Russian Economy General News: #2

Nine of ten consumers had agreed to switch to euros, may be later contracts will be switch to roubles, the oil company's head Alexander Dyukov says

Viktor wrote:WoW ....   

Chinese invest $ 2 billion in the construction of the subway in Moscow

and ... it has started ....

Gazprom signs agreements to switch from dollars to euros

Nine of ten consumers had agreed to switch to euros, may be later contracts will be switch to roubles, the oil company's head Alexander Dyukov says

ODK-Gas Turbines to strengthen its position in Southeast Asia

A joint memorandum with the Chinese company Kerui Group outlined the path to reach new markets



The company ODK-Gas Turbines has announced the start of a strategic partnership with Kerui Group, a leading engineering company in the oil and gas industry.

The company ODK-Gas Turbines has announced the start of a strategic partnership with Kerui Group, a leading engineering company in the oil and gas industry.

The memorandum was signed by ODK-Gas Turbines managing director Igor Yudin and Kerui Group vice president David Wu. The agreement between the two parties will open the Southeast Asian market for the Russian company and the CIS market for the Chinese partner.

Enterprises in the holding company Rostec are in active cooperation with Chinese partners. Asian investors have taken part in financing the development of Russia’s largest copper mine, the Udokan mine (Rostec has a 25% share in the project). Also, for example, during a recent visit to China, Russian President Vladimir Putin discussed the production in China of the Mi-26 heavy helicopter, designed by Russian Helicopters.

In 2012, Russia and China signed a contract worth around $700 for the supply of 140 AL-31F aero engines, which are produced at ODK factories. The two parties also reached an agreement for the supply of the Amur-1650 diesel-electric submarines.

In 2013, Beijing acquired more than $1.8 billion of Russian military technology. A large segment of this military-technical equipment came from enterprises forming part of the state corporation Rostec, including the Ufa Engine Industrial Association, Research and Production Association Saturn, Aircraft Engine Factory, and enterprises of the concern KRET.

In 2013, an agreement was reached on the number of Su-35 fighters to be provided to the Chinese Air Force (24 planes with three spare engines for each). A few unresolved issues remain with these contracts, but it is planned to resolve everything as soon as possible after the visit of delegation headed by Putin.

http://rostec.ru/en/news/4513615

The US Administration intends to make a decision within 2-4 weeks about toughening sanctions against Russia due to differences about the situation in Ukraine, Assistant Secretary of State for European and Eurasian Affairs Victoria Nuland said.



She said that US President Barack Obama indicated to his colleagues at the G7 summit in Brussels early in June that Washington "is not going to wait for months" coming up with a decision if new punitive steps should be taken against Russia.

The US is planning to make a decision to this effect "within 2-4 weeks", Nuland said speaking at the Marshall Foundation today.

She stated that the US and EU have the same views on what is the next stage of anti-Russian sanctions should look like if they have to be used.

As the US repeatedly warned in the past, there will be sanctions against entire sectors of the Russian economy, in particular, the energy and banking sectors, Victoria Nuland said. The US insists that the sanctions should result in preventing Russia from receiving "investment and next-generation technology," Nuland said.

Austin wrote:Looking at news around it seems 3rd round of sanction will will put on Russia by this month end by EU and US.

Any idea what is Russian official position on this 3rd round of sanctions and does it mean Europe will stop buying Gas and Oil from Russia ?

Viktor wrote:

Austin wrote:Looking at news around it seems 3rd round of sanction will will put on Russia by this month end by EU and US.

Any idea what is Russian official position on this 3rd round of sanctions and does it mean Europe will stop buying Gas and Oil from Russia ?

In that case Russia will respond with their own sanctions as said.

Austin wrote:I mean EU cant stop buying Russian Oil and Gas overnight , so they will still buy.

Austin wrote:Looking at news around it seems 3rd round of sanction will will put on Russia by this month end by EU and US.

Any idea what is Russian official position on this 3rd round of sanctions and does it mean Europe will stop buying Gas and Oil from Russia ?