Russia’s consolidated budget deficit increased by 6.1% to 904.046 billion rubles in January-August. Budget revenues stood at 17.198 trillion rubles as of September 1, and spending amounted to 18.102 trillion rubles. Russia’s federal budget deficit stood at 1.445 trillion rubles in the period, with revenue of 8.144 trillion rubles and spending of 9.589 trillion rubles.…
The Russian Direct Investment Fund (RDIF) and its partners have refrained from participation in privatization of a 50.08% stake in oil company Bashneft as the price is too high, RDIF CEO Kirill Dmitriev reported. Earlier the government allowed state-owned oil major Rosneft to buy the stake for no more than 330 billion rubles by October…
Russian state-owned oil major Rosneft may buy 19.5% in itself during privatization, Vice President Mikhail Leontyev said. “The corporation is seriously studying the possibility of buying its shares from the owner, I mean the government”, he said. The practice of buying own shares is wide-spread. “This is some kind of paranoia which is taking place…
OPEC’s most senior official will discuss the possible participation of Russia in an OPEC production cut, officials in the group said, as the cartel sought to bolster a landmark deal in Algiers. The Organization of the Petroleum Exporting Countries agreed to cut between 200,000 barrels a day and 700,000 barrels a day of their output…
The Islamic fund on microfinance might be created in Azerbaijan, a source on the country’s finance market reported. The source said that the issue was being discussed by Azerbaijan’s microfinance organizations. “The discussions are still at a very early stage, but if market participants agree and adopt a certain decision, then international financial organizations can…
Mechanisms to support the export of Azerbaijani products will apply only to goods produced in the non-oil sector, head of the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) Rufat Mammadov reported. However, the entrepreneurs, who can benefit from these mechanisms, will face no restrictions. “Export process is quite difficult. First of all, entrepreneurs should have…
Customs duties on the export of hides will be introduced in Azerbaijan for 5 years, according to the decision of the country’s Cabinet of Ministers published in the Azerbaijani official press. The changes, in particular, will affect the export of cattle hides, raw hides of sheep and lambs, including fresh, salted or dried hides. In…