Russian Economy General News: #9

no it isn't.  You clearly do not know what stagnation even means.  Stagnation means zero growth.  Even 1% is growth.  Don't even bother trying to justify whatever is said because people who say less than 3% is stagnation have no idea the actual meaning of stagnation.  Stagnation means the lack of flow.  3%.  Even 1% is a flow.  This also takes into account inflation.  So spare me of your nonsense.

GDP PPP has kept Russia growing actually, since 2000.  You clearly lack knowledge and history.

Plus I figure with your inability to comprehend really anything going on, then I would be wasting my time posting this to you:

https://www.awaragroup.com/blog/hidden-growth-of-russian-gdp/

Now, let us do the math.

If Russia's overall economy was 96T Rubles last year, and this year it is around 98T Rubles, that means it was a growth of 2T Rubles. Now I figure you know how to do math, yes?

miketheterrible wrote:VEB is one of the most important banks of Russia.  While not as rich as sberbank, it holds a ridiculous amount of Russian government assets and loans to even the military.

VEB is also growing as the largest loan bank for SME's (Small/Medium companies) and as well huge investor in development in every sector.

As for western sanctions and Russia's growth:

Let us not forget, that even 1% growth is still growth.  Stagnation is 0% growth.  Neither drop nor growth.  In this case, 1% growth is very low.  BUT, lets remember key facts here:
.

Very Interesting post

"Most developed countries".
What does this mean?
Which country is more developed than Russia?
Italy? Greece? Canada?
Nope.
The only way in which western countries are more developed than Russia is debt. And fantasy numbers, like GDP and growth rates.
Before the 90´s western countries made fun of the eastern countries and there economic plans and the fulfillment of this plans. They always fulfilled all plans. Now it´s the west that always grows, but only in the virtual world. Bank A is sending 100 Trillion to Bank B. Bumm. GDP grew by 5%. We don´t have any unemployed. Believe us. We just have 10 Mio. people that receive funding from the state.

Kimppis wrote:
because the most developed countries have growth rates of around 1.5-2.5%.  

True but devil is always in details. All depends what and how do you measure:



GDP
IMF  estimates for 2018 https://www.imf.org/external/datamapper/NGDP_RPCH@WEO/OEMDC/ADVEC/WEOWORLD

G7
Canada.....2,1 %
France......1,6%
Germany...1,9%
Italy.........1,2%
Japan.......1,1%
UK...........1,4%
USA.........2,9%


Russia......1,7%



Industrial output measurements:
https://tradingeconomics.com/russia/industrial-production-mom



And here we got slightly different picture. Et voila
YoY..October..2018
Russia.........3,7%


MoM..October 2018
Russia.....5,8%

G7
Canada.....0,14
France.....-1,8
Germany...0,2
Italy........-0,2
Japan......-0,4
UK...........0,0
USA.........0,1








1) Crimea is not counted here (2,5mln citizens)

2) "shadow economy" is not counted too.


All in all this doesnt look bad. Too little to grow as worlds next economy but not stagnation either.  However if you look at economy now there is massive legal and organizational preparations for both scientific and economic growth.  Only then IMHO all that funding will be released. LAst but not least Russia is 5th year at war in economy plane...

Revenues to the consolidated budget of the Russian Federation for 10 months increased by 23%

https://tass.ru/ekonomika/5815308

Neutrality wrote:Pushing down oil prices this hard is going to harm the American industry more than the OPEC countries. It will be the same scenario as in 2015-2016 when shale producers massively bankrupted and workers were laid off. Nobody remembers that?

The oil rig count in shale producing states went down hard from over 1800 in 2014 to below 400 in January 2017. The data can be found here: https://tradingeconomics.com/united-states/crude-oil-rigs

Both sides will have to cooperate to establish prices that suit everyone. My forecast is that the US will sooner or later coopoerate with OPEC+ countries. If they don't, we'll see a rinse and repeat scenario of what I described above.

