Both VTB and Sberbank are ready to start lending to developers this year, particularly those constructing residential housing, and VTB alone is planning to offer builders as much as $1.2 billion in 2010.
State-run VTB Group is planning to loan between 20 billion rubles and 35 billion rubles ($662 million to $1.16 billion) to developers this year and is already in talks on a $400 million deal, senior vice president Pavel Kosov said last week, Prime-Tass reported.
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Retail sales rose for the first time in a year in January as slowing inflation and higher wages boosted household spending, the State Statistics Service said.
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Bucharest has given Russian gas monopoly Gazprom all the documentation relevant for building the South Stream pipeline through Romanian territory, it was announced yesterday (18 February).
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The deficit of Russia’s federal budget could increase to 7.2% of the country’s gross domestic product (GDP) in 2010 from 6.8% projected earlier.
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The next wave of the Russian ruble’s depreciation is projected for 2014–2015, Deputy Economic Development Minister Andrei Klepach said Friday at a conference in the Altai Region resort town of Belokurikha, ITAR-TASS reported.
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MOSCOW: Russian President Dmitry Medvedev on Thursday urged private businesses to help the government modernize the country in return for government aid distributed during the economic crisis, ITAR-TASS reported.
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MOSCOW: Russian President Dmitry Medvedev has instructed the government to take measures aimed at improving Russia's investment climate, the president's press service said Thursday.
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The meeting of G7 finance ministers and central banks chiefs opened the Canadian Arctic town of Iqaluit on February 5. Russia was not invited for the meeting, Russia’s deputy finance minister Dmitry Pankin said. Therefore, the meeting will be held in the format of the 1990s, i.e. the Group of Seven. Official spokespeople for Russia’s Foreign Ministry said that such a decision was erroneous.
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The European Union responded to Dmitry Medvedev’s appeal to modernize the Russian Federation. European officials even sent “Partnership for Modernization” draft project to their Russian counterparts, Russian news agencies said. The European Commission believes that Russia at first needs to guarantee the rule of democracy and human rights nationwide before it could adjust its economy to European standards.
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