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    Russian Economy General News: #2

    Mike E
    Mike E


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    Post  Mike E Mon Sep 08, 2014 9:50 pm

    GarryB wrote:
    It will be very interesting to see if they will come back to Russia and China etc...

    It will be interesting if Russia lets them back...

    The US and west believe it is indispensable... I wonder if that was ever true?
    Good point...

    Probably not true... However, Russia and the "East" needs more time to replace the West.
    GarryB
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    Post  GarryB Tue Sep 09, 2014 11:20 am

    However, Russia and the "East" needs more time to replace the West.

    The west is giving no alternative... it is the carrot and the stick method.... without the carrot...

    The US can't allow Russia into NATO because it would risk being an alternative to US domination of that organisation.

    If Russia can never be in NATO it will always be cast as the threat so there is no point in becoming friends with the west... as it will never be trusted and accepted.

    The irony is that I don't think Putin wants Russia to dominate the world like the US does, but the US fears that Russia might end up in that position defacto as a nicer alternative to their "Kid Gloves" approach.
    Mike E
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    Post  Mike E Tue Sep 09, 2014 5:18 pm

    GarryB wrote:
    However, Russia and the "East" needs more time to replace the West.

    The west is giving no alternative... it is the carrot and the stick method.... without the carrot...

    The US can't allow Russia into NATO because it would risk being an alternative to US domination of that organisation.

    If Russia can never be in NATO it will always be cast as the threat so there is no point in becoming friends with the west... as it will never be trusted and accepted.

    The irony is that I don't think Putin wants Russia to dominate the world like the US does, but the US fears that Russia might end up in that position defacto as a nicer alternative to their "Kid Gloves" approach.

    True.

    True, again.

    Of course they will never be invited into NATO, but NATO shouldn't exist anyway!
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    Firebird


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    Post  Firebird Tue Sep 09, 2014 6:13 pm

    GarryB wrote:
    However, Russia and the "East" needs more time to replace the West.

    The west is giving no alternative... it is the carrot and the stick method.... without the carrot...

    The US can't allow Russia into NATO because it would risk being an alternative to US domination of that organisation.

    If Russia can never be in NATO it will always be cast as the threat so there is no point in becoming friends with the west... as it will never be trusted and accepted.

    The irony is that I don't think Putin wants Russia to dominate the world like the US does, but the US fears that Russia might end up in that position defacto as a nicer alternative to their "Kid Gloves" approach.

    The other "problem" with Russia in Nato is that there's no "enemy" then. As China has been extremely detached from any intl disputes it may have with others.

    Reminds me of an Irish guy I know. The family were heavily involved in "Republican business activities", during the time of "troubles" as its called. If you get my meaning.

    As a kid he said to his mother that he wanted a united Ireland.
    She pointed out all the mansions that were SOUTH of the Northern-Southern Ireland border, none were on the North side. She then said "be careful what you wish for".

    In other words, they profited very handsomely from this so called "outrage against Ireland", and continued to do so, when he became an adult.

    Exactly the same with NATO.

    _____________

    As an aside Clinton managed to resolve both N Ireland AND Palestine/Israel. But ofcourse, thats a disaster for some people. UNstable Middle East is the "perfect excuse" to deploy US troops.
    AlfaT8
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    Post  AlfaT8 Wed Sep 10, 2014 8:53 pm

    Israel To Provide Russia With Technology To Reduce Dependence on Food Supplies
    MOSCOW, September 10 (RIA Novosti) – Israel is ready to provide Russia with the necessary technology to help Moscow reduce its dependence on food supplies from abroad, Israel’s Minister of Agriculture and Rural Development Yair Shamir told RIA Novosti on Wednesday.

    “If the Russian government makes the decision that it wants to build farms to produce this and that and that, we are able to do that. Easily. We have done it in Belarus, we have done it in many other countries in a relatively short time. The results are fantastic. We are also a source of technology and know-how. And we are ready to do that,” Shamir said.

