The Russian government is continuing to work on alternative ideas for the development of the national economy, President Vladimir Putin’s spokesman Dmitry Peskov said Monday. Media reports said that Putin had instructed the government to prepare an alternative to the program of economic reforms prepared by former Finance Minister Aleksey Kudrin. Several organizations are working on the program for mid and long term economic development in different formats, TASS quoted Peskov as saying. “These are really alternative visions which are needed in order to use some ideas as a basis,” he said.
Russia has maintained the leading position in the world in the export of hydrocarbons, Energy Minister Aleksandr Novak said at a meeting with President Vladimir Putin. During the first half of 2016, the volume of gas exports increased to 6 billion cubic meters, or 6.8 percent year-on-year. Oil exports grew by 6.2 percent and exports of coal increased by 8.2 percent, TASS reported, citing the minister.
Profits of Russian banks in 2016 may exceed the 500 billion ruble ($7.7 billion) mark that was forecast earlier, Central Bank head Elvira Nabiullina told reporters. “At the beginning of the year… we thought that we took a rather conservative approach, but market participants, in my opinion, largely considered this assessment to be bold enough,” TASS quoted her as saying. “But now the first six months show that 500 billion is rather a conservative estimate. Let’s see, maybe the profit will be bigger,” Nabiullina said, adding that “we see the resumption of profits.”
German business morale fell in July, a survey showed on Monday, suggesting company executives in Europe’s largest economy have become less optimistic since Britain voted to leave the EU. The Munich-based Ifo economic institute said its business climate index, based on a monthly survey of some 7,000 firms, fell to 108.3 in July from 108.7 in June. “This was due to far less optimistic business expectations on the part of companies. Assessments of the current business situation, by contrast, improved slightly. The German economy proves resilient,” Ifo head Clemens Fuest said. (Reuters)
Seventy-five hydrocarbon fields have been discovered on Sakhalin Island, in Russia’s Far East, including 13 offshore ones, TASS reports. Almost all the fields are located in the northeastern part of the island, the regional Ministry of Natural Resources said on Friday. “The majority of onshore oil and gas fields are at late development stages. Regional onshore oil production may be increased in the near term by commissioning fields from the undistributed government stock,” according to officials.
Naftogaz of Ukraine did not import gas to the country in the second quarter of 2016, the company said on Friday. An official with the company said that it resumed gas purchases at its own expense from European suppliers in July 2016, TASS reported. Since July 2015, Ukraine has imported 7.40 billion cubic meters of gas, of which 5.01 bcm came from Europe, and 2.39 bcm from Russia, according to the company.
Slovenia is interested in resuming talks on the South Stream gas project and hopes for its swift implementation, Slovenian Ambassador to Russia Primoz Seligo told Izvestia daily on Friday. “Slovenia has never really abandoned the South Stream, there is interest on our part,” Sputnik quoted Seligo as saying. “It is difficult to predict anything regarding projects of this scale. Formal negotiations are not being held on the matter. But I think that in some time the project will be implemented,” Seligo said.