Touting Barter, Russia Continues its Economic Regression
Published:
1 August 1999 y., Sunday
Moscow has begun floating barter schemes for international trade and for the repayment of debts to Russia. This comes on top of a report that Russia_s industrial output has risen, though serving only domestic consumers who cannot afford imports. The only major export growth being experienced by Russia is in arms sales. Finally, Moscow has made it clear that it is simply unable to service its international debt. Russia_s economy is introverting, reverting to a model reminiscent of the old Soviet Union. Closed off by inefficiency and lack of foreign capital, it is focusing its domestic economy on meeting domestic needs, limiting its interaction with the global economy for the most part to barter in machinery and raw materials, and earning its foreign currency with arms. The seal on this introversion may arrive in the form of default on international loans.
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
Today, the Commission published a Communication which outlines the most serious tax problems that EU citizens face in cross-border situations and announces plans for solutions.
more »
The European Commission has opened a formal investigation under EU state aid rules to examine a number of support measures, including several capital injections and shareholder loans, that the Hungarian authorities granted to Malév-Hungarian Airlines in the context of its privatisation and subsequent renationalisation.
more »
Internet and lax customs enforcement drive growth of 600 billion US dollar counterfeit goods industry.
more »
350 million people rose out of poverty in the past decade, but 1.4 billion are still extremely poor, says the latest report into rural poverty.
more »
New plan sets out action to reach 75% employment target for the EU by 2020.
more »
Research Ministers of the EU Member States and Associated Countries, together with the European Commission, are announcing in Brussels today three new pan–European energy research infrastructures.
more »
Algirdas Šemeta, Commissioner for Taxation, Customs, Audit and Anti-fraud, is visiting Moscow today to discuss ways in which customs cooperation between the EU and Russia can be reinforced.
more »
Following on from Monday's debate with ECB President Jean-Claude Trichet, MEPs on Tuesday adopted a resolution, by a show of hands, gauging the ECB's performance in 2009 and suggesting actions to be taken in view of the economic situation.
more »
The European Parliament today approved €10.5 million in European Globalisation Adjustment Fund aid to over 3,000 people in the Netherlands who lost their printing and publishing sector jobs last year, due to the economic crisis.
more »
A diamond-studded gold coin engraved with a picture of the Taj Mahal and worth 100,000 euros is unveiled at the Paris mint.
more »