But did you know what is the end goal here? with pushing oil prices down by over production without demand?
US interference in oil markets.. by promoting flooding the market with over supply..
the real target was ---> Russia.

It damage US economy as you well explained.. but at the same time it damage Russia too..
So the strategy is , absorb the damage , in the thinking that US will be able to sustain it better
than Russia..  The oil prices attack by US.. this is the phase 2 of US declaraction of war against Russia..
This also damage Venezuela too and IRAN and cost money to Russia in humanitarian aid and loans to
Russia allies that they likely will not be able to pay ever..  phase 1 was the Arab spring,Syria and Ukraine.
to remove all clients of Russia weapons industry.. and bypass Gazprom with SaudiProm with a pipeline
running from Syria to europe.

If all things happened as Obama wanted.. Russia will have...
1) full scale army invasion in Syria in 2012
2) full scale army invasion in Ukraine in 2014
3) With the option to provoke Russia into a new front line in Serbia and Moldova.
4) and all that on top of Oil prices attack..and total sanctions attack.. a perfect storm aimed to bakrupt Russia.
5)major civil unrest in all Russian cities , after many Russian soldiers killed.
6)provoke Russia in a war with Turkey..
7)Provoked Russia in a war with Israel..

Putin at least did not fall for that obvious trap.. and managed to avoid the worse possible outcome..
and did not sent a full army there.. and played a long game .but surviving is not enough ,
and solving problems is the mediocre way to improve things.. the best way is avoiding the problems
to happen in the first place.. avoiding the civil war in Ukraine and Syria to happen.. will have been far better.
By being more influential and not having an economy highly dependent on energy will have avoided those
scenarios.. US elites see Russia weakness in depending in Oil and natural gas,so this is why Oil and natural gas
attacked.and sanctioned.. but can americans Sanctions cooperation with Russia in space?  

No.. they will not sanction Russia in the things they know ,they can benefit.. things they really can learn.
and help their nation development too.. This is why i believe Putin is wasting Russia potential with distractions
like meaningless olympics.. and endless activities festivities promoting Russia glorious past. Putin likes to promote Tourism.. why not promote Space tourism? why he hates so much space?

All those billionaires who hate Russia in the west and want to destroy it ,will be the first one to form in line , for a moon orbit travel ticket if Russia had a business like that.. Moral of the story is everyone can be influenced..and
Putin is not understanding well ,what are the things that Most influence the west.. Is not putin's church ,or
putins sports.. or his healthy food.. the only thing Americans respect about Russia is their space program..
but Putin don't take advantage of this..if he stay happy with just being a taxi to the ISS and allows Americans
to take the lead in Space exploration. and in every other modern popular business ..

Hole wrote:"Most developed countries".
What does this mean?
Which country is more developed than Russia?
Italy? Greece? Canada?
Nope.
The only way in which western countries are more developed than Russia is debt. And fantasy numbers, like GDP and growth rates.
Before the 90´s western countries made fun of the eastern countries and there economic plans and the fulfillment of this plans. They always fulfilled all plans. Now it´s the west that always grows, but only in the virtual world. Bank A is sending 100 Trillion to Bank B. Bumm. GDP grew by 5%. We don´t have any unemployed. Believe us. We just have 10 Mio. people that receive funding from the state.

I've asked this question to the usual idiot(s) and never get a reply. But where is the growth in the west? Canada GDP growth? I live here and our nation is economically screwed to the point that even the federal government admits that. They admit that Canada's largest export, Oil, is not making any money for not only Alberta, but the whole nation.

But what did grow? Debt. And here is the thing, why isn't debt calculated in GDP math as a negative? It's actually counted as a positive under "investment" (I variable).

The formula for GDP is: GDP = C + I + G + (Ex - Im), where “C” equals spending by consumers, “I” equals investment by businesses, “G” equals government spending and “(Ex - Im)” equals net exports, that is, the value of exports minus imports.

miketheterrible,

As I said, 1% growth is stagnation. The Soviet Union grew until the last few years of the country. It wasn't doing well since the late 1970s. The living standards relatively declined vs. the West, its economic position weakened, slowly yes, but surely.

