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The path to penury
Keywords:
Tags: Russia,
Faces in Russia during the economic crisis of 2014-2016- Anatoly Artamonov, governor of the Russia's Kaluga region, and plants of Severstal
03/17/2015
This account of life in the Kaluga region, a provincial city 110 miles south of Moscow, shows how Russia is coping with the 50% drop in the value of the ruble and the drop in oil prices below $50. Anatoly Karmanov, the able and energetic Russian who once ran a collective in the Brezhnev era, says its stupidity to have to hide that he talks to business people in other parts of the world to attract investment. VW plans to continue investment in the country, Continental AG is continuing production based on replacement demand for tires. The auto industry which provides about half of the output in Kaluga is hit hard, with the Association of European Business estimate of about 39% drop in production in Feb. 2015 compared to Feb. 2014. Only about 40% of production cost is from local parts at assembly factories, the rest is imported parts at the new ruble exchange rate, leading to a jump in prices and slumping demand.
Grouped Articles
How Looming Recession Is Unsettling One of Russia’s Boom Cities
Wall Street Journal 03/17/2015
Changing Course, Russia Will Sell Rubles Instead of Buying
New York Times 05/14/2015
Upsides for Steel Industry in a Russian Downturn, Despite Sanctions
New York Times 06/16/2015
U.S. Oil Prices Hit Fresh Six-Year Low, Dipping Below $40 a Barrel
Wall Street Journal 08/23/2015
Economist 08/24/2015
As Oil Keeps Falling, Nobody Is Blinking
Wall Street Journal 12/07/2015
Faces and life in Russia in 2014-2015 following western sanctions and the sharp decline in the ruble
12/14/2014
Grouped Articles
Weak Ruble Keeps Russians at Home
Wall Street Journal 12/14/2014
Ruble Strengthens After Central Bank Acts
Wall Street Journal 12/18/2014
As the Ruble Swoons, Russians Desperately Shop
New York Times 12/16/2014
Ruble’s Fall Tests Governor of Russia’s Central Bank
New York Times 02/09/2015
How Looming Recession Is Unsettling One of Russia’s Boom Cities
Wall Street Journal 03/17/2015
Russian Consumers Reflect the Pinch of Economic Sanctions
New York Times 04/09/2015
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