    “Once the government wants to go for big production lines in order to get independence we can help easily. We are in the top niche. You are getting the best of the best available today in the market. Most of the people dealing in it speak Russian or at least have a Russian accent,” he added......
    http://en.ria.ru/world/20140910/192819166/Israel-To-Provide-Russia-With-Technology-To-Reduce-Dependence-on.html
    Suspect Suspect Suspect

    What do you guys make of this, personally it feels like Lucifer is trying to make a deal. scratch
    Viktor
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    Post  Viktor Wed Sep 10, 2014 9:20 pm

    Nice thumbsup

    Crimea's Simferopol airport upgrade to cost over $1 billion

    Russia, China in talks to make alternative to SWIFT — deputy PM

    Russia, China consider upping period of yuan loans for Russian businesses to 4-5 years

    Singapore set to expand collaboration with Russia in new areas

    Russia’s Uralvagonzavod may supply $1 billion rolling stocks to Iran

    Russia’s Uralvagonzavod in talks on cargo railcar JV in Iran

    Russia, Iran plan to use national currencies in bilateral trade

    Russia, Iran negotiating $5-billion oil-for-power plants deal

    Russia mulls supplying grain to Iran in exchange for oil

    Lukoil starts loading of 2 tankers with oil from Iraq’s West Qurna 2 field

    Russia, China may execute half of their trade in yuans and roubles

    Chinese banks to invest $10.8 billion in Moscow-Kazan railroad

    Russia offers Iran to build $500 million rail production near Isfahan

    Russian firms to take part in power projects in Iran

    Railways ready to implement projects in Iran by 8.4 billion euros

    The sanctions have not changed the schedule "Yamal LNG" said Novatek

    Russia-China Intergovernmental Commission discussed the 32 investment projects, said Shuvalov

    State will buy off 40 bin $ of Rosfnet shares thumbsup thumbsup

    Isolation of "Rosneft" to 1.5 trillion rubles of NWF will pay off, says Prime Minister

    Shuvalov: Russia and China agreement on settlements in national currencies will soon unveil

    Russia will supply Vietnam aircraft Sukhoi SuperJet, said Evtukhov
    avatar
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    Post  fragmachine Wed Sep 10, 2014 9:56 pm

    AlfaT8 wrote:
    Israel To Provide Russia With Technology To Reduce Dependence on Food Supplies
    MOSCOW, September 10 (RIA Novosti) – Israel is ready to provide Russia with the necessary technology to help Moscow reduce its dependence on food supplies from abroad, Israel’s Minister of Agriculture and Rural Development Yair Shamir told RIA Novosti on Wednesday.

    “If the Russian government makes the decision that it wants to build farms to produce this and that and that, we are able to do that. Easily. We have done it in Belarus, we have done it in many other countries in a relatively short time. The results are fantastic. We are also a source of technology and know-how. And we are ready to do that,” Shamir said.

    “Once the government wants to go for big production lines in order to get independence we can help easily. We are in the top niche. You are getting the best of the best available today in the market. Most of the people dealing in it speak Russian or at least have a Russian accent,” he added......
    http://en.ria.ru/world/20140910/192819166/Israel-To-Provide-Russia-With-Technology-To-Reduce-Dependence-on.html
    Suspect Suspect Suspect

    What do you guys make of this, personally it feels like Lucifer is trying to make a deal. scratch

    I would prefer Russia to supply right now Iran with S-300, S-400, then ask Israel: chto ty skazal ? Laughing

    Reaction should be quite interesting Laughing

    No 1 - never trust double-faced. Jews could just use it to keep Russia out of Iran. And they would earn some money on the war they actually started.
    sepheronx
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    Post  sepheronx Thu Sep 11, 2014 1:22 am

    Israel is not a nation to laugh at regarding food production. They do it very efficiently due to the situation they are in (being surrounded by potential threats). So in that case, gaining the technology from Israel may not be a bad idea. Don't incorporate it as the only solution, but add it to the various others in the nation. Make sure though, no contract stating that they need to oblige to Israel's demands regarding Iran.
    kvs
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    Post  kvs Thu Sep 11, 2014 3:18 am

    The EU is trying to get the USA to export oil and natural gas (LNG) to replace Russian supplies (sorry no link due to
    forum rules).

    This says volumes about the idiocy of the EU leadership.   They actually believe that the USA is some vast source of
    fracked gas and oil.   A good source of information about the true state of the US tight gas supply is given by
    Art Berman  (zerohedge had a piece where he is interviewed). It is grossly exaggerated and the USA does not have
    the capacity to replace Russian supply to the EU and at the same time to supply itself in the coming two decades.  