Another example: Japan's growth has been similar since from the early 90s onwards. And since then, it has not been a great example economic dynamism and growth in living standards, not that it really matters that much in Japan's case, because it was already fully developed by the 80s, if not slightly earlier.


Yes, there was a growth of 2 trillion rubles, but the global economy grew even faster (not so important) and the Western economies grew at a similar rate and in some cases even faster (important). That's the very definition of stagnation, thank you.

I've read the Hellevig's article. I respect his expertise and I think he might be on to something, however he's certainly exaggerating the overall growth, I don't think the figure is directly comparable to other countries. I simply base my views on the official figures, that is all.

I have no idea what you're talking about. I never said that Russia has been stagnating since 1991 or 2000. On the contrary, Russia's economy has grown massively since 2000 (or to a large extent, it has recovered from the post-Soviet collapse), I'm very aware of that, don't worry.

But Russia has been stagnating since 2013, kind of anyway. It's probably overall true that its industial, scientific and especially social indicators (like life expectancy, homicide rate, overall safety etc.) have kept improving, which can be explained by the fact that they are normalizing after a massive collapse back in the 1990s, to a level where those indicators should be for a country as developed as Russia. In other words, in some ways Russia is still a negative outlier, not the other way around.

For example, similar Eastern European countries like Hungary or Latvia still have considerably lower homicide rates and a higher life expectancy than Russia, for example, because they weren't as messed up in the 90s. But yes, Russia is catching up, which is a good thing in any case.

Hole wrote:"Most developed countries".
What does this mean?
Which country is more developed than Russia?
Italy? Greece? Canada?

Canada especially and Italy are more developed than Russia, they have higher living standards. Simple. Please list statistics and facts that indicate that those countries are not more developed than Russia (other than debt).

I'm sure there might actually be some... there certainly are some in which Russia beats the US by 2020, or so, like homicide rate or even infant mortality, not that you will hear that in the Western media. That however doesn't mean the Russia has higher living standards than the US overall, it certainly doesn't, but I do agree that the difference is much smaller than most people think.

But in a nutshell, Russia's PPP GDP per capita is around 60% of Canada and maybe 70% of Italy. Certainly respectable by global standards, but still quite a bit lower.

What are you guys actually suggesting? "I like Russia, Russia *****, Russia perfect, its statistics are fully reliable, whereas in the West and China, they're fully fake! Only Russia's GDP numbers are even remotely real!" Really? ...

Gunship Democracy, yes, industrial production is growing much faster than the overall GDP, which is good.

However if you look at economy now there is massive legal and organizational preparations for both scientific and economic growth.  Only then IMHO all that funding will be released. LAst but not least Russia is 5th year at war in economy plane...

Exactly, I've mentioned the year 2021 several times. I want to make clear that I'm not pessimistic on the Russian economy. But growth needs to pick up in the long-term, and it WILL in a few years time.

Answer my question:

Why is Debt not accounted in GDP numbers?  How come Canada is growing when it also acknowledges it is fucked?  I live here, so please, spare me.

Here is the math for GDP calculation:

DP: GDP = C + I + G + (X – M) or GDP = private consumption + gross investment + government investment + government spending + (exports – imports).

So how is Canada growing?  Especially since Debt has increased significantly.
http://www.debtclock.ca/?gclid=CjwKCAiAodTfBRBEEiwAa1haulLrtodDs7jpf9jnPNAPSKt4SieEEFxGwaI1w71bh-tzR85E3R2BGBoCSdEQAvD_BwE
https://www.nationaldebtclocks.org/debtclock/canada
https://globalnews.ca/news/4077067/canadian-consumer-debt-equifax-report/

Exports Drop:
https://tradingeconomics.com/canada/exports

Trade deficit:

https://tradingeconomics.com/canada/balance-of-trade

Really, I am curious.  Very curious actually.  Here is my guess: Debt is calculated as investment thus creates an artificial growth.

