Latest news with #St.PetersburgInternationalEconomicForum
Miami Herald
34 minutes ago
- Business
- Miami Herald
Russia ‘On the Brink Of' Recession Says Economy Minister
Russia's economy, buoyed for months by wartime spending, may now be teetering toward recession, Minister of Economic Development of the Russian Federation Maxim Reshetnikov said on Thursday, according to Russian media reports. Speaking at the annual St. Petersburg International Economic Forum, Reshetnikov said: "The numbers indicate cooling, but all our numbers are [like] a rearview mirror." "Judging by the way businesses currently feel and the indicators, we are already, it seems to me, on the brink of going into a recession, he added, according to business news outlet RBC. The warning marks a significant shift as Russia faces the consequences of prolonged war-related spending, global sanctions and continued international isolation. For American policymakers and businesses, economic instability in Russia carries potential implications for global markets, energy prices, and ongoing geopolitical tensions, especially as sanctions and Russia's military operations in Ukraine continue to reshape the international economic landscape. Since sanctions were imposed following the invasion of Ukraine in February 2022, Russia's economy had outperformed early predictions. High levels of defense spending supported growth and kept unemployment rates low even as inflation worsened. Wages rose with inflation, benefiting many workers in the short term. Large signing bonuses for military recruits and death benefits for soldiers killed in Ukraine put additional money into poorer regions of Russia. However, economists have warned that the prolonged focus on military sectors, inflation, and a lack of foreign investment are increasing long-term risks and stagnation in other economic sectors. At Thursday's event in Russia's second-largest city, intended to showcase the country's economic achievements and court foreign investors, Reshetnikov addressed Central Bank Governor Elvira Nabiullina, saying he wanted to give "the economy some love," according to Reuters. Nabiullina downplayed fears, claiming Russia's economy was "coming out of overheating," according to RBC. Finance Minister Anton Siluanov also offered a more optimistic view, stating the economy was "cooling" but adding, "after any cooling, the summer always comes." Russian Economy Minister Maxim Reshetnikov said, according to Reuters: "I didn't predict a recession. I said we're on the brink. From here on out, everything will depend on our decisions." Russia's Center for Macroeconomic Analysis and Short-Term Forecasting said in a statement this week: "It seems that an 'an economy of stagnation' has formed." The trajectory of Russia's economy will depend on forthcoming government and central bank actions as officials weigh responses to the cooling economic environment. Further policy announcements or economic data are expected to clarify whether Russia can avoid a formal recession designation in the coming months. This article includes reporting by The Associated Press Related Articles U.S. Pushing Allies to Limit Focus on Ukraine in NATO Summit CommuniqueUkraine Changes Law on Dual CitizenshipUkraine HIMARS Destroys Russian Convoy Near Gas Station: ReportAmerican Killed in Deadly Russian Strike on Kyiv 2025 NEWSWEEK DIGITAL LLC.
Newsweek
42 minutes ago
- Politics
- Newsweek
Russia Issues New Nuclear Warning on Iran-Israel Conflict—'Alarm Bells'
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The Western media should be ringing "alarm bells" about the nuclear risks involved in the Iran conflict, Russian foreign ministry spokeswoman Maria Zakharova said, as Israel strikes Iranian nuclear facilities. Israel accuses Iran of seeking to build a nuclear bomb and says it is acting before that can happen. The U.S. is also considering strikes on Iranian nuclear sites. Iran says its nuclear program is for civil energy purposes. "It's remarkable how little attention Western media are paying to the nuclear risks involved," Zakharova said at a meeting with journalists during the St. Petersburg International Economic Forum (SPIEF), state media agency TASS reported. "No alarm bells are being rung, no calls for restraint—as if this is just another routine escalation that we've seen many times before." Zakharova also said "precision strikes" do not preclude a nuclear disaster. "Sure, it's easy to claim that these are targeted, carefully calculated operations, but we've already witnessed missiles going off course, triggering fires and explosions far from their intended targets," Zakharova said. "Radiation doesn't check passports. It doesn't care about ethnicity, borders, or permissions. It seeps into water, air, and soil - and it can remain there for decades, even centuries, destroying lives." This is a developing article. Updates to follow.