    I routinely see the Bakken used to produce the claim that the Green River formation will yield trillions of barrels of oil.
    This is pure fraud.  The Bakken is a regular oil reservoir with the distinction of a shale-like rock sandwiching a dolomite
    layer (dolomite is porous like sandstone).   The Bakken is not a source of shale oil.   Shale oil requires the cooking of
    kerogen after extraction from actual shale.   Both the cooking and the extraction are very energy intensive.  There is
    not a single functional kerogen to oil operation on this planet.  Shell just quit trying to set one up after 40 years.   Shale
    oil is not viable like tar sands but the US dominated media would have the world believe that kerogen deposits are like
    oil waiting to be extracted.

    The lunatics running the EU will realize in the coming few years just how badly they f*cked up their countries with their
    grotesque lie-based attack on Russia.   There is no chance of them grabbing Russian resources and the US has nothing
    to spare.   The US is still importing over 6 million barrels per day of oil and there is no way it will be able to export anything
    since the recent non-conventional production increase is already stalling and will decline by 2020.
    GarryB
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    Post  GarryB Thu Sep 11, 2014 4:13 am

    What do you guys make of this, personally it feels like Lucifer is trying to make a deal.

    Just one question... is the name of this new technology Soylent Green?

    Being self sufficient is nice, but there are plenty of alternative food producing countries who would love to take the place of the EU and US in selling to Russia... it is not as if they will starve...
    avatar
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    Post  Firebird Thu Sep 11, 2014 9:18 am

    kvs wrote:The EU is trying to get the USA to export oil and natural gas (LNG) to replace Russian supplies (sorry no link due to
    forum rules).

    This says volumes about the idiocy of the EU leadership.   They actually believe that the USA is some vast source of
    fracked gas and oil.   A good source of information about the true state of the US tight gas supply is given by
    Art Berman  (zerohedge had a piece where he is interviewed). It is grossly exaggerated and the USA does not have
    the capacity to replace Russian supply to the EU and at the same time to supply itself in the coming two decades.  

    I routinely see the Bakken used to produce the claim that the Green River formation will yield trillions of barrels of oil.
    This is pure fraud.  The Bakken is a regular oil reservoir with the distinction of a shale-like rock sandwiching a dolomite
    layer (dolomite is porous like sandstone).   The Bakken is not a source of shale oil.   Shale oil requires the cooking of
    kerogen after extraction from actual shale.   Both the cooking and the extraction are very energy intensive.  There is
    not a single functional kerogen to oil operation on this planet.  Shell just quit trying to set one up after 40 years.   Shale
    oil is not viable like tar sands but the US dominated media would have the world believe that kerogen deposits are like
    oil waiting to be extracted.

    The lunatics running the EU will realize in the coming few years just how badly they f*cked up their countries with their
    grotesque lie-based attack on Russia.   There is no chance of them grabbing Russian resources and the US has nothing
    to spare.   The US is still importing over 6 million barrels per day of oil and there is no way it will be able to export anything
    since the recent non-conventional production increase is already stalling and will decline by 2020.

    I'm sure there is a lot of "cooking the books" with oil, just as there is with national economic accounts.

    In the US, there is gold sold off and replaced with either air or counterfeit items.
    There was a massive scandal with a British company overstating oil supplies.
    Britain now counts prostitution and drugs dealing in its GDP.

    My guess with this fracking is that the US is deplenishing its reserves and also stocks from Iraq, Iran etc ie production beyond OPEC levels. It is then claiming it is producing and using more fracked oil than it really is. A big game of bluff to prop up the economy and get oil producing enemies intimidated.
    TheArmenian
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    Post  TheArmenian Thu Sep 11, 2014 1:54 pm

    Viktor wrote:Nice  thumbsup

    Crimea's Simferopol airport upgrade to cost over $1 billion

    Russia, China in talks to make alternative to SWIFT — deputy PM

    Russia, China consider upping period of yuan loans for Russian businesses to 4-5 years

    Singapore set to expand collaboration with Russia in new areas

    Russia’s Uralvagonzavod may supply $1 billion rolling stocks to Iran

    Russia’s Uralvagonzavod in talks on cargo railcar JV in Iran

    Russia, Iran plan to use national currencies in bilateral trade

    Russia, Iran negotiating $5-billion oil-for-power plants deal

    Russia mulls supplying grain to Iran in exchange for oil

    Lukoil starts loading of 2 tankers with oil from Iraq’s West Qurna 2 field

    Russia, China may execute half of their trade in yuans and roubles

    Chinese banks to invest $10.8 billion in Moscow-Kazan railroad

    Russia offers Iran to build $500 million rail production near Isfahan

    Russian firms to take part in power projects in Iran

    Railways ready to implement projects in Iran by 8.4 billion euros

    The sanctions have not changed the schedule "Yamal LNG" said Novatek

    Russia-China Intergovernmental Commission discussed the 32 investment projects, said Shuvalov