Question 2: Are you saying Awara Group, a renound accountants in Russia, are incorrect in their findings?  Which part are they incorrect about?  Can you provide details where they are exactly wrong?

Are you saying that they are wrong in this:

Strong economic indicators
All the other main economic indicators confirm our view that there has been strong growth with an accelerating trend. Industrial production in Q1 was up by 1.9% further reaching 3.2% by May.

In the period, exports increased by 26%.

Capital investments grew by 4.2 to 4.4% each month January through March.

Salaries surged ahead with a 12% nominal growth giving a hefty 9.5% inflation adjusted growth. In the same time, real disposable income grew by 3%. Increased household purchasing power was confirmed by a 2.2% rise of retail sales. At the same time unemployment stayed at record lows of 5%.

All these figures indicate a much higher GDP growth than the miserly official 1.3%. Quite a lot of imagination must have gone into conjuring up that magic deflator, which wiped out all the growth. Why?

?

Higher living standards in Italy or Canada? Really?
In your logic more debt is more developed.
For me developed means capabilities. And I didn´t hear much about the canadian space program lately. Even the whole EU has problems to match the capabilities of Russia.

You should also look at he last study of the IWF. Russia is the second richest country in the world after Norway, and Norway had 20 years more time to accumulate wealth.

GDP (PPP)
Russia 4,0 Trill. Dollar
Canada 1,7 Trill. Dollar
France 2,8 Trill. Dollar

The fake in western GDP numbers relates to the large proportion of services and things like finance.

Back to living standards. Gas. Electricity. Much cheaper in Russia. Most people own their house or flat (best thing that happend in the Jelzin years). Better public transport. Fast Internet even in remote areas (and much cheaper too). Lower taxes. Even with low income you live way better in Russia than in most western countries.

Well, debt is indeed investment, kind of. Almost all major economies have quite a lot of it. That's how the world works. It also seems that some countries have a lot of debt because they can, as their financial systems are developed enough. However, I'm not saying the situation isn't problematic at all, but I don't share your "apocalyptic" views. Even Russia's debt will increase in the near future IIRC, as planned by the government.


Quick googling:
https://tradingeconomics.com/canada/gdp-growth

It is the strongest growth rate in a year amid higher household spendingand exports of energy, pharmaceutical products and business jets.

About the blog post:

Those numbers are certainly accurate for the most part. But some parts are misleading, like the growth in exports, which is first of all measured in nominal GDP, so it's mostly due to growth in oil prices (of course the volume of export grew as well, but not that massively). If we apply the same standards to 2015, Russia's economy must have collapsed (it didn't), as the value of exports collapsed. As well, the total value of export in dollars is still much lower than it was in 2013. It seems the 12% growth in salaries has a similar explanation.

Probably the most important figure is the 2.2% rise in retail sales, in addition to the growth in industrial production. Those are nowhere close to 5%. That said, it's entirely possible, or even likely, that the official growth numbers are not fully accurate either, they keep adjusting them slightly upwards every year, after all. But I repeat: slightly. As I said, for the time being I'll base my views on the official figures, first and foremost.

General comment. You all need to ensure you are comparing "apples to apples". Numbers alone can be used to represent many different view points.

Hole wrote:Higher living standards in Italy or Canada? Really?
In your logic more debt is more developed.
For me developed means capabilities. And I didn´t hear much about the canadian space program lately. Even the whole EU has problems to match the capabilities of Russia.

You should also look at he last study of the IWF. Russia is the second richest country in the world after Norway, and Norway had 20 years more time to accumulate wealth.

GDP (PPP)
Russia 4,0 Trill. Dollar
Canada 1,7 Trill. Dollar
France 2,8 Trill. Dollar

The fake in western GDP numbers relates to the large proportion of services and things like finance.

