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The frictions in Russia's wartime economy are growing, as massive military spending balloons the budget deficit. Consumers and businesses are gloomier. Growth has slowed. None of that, however, signals an imminent financial crisis or economic collapse, economists say. With crucial oil export revenues holding up due to high prices from the Iran war, the government is able to find the money to pay for its four-and-a-half-year-old invasion of Ukraine, at least for now. Meanwhile, low unemployment and government largesse in poor regions help keep a lid on consumer grumbling. That picture suits the Kremlin's narrative of stability ahead of Russia's stage-managed parliamentary election that got underway Friday and concludes Sunday. But economists warn that longer-term problems are gnawing at the foundations - and could one day result in a crisis. Consumers and businesses are more pessimistic --------------------------------------------------------- Indicators of consumer sentiment hav
It's a challenging time for Russia to hold a parliamentary election, even one whose outcome is all but assured. The economic and political climate has been seriously affected by 4 years of full-fledged war with Ukraine. Swarms of enemy drones have inflicted massive damage on Russian oil refineries and logistical facilities. The public, which no longer sees the fighting as something distant, is increasingly nervous. United Russia, the main Kremlin party, is poised to keep its overwhelming grip on the State Duma alongside a few other parties aligned with President Vladimir Putin. Still, authorities have tightened control over the first wartime balloting for the lower chamber of parliament since the 2022 full-scale invasion. The Kremlin stifled even the slightest signs of dissent before three days of voting that began Friday in Russia's Far East. The only party that dared to criticize the war was unceremoniously removed from the ballot, and a few anti-war politicians have been imprison
Donald Trump Jr's new wife, Bettina, on Monday confirmed that her May wedding weekend celebration was partially funded by a man with close ties to Russian President Vladimir Putin. In a post on her Instagram page signed by the couple, Bettina Trump wrote that the man, Umar Kremlev, was a "dear friend," who "very generously hosted two incredible nights of celebrations for us AFTER our wedding." "It was an extraordinarily generous wedding gift from a friend, and something for which we were and remain incredibly grateful," it went on. ProPublica, a nonprofit investigative website, reported earlier Monday that the wedding between Trump Jr and socialite Bettina Anderson in the Bahamas was heavily funded by Kremlev, a Russian oligarch who heads the International Boxing Association. ProPublica reported that Kremlev "footed the bill for hundreds of thousands of dollars of wedding expenses," including paying to rent out one of two private islands where the three-day party was held and a ...
Russian President Vladimir Putin on Sunday proposed a new insurance mechanism and a collaborative initiative for the grain market among the BRICS nations as he called upon the grouping to adopt a holistic approach in combating pressing global challenges. Putin proposed the new initiatives for economic growth among the BRICS member nations as well as the Global South nations amid crippling sanctions imposed by the Western powers on Moscow for its war on Ukraine. The G-7 countries, the European Union and the UK prohibited Western companies from insuring any ship transporting Russian crude unless the oil was purchased at or below a specified price cap. The sanctions relating to the insurance sector have adversely impacted Russian crude oil exports. "We have independent routes for moving capital, labour and technologies. In fact, we can operate regardless of outside pressure," Putin said at the concluding session of the 18th BRICS summit here. "We have some promising initiatives going
Prime Minister Narendra Modi welcomed world leaders including Russian President Vladimir Putin and Chinese President Xi Jinping to India on Saturday to kick off a two-day BRICS summit aimed at protecting developing economies from the global impact of wars in Ukraine and West Asia. The other leaders attending the summit in New Delhi are Iranian President Masoud Pezeshkian, South African President Cyril Ramaphosa, Malaysian Prime Minister Anwar Ibrahim, Indonesian President Prabowo Subianto, Abu Dhabi Crown Prince Mohamed bin Zayed Al Nahyan, Ethiopian Prime Minister Abiy Ahmed Ali, Egyptian President Abdel Fattah El-Sisi and Vietnamese Prime Minister Le Minh Hung. UN Secretary General Antonio Guterres, WTO Director General Ngozi Okonjo-Iweala, WHO Chief Tedros Adhanom Ghebreyesus, New Development Bank (NDB) President Dilma Rousseff and Asian Infrastructure Investment Bank Chief Zou Jiayi are also attending the BRICS summit. The theme of India's BRICS presidency is "Building for ...
