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Russian President Vladimir Putin Seeks to Reassure on Economy
Keywords:
Russian president Putin tells Russians at an annual news conference on Dec. 17, 2014, that the West wanted to deprive Russia of its natural resources. He says steps taken by the central bank and his administration were proper, including avoiding capital controls, except that the decision to raise interest rates to 17% in mid-Dec. should have been taken earlier. He deflects criticism that the sanctions and the decline in the ruble were "payment for Crimea" (Russia's takeover of the Crimea) by saying it was "payment for our independence, our sovereignty." Putin expressed unease with the expansion of NATO to Russia's borders. He told Russians to expect that the crisis will last for 2 years and during this time the Russian economy will adapt, in particular shifting its heavy dependence on oil exports. During the 10 years of the Putin administration since 2004, Russia has not made a vigorous effort to diversify away from oil dependence. Progress was made primarily in better integrating the economy with the European Union, entry into WTO, building a sovereign reserves fund, until the crisis in Ukraine. The Putin years may be seen in the future as the transition years towards a more diversified economy, and may lead to a shift away from the kind of management of economic and foreign policy by a single leader that may have led to the disruption in relations with Germany, a critical economic partner for Russia. Chancellor Merkel said Germany would continue to support sanctions as long as Russia opposed the right of self- determination of people in Europe and European values. Germany continues even now to maintain dialogue with Russia through Social Democrat Foreign Minister Steinmeier, which is why Putin continues to refer to it as "our partners" and cites the differences with our partners, very different from the Cold War period when no such close relations with Germany existed.
The impact of the declining ruble on the Russian economy by December 2014
12/04/2014
The ruble declines to 52 to the dollar by Dec. 2014, losing about 40% of its value in 2014. Oil prices decline to about $67 for Brent crude by Dec. 2014 accelerating the fall in the ruble.
Grouped Articles
Falling oil prices hit Russia much harder than Western sanctions - The Washington Post
Washington Post 12/04/2014
Washington Post 12/04/2014
Oil Prices Slip Further After IEA Report
Wall Street Journal 12/12/2014
Weak Ruble Keeps Russians at Home
Wall Street Journal 12/14/2014
Russia Moves to Help Lift Sinking Ruble
Wall Street Journal 12/16/2014
Oil Prices Plunge With Brent Crude Below $60
Wall Street Journal 12/16/2014
Alexei Kudrin and other experts see the potential for a deep political and economic crisis in Russia 2011-2015
01/25/2008
Fears expressed by Kudrin and other experts at a Moscow conference about the impact of a recession in the eurozone and Greece's exit from the euro. Kudrin was a key figure in Russia anticipating and setting aside reserves in the sovereign fund to meet the adverse effects of the 2008 global financial crisis. The views expressed were that Russia's economy is shaky and could be seriously affected if European banks reduce their loans. Earlier he strongly opposed increases in military spending in a disagreement with prime minister Medvedev because of concerns about financial stability.
Grouped Articles
Ex-Aide to Medvedev and Putin Out at Kremlin
New York Times 05/08/2013
Putin Pledges Stimulus for Russian Economy
Wall Street Journal 06/21/2013
Russia's Growth Pace Continues to Weaken
Wall Street Journal 08/11/2013
Russia Looks to Borrow to Plug Funding Gap
Wall Street Journal 09/19/2013
Russia Is Facing Stagflation, Central Banker Says
Wall Street Journal 01/17/2014
Russia Prepared to Let Ruble Slide
Wall Street Journal 01/30/2014
The impact of the Ukraine crisis on the Russian economy in 2014 with western sanctions
08/11/2013
Grouped Articles
Russia's Power Play Hits Economic Weak Spot
Wall Street Journal 03/04/2014
As Prime Russian Trading Partner, Germany Appears Crucial to Ending Crisis
New York Times 03/03/2014
The World's Riskiest Stock Market?
Wall Street Journal 03/22/2014
Russia Says It Has Weathered the Worst of the Economic Storm
Wall Street Journal 04/03/2014
Russia's Growth Pace Continues to Weaken
Wall Street Journal 08/11/2013
Russia Plotting for Ukrainian Influence, Not Invasion, Analysts Say
New York Times 04/09/2014
The West and the Putin Way- problems in emerging markets and the response of western democracies
09/27/2014
Grouped Articles
Private Bank Fuels Fortunes of Putin’s Inner Circle
New York Times 09/27/2014
Russian President Vladimir Putin Seeks to Reassure on Economy
Wall Street Journal 12/18/2014
Vladimir Putin Chides Turkey, Praises Trump and Talks Up Russia’s Economy
New York Times 12/17/2015
Opinion | Putin Has Overplayed His Hand
03/31/2018
Putin and Russia.
