#AceFinanceNews – LONDON – May 01 – /ITAR-TASS/. U.S. Administration has rebuked Bahrain, a Gulf state with which it has a close strategic relationship, for signing an investment cooperation deal with Russia, which Washington and its European allies are trying to subject to punitive economic measures at the moment.
“With Russia continuing its efforts to destabilize Ukraine, this is not the time for any country to conduct business as usual (with Moscow),” an official at the U.S. Department of State told Reuters Wednesday.
He said Washington had raised concern over the signing with the Bahraini government.
Russian Direct Investment Fund issued a statement Tuesday saying it had signed a memorandum of understanding with the Mumtalakat sovereign wealth fund of Bahrain on expanding both countries’ investment opportunities.
The statement said, among other things, that the Bahraini fund’s CEO, Mahmood al-Kooheji would join the RDIF international advisory board and would help formulate its strategic guidelines.
The deal was signed at the end of Wednesday’s visit to Moscow by Bahrain’s Crown Prince Salman Bin Hamad al-Khalifa who was received by President Vladimir Putin.
International analysts point out the symbolism of the deal. According to Reuters, it suggests that Western sanctions “may not deter other countries from continuing to expand business ties with Russia.
#AceFinanceNews – MOSCOW – April 17 – Opportunities for the West to hurt the Russian economy are limited, President Vladimir Putin said Thursday.
Europe cannot stop buying Russian gas without inflicting pain on itself, and if the US tries to lower oil prices, the dollar will suffer.
If the West tries to damage Russia’s influence in the world energy market, efforts will likely backfire, the Russian President said during his twelfth annual televised question and answer session.
To really influence the world oil market a country would need to increase production and cut prices, which currently only Saudi Arabia could afford, Putin said.
The president added he did not expect Saudi Arabia, which has “very kind relations” with Russia, will choose to cut prices, that could also damage its own economy.
If world oil production increases, the price could go down to about $85 per barrel.
“For us the price fall from $90 to $85 per barrel is not critical,” Putin said, adding that for Saudi Arabia it would be more sensitive.
#AceFinanceNews – MOSCOW- April 16 – Russian President Vladimir Putin has ordered the government to create in Vladivostok a special economic zone of “industrial,production type” by June 15, 2014, the Kremlin website reported.
#AceFinanceNews – Moscow – April 14 – China takes interest in alternative energy projects in Crimea, Russian Vice-Premier Arkady Dvorkovich.
“We also agreed (during talks in China) that we will look into new projects, including in our new regions. Chinese colleagues who deal with alternative energy, take interest in these projects in the Republic of Crimea,” Dvorkovich said at a session chaired by Prime Minister Dmitry Medvedev.
Gazprom’s contract on supplies of Russian gas to China would be finalized by the upcoming visit to China by Russian President Vladimir Putin, due in May, he said at a session chaired by Prime Minister Dmitry Medvedev on Monday.
Also Russia may increase electricity, coal supplies to China fourfold.
“Talks on gas are nearing completion, and there is a general intent to finish that work before Russian president’s visit,” he said.
Tass – Russian Media and Energy News Sources.
#AceFinanceNews – MOSCOW – April 14 – Eight billion cubic meters of gas in Ukraine’s underground storage facilities is enough for three months’ uninterrupted transit of Russian natural gas to Europe, parliament-appointed Minister for Energy and Coal Yuriy Prodan told Bulgarian national radio on Monday.
“Within a certain period of time, up to three months, Ukraine will be able to ensure gas transit to European countries. Within this period of time we must consider the issue of gas pumping and settle it before June,” the minister said.
However, according to Russian President Vladimir Putin, Ukraine needs about 11 billion cubic meters in underground storage to guarantee uninterrupted transit of Russian gas to Europe, he told European leaders in a letter last Friday. Under the current price for Russian gas of $485.5 per 1,000 cubic meters, up to $5 billion will be needed.
Currently, 7.2 billion cubic meters is in underground storage, head of Ukraine’s national oil and gas company Naftogaz Andriy Kobolev has reported. According to Russian supplier Gazprom, 6.5 billion cubic meters lay underground on April 9.
#AceFinanceNews – MOSCOW – April 11 – Russian President Vladimir Putin earned 3.672.208 roubles (approximately $103,060) in 2013 according to his tax declaration published by the Kremlin press service on Friday.
