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Russian economic policy and industrial strategy were key domestic themes. President Vladimir Putin stated the country's GDP grew by 1% in 2025, characterizing the slowdown as a man-made issue while also addressing concerns about declining investment. He chaired a meeting of the Agency for Strategic Initiatives, proposing a competition for technology brands and emphasizing infrastructure for new residential areas. Dmitry Medvedev stated Russia is not doing enough in microelectronics, announcing plans for forums to address national tasks and preserve technological gains amid sanctions. A report noted Russian oil is trading at its largest discount since 2023 due to those sanctions. In business developments, Russia's largest hotel operators decided to stop working with Yandex Travel. Separately, a Russian diplomat stated the BRICS group is developing a new exchange for trading precious metals. Government spokesperson Dmitry Peskov said foreign brands that left Russia will inevitably return and called for monitoring rising utility tariffs.
International developments were dominated by sanctions and trade diplomacy. The United States removed a 25% tariff on India after India agreed to stop buying Russian oil, a deal confirmed by the White House. Russian officials stated they were unaware of any such agreement from India, asserting New Delhi is free to choose its suppliers. The European Union proposed its 20th package of sanctions against Russia, aiming for a permanent ban on Russian oil and measures against crypto transactions, but Hungary blocked its approval. In response, Estonia reopened discussions on using frozen Russian assets for Ukraine. Russia announced it will suspend flights to Cuba, blaming US sanctions for cutting off fuel supplies. Meanwhile, Russia is strengthening its economic relationship with China, with the government approving a deal for joint LNG projects. Ukrainian President Volodymyr Zelenskyy expressed concern over a reported massive Russian economic pitch to the United States. Regionally, Belarus and Russia's Republic of Tatarstan signed a new cooperation plan aiming to increase trade.
9 topics | 135 sources
Russia's largest hotel operators have decided to stop working with Yandex Travel, the travel booking service from the tech giant Yandex. This is a significant business development for the company's services division. Separately, in the Saratov region, authorities plan to introduce contactless fare payment through the Yandex Go app for public transport. Meanwhile, Yandex Taxi has explained how it forms prices for rides during bad weather conditions.
Russian President Vladimir Putin stated that the country's GDP grew by 1% in 2025, describing the slowdown as a man-made issue. He also addressed concerns from Moscow Mayor Sergei Sobyanin about declining investment growth rates. Foreign media reports note the economy is facing challenges like inflation and reduced revenue from oil and gas sales, which some analysts link to the ongoing war in Ukraine.
Vladimir Putin chaired a meeting of the supervisory council for the Agency for Strategic Initiatives (ASI), which he called a significant and effective tool. During the meeting, he proposed launching a separate competition for the best technology brands and emphasized that new residential areas must be built with the necessary infrastructure in mind. Putin also announced plans to hold a phone call with Elvira Nabiullina, the head of Russia's central bank, to discuss current issues. Separately, Prime Minister Mikhail Mishustin stated that Putin is monitoring business support measures in border regions.
Dmitry Peskov, a spokesperson for the Russian government, made two main announcements. He said that foreign brands that left Russia will inevitably return to the country. Separately, he called for close monitoring of rising utility tariffs and commented on the public's reaction to a sharp increase in the cost of these services.
A Russian diplomat named Ryabkov says the BRICS group of countries is developing a new exchange for trading precious metals like gold, silver, and platinum. This is part of a broader effort by BRICS nations to create their own financial systems and reduce reliance on the U.S. dollar for international payments.
20 topics | 340 sources
Feb 28 — Feb 24
Trump says India will stop buying Russian oil and signs order lifting tariffsTrump signed an executive order removing a 25% penalty tariff on India. The order stated that India had 'committed' to stop importing oil from Russia and would instead purchase oil from the United States and other sources, including Venezuela. Indian officials, including Foreign Minister S. Jaishankar, responded by emphasizing that energy security and national interests guide their decisions. They stated that India is 'wedded to strategic autonomy' and will buy oil from any supplier based on market dynamics. Russian Foreign Minister Sergei Lavrov said Moscow had not heard from India about stopping purchases and that India is free to buy oil from any country. The U.S. action was framed as part of a broader trade deal. A U.S. fact sheet and some U.S. officials said India earned the tariff relief by recalibrating its Russian oil trade. Data shows India's imports of Russian oil have declined but have not stopped.