07/13/2006
Russia's prime minister Putin.
Grouped Articles
Washington Post 05/09/2013
New York Times 12/15/2013
New York Times 01/22/2014
Putinism Thrives on Dirty Money
Wall Street Journal 07/22/2014
Putin Trumpets Economic Strength, but Advisers Seem Less Certain
New York Times 10/02/2014
Russian President Vladimir Putin Seeks to Reassure on Economy
Wall Street Journal 12/18/2014
Putin's third term as president
09/06/2010
Grouped Articles
Citing F.D.R., Putin Hints at 3rd-Term Bid
New York Times 09/06/2010
Wall Street Journal 03/05/2012
Putinism Thrives on Dirty Money
Wall Street Journal 07/22/2014
Australian Leader Serves an Unsportsmanlike Warning to Putin
New York Times 10/14/2014
Putin’s Friend Profits in Purge of Schoolbooks
New York Times 11/01/2014
Russian President Vladimir Putin Seeks to Reassure on Economy
Wall Street Journal 12/18/2014
Clemens Wergin of the Die Welt newspaper group in Germany on German public opinion in the Ukraine crisis and views of Russia
05/05/2014
Wergin reflects on German views of Russia in the twentieth century and today. Intertwined in how German public opinion views Russia is the economc relationship built since the 1990's with Russia, similiar to the relationship between the U.S. and China, designed to mutually benefit both sides in a global economy.
Grouped Articles
New York Times 05/05/2014
Former German Chancellor Schröder Defends Birthday Bash With Putin
Wall Street Journal 05/12/2014
Germany's Wolfgang Schäuble: Prepared to Raise Pressure on Russia
Wall Street Journal 05/24/2014
Ukraine’s Next President Vows to Restore Order and Mend Russia Ties
New York Times 05/26/2014
New York Times 05/27/2014
German Leader Emerges as Key Figure in Ukraine Talks
New York Times 08/19/2014
Germany's economic relations with Russia and approach- supported by public opinion -of diplomacy and dialogue with Russia during the Ukraine crisis in 2014-2015
03/03/2014
Grouped Articles
As Prime Russian Trading Partner, Germany Appears Crucial to Ending Crisis
New York Times 03/03/2014
As Prime Russian Trading Partner, Germany Appears Crucial to Ending Crisis
New York Times 03/03/2014
Western Businesses in Russia, Watchful and Wary
New York Times 03/07/2014
Wall Street Journal 03/26/2014
Siemens Chief Meets Putin in Russia
Wall Street Journal 03/27/2014
Germany's Angela Merkel Treads Softly With Russia's Putin On Ukraine
Wall Street Journal 04/08/2014
On a common approach for the U.S. and Germany in the relationship with Russia
04/02/2009
Grouped Articles
In Cold War Echo, Obama Strategy Writes Off Putin
New York Times 04/19/2014
U.S.-Russia Relations Come Full Circle After Ukraine
Wall Street Journal 04/21/2014
Promises of ‘Fresh Start’ for U.S.-Russia Relations
New York Times 04/02/2009
Wall Street Journal 04/28/2014
New York Times 05/05/2014
Germany's Wolfgang Schäuble: Prepared to Raise Pressure on Russia
Wall Street Journal 05/24/2014
Germany's Social Democrat foreign minister Frank-Walter Steinmeier and Germany-Russia relations
11/19/2014
Steinmeier has continued to maintain Russia relations under a policy of Ostpolitik even after strains over Ukraine. He was foreign minister in 2005-2009 and assumed the position in the new coalition government with Merkel's Christian Democrats. He has no illusions about transition to a multipolar world and believes the lessons from World War I of ignoring the impact of conflicts at the periphery should not be forgotten. At the same time he says miltary restraint should not mean "political constraints."