Back to living standards. Gas. Electricity. Much cheaper in Russia. Most people own their house or flat (best thing that happend in the Jelzin years). Better public transport. Fast Internet even in remote areas (and much cheaper too). Lower taxes. Even with low income you live way better in Russia than in most western countries.

Come on... Russia's population: 147 million, Canada 37 million, France 67 million. So in per capita terms, the relevant figure here, Russia is poorer. PPP already takes lower prices into account. Inequality (while exaggerated by the Western propaganda) is also higher in Russia. And I'm talking about living standards, this is not about overall national power.

Link to that IWF (you mean IMF?) study?

franco wrote:General comment. You all need to ensure you are comparing "apples to apples". Numbers alone can be used to represent many different view points.

Exactly. And it almost seems to me that Hellevig isn't doing that (I'm only talking about that particular post, and certain sections of it), intentionally or not.

An advanced economy shouldn't need to borrow more than it produces. That is a sign of piss poor economic development. Since it grows every year for Canada, US and all Western countries compared to overall GDP, then it is a bad sign. So no, it isn't healthy like you think it is. Russia borrows so it doesn't drain it's reserves. US and Canada doesn't have a reserves or one that can meet a months demand.

Aside from terrible asshole cutting off the expert, here you go


As well, if you think you guys are better at the Russian economy than accounting firm in Russia, then go make a name for yourselves. Cause you sure talk as if you know what is actually happening.

Oh look, stagnation!

https://sdelanounas.ru/blogs/114374/

Revenues to the consolidated budget of Russia for 10 months increased by 23%

Tax revenues to the consolidated budget of the Russian Federation for 10 months of 2018 increased by 22.9% compared to the same period last year, reaching 17.6 trillion.

"For 10 months of the current year in the consolidated budget of the Russian Federation received 17.6 trillion rubles, which is 22.9% higher than the corresponding period of the previous year," — said Mishustin. "By the end of the year we expect plus 4 trillion rubles", — said the head of the FNS.

Appropriate severance tax, oil played a role, because the increase was from the price from $50 to $70 per barrel.

In addition, he added that corporate profits increased for the nine months to 30%, respectively, is fixed and the increase of income tax on profits is 23%. "If we talk about the value-added tax — a plus of 14.1%, the tax to incomes of physical persons — plus 12.5 percent". According to him, the revenues indicate that all indicators of the Federal budget will be met.

Head of Federal tax service drew attention to the fact that the number of tax audits is strongly reduced. "345 billion rubles went further at the expense of analytical tools. First and foremost, is a system of automated control of VAT refunds. We matched our information systems with customs, and today we get to import goods on the territory of the Russian Federation the customs value of all our information system," — said the head of the service.

Analytical data of the customs service, were assessed for the 2018 year about 77 billion rubles without special inspections. In addition, according to him, the IRS and the Federal customs service exchanged risk management systems and are coordinated.

http://tass.com/economy/1031966

Russia’s stock market demonstrates record-breaking figures in 2018

@MikeTT

Russian economy is not Soviet one, it works on same principles as any other of world's ones. So yes there is nothing wrong with borrowing but all depends on what this money go.
You also cannot compare Russia to US ($) or EU (€) because both have world's reserve currencies - emission centers. Much bigger markets, population and economies.

Russia has to follow rules of game on which has little influence of setting rules. IMHO the whole point in making "multi-polar" world is to make own emission center and to be able to set own rules.

So yes growth of GDP is important. I believe that now Putin is careful with money spending because of 2 main reasons:

1) external geopolitical situation (with time new and new barriers ill be set and money have to be to ensure social stability+ defense programmes)

2) Now once you pout stream of money into economy what will happen? most of them would be wasted (not enough control mechanisms, legal frameworks to make it official and also too little own made consumer products). Look at Vostochny case. Thus first all foundation work is being laid. VEB restructuring is part of this. All IF projects in preparation.