    State will buy off 40 bin $ of Rosfnet shares  thumbsup  thumbsup

    Isolation of "Rosneft" to 1.5 trillion rubles of NWF will pay off, says Prime Minister

    Shuvalov: Russia and China agreement on settlements in national currencies will soon unveil

    Russia will supply Vietnam aircraft Sukhoi SuperJet, said Evtukhov

    You forgot this one:

    18:37 / Ag Ministry raises 2014 grain harvest forecast to 105 mln tons
    avatar
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    Post  Firebird Thu Sep 11, 2014 5:51 pm

    TheArmenian wrote:
    Viktor wrote:Nice  thumbsup

    Crimea's Simferopol airport upgrade to cost over $1 billion

    Russia, China in talks to make alternative to SWIFT — deputy PM

    Russia, China consider upping period of yuan loans for Russian businesses to 4-5 years

    Singapore set to expand collaboration with Russia in new areas

    Russia’s Uralvagonzavod may supply $1 billion rolling stocks to Iran

    Russia’s Uralvagonzavod in talks on cargo railcar JV in Iran

    Russia, Iran plan to use national currencies in bilateral trade

    Russia, Iran negotiating $5-billion oil-for-power plants deal

    Russia mulls supplying grain to Iran in exchange for oil

    Lukoil starts loading of 2 tankers with oil from Iraq’s West Qurna 2 field

    Russia, China may execute half of their trade in yuans and roubles

    Chinese banks to invest $10.8 billion in Moscow-Kazan railroad

    Russia offers Iran to build $500 million rail production near Isfahan

    Russian firms to take part in power projects in Iran

    Railways ready to implement projects in Iran by 8.4 billion euros

    The sanctions have not changed the schedule "Yamal LNG" said Novatek

    Russia-China Intergovernmental Commission discussed the 32 investment projects, said Shuvalov

    State will buy off 40 bin $ of Rosfnet shares  thumbsup  thumbsup

    Isolation of "Rosneft" to 1.5 trillion rubles of NWF will pay off, says Prime Minister

    Shuvalov: Russia and China agreement on settlements in national currencies will soon unveil

    Russia will supply Vietnam aircraft Sukhoi SuperJet, said Evtukhov

    You forgot this one:

    18:37 / Ag Ministry raises 2014 grain harvest forecast to 105 mln tons

    Completely "anorakish" comment by me, but I read that 105mln tons would feed the average American for 1.4 billion years.

    Obviously Russia is very much a grain producer, due to its large land and climate.

    I wonder how much fruits and "warmer climate" food Russia could produce. Bearing in mind it imports from Central Asia and other places, esp when it is colder in Russia.

    I think food production - esp untarnished ie non GM food will become more and more important in the years ahead. In some ways, food+water etc are the "ultimate currency".
    Mike E
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    Post  Mike E Thu Sep 11, 2014 9:38 pm

    GarryB wrote:
    What do you guys make of this, personally it feels like Lucifer is trying to make a deal.

    Just one question... is the name of this new technology Soylent Green?

    Being self sufficient is nice, but there are plenty of alternative food producing countries who would love to take the place of the EU and US in selling to Russia... it is not as if they will starve...

    How did you know? Are you a prophet from the future?
    Viktor
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    Post  Viktor Thu Sep 11, 2014 9:59 pm

    Nice thumbsup

    Gazprom: negotiations on the second pipeline to China will soon begin

    "Rossetti" and SGCC plans joint venture with an investment of $ 1 billion annually, writes Kommersant

    China and Russia to build a seaport on the coast of the Sea of ​​Japan

    "RusHydro" and Chinese PowerChina discuss more than 30 joint projects

    "Gazprom" expects Ukraine to fully repay its debt for gas

    Medvedev: the federal budget surplus for the first half of 2014 amounted to 2.2% of GDP
    avatar
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    Post  Austin Fri Sep 12, 2014 1:54 pm

    Rogozin: amount of new state armaments program is comparable to the current


        MOSCOW, Sept. 11 - RIA Novosti. Scope of state financing of new armament program of the Russian Federation on the 2016-2025 years will be comparable to the funding of the current program, said on Thursday, Deputy Prime Minister Dmitry Rogozin.