Grouped Articles
Frank-Walter Steinmeier Meets With Vladimir Putin
New York Times 11/19/2014
Russian President Vladimir Putin Seeks to Reassure on Economy
Wall Street Journal 12/18/2014
Russia's Central Bank Acts to Save Trust Bank, a Failing Lender, With More Rescues Expected
New York Times 12/22/2014
In Reversal, Germany Cools to Russian Investment
New York Times 12/28/2014
Steinmeier Says Germany Needs to Stay Engaged in World Affairs
Wall Street Journal 01/30/2015
Angela Merkel and François Hollande to Press Putin on Ukraine
Wall Street Journal 02/07/2015
The pressure on the Russian ruble in 2014-2015
10/10/2014
Weak economic conditions, capital outflows and demand from the corporate sector to repay debt, add to the pressures on the ruble in 2014.
Grouped Articles
Russian Companies Clamor for Dollars to Repay Debt
Wall Street Journal 10/10/2014
Russian Ruble Fall to Fresh Lows
Wall Street Journal 10/10/2014
Inflation-Racked Russia Considering Price Controls
Wall Street Journal 10/10/2014
Ruble Slide Worries Wealthy Russians
Wall Street Journal 10/11/2014
Global Oil Glut Sends Prices Plunging
Wall Street Journal 10/15/2014
Wall Street Journal 11/03/2014
Russia's Tech sector and efforts to forge a future away from dependence on oil.
09/12/2006
Russian investment in its tech sector to develop an economy that is resilient in the face of commodity price swings.
Grouped Articles
Putin Pledges Stimulus for Russian Economy
Wall Street Journal 06/21/2013
The Next First (and Only) 100 Days
New York Times 12/10/2011
Russia Looks to Borrow to Plug Funding Gap
Wall Street Journal 09/19/2013
Russia's Tech Startup Scene Retreats Amid Ukraine Conflict
Wall Street Journal 09/09/2014
Global Oil Glut Sends Prices Plunging
Wall Street Journal 10/15/2014
Oil Prices Slip Further After IEA Report
Wall Street Journal 12/12/2014
Insights into the thinking and ideas of Russia's Vladimir Putin
07/13/2006
Grouped Articles
New York Times 12/15/2013
Putin Tells European Official That He Could ‘Take Kiev in Two Weeks’
New York Times 09/02/2014
Putin Trumpets Economic Strength, but Advisers Seem Less Certain
New York Times 10/02/2014
Putin’s Friend Profits in Purge of Schoolbooks
New York Times 11/01/2014
Russian President Vladimir Putin Seeks to Reassure on Economy
Wall Street Journal 12/18/2014
Vladimir Putin Chides Turkey, Praises Trump and Talks Up Russia’s Economy
New York Times 12/17/2015
Russia's economic policies for Putin's third term as President
02/22/2011
Grouped Articles
Putin Pledges Stimulus for Russian Economy
Wall Street Journal 06/21/2013
Russia's Growth Pace Continues to Weaken
Wall Street Journal 08/11/2013
Russia Looks to Borrow to Plug Funding Gap
Wall Street Journal 09/19/2013
Russia Prepared to Let Ruble Slide
Wall Street Journal 01/30/2014
Wall Street Journal 03/05/2012
Competing Visions for Russia’s Economic Future
New York Times 05/22/2014
Putin's views on U.S. -Russian relations
07/13/2006
Grouped Articles
In Cold War Echo, Obama Strategy Writes Off Putin
New York Times 04/19/2014
U.S.-Russia Relations Come Full Circle After Ukraine
Wall Street Journal 04/21/2014
Promises of ‘Fresh Start’ for U.S.-Russia Relations
New York Times 04/02/2009
Wall Street Journal 04/28/2014
Putin’s Friend Profits in Purge of Schoolbooks
New York Times 11/01/2014
Russian President Vladimir Putin Seeks to Reassure on Economy
Wall Street Journal 12/18/2014
The new administration of Russian president Putin for his third term in 2012
09/06/2010
Grouped Articles
Washington Post 05/09/2013
Russia's Growth Pace Continues to Weaken
Wall Street Journal 08/11/2013
New York Times 12/15/2013
Citing F.D.R., Putin Hints at 3rd-Term Bid
New York Times 09/06/2010
Wall Street Journal 03/05/2012
Private Bank Fuels Fortunes of Putin’s Inner Circle
New York Times 09/27/2014
Germany-Russia relations
11/16/2012
Grouped Articles
As Prime Russian Trading Partner, Germany Appears Crucial to Ending Crisis
New York Times 03/03/2014
As Prime Russian Trading Partner, Germany Appears Crucial to Ending Crisis
New York Times 03/03/2014
Western Businesses in Russia, Watchful and Wary
New York Times 03/07/2014
Siemens Chief Meets Putin in Russia
Wall Street Journal 03/27/2014
Germany's Angela Merkel Treads Softly With Russia's Putin On Ukraine
