Russia has slipped into a technical recession, as the growth has been negative for the past two consecutive quarters, and stagflation could be on the horizon, a new HSBC report reveals. Political tension in neighboring Ukraine is being blamed.
The new wave of sanctions from ‘Down Under’ targets 50 people and 11 companies. Russia responded by calling the move “counterproductive” and blacklisted Vladimir Yakunin, head of Russian Railways, said it's a pity he won't see the kangaroos in the wild.
Gazprom will wait another seven days before it switches Kiev to a prepayment system for natural gas. Ukraine has until June 9 to pay its multibillion dollar overdue gas bill, Gazprom head Aleksey Miller said Monday.
Russian state-owned telecoms company Rostelecom has launched a trial version of its Sputnik search engine offering approved links and information helpful to everyday life, such as buying the cheapest medicine or applying for a passport.
Energy-pinched Ukraine has reached a deal to start reverse gas flows from Central European neighbors via an unused pipeline to Slovakia. Starting from October, Ukraine will import 3.2 billion cubic meters of gas.