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Russia's Central Bank Acts to Save Trust Bank, a Failing Lender, With More Rescues Expected
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Trust bank is rescued with a $530 million injection by Russia's central bank in Dec. 2014. The bank was taken over by the Deposit Insurance Agency which guaranteed the deposits of customers. As Russia raises interests by 17%, the ruble stabilizes with a 5% gain on Dec. 22, 2014. Alexei Kudrin, former finance minister and the architect of Russia's improved finances during Putin's previous terms in office, told a news conference that Russia now faces a full fledged economic crisis that will be painful in 2015. He expects a drop of 40% in imports, inflation at 12 to 15%, and decline in living standards. He also said Russia's credit rating could fall to junk status making it difficult to obtain financing. Kudrin was critical of the way the Russian government handled the crisis, saying action was slow and the government did not act as one team. He called for improved relations with western partners- "For a way out of the crisis, it is of high importance to regulate relations with our foreign partners- first of all with Europe, the U.S. and other partners."
Russian central bank rescue of Trust Bank in Dec. 2014
12/22/2014
The Russian central bank injects $530 million into Trust Bank. Trust Bank is taken over by the Deposit Insurance Agency, and all customer deposits are guaranteed.
Grouped Articles
Russia's Central Bank Acts to Save Trust Bank, a Failing Lender, With More Rescues Expected
New York Times 12/22/2014
Scaled-Up Banking Rescue to Push Russian Budget Into Deficit
New York Times 12/26/2014
Russia's finance minister, Alexei Kudrin, and Russia's finances
01/25/2008
Kudrin on higher military spending of 3% of Russia's GDP, exceeding the amount spent on education. He sees this as endangering Russia's finances. Kudrin's focus on building the Russian Stabilization Fund helped Russia weather the 2008 global financial crisis. He is one of the St Petersburg officials who helped bring Putin to the Presidency. A slowing economy and a decline in oil prices would have an impact on the Russian economy. Analysts say Russia needs an oil price of $120 to support the current level of spending.
Grouped Articles
Putin Pledges Stimulus for Russian Economy
Wall Street Journal 06/21/2013
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
Red Alert on Russia Is Premature
Wall Street Journal 02/03/2014
Russia's Power Play Hits Economic Weak Spot
Wall Street Journal 03/04/2014
Russia Economy Worsens Even Before Sanctions Hit
New York Times 04/16/2014
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
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
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
Alexei Kudrin calls for improved relations for Russia with western partners as a way out of the economic crisis, with Europe and the U.S.
12/22/2014
Grouped Articles
Russia's Central Bank Acts to Save Trust Bank, a Failing Lender, With More Rescues Expected
New York Times 12/22/2014
Russia’s turn to China: A gap between rhetoric and reality - The Washington Post
Washington Post 09/06/2015
Putin’s self-destructing economy - The Washington Post
Washington Post 01/18/2016
Why the Russian Economy Is Tumbling
New York Times 04/12/2016
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
Germany's trade relations with Russia
03/03/2014
Grouped Articles
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
Crisis in Ukraine: German Firms Lose Sway Over Relations With Moscow
Wall Street Journal 03/17/2014
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
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