Wall Street Journal 04/08/2014
Twin Shocks Shake Foundation of German Power
New York Times 04/18/2014
Germany's finance minister Schauble and Germany's response to Russia in the Ukraine crisis
05/24/2014
Grouped Articles
Germany's Wolfgang Schäuble: Prepared to Raise Pressure on Russia
Wall Street Journal 05/24/2014
Q&A With German Finance Minister Wolfgang Schäuble
Wall Street Journal 05/24/2014
Ukraine Crisis Takes Toll on Germany’s Economy, Powerhouse of the Eurozone
New York Times 08/12/2014
Wall Street Journal 09/03/2014
Making Merkel Wait, Finding Time for Truffles
New York Times 10/17/2014
Frank-Walter Steinmeier Meets With Vladimir Putin
New York Times 11/19/2014
On Russia following Germany's example- from Adenauer to Brandt and Gauck
04/25/2014
Grouped Articles
Wall Street Journal 04/25/2014
New York Times 05/05/2014
Merkel Seeks to Defuse Ukraine Crisis as Convoy Returns to Russia
Wall Street Journal 08/23/2014
Frank-Walter Steinmeier Meets With Vladimir Putin
New York Times 11/19/2014
Russian President Vladimir Putin Seeks to Reassure on Economy
Wall Street Journal 12/18/2014
Russia's Central Bank Acts to Save Trust Bank, a Failing Lender, With More Rescues Expected
New York Times 12/22/2014
Shift in mood in Germany for tougher economic sanctions on Russia following the downing of Malaysian Airlines Flight 17
07/28/2014
52% of Germans supportd tougher economic sanctions on Russia by the end of July 2014. The mood in Germany is shifting towards tougher action even if this means it affects jobs in the export industries. About 3% of German exports go to Russia.
Grouped Articles
Berlin Lays Groundwork with German Public for Stiffer Russian Sanctions
Wall Street Journal 07/28/2014
Coordinated Sanctions Aim at Russia’s Ability to Tap Its Oil Reserves
New York Times 07/29/2014
Europe, U.S. Significantly Expand Sanctions Against Russian Economy
Wall Street Journal 07/30/2014
Loopholes Blunt Impact of U.S., EU Sanctions Over Ukraine
Wall Street Journal 07/30/2014
Ukraine Crisis Takes Toll on Germany’s Economy, Powerhouse of the Eurozone
New York Times 08/12/2014
Russian President Vladimir Putin Seeks to Reassure on Economy
Wall Street Journal 12/18/2014
The miscalculations and missteps of Russian president Putin in 2014 leading to a major crisis for the Russian economy in 2015
12/18/2014
A major miscalculation was totally misjudging Merkel and post-war German public opinion about policies that remind people about the period between the two World Wars- this is anathema to Germans who see the European Union as a way to build a new and different Europe. The other miscalculation was on how a foreign adventurous policy in Syria would affect Sunni world opinion, in particular Saudi Arabia. Just as Brezhnev took Russia into Afghanistan where Russia had no vital interest leading to eventual Soviet collapse, Putin risked alienating a key member in OPEC pricing moves and hurting Russia's economic interest. By not listening to Kudrin, the head of Sberbank, and other economic advisers from the first and second terms of the Putin-Medvedev administrations, Putin opened the door to two years of serious missteps, risking the very real accomplishments of the first and second term of creating a stable growing Russian economy with close economic ties to Europe. The only positive outcome of the crisis and low oil prices would be making the shift away from oil dependence, which was talked about but never seriously attempted in the Putin administrations. For this to happen major new investments would have to be made and technology links to the outside strengthened, both hammered by the missteps in 2013-2014. The irony of all this is that Putin gained the support of rural Russians in the countryside in the 2012 presidential elections by promising no return to the economic crisis conditions following earlier ruble collapses. Now by ignoring Kudrin and other wiser counsel from the first and second administrations he does just that.
Linked Articles
Putin’s Year of Defiance and Miscalculation
Wall Street Journal 12/18/2014
Russian President Vladimir Putin Seeks to Reassure on Economy
Wall Street Journal 12/18/2014
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