Latest Russian financial crisis Stories

2009-06-30 12:40:15

The chairman of Russia's Central Bank, Sergei Ignatyev, said banks in Russia are ready to comply with the prime minister's orders to increase lending. The outside crisis factors that were the thrusts, as it were, for our economic crisis are not active any more, Ignatyev said during a meeting with Prime Minister Vladimir Putin. The oil price is normal and the capital outflow ... steeply decreased. A lot depends on us now, he said. Earlier this week, Putin told bank chiefs from five...

2009-01-30 19:03:00

Economic growth in Russia will be near zero in 2009 and government revenues could decline by 40 percent, officials in Moscow said Friday. Finance Minister Alexei Kudrin told lawmakers in Moscow the global financial crisis will cause revenues to decline this year by 4.4 trillion rubles ($133 billion) -- more than 5.4 percent of Russia's gross domestic product -- RIA Novosti reported. Our economic growth will most likely be close to zero, Kudrin told the State Duma. He said Russia would have to...

2008-12-13 14:29:47

A Russian Central Bank official said Saturday the banking group will widen exchange rate parameters for the ruble in light of the poor economic conditions. First Deputy Chairman Alexei Ulyukayev said in an attempt to aid society and business in Russia, the Central Bank is widening the exchange rate of the country's main currency, RIA Novosti reported. It's the fifth such move in a month. Here there is a political and a philosophical aspect. This is our attitude toward society and business,...

2008-12-12 15:09:26

Russia has moved to set aside $325 billion to help the country's banking industry, Prime Minister Vladimir Putin said. To date, about $140 billion has been made available, Putin said in Moscow at the economic organization EurAsEC. In all, up to $325 billion has been reserved for these purposes, he said. Speaking about the economy, Putin said inflation reached 12.5 percent in the first 11 months, and is expected to hit 13.5 percent by the end of the year, Novosti reported Friday. He expected...

2008-07-28 06:01:05

By Andrew E. Kramer When Vladimir Putin talks, investors in Russia listen. And some head for the door. Speaking at an industry conference last week, Putin, the former president and now prime minister, spoke five sentences critical of a Russian steel company, Mechel, and its billionaire chief executive, Igor Zyuzin. In a sign of Putin's enduring power, the criticism cost shareholders about $1.2 billion a sentence. Such is the power of Putin's words - even after he "stepped down" to...

2008-07-25 21:00:28

MOSCOW. July 25 (Interfax) - Shares in the Mechel (RTS: MTLR) coal and steel group plunged 33% in trading on the RTS exchange Friday, following Prime Minister Vladimir Putin's harsh criticism of the company on Thursday and a subsequent drop in New York trading. Mechel shares were down 33.1% to 555 rubles each as of 11:30 a.m. on Friday morning, a level last seen in February. Mechel ADRs plunged 37.61% on the New York Stock Exchange on Thursday, closing at $22.84, down from $36.61. The...

Word of the Day
  • Exultant; jubilant; triumphant; on the high horse.
  • Tipsy; slightly intoxicated.
This word may come from the phrase 'to set cock on hoop,' or 'to drink festively.' Its origin otherwise is unclear. A theory, according to the Word Detective, is that it's a 'transliteration of the French phrase 'coq a huppe,' meaning a rooster displaying its crest ('huppe') in a pose of proud defiance.' Therefore, 'cock-a-hoop' would 'liken a drunken man to a boastful and aggressive rooster.'