million barrels per day in the first and second of August, compared to 9.37 million barrels per day in July amid reducing production cuts agreed within the framework of OPEC …

The Russian Central Bank cut its key interest rate to a record low of 4.25% on Friday and stated that it would consider the need for further monetary easing amid low inflation and a shrinking economy.  The 25bp cut was in line with the Reuters poll, with expectations to cut …

The Russian gross domestic product (GDP) declined by 4.2% in the first half (H1) of 2020, according to Russia’s Minister of Economy, Maxim Reshetnikov. The ministry reportedly expects the economy to retreat by 4.8% in 2020 and expects the recovery to the pre-COVID-19 levels to take place by the fourth …

Russia is expecting a strong recovery in the global demand for oil, according to the Russian Minister of Energy, Alexander Novak, Reuters reported. The minister said on Thursday that a significant rise in August could see demand improve to 10% below the pre-COVID-19 levels. Demand was nearing 100 million barrels …

Russia has no plans to hold any talks with Saudi Arabia at the present time before OPEC+ ministerial monitoring committee meeting next week’s. Market reaction Oil prices ignored that news and WTI crude was trading at the time of writing at $ 40.75, losing 0.25% on a daily basis. Brent …

Russia’s Energy Minister Alexander Novak said on Thursday that the global oil market may strike a balance between supply and demand and may face a shortage of crude. Citing Reuters. He added that investments in the global energy sector will decrease by one third this year, noting that recovery in …