Fears of new period of uncertainty

"Russia is stepping into a new age of uncertainty", said Pekka Sutela, a Finnish expert on the economies of Eastern Europe at the Bank of Finland. He was commenting on the implications of the recent arrest of oil tycoon Mikhail Khodorkovsky on...

Banks transfer to International Accounting Standard

The Russian Central Bank and Finance Ministry plan to recommend audit firms for International Accounting Standard (IAS) reports, Central Bank First Deputy Chairman Tatiana Paramonova said Tuesday (14 October). All Russian banks will transfer to...

Sovereign rating rise to boost investment in few months

Russia could see a significant inflow of investments in just a few months because of the raise in its sovereign rating to the investment level. Moody's upgraded Russia's sovereign rating on Wednesday (8 October) to Baa3 from Ba2, skipping one level...

KMB Bank assigned A1 rating

Interfax Rating Agency, the strategic partner of Moody's in Russia, has assigned a long-term credit rating of A1 (rus) to the Small Business Credit Bank (KMB-Bank). The agency has also assigned a short-term rating of RUS-1 to KMB The rating reflects...

EBRD to finance factoring and leasing operation

The European Bank for Reconstruction and Development (EBRD) and Hansabank will sign a cooperation agreement on financing the operation of Hansa Capital's Russian subsidiary today. Under the agreement, the EBRD will finance Hansa Leasing Russia's...

Putin Backs Tax Cuts to Aid Small Businesses

Vladimir Putin, Russian president, yesterday lent his weight to calls for lower taxes and reductions in red tape in an effort to boost the country's poorly-developed small business sector. He told a session of the State Council, an advisory body of...