Monday Russian Prime Minister Dmitry Medvedev published in “Niezawisimej Gaza,” an article in which he commented disastrous state of the economy of Ukraine. He wrote about the fall focused largely on industry Donetsk Basin and a large drop in GDP forecasts . Yesterday, the Prime Minister had to call an extraordinary meeting of his cabinet, as well as listen to gossip about their own resign because of the condition of the country.
This inconsistency did not hesitate to point out one of the opposition leaders Alexei Navalny. “With the Ukrainian economy is really bad, so that on the same day the ruble has become the fastest declining in the world currency, the hryvnia Ukrainian chasing away even that Medvedev urządzał funeral. So ruble looks worse than the currency of the country in which a year ago there was a revolution, where there is a war, and that lost part of its territory “ – commented. Nevertheless, the prime minister promised yesterday on Twitter that the ruble to strengthen and become in perspective one of the world’s reserve currencies. The problem is that the successor and predecessor, Vladimir Putin, the Russian President in the chair may not have the chance to bring this about.
When The Kremlin is looking for a replacement for Medvedev ( so at least says Kommersant FM radio journalist Konstantin Eggiert), the criticism was the central bank, which increased the base rate of 10.5 percent. to 17 per cent. Taking into account the small increase made five days earlier the rate increased by 750 basis points. This dramatic step is not, however, influence the ruble. – I thought that the 17 percent. give at least a month of rest. Now you have to expect a repeat of the years 1998-1999 – says the analyst of SEB Bloombergowi Per Hammarlund .
Banks are trying to reduce run at exchange offices, stretching spread . Bank Wostocznyj Ekspriess sold dollars yesterday after 120 rubles, and was buying the 58.35 ruble. – The choice made by the board of directors of the Bank of Russia was a choice between a bad decision and a very bad one. There’s no our cunning. This is what happens, you may have different effects on the financial market which can not undertake to predict the end of the – said the deputy head of the central bank’s Sergei Szwiecow . Many economists argue, however, that the defense of the ruble at the expense of being pushed into the abyss of the Russian economy, which next year without that probably would have shrunk.
– The central bank maintains that is not responsible for economic growth, but for the ruble. So on the grave of the Russian economy will be written: “ruble held tightly” – explained on the air Russkie Mikhail Leontiev novostiej Service, a spokesman for the oil giant Rosneft. – Increased interest to 17 percent. the end of the banking system. This means that banks will increase interest rates on loans to 20 percent. At these rates the economy can not work. For the real sector, this means the death of a wave of bankruptcies – added in an interview with the economic daily “Vedomosti” manager of one of the medium-sized banks. The crisis can also be seen on the real estate market. Price per square meter, expressed in dollars is already below the minimum of 2008-2009.
When prices are falling dollar, the ruble rapidly increasing. The government does not hide the fact that this will lead to widening the areas of poverty. – We end the year with 15.7 million poor people. With inflation, this number will continue to grow, especially among families with children – said yesterday Deputy Prime Minister Olga Golodets . Meanwhile, the Kremlin blamed speculators blamed for the crash of the national currency. – You have to settle with these provocateurs, to explain what kind of people you nawalni, niemcowy and kudriny, (names of opponents of the Kremlin), and whose goals implement – enumerated influential head of Rosneft Igor Sechin, The Kremlin has long gray eminence .
In this way, the curator of the oil sector commented on rumors that Rosneft buys the same currency to further reduce the ruble. Contrary to appearances, this would make sense. Although more than 30 percent. decline in oil prices denominated in US dollars the price in rubles over the months has practically not changed. Paradoxically, the Russian oil exporters happens relatively worst experience of black fuel price reduction in global markets.
known economist Vladislav Inozemtsev spells the end of the era of expensive Meanwhile, oil and calls for reflection, as Russia has used oil boom decade. From his calculations show that Moscow has earned its 2.1 trillion. “Saudi Arabia for 2.85 trillion. earned on the oil boom has built 40 thousand. km of roads and upgraded the oil sector “ – noted expert and put the thesis that in the case of Russia, led to great profits elite demoralized.
Yukos finally triumphs
panel of the Grand Chamber of the European Court of Human Rights rejected the appeal of Russia. As for the case in which the ECtHR awarded to former shareholders of Yukos compensation from the state in the amount of 1.87 billion. Former shareholders demanded 98 billion.
In 2011. Court found that Russia violated the company’s rights to protection of property, and national legal proceedings were conducted correctly. In July, 2014. Fixed amount to be paid. The Russian government claims that the judgment is irreconcilable with the national legal order. Former owners of Yukos lawyer Vadim Kluwgant so did not rule out in an interview with “Kommersant” that it will be a reason for refusal to pay compensation.
According to Stanislaw Żemojtela, a lawyer at the law firm Eversheds, one can not exclude that Russia will pronounce Convention and the same occurs from the juris diction of the tribunal. – In the long run, however, it would be economically unviable. Reduce the interest of foreign investors because – adds mec. Żemojtel.
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