The Central Bank of Russia (CBR) has launched a new SWIFT-style payment service aimed at moving away from Western financial dominance. The system is already operating, and will be fully functional within six months.
Russia’s two biggest lenders Sberbank and VTB, as well as Russia’s foreign development bank Vnesheconombank (VEB) have appealed to the European Court of Justice against EU sanctions, saying there was not enough evidence for their introduction.
The Russian Ministry of Finance is to discuss its policy and the economic situation in the country with international rating agencies to “extend their understanding” of the issue, says Minister Anton Siluanov.
Refusing to cut production OPEC is planting the seeds of a future oil crisis where global consumption will overtake a global production, Dr. Mamdouh Salameh, consultant on oil and energy at the World Bank told RT.
The Russian ruble hit a two-week high Tuesday of 53 against the USD, showing strong signs of recovery after hitting rock bottom one week ago on 'Black Tuesday'. The Central Bank and government have taken swift action to shore up the ailing ruble.
Bulgaria is ready to issue all the necessary permits for the construction of the South Stream pipeline, according to Prime Minister Boyko Borisov. He said it will up to Gazprom whether the pipeline is built or not.
President Putin has not disclosed his future strategic plans during the annual Q&A since to surprise international markets one should always have an ace up the sleeve, French economist Jacque Sapir told RT.
A global crisis has never ended, most of the Western states have enormous debts which they are not able to pay off, and the current collapse of the Russian currency is just its continuation, Mitch Feierstein, of Glacier Environmental Fund, told RT.