     The volume of the current state program to 2020 is 20 trillion rubles.

     "They (volumes) are comparable," - Rogozin said on Thursday on the TV channel "Russia 24".

    http://ria.ru/defense_safety/20140911/1023712794.html
    magnumcromagnon
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    Post  magnumcromagnon Fri Sep 12, 2014 2:58 pm

    New set of sanctions applied on Russia, but does the stupid Russian leadership truly respond to such attacks on their economy? Rolling Eyes I mean sanctioning Russian oil should be responded in kind, such as seizing and nationalizing major non-Russian economic assets in Russia, such as nationalizing BP's 20% stake in Rosneft, and seeing how Kalashnikov concern will be hit by sanctions, the stupid Russian leadership should stop beating around the bush and start delivering S-300's to Syria and Iran, but they won't because their jackasses! Russia is being blocked from obtaining loans and so the central bank should be re-nationalized, but they won't because their idiots! There's been attacks on Russia's Rouble bond market, but does Russian leadership respond by dumping the dollar and re-establishing defensive currency and exchange controls on the Rouble which prevented it from inflating, they won't because their idiots! These same neo-liberal idiots such as Kudrin, Potanin, etc. who refused to develop Russia's center and far East in the pas 20 years, they refused to build the Russian-Chinese pipeline until the last-minute (10 years to late), they refused to build larger economic relations in Asia (India) to diversify their economy...why you may ask? Because Russian economic leadership is made up of short-sighted economic illiterate assholes and dumb-asses!!!
    sepheronx
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    Post  sepheronx Fri Sep 12, 2014 5:03 pm

    magnumcromagnon wrote:New set of sanctions applied on Russia, but does the stupid Russian leadership truly respond to such attacks on their economy? Rolling Eyes I mean sanctioning Russian oil should be responded in kind, such as seizing and nationalizing major non-Russian economic assets in Russia, such as nationalizing BP's 20% stake in Rosneft, and seeing how Kalashnikov concern will be hit by sanctions, the stupid Russian leadership should stop beating around the bush and start delivering S-300's to Syria and Iran, but they won't because their jackasses! Russia is being blocked from obtaining loans and so the central bank should be re-nationalized, but they won't because their idiots! There's been attacks on Russia's Rouble bond market, but does Russian leadership respond by dumping the dollar and re-establishing defensive currency and exchange controls on the Rouble which prevented it from inflating, they won't because their idiots! These same neo-liberal idiots such as Kudrin, Potanin, etc. who refused to develop Russia's center and far East in the pas 20 years, they refused to build the Russian-Chinese pipeline until the last-minute (10 years to late), they refused to build larger economic relations in Asia (India) to diversify their economy...why you may ask? Because Russian economic leadership is made up of short-sighted economic illiterate assholes and dumb-asses!!!

    Agreed. Almost seems like they are working against Russian interests. Abandoning Syria even though they are gonna get attacked is sick. Tartus base will be lost and Ukraine is lost. And what happens next? Russia being divided up. Oligarches want that as they will get more money and power. Instead, Russian gov needs to get offf their ass and do something soon or may lose their country (or position if FSB and GRU steps in).
    sepheronx
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    Post  sepheronx Fri Sep 12, 2014 6:27 pm

    OK, now I have read a bit, I may have been hasty in my accusations above.

    That being said, here is what I think:

    I think Putin is doing the right and wrong thing.  There are points I agree with and disagree with.

    What I disagree with:
    - Not putting a harder stance on foreign NGO's.  I liked his idea of putting on the title as foreign agent for foreign NGO's.  But I think he should have gone further by introducing a law that stipulates that all NGO's, domestic and foreign, have to do their financing/business deals in Rubles and done with a major Russian bank.  As well, all of them should be forced to be audited every year by the government to check to see their activities.
    - Not taking control of the Central bank.  These are one of the two biggest crooks in the country.  Central bank is forcing up interest rates in order to combat inflation, which is going up anyway.  Instead, the currency should be backed by Russian assets and all interest rates should be very low.  For example, high tech companies dealing with making semiconductors as an example, should be given long term 0% interest rate loans.  Energy and Metal based companies should be given long term loans at around 2 - 4%.
    - Not providing the aid to Syrian military.  I don't see why S-300's would be banned from Syria by UN.  The UN is just giving assistance to US to strike Syria.  S-300 is a defense system (which US people like to proclaim about ABM shield in Poland), so why is it banned?  Leaving Syria to the cold could mean that Tartus base could be lost eventually and another Russian friendly nation gone.

