Cold War Espionage is Back

The KGB is back, and it’s leaner and meaner than ever. In a dramatic bust, the FBI has arrested 10 Russian individuals for allegedly carrying out long-term, deep cover assignments in the United States on behalf of Russia. The 37 page indictment from the Southern District of New York reads like a John LeCarre-cum-Ian Flemming [...]

Putin Orders Banks to Boost Lending, Sees Deficits

Russian Prime Minister Vladimir Putin told state-run banks to expedite loans to companies to help stem a financial crisis that will force the government to run deficits for at least three years. Putin called on banks such as OAO Sberbank and VTB Group to boost lending by as much as 500 billion rubles ($16 billion) [...]

Russia Sees 8.5% Contraction In 2009, 0.1% Growth In 2010

Just a tad aggressive there on the ramp up, but if it works for Templeton, why should Russia be any different. Also: – Sees 2009 average oil price at USD 54 a barrel (current based on USD 41).- Gradual global weakening vs. USD through 2012. Read more….

Russia’s Broad Monetary Base Up 5.1% in May- Central Bank

Russia’s broadly defined monetary base expanded 5.1% to 4.712 trillion rubles ($151 bln) as of June 1 from 4.484 trillion ($143.7 bln) on May 1, the Central Bank reported on Tuesday. Broad money supply has declined 15.5% since January. Read more about Russia…

Medvedev Questions Dollar as World Currency, Open to Yuan Swaps

Russian President Dmitry Medvedev questioned the U.S. dollar’s future as a global reserve currency and said using a mix of regional currencies would make the world economy more stable. Russia may consider ruble-yuan swaps. The dollar “is not in a spectacular position, let’s be frank, and its prospects cause various questions as do the prospects [...]

(AFX UK Focus) 2009-06-01 13:20 Russia’s banks may need $40 bln extra capital–Moody’s (Interactive Investor)

MOSCOW, June 1 (Reuters) – Russian banks may need around 1.3 trillion roubles ($41.51 billion) for recapitalisation in 2009, Moody’s said on Monday, predicting capital erosion would be the major trigger for rating downgrades. The Russian central bank has said previously the banks may need 500 billion roubles in extra capital if non-performing loans rise [...]