Russian Economy General News: #11

TRANS-Siberian. She wants to be a road?

miketheterrible wrote:

Scorpius wrote:

kvs wrote:
...

Such chained money exchange clearly does not go on forever.   It gets broken all the time.  So there is actually such a
thing as savings and so debt payments are not a zero sum game where they automatically involve someone not getting
paid inside Russia.

Just for reference: by the end of 2020, the total volume of deposits of individuals in Russian banks was about 32 trillion rubles. This is approximately 217 thousand rubles for each resident of Russia.

How much was it in 2019?

The Federal Tax Service (FTS) has data on 700 thousand foreign accounts of Russian individuals and legal entities totaling more than 13 trillion rubles thanks to the automatic exchange of information with other countries. This was stated by Deputy Head of the Federal Tax Service Dmitry Volvach at the Gaidar forum.
https://rg.ru/2021/01/14/fns-soobshchila-o-13-trln-rublej-na-zarubezhnyh-schetah-rossiian.html

So, now we can talk about the amount of 32+13=45 trillion rubles that Russian citizens have as personal savings. For comparison, Russia's budget revenues for 2021 should amount to ~18.8 trillion rubles.
The annual GDP of Russia in 2019 amounted to 110 trillion rubles.

At the same time, the total volume of lending to individuals tax residents in Russia amounted to 19.06 trillion rubles as of 01.09.2020: https://iz.ru/1076868/roza-almakunova/vse-v-zaem-vse-v-semiu-kreditnyi-portfel-rossiian-prevysil-19-trln

Well, I think that now these data should be compared with the indicators of "rich developed Western countries".

Russians massively sell their property in Bulgaria
11 January

I came across a local article with this heading here (it was about our southern coast of the country). But I think that the situation is the same in the north.

They write that Russian-speaking owners of Bulgarian real estate have now (at the end of 2020) started actively selling it. Due to closed borders, people could not come to their apartments last year. And they still cannot do it, the situation with the borders has not changed in any way. And you still have to pay for these apartments in the resorts.

In addition, due to the fall of the ruble, the maintenance of such real estate is becoming less and less profitable for Russians. The financial issue also became one of the reasons for the desire to get rid of apartments. In order to sell, prices are reduced, which is what Bulgarian buyers use. They purchase this housing profitably, taking care of the future. The fact is that Bulgaria will switch to the euro in the coming years (from the age of 23). This prospect scares many Bulgarians, they are afraid of the depreciation of money and therefore want to invest in real estate.

Then they expect to rent it or sell it at a higher price. They make about 80% of such purchases on mortgage lending (interest on mortgages is low here). Moreover, at the moment, not only residential premises are put up for sale, but also restaurants, clubs and bars owned by Russians. Bulgaria is now experiencing another lockdown, when all establishments are closed. Business is suffering huge losses, not everyone can stand it. I must say that the Bulgarians also started selling their establishments for this reason.

Most of the apartments for sale are located in such Black Sea resorts as Sunny Beach, Pomorie, Nessebar, etc. In Burgas, the situation is different. Here they buy housing mainly not for summer vacations, but for year-round living. Apartments in Burgas continue to be in demand among Bulgarians from all over the country and foreigners. And now a large number of new houses and residential complexes are being built here, not only in districts remote from the center, such as Izgrev, but also in the very center, infill development is constantly underway. Moreover, apartments there are being sold out even at the construction stage, as I heard.

https://zen.yandex.ru/media/bgdays/rossiiane-massovo-prodaiut-svoiu-nedvijimost-v-bolgarii-5ffacc0ebb14d54ffb29ff7e

PART OF THE LATVIAN ELITE REACTS HYSTERICALLY TO THE DETERIORATING ECONOMY

At one time, the port was even subjected to American sanctions, I think, in order to reduce the price of the port’s property, and then the Americans could buy it.

So that explains US sanctions on Russia and China... they are not angry or being mean they just want to artificially deflate the value of enemy companies and resources so they can swoop in and buy them up cheap... friends like that...

magnumcromagnon wrote:

Ģirts Valdis Kristovskis, Deputy Chairman of the Board of the Port of Ventspils, called on the #EU to impose environmental duties on #Russia for reorienting cargo flows from #Latvia's harbours to its own.
#Russophobia is destroying the Latvian economy.

PART OF THE LATVIAN ELITE REACTS HYSTERICALLY TO THE DETERIORATING ECONOMY

https://twitter.com/Russ_Warrior/status/1350057900530671618

Replace Latvia with Australia, and Russia with China... same predictable mechanism

Another wonderful example of when you act like a complete cvnt as part of a political vendetta you run the risk of throwing your economy under the bus.  

Ģirts Valdis Kristovskis and our own Scott "ScoMo" Morrison seem to be birds of a feather.        

Europe began to buy Russian coal due to cold weather
Maxims Krayushkins
January 14, 2021

Due to cold weather in Europe and Asia and higher gas prices, European countries began to import more coal from Russia. This was announced by the Russian Deputy Prime Minister Alexander Novak, reports RIA Novosti .

“Cold temperatures, an increase in gas prices in the Asia-Pacific region due to a shortage of resources during the cold period ... What did this lead to? Now they have started to load coal-fired power plants. Coal exports, even to the Russian Federation, have now grown sharply, ”Novak said.

According to him, earlier it was unprofitable to supply coal to Europe, but now, due to low temperatures, supplies have resumed.

Novak noted that hydrocarbon prices must be competitive, otherwise they will have to compete with renewable energy sources.

https://yandex.ru/turbo/gazeta.ru/s/business/news/2021/01/14/n_15486710.shtml?publisher_logo_url=https%3A%2F%2Favatars.mds.yandex.net%2Fget-turbo%2F1413408%2F2a000001651421c907eaed8c2784c949cd66%2Forig&promo=navbar&utm_referrer=https%3A%2F%2Fzen.yandex.com

Karma is not a bitch, she is a cold wind freezing your ba

Tell that Homer and Bart.