    What I agree with:
    - Not showing your teeth if it will just hurt you.  Jumping the gun to sanction companies and people whom are not involved in this, would make Russia just as bad as EU/US.
    - Not forcing BP out.  Simply put, I think it is better to see if BP will actually still invest and work with Russian companies as Russia still lacks certain technology for oil and gas exploration, at least offshore.  If they are not doing anything other than sitting around and expecting to obtain any profits they may get with China and India, then at that point, I would forcefully take the shares.  Maybe not force, but give the option to buy it back or they face losing it altogether.
    - Not sanctioning people.  Let them come to Russia and buy stuff while they are there visiting.  Sanctioning them and the companies could be bad for Russian economy.  Could damage Russia's image even more in the business aspects.

    Here is Putin's statements about the sanctions:

    http://en.itar-tass.com/world/749322

    In other words, I agree with him here.  But I still think that Russia really needs to push back by taking control of the Central Bank, forcing Sberbank moving assets back to Russia or at least diversify location of the assets (they got $500B of foreign reserves.  If that gets blocked in US and EU, then that will be the biggest hit against Russia ever).  So those assets need to move back home before they really get the vicegrip on them.  That $500B should be re-invested in Russia, especially in far east.  Taking control of CB and giving long term low interest rate loans could help solve any issues of these major companies getting loans needed for further development.  Instead of looking just to China or India.  They should be getting these loans at home instead....

    The sanctions that have been imposed are in regards to allowing these companies to obtain loans and technology. In that case, these companies obtaining loans anyway from USA should be dealt with harshly by the federal government. Sberbank should be forced, and I mean forced (if people need to be sent to prison or step in front of a firing squad, so be it) to bring its assets home. Pay off whatever debt or loans and call it quits to the banking sector from EU/US. If these Russian banks lose the $500B in assets, Russia may go into a spiral, out of control, depression that could possibly lead to revolts in the country. That alone should be the implication that it needs to come back.
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    Post  sepheronx Fri Sep 12, 2014 9:25 pm

    I think, this is the time that Russia needs to move its capital to Krasnoyarsk or somewhere center of the country. And given that, I think it is also high time that Russia invests heavily in both Mongolia and Kazakhstan. As China is a very good partner, Russia cannot put all her eggs into that one basket. Russia needs to look towards India as well, same with Mongolia and Kazakhstan. China though is a very good partner so far, but Russia also needs to move its assets to the center and far east.

    I wonder though, with all of this, is Russian government still going to heavily invest in far east? It better if it was smart.
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    Post  Austin Sun Sep 14, 2014 5:21 pm

    Brent Oil Falling below $100 comes at bad time

    Russian Ministry of Finance Closely Follows Oil Prices, Readies Measures in Case They Fall


    MOSCOW, September 14 (RIA Novosti) - Russian Ministry of Finance closely follows the oil prices and will undertake measures in case the price for Urals oil falls significantly lower than the budgeted figures of $96 per barrel, Russian Finance Minister Anton Siluanov told journalists on Sunday.

    "We will monitor the situation and react according to the situation," Siluanov promised, adding that the current decline of oil prices was caused by growth in Libyan oil production and beginning of export of the light crude oil from US.

    "How will the situation unfold? Either the [global] economic growth will have to increase, causing the increase in demand for oil, or, if measures to regulate the oil market are once again not taken, there will be an excessive supply," said the Minister.
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    Post  Austin Sun Sep 14, 2014 5:23 pm

    Macroeconomic Changes to Burden Russian Budget With $15 Bln Losses In 2015-2017



    MOSCOW, September 14 (RIA Novosti) - Changing macroeconomic parameters are going to take a heavy toll on the Russian budget, trimming its revenues by a hefty 570 billion rubles, or over $15 billion, in 2015-2017, the nation's finance minister, Anton Siluanov, said Sunday.

    "Our macroeconomics has changed. As a result of macroeconomic [changes], we are to fall short next year of 80 billion rubles [$2.1 billion], of 220 billion rubles in 2016, and of 270 billion rubles in 2017," Siluanov told journalists.

    The Russian Ministry of Economic Development said it cut the expected GDP growth rates from 2 to 1 percent in 2015, with a 2.3-percent growth predicted in 2016 and a 3-percent rate in 2017.

