Russia Business News

Impact of sanctions on the Russian economy

February 2023
According to the World Bank, the International Monetary Fund (IMF) and the Organisation for Economic Cooperation and Development (OECD), 2022 was a bad year for the Russian economy.
It is estimated that in 2022, Russia’s gross domestic product (GDP) dropped by 2.1%.

Russia’s economy may continue to shrink in 2023.
Its GDP is forecast to decline by 2.5% in the worst-case scenario (OECD) or by 0.2% according to the World Bank.
The IMF expects growth in 2023 (0.7%).

OECD Refuses Russia Admission

February 2022
According to TASS news agency the OECD decided on February 25, 2022 to stop the process of Russia's admission to the OECD.
The admission was previously postponed in 2014.

Russia Interest Rate Cut

June 2020
The Russian central bank cut on June 19, 2020 the interest rate by 1% to 4.5%.The cut follows a previous cut of 0.5% in April. According to the central bank forecast the inflation rate in 2021 will be less than the target of 4%.

Russia Credit Rating Downgrade

January 2015
The credit rating agency Fitch downgraded on January 10, 2015 Russia's credit rating from previous BBB to BBB-, one step over the junk level retaining the negative outlook.
The downgrade follows worries about the effects of the sanctions and the falling oil prices.

Russia Interest Rate Rise

December 2014
The Russian central bank raised the interest rate dramatically on December 16 from the previous 10.5% to 17%, the sixth interest rise since the beginning of the year.
The interest rise is aimed to prevent further devaluation of the Russian currency due to the economic sanctions and the drop of the oil price.
Russia also informed that if the oil price remains around $ 60 the Russian GDP in 2015 is expected to drop by 4.5%.

Russia Credit Rating Downgrade

May 2014
The credit rating agency Standard & Poor's downgraded on April 25, 2014 Russia's credit rating from previous BBB to BBB-, one notch about the "junk" status.
The downgrade follows the deteriorating situation in Ukraine resulting in financial outflows by foreign investors.
On the same date the Russian central bank raised its key interest rate from 7% to 7.5% trying to defend the Russian rouble.

Russia Credit Rating Downgrade

March 2014
The credit rating agency Fitch downgraded on March 21, 2014 Russia's outlook reflecting the potential effect of the sanctions imposed on Russia.
Earlier the credit rating S&P's cut Russia's credit rating outlook from stable to negative.
S&P's lowered the growth forecast of the Russian economy to 1.2% compared to the previous December forecast of 2.2%.

Russian Banks' Earnings hike 60%

August 2011
The Russian banks' earnings for the months January to July 2011, excluding Sberbank, totaled 278.5billion rubles, an increase of 60% compared to 176 billion in the same period in the previous year.
The bank of Russia forecasts an increase of the banks' loan portfolio by 20-25% in 2011 and 2012 compared to 2010.
Source via Ria Novosti

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