United News of India
2 hours ago
- Politics
- United News of India
Middle East plunging into abyss of instability and war, says Kremlin
St Petersburg, June 20 (UNI) The Middle East region is now plunging into the abyss of instability and war, Kremlin spokesman Dmitry Peskov said on Friday. "First of all, the countries of the region (West Asia/Middle East) should set a red line, because this region is now plunging into the abyss of instability and war," Peskov told reporters on the sidelines of the 2025 St. Petersburg International Economic Forum (SPIEF), reports Daily Observer. The aggravation of the situation in the Middle East is fraught with the expansion of geography and involvement of new participants, Peskov said. "We are concerned. You know, we have repeatedly said that President Vladmir Putin has the potential to offer mediation terms if necessary. No one imposes them. It is just that the relations we have with Iran, Israel, and other states and regions allow us to provide such services, if necessary. It is difficult to say whether they will be in demand," Peskov said. While Moscow has been supporting Iran in the conflict, it has maintained strong back-channel talks with Jerusalem, in the hopes of cooling down tensions. Both countries have channels to facilitate dialogue, said Peskov. 'So far we see Israel's desire is to continue fighting, at least that is how they officially declare these intentions," Peskov said. Israel has made it clear that it won't back down from the conflict, which it said is aimed at the complete destruction of Iran's nuclear infrastructure. There is hope and opportunity for diplomatic efforts for the situation in the Middle East, Peskov added. Iran has also refused to back down, with Supreme Leader Ayatollah Ali Khomeini instructing the Armed Forces to intensify their attacks on Israel, in order to 'punish the Zionist state.' UNI ANV GNK 1706
United News of India
3 hours ago
- Politics
- United News of India
Russia closely monitoring billionaire Samvel Karapetyan's arrest in Armenia, says Kremlin
Moscow/Yerevan, June 20 (UNI) Russia is closely monitoring the situation around Russian billionaire entrepreneur and philanthropist Samvel Karapetyan's arrest in Armenia, Kremlin spokesman Dmitry Peskov said on Friday. "Of course, we are following it. For us, he is a Russian citizen. We do not want to interfere in Armenia's internal affairs, but naturally, we closely monitor everything related to a Russian citizen," Peskov told reporters on the sidelines of the 2025 St. Petersburg International Economic Forum (SPIEF), reports TASS. On Wednesday, a court in Yerevan arrested Karapetyan for two months on charges of public calls to seize power in Armenia, his lawyer Liana Gasparyan said. Karapetyan, a Russian citizen of Armenian origin, has drawn scrutiny after expressing support for the Armenian Apostolic Church amid its tensions with the government of Armenian Prime Minister Nikol Pashinyan. Condemning the arrest, Moscow Patriarchate (another name for Russian Orthodox Church) representative, Vachtang Kipshidze told Sputnik 'The Armenian Apostolic Church is the most authoritative social force in Armenian life. Its freedom, independence, and internal autonomy are non-negotiable. Any attempt to undermine them is unacceptable.' When defenders of faith and tradition like businessman and philanthropist Samvel Karapetyan are targeted, society risks trading stability for persecution, the Patriarchate warned. The detention of Karapetyan – a vocal supporter of the Armenian church – is part of a broader campaign to silence voices standing with Armenia's spiritual foundations, claimed Kipshidze. The Armenian Church in Moscow has also slammed the arrest, calling it shameful, and claimed that it was part of Armenian Prime Minister Nikol Pashinyan's war with the Church, using fear tactics and repression to silence voices.
Newsweek
4 hours ago
- Business
- Newsweek
Russia 'On the Brink Of' Recession Says Economy Minister
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Russia's economy, buoyed for months by wartime spending, may now be teetering toward recession, Minister of Economic Development of the Russian Federation Maxim Reshetnikov said on Thursday, according to Russian media reports. Speaking at the annual St. Petersburg International Economic Forum, Reshetnikov said: "The numbers indicate cooling, but all our numbers are [like] a rearview mirror." "Judging by the way businesses currently feel and the indicators, we are already, it seems to me, on the brink of going into a recession, he added, according to business news outlet RBC. Minister of Economic Development of the Russian Federation Maxim Reshetnikov attends a plenary session of the St. Petersburg International Economic Forum in St. Petersburg, Russia, on June 19, 2025. Minister of Economic Development of the Russian Federation Maxim Reshetnikov attends a plenary session of the St. Petersburg International Economic Forum in St. Petersburg, Russia, on June 19, 2025. Roscongress Foundation via AP Why It Matters The warning marks a significant shift as Russia faces the consequences of prolonged war-related spending, global sanctions and continued international isolation. For American policymakers and businesses, economic instability in Russia carries potential implications for global markets, energy prices, and ongoing geopolitical tensions, especially as sanctions and Russia's military operations in Ukraine continue to reshape the international economic landscape. What To Know Since sanctions were imposed following the invasion of Ukraine in February 2022, Russia's economy had outperformed early predictