Items

• 

  Fresh Data Shows Russian Economy Suffering Broad Slowdown

  New data suggests that the Russian economy is contracting, particularly its manufacturing and service sectors. Economic slowdown, though an expected consequence of the pandemic, has the potential to wreak long-term havoc on the economy if the government doesn't provide adequate stimulus measures.
• 

  Russia Records 3.6% GDP Fall in Third Quarter

  Russia's GDP declined 3.6% in the third quarter, a major improvement from the 8% drop in the second quarter. Analysts believe this is due in part to the lifting of coronavirus-related restrictions. If this trend continues, Russia's official estimates of a 3.8% GDP contraction for the year may be validated. However, if the second wave of the pandemic worsens, then official predictions–and plans– may be overturned.
• 

  Russia’s Ingushetia Region on Brink of Bankruptcy

  The North Caucasus region of Ingushetia now has a "red" rating from the Finance Ministry, which means Moscow may take direct control over its debt management. Ingeshutia is approaching bankruptcy, with a debt of over 125% of its annual income. It was already one of the most subsidized regions in Russia, receiving over 80% of its annual budget from the central government. More regions are expected to approach bankruptcy in the near future as the pandemic drags on, but the Russian government remains reticent to stimulate the economy with its cash reserves stored in the National Wealth Fund. It is believed that these reserves are being saved to prepare for a Biden presidency which promises to be tough on Russia, both economically and politically.
• 

  Haunted by demographic holes Kremlin spokesman Dmitry Peskov weighs in on Russia’s declining population

  The population holes created by World War 1 and the fall of the Soviet Union are now culminating in a dangerous trend of population decline. Putin has highlighted population growth as one of, if not the most important problems facing Russia. Population growth is one of the keys to improving long-run economic productivity. One can see why Russia, being one of the least productive nations in the world, has significant incentive to reverse the current population trend.
• 

  Half of Russian doctors surveyed report a drop in earnings during the pandemic

  A recent survey has shown that half of Russian doctors have experienced decreased incomes during the pandemic. 6% earned more but with a disproportionate increase in workload. Just 12% earned significantly more. This data comes after the Russian government released stimulus packages that included hazard pay for medical workers. However, many medical workers reported receiving less than expected or no hazard pay. This aligns with the trend of the Kremlin prioritizing economic support for large state-adjacent firms and offering little to no support for average citizens in the form of direct pay or small business.
• 

  To hell with the Labor Code –Moscow is requiring employers to collect and share employee personal data illegally and shift 30 percent of all staff to remote work, no matter the industry

  In response to a resurgence of COVID-19 within the city, Moscow officials have imposed a spate of new regulations, including requiring restaurants to move 30% of their employees to remote work. The article tracks the unclear boundaries and uneven enforcement of this new regulation, which stands to impact small business and the direct service industry the most.
• 

  ‘Accessible only to State authorities’ Here’s how the EU explained its decision to sanction high-level Russian officials over Navalny’s poisoning

  EU and UK officials have announced sanctions against six Russian officials and one scientific research institute as a result of Alexei Navalny's poisoning, which has been blamed on the Russian government. The sanctions demonstrate a downturn of bilateral relations between Russia and the EU.
• 

  ‘Nobody wants to kill business’ Moscow is experiencing a spike in coronavirus cases, but there’s no lockdown in sight

  Moscow is experiencing a spike in coronavirus cases and has responded by increasing hospital capacity and implementing new stay-at-home restrictions. However, the city will not consider closing businesses at this time, which might extend the severity of the spike.
• 

  How the Russian state media rescued Belarusian broadcasters from political pluralism

  An article describing Russian journalists' activities in Belarus after the Belarus election in 2020.
• 

  Navalny Poisoning, Second Wave Fears and Vaccine Setback Weigh on Russia’s Markets

  A Russian economy already weakened by the pandemic continues to fall, as EU leaders threaten sanctions due to the poisoning of Alexei Navalny. The poor economic outlook, unlikely to change in the near future, may force policymakers at Russia's Central Bank to continue cutting interest rates.