The president’s income dropped by 2 million 118 thousand roubles (approximately $ 59.441) from 5 million 790 thousand 823 roubles (approximately $162.519), which means 482.500 roubles a month or approximately $13.541, in 2012 to 3. 672. 208 roubles (approximately $103.060) in 2013.
Putin’s 2013 tax declaration did not contain information on his spouse for the first time following Putin’s official divorce with his wife Lyudmila last year. Her contribution to the family budget used to account for 121.374 roubles (approximately $ 3.406) in 2012.
The tax declaration does not mention Putin’s daughters – Maria, 28, and Katerina, 27, although bureaucrats are obliged to declare information on their family members, including grown up children.
The number of immovable property registered to Putin’s name increased last year. He still owns two apartments (one 77 square meters flat is his private property; Putin has an accommodation right to the second apartment of 153.7 square meters); the president also owns a garage and has the right to use a garage unit.
As for cars, Putin still owns two rare Volga brands (GAZ M21 and GAZ M21), a NIVA car and a Skiff (Scythian) automobile trailer.
Russian Tax Authorities – Kremlin Press Service
#AceFinanceNews – MOSCOW – April 11 – Russian President Vladimir Putin instructed Russian government and the Central Bank of Russia (CBR) to develop “a mechanism of receiving information from foreign banks about monetary funds and valuables” owned by Russian state officials at these banks.
These are crediting institutions situated in foreign countries. The decree to this effect was formulated in a National Anti-Corruption Commission plan for 2014-2015 approved on Friday.
Information requested from foreign banks can also include facts of “possession and use of foreign financial instruments by public servants.”
This information “can be provided to the CBR by foreign lending organisations through conclusion of agreements on information exchange between authorised Russian authorities and law enforcement agencies in foreign countries,” the document noted.
A report on results of fulfilling the instruction should be submitted to the president before March 1, 2015.
#AceFinanceNews – MOSCOW – March 27 – Russian President Vladimir Putin has called for taking additional measures to protect intellectual property rights.
“It’s a very important sphere, and we have much to accomplish here. The latest analysis showed that the decisions made in the sphere of protection of intellectual property in film-making were not as effective as we had hoped,” Putin said at a meeting with members of the Federation Council upper house of Russia’s parliament on Thursday.
He referred to any new film release as an example. A week-long show of a new film on a website is enough to dismantle all the protection, the president said, adding that “we have to consider additional moves to protect intellectual property.
Ace Contract Services News
#AceFinanceNews – UNITED STATES – March 26 – (Reuters) – The United States and the European Union agreed on Wednesday to work together to prepare possible tougher economic sanctions in response to Russia’s behaviour in Ukraine, including on the energy sector, and to make Europe less dependent on Russian Gas Society.
U.S. President Barack Obama said after a summit with top EU officials that Russian President Vladimir Putin had miscalculated if he thought he could divide the West or count on its indifference over his annexation of Crimea.
Leaders of the Group of Seven major industrial powers decided this week to hold off on sanctions targeting Moscow’s economy unless Putin took further action to destabilize Ukraine or other former Soviet republics.
#AceFinanceNews – MOSCOW – March 22. – Russian President Vladimir Putin’s spokesman Dmitry Peskov has said the downgrade of Russia’s rating outlook by the Standard & Poor’s ratings agency was due to a directive rather than objective circumstances.
The downgrade decision “was clearly directive, not objective,” Peskov told journalists Friday, adding that such forecasts reduce the degree of credibility of such agencies.
On March 20, S&P said it revised its outlook on the Russian Federation to negative from stable. The organization also affirmed its ‘BBB/A-2’ foreign currency and ‘BBB+/A-2’ local currency long- and short-term sovereign credit ratings on the country.
“The outlook revision reflects our view of the material and unanticipated economic and financial consequences that EU and US sanctions could have on Russia’s creditworthiness following Russia’s incorporation of Crimea, which the international community currently considers legally to be a part of Ukraine,” S&P said Thursday.
Fitch Ratings on Thursday revised the outlook on Russia’s long-term foreign and local currency Issuer Default Ratings (IDR) to negative from stable and affirmed the IDRs at ‘BBB’.
Ace Related News Reports:
- March 20 – 09.13 GMT – Standard and Poor’s – http://wp.me/pzTwj-2Mf
- March 20 – 11.35 GMT – Fitch – http://wp.me/pzTwj-2Ms
Russian Finance News and Media Sources.