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Russia - Latest News/Current Events, Economic Overview & Trade Relations

AEI | Quick Facts about Russia

Official Name Russian Federation
Capital Moscow
Location Northern Asia (the area west of the Urals is considered part of Europe), bordering the Arctic Ocean, between Europe and the North Pacific Ocean
Area total: 17,075,200 sq km land: 16,995,800 sq km water: 79,400 sq km
Climate ranges from steppes in the south through humid continental in much of European Russia; subarctic in Siberia to tundra climate in the polar north; winters vary from cool along Black Sea coast to frigid in Siberia; summers vary from warm in the steppes to cool along Arctic coast
Terrain broad plain with low hills west of Urals; vast coniferous forest and tundra in Siberia; uplands and mountains along southern border regions
Russia
Russia

Russia Seeks for a New Currency

BRIC leaders will discuss new reserve currencies at the summit but called for caution in the currency debate, saying it was in no-one's interest to ruin the dollar. He said new reserve currencies were inevitable.

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Russia

Russia May Reduce Investments in U.S Treasuries

Russia currently has about $140 billion worth of investments in U.S Treasuries. First deputy chairman of Bank Rossii, Alexei Ulyukayev, announced that some reserves were going to be moved into International Monetary Fund debt. On May 26, Finance Minister…

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Russia

Russian GDP Shrinks 7 Percent

The Russian economy shrank by 7 percent in the first quarter according to Deputy Economic Development Minister Andrei Klepach.

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Russia

Russia: Gas Output Dropped Sharply in March

Gazprom's March gas production slumped by one-quarter from a year ago as demand shriveled in Europe and at home and buyers delayed purchases in hopes that prices would fall.

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Russia

Russian Food Retailer to Expand Aggressively

Regional food retailer Magnit reported better-than-expected 2008 results for net income and revenue on Wednesday, and it pledged to carry its aggressive expansion plan into 2009.

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Russia

Russian Home Building on the Rise

The number of homes completed in the first two months of this year surpassed the number in the same period last year, Regional Development Minister Viktor Basargin said Monday.

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Trade Agreements

Armenia-Russian Federation

There is no text available on this agreement, except for the WTO notification report. However, its content should be very similar to Armenia's other agreements with former soviet republics.

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CISFTA - Commonwealth of Independent States FTA

Never fully implemented by all members, although Free Trade Area was created in 1999; future prospects unclear. http://www.worldtradelaw.net/fta/agreements/cisfta.pdf

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Eurasian Economic Community Customs Union

The EAEC attempts substantial integration in post-soviet nations. It arose out of the CIS customs union as all the members were CIS members. The agreement strives to create a common market, customs union, standardized currency exchange, develop programs for social and economic development, a general energy market and several equal rights for citizens, including health care. The EAEC consists of an intergovernmental council, Secretariat, Commission of the Permanent Representatives, Interstate parliamentary assembly, Law Court, and Integration Committee. http://secretariat.efta.int/Web/ExternalRelations/PartnerCountries/Singapore

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Georgia - Russian Free Trade Agreement

GeorgiaGeorgia

Free Trade Agreement between Geargia and Russian Federation

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Kyrgyzstan - Russia Free Trade Agreement

http://www.worldtradelaw.net/fta/agreements/kyrrusfta.pdf

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editor picks 

Trade Organizations

Asia-Pacific Economic Cooperation (APEC)

Asia-Pacific Economic Cooperation (APEC) is a forum for 21 Pacific Rim countries or regions (styled 'member economies') to discuss the regional economy, cooperation, trade and investment. The membership is claimed to account for approximately 41 percent of the world's population, approximately 56 percent of world GDP and about 49 percent of world trade. The activities, including year-round meetings of the members' ministers, are coordinated by the APEC Secretariat.

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Commonwealth of Independent States (CIS)

The Commonwealth of Independent States is an international Organization or alliance consisting of 11 former Soviet Republics. The members are Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Ukraine and Uzbekistan.

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Eurasian Economic Community (EuAsEC or EAEC)

The Eurasian Economic Community (EuAsEC or EAEC) is an intergovernmental organization of 6 nations and is also part of the CIS Customs Union. All members are also members of the older Commonwealth of Independent States.

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