The US has created a belief that money would leave Russia, but money doesn’t flow out of countries that have extremely low debt and strong export earnings, Paul Craig Roberts, former US Assistant Secretary of the Treasury, told RT.
French oil and gas producer Total is looking for $15 billion in investment from China to pay for expansion in Russia, the company’s CEO Patrick Pouyanne said. This could be the largest private corporate deal involving Chinese banks.
The Russian economy has seen a notable rebound with businesses recovering despite a year of contraction caused by Western sanctions. Fluctuations in the domestic currency have narrowed, which brought investors back into the market.
The Russian government has approved a bill on gas supplies to China via the Power of Siberia pipeline. It will be delivering the estimated 38 billion cubic meters of gas annually as a part of a $400 billion deal.
Russian Prime Minister Dmitry Medvedev has extended ‘cash for clunkers’ car disposal program that provides discount for new vehicles through 2015 with an extra $80 million, as he says it has significantly helped domestic car makers.
The biggest US vehicle maker General Motors and the fourth largest South Korean automaker SsangYong are to suspend deliveries to Russia, saying they are “changing the business model” in the country to adjust to the falling ruble.