Search
 

Recession Looms over Russia

Nation's woes continue to worsen with ongoing sanctions and falling oil prices; banks facing "some panic."

By Olga Tanas and Lyubov Pronina, Bloomberg | Updated on December 02, 2014

Russia’s economic crisis deepened as the government acknowledged it’s heading for recession and a former central banker spoke of “some panic” in the financial system as oil prices plunged.

Speaking a day after President Vladimir Putin said Russia is scrapping a proposed $45 billion pipeline to Europe, the government predicted the economy will contract next year and canceled a bond auction. It was also forced to pledge 39.95 billion rubles (US$740 million) to support OAO Gazprombank, at least the third lender to secure a capital injection since U.S. and European Union sanctions curbed their ability to borrow.

 

Recommended Stories

How to Prepare for Prospective Divestitures

How to Prepare for Prospective Divestitures

T&R Staff |

Deloitte managing director Brenda Ciampolillo explores the implications of new research suggesting nearly half of companies will divest a business unit this year.

Treasury May Run out of Cash as Soon as June 1

Treasury May Run out of Cash as Soon as June 1

Viktoria Dendrinou |

In a letter to lawmakers today, Janet Yellen says the Treasury Department’s “best estimate” is that its extraordinary accounting measures will no longer be able to satisfy all the government’s obligations by early June.

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2023 ALM Global, LLC. All Rights Reserved.