Of course propaganda war against Russia, western experts in more or less subtle ways are repeating that. Same experts that didn't notice 2007 Lehman Bros BTW

In Tambov, the index of industrial production for 10 months increased by 16.5%

https://ria.ru/economy/20181122/1533328569.html

And below IMHO is hardest part of economy dedollariation. Mentality.
Kudrin is good watchdog of money spending. But accountant shouldn't talk about future. Ever , especially living in 90'. This brainer shuld ever talk on political/econmic forum as representative of Russia.

"if not intl situation" means - he wants to change govt in US r in Russia?

"ruble is most unstable currency"? well this should be punished as anti state propaganda.

Kudrin said full dedollarization is not needed

https://tass.ru/ekonomika/5821642

MOSCOW, November 22. / Tass /. The head of the Accounts Chamber, Alexei Kudrin, considers the ruble to be not so stable a currency as to fully switch to settlements in rubles.

“From the point of view of currency, we understand that calculations in rubles have high risks. The ruble is a less stable currency than any other one. In world calculations, a more stable unit of measure is required. therefore, switching to settlements in rubles is an additional currency risk and, in essence, a tax. Are we ready to move away from the dollar and pay a special additional tax for this security? " - Kudrin said at the conference of the Eurasian Development Bank (EDB).

He noted that if it were not for the current geopolitical situation, there would be no need for dedollarization. “I would say that we don’t need to do this. Let everyone choose the very calculation tool that is more convenient for him and causes less expenses. We need the dollar. The dollar’s ​​departure has its limits,” said the head of the Accounts Chamber.

At the same time, he sees a certain potential in strengthening settlements in national currencies.

"But there should be state institutions to reduce risks. But in the end, I am for the company to choose the currency itself. I would not limit our calculations and the movement of capital in any currencies. That is why dedollarization will not happen quickly," Kudrin concluded.

No one listens to Kudrin anymore. Tass just loves him for some fucking stupid reason. Maybe because its shit? Who knows.

But reality is, ruble isn't most unstable. There are loads more that are. So this pro US stance, I'm surprised no one stood up to the podium and asked him to leave? Or at least move to the US if he loves them so much.

GunshipDemocracy wrote:@MikeTT

Russian economy is not Soviet one, it works on same principles as any other of world's ones.  So yes there is nothing wrong with borrowing

You seem to be not understanding something - High debt, and borrowing more because a "growing" economy cannot provide the necessary funds for their spending in a year, isn't healthy. No matter what you people say. A company borrowing yearly to be able to just pay for the overage of the budget, mixed in with only being able to pay the interest on the current debt, is signs of a failing business. This is no different with countries. Only reason why US stays afloat is because their currency is main traded currency and it prints money like Rhodesia yet their devaluation doesn't happen....yet. The simple fact that debt was equalling GDP for years of the USA. USA debt goes from 15 to 16T, funny enough, the debt is the exact same amount. Now debt is going beyond the GDP numbers, which is quite dangerous.

Of course people will talk about internal debt vs external debt. Yes, I understand. I also understand that other nations will realize the ponzi scheme and will refuse to deal with them eventually. Maybe not in my life time but still.

miketheterrible wrote:

GunshipDemocracy wrote:@MikeTT
Russian economy is not Soviet one, it works on same principles as any other of world's ones.  So yes there is nothing wrong with borrowing

You seem to be not understanding something - High debt, and borrowing more because a "growing" economy cannot provide the necessary funds for their spending in a year, isn't healthy.

then keynesianism doesn't work? I was  saying about investment projects. Increasing peoples salries has also postive effect. They can start buying. IT is like you borrow in bank money to create your business to make more money. Not going withabimbo to Dubai presidential suite in Trump hotel      

And one more thing: Russia cannot print own money like US. US as longas other transfer their wealth can and no debt payments are really needed. Even seriously considered IMHO.

 USA debt goes from 15 to 16T, funny enough, the debt is the exact same amount.  Now debt is going beyond the GDP numbers, which is quite dangerous.

