Putin vs. Central Bank PRO Members Public
Next Friday’s interest rate decision and press conference by central bank chief Elvira Nabiullina are set to be watched even more closely than usual, after the bank entered into a rare public disagreement with President Vladimir Putin. In an unusual move, Putin argued in favor of lowering interest rates
In Charts: How Russia’s war is worsening inequality PRO Members Public
Hello! This week we analyze how the invasion of Ukraine, now dragging through its fifth year, has widened the gap between rich and poor inside Russia. Russia’s rich get richer Vladimir Putin loves to portray himself as the people’s president, combatting the inequality and injustice he inherited from
Russia to borrow more for spiralling war costs PRO Members Public
Hello! Welcome to your weekly guide to the Russian economy, written by Alexander Kolyandr and Alexandra Prokopenko and brought to you by The Bell. This week we discuss how the government is getting ready for a massive borrowing binge to meet the rising costs of the invasion of Ukraine. Government
SPIEF 2026: The economic forum that avoided the subject PRO Members Public
Delegates arrived at the St. Petersburg International Economic Forum under columns of smoke rising over the Gulf of Finland. Seventeen kilometers from the venue, the St. Petersburg Oil Terminal had been hit by Ukrainian drones. This year’s official guest country was Saudi Arabia, in keeping with Russia's
Russia’s fuel crisis PRO Members Public
Hello! This week we discuss Russia’s fuel crisis, triggered by Ukraine’s increasingly successful attacks on Russian oil refineries and supply routes across occupied territory. Ukraine hits Russia at the pumps For the second year running, Ukrainian drone attacks on oil refineries, energy infrastructure and logistics routes have triggered
Russian corporate debt load hits Covid levels PRO Members Public
Hello! Welcome to your weekly guide to the Russian economy, written by Alexander Kolyandr and Alexandra Prokopenko and brought to you by The Bell. This week we analyze new data on the growing debt pile at Russia’s largest companies — and why the Central Bank may be too optimistic on
Salary arrears up by a third PRO Members Public
Russia has a fast-increasing problem with late salary payments — up a third in April. The government is concerned, telling loyal media outlets not to report official government statistics. From an economic standpoint, the amount of unpaid wages is not enough to pose a real threat. * Wage arrears reached 2.88
Russia’s new nemesis: Armenia PRO Members Public
Hello! This week we look at how the Kremlin has ramped up the pressure, rhetoric and sanctions on Armenia, ahead of elections this weekend that will determine if Yerevan continues down its pro-EU path. Moscow launches trade war ahead of key Armenian vote Russia’s efforts to secure its influence
How to fund a two trillion-ruble shortfall PRO Members Public
Hello! Welcome to your weekly guide to the Russian economy, written by Alexander Kolyandr and Alexandra Prokopenko and brought to you by The Bell. This week we discuss how the government plans to fund the spiralling costs of war — and why it spells more pain for the civilian economy. Russia
Britain softens sanctions PRO Members Public
Britain’s government on Tuesday announced measures to officially levy new sanctions on Russia — but in effect they essentially weakened restrictions on Russian oil so far as to render them pointless. * Britain’s new sanctions law bans the import of petroleum products processed using Russian oil at refineries in third
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The Bell was founded in 2017 by journalists Elizaveta Osetinskaya, Irina Malkova and Peter Mironenko as a news outlet independent from the Russian authorities, after its founders have been sacked as top editors at the largest Russian news website RBC because of pressure from the Kremlin.
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