    The ministry's outlooks for inflation stand at 6 percent in 2015, 4.5 percent in 2016 and 4 percent in 2017.

    Siluanov also said the Finance Ministry had earlier reviewed the basic figures of the Russian federal budget for the current year. Instead of an earlier planned surplus of 0.4 percent of the GDP the Ministry now hopes to reach a deficit-free level in 2014, while in 2015-2017 it expects a budget deficit of 0.4 to 0.5 percent.

    "We believe, that we can reach the deficit-free budget in the current year, give or take the tenths, but for the present time we see an opportunity to finish the budget deficit-free, which is truly very important," Russian Finance Minister Anton Siluanov said.

    "According to the budget rule, the budget deficit for the next year will reach 0.5 percent of the GDP, because the base price for oil amounted to $95 per barrel. It [the price] has been defined more precisely and because of that the deficit has increased – it was [estimated at] 0.4 percent and now is 0.5 percent of the GDP," Siluanov added.

    The minister also told journalists that the implementation of new projects in infrastructure, support for agriculture and development of Russian regions would cost the Russian federal budget an additional 500 billion rubles (over $13.2 billion) in 2015.
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    Post  AlfaT8 Sun Sep 14, 2014 8:04 pm

    Shuvalov says Russia may change tax system
    VLADIVOSTOK, September 13. /ITAR-TASS/. Russia’s First Deputy Prime Minister Igor Shuvalov did not rule out Russia may have to change the existing tax system due to the current conditions and insufficient economic growth.

    In an interview with the Vesti on Saturday television programme he said the government had promised not to do so till 2018, but said “we now live in very tough conditions,” and “perhaps, we shall have to change the approach.”

    Another factor, which may cause changes to the tax system, is that “economic growth [in Russia] is not high enough.”
    Looks like those tax reforms that sepheronx has been asking, may actually happen.
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    Post  sepheronx Sun Sep 14, 2014 8:45 pm

    I guess I wasn't the only one saying that their tax system is too outdated and a burden.

    That said, if oil prices will fall, especially at this time, I think it may be safe to say Russia needs to get that contract going with India and ultimately, subsidize oil prices in Russia so Russians will drive more/spend more. Especially if it is cheaper. I think average Russian pays the international price for gas in its country, which is pretty sad considering they are major producers.

    It has been said multiple of times, even by Russian gov, that domestic consumption is key for its growth. They really need to work on that. Selling internationally is good for excess funds, but selling at home is what is most important.
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    Post  kvs Sun Sep 14, 2014 10:34 pm

    AlfaT8 wrote:
    Shuvalov says Russia may change tax system
    VLADIVOSTOK, September 13. /ITAR-TASS/. Russia’s First Deputy Prime Minister Igor Shuvalov did not rule out Russia may have to change the existing tax system due to the current conditions and insufficient economic growth.

    In an interview with the Vesti on Saturday television programme he said the government had promised not to do so till 2018, but said “we now live in very tough conditions,” and “perhaps, we shall have to change the approach.”

    Another factor, which may cause changes to the tax system, is that “economic growth [in Russia] is not high enough.”
    Looks like those tax reforms that sepheronx has been asking, may actually happen.

    The problem is not the tax system, it is the idiotic monetarist policy of the Central Bank. The Russian Central Bank pretends all inflation in Russia since 1991 is simple price inflation and not structural price adjustment. The latter is when you start with an ad hoc Soviet price for a good or service and transition to a market price. It has no relation to the sort of inflation that the monetarists foam at the mouth about (e.g. print more money, give it all to the consumers and see the prices jump). Of course, it has been 23 years since the collapse of the USSR so this structural price adjustment is not the dominant effect but the point is that it is still there. Believe it or not. So the Central Bank sets interest rates that are too high and this has the predictable effect of suffocating economic activity.

    Evidence of the adjustment effect I am talking about is the inflation rate in Russia between 2000 and 2010. The money supply was increasing at 50% per year, but the CPI was around 13%. This fully contradicts monetarist theories. Unfortunately, the Russian Central Bank is infested with monetarists. For all the talk about Putin being a dictator, he has not purged all of the Yeltsin legacy and it is still sabotaging Russia. Monetarists are same species of witch doctor as shock therapists. These morons actually believe that economies adjust on the timescale of a few months to a year. In reality, they adjust on timescales of decades.

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