Russian President Vladimir Putin on Friday stressed the BRICS grouping was not against anyone and Moscow was open to working with the whole world as he agreed to further strengthen bilateral ties with India and slammed the economic restrictions imposed by the West on his country. Prime Minister Narendra Modi raised the safety of Indian seafarers in the Black Sea during bilateral talks with Putin and reiterated India's readiness to support any peace initiative to end the Ukraine conflict. The meeting took place hours after Putin landed in New Delhi on a three-day visit to participate in the high-stakes BRICS summit. After the talks, Modi and Putin travelled in the same car. Addressing a gathering of BRICS business leaders ahead of the summit, Putin said Russia was ready to work with partners on infrastructure and logistics projects, including the Arctic Transport Corridor and North-South Transport Corridor, as well as cooperation in technology, artificial intelligence, unmanned ...
Prime Minister Narendra Modi on Friday met Russian President Vladimir Putin for wide-ranging talks that are likely to focus on enhancing annual bilateral trade to USD 100 billion by 2030 and further strengthening cooperation in defence, energy and critical minerals. Putin landed in New Delhi this morning on a three-day visit to participate in the BRICS summit. The two leaders are also expected to delve into expanding the already strong defence cooperation. Kremlin spokesperson Dmitry Peskov on Tuesday said both sides are also exploring BrahMos missile upgrades, and that Moscow remains committed to fulfilling its remaining S-400 system deliveries and discussing the proposed supply of Su-57 fighter jets. The Russian official said the energy ties between the two countries remained robust and that both sides are looking at holding negotiations for India's plan to set up new civil nuclear reactors. Modi and Putin previously met on the sidelines of the SCO summit in Bishkek last week, w
Russian President Vladimir Putin on Friday began a three-day visit to India to participate in the BRICS summit and meet Prime Minister Narendra Modi to expand bilateral trade, investment and energy cooperation. Putin is accompanied by a high-level delegation. It will be his first in-person participation at a BRICS summit outside Russia since the war in Ukraine began in February 2022. The two-day BRICS summit hosted by India starting Saturday is expected to focus on boosting collective resilience in food, energy, health, disaster reduction and critical supply chains with New Delhi positioning the bloc as an effective anchor to navigate a fragmented geopolitical environment. The summit in New Delhi is taking place against the backdrop of a global economy facing the adverse impacts of the Russia-Ukraine war, the West Asia crisis, especially the blockade of the Strait of Hormuz, and the Trump administration's trade and tariff policies. Chinese President Xi Jinping, Iranian President .
Russian President Vladimir Putin met with US envoys Steve Witkoff and Jared Kushner at the Kremlin on Saturday for talks to try to revive a stalled push to end the Russia-Ukraine war. The envoys' visit came as both sides escalated aerial attacks. Putin and Ukrainian President Volodymyr Zelenskyy both agreed to pause strikes on each other's capitals while the talks took place. Washington's push to end the fighting has lost momentum as US attention has been focused for the past six months on the Iran war. The last known visit to Moscow by Witkoff and Kushner, US President Donald Trump's son-in-law, was in January, when they also held talks with Putin at the Kremlin. A first trip to Kyiv for the American emissaries --------------------------------------------------- Both US envoys will also visit Ukraine's capital, Kyiv, for the first time in the peace process on Sunday, Ukrainian officials said. At the start of the meeting in Moscow, Putin asked Kushner and Witkoff to pass on his w
Russian President Vladimir Putin ordered a 72-hour pause in strikes on Kyiv, the Kremlin said Saturday, as US envoys Steve Witkoff and Jared Kushner arrived in Moscow to try to revive a stalled push to end Russia's full-scale invasion of Ukraine. "Putin has ordered that no strikes be carried out against Kyiv for three days, starting at midnight today," presidential spokesperson Dmitry Peskov told Russia's Tass news agency. He said the decision was tied to preparations for Witkoff and Kushner's planned visit to the Ukrainian capital, which Kyiv has said will take place on Sunday. The envoys' trip comes as both sides escalate aerial attacks, some 4.5-years after the Kremlin's invasion of its neighbour. Ukrainian President Volodymyr Zelenskyy said Friday that Ukraine would halt airstrikes during the envoys' visit and urged Moscow to do the same. Washington's push to end the fighting, now in its fifth year, has lost momentum as US attention has been focused for the last six months on it