Im not an economist but look here - US productnot mine. Seems that consolidated debt is like ~$70,000 trillions

http://www.usdebtclock.org/

Putin comments on state of Russia's economy

MOSCOW, October 16. /TASS/. President Vladimir Putin considers the current situation in the Russian economy to be generally positive, according to the transcript of the meeting on economic issues released on the Kremlin’s website on Tuesday. "The situation in the Russian economy is generally positive on key parameters," he said.


Russia's economy must grow faster than the global economy — Putin
The president noted the dynamics of industrial output since the beginning of this year. "Industrial growth has reached 3.1% in eight months, including a 3.8% increase of manufacturing," he said.

Putin also mentioned the performance of enterprises and organizations in terms of fixed capital investments that went up by 3.2% in the first half of 2018. "Freight turnover is also rising (3% in eight months), same as retail trade (2.7%)," he said, adding that "those are important indicators not only of business activity, but also of consumer demand."

Putin considers fueling higher growth rates and a faster wage and real income growth to be a systemic task in the economy.

"The systemic task is to reach higher economic growth rates, maintain investment activity, spur the development of manufacturing, small and medium-sized businesses, non-resource high-tech export, fuel faster growth of wages and real income of citizens," Putin said.

Financial stability  
Vladimir Putin has noted successful joint efforts of the government and the Central Bank on maintaining the stability of the Russian financial market.

"The financial market is holding steady, particularly thanks to joint efforts of the government and the Central Bank," Putin said.

"[Russia’s] gold and foreign exchange reserves have increased by 5.7% to $459 bln since the beginning of this year," he added.

More:
http://tass.com/economy/1026130

miketheterrible wrote:No one listens to Kudrin anymore. Tass just loves him for some fucking stupid reason. Maybe because its shit? Who knows.

But reality is, ruble isn't most unstable. There are loads more that are. So this pro US stance, I'm surprised no one stood up to the podium and asked him to leave? Or at least move to the US if he loves them so much.

Kudrin is there for some reason. In accounting chamber: as budget watchdog is good, especially since he is bullying his old pals form liberal block
But in politics? not sure , hist mentality show clear lag from 90s

So much to the instability of the ruble in the last month.

Hole wrote:So much to the instability of the ruble in the last month.

Kudrin some time ago said that there will be no improvement relations with US till next presidents in both countries AFAIR... + what he is saying about ruble is clear signal of his intentions (if he had a chance) to make Russia at best vassal of US so he can earn DOLLAR$. Just like Gorbi. So yes let him be an accountant fro a change. This must hurt that he has no real power.

Russian ruble free floating ‘only on paper,’ Accounts Chamber says

Since dependency of the ruble on oil prices dynamics is gradually declining, other factors start playing greater role in its forming, the Accounts Chamber notes

MOSCOW, October 15. /TASS/. The floating ruble rate in Russia is ‘only on paper’ now but is actually replaced by regulation of the forex market by the Central Bank in order to mitigate financial stability threats, the Russian Accounts Chamber said in its conclusion for the draft Russian budget in 2019-2021.

"Repeated case of interference of the Bank of Russia into implementation of the budget rule in terms of foreign currency purchases means that the floating currency rate regime existed from the end of 2014 until early 2018 is ‘only on paper now’ and is actually substituted by regulation of the currency market by the Bank for Russia for the purpose of eliminating threats for financial stability, jeopardized by the budget rule effect," the document says.

Since dependency of the ruble on oil prices dynamics is gradually declining, other factors, both economic and foreign political ones, start playing greater role in its forming, the Accounts Chamber notes. Situations may occur again later on when oil prices and the ruble rate will have mixed dynamics and application of the budget rule instead of currency market stabilization will contribute to its imbalance, requiring interference of the regulator.

"Related risks for financial stability actualize the issue concerning the potential revision of the budget rule and the need to identify the exchange rate policy of the Bank of Russia, pursued in the environment of repeated involuntary abandonment of the floating ruble rate regime," the authority says

More:
http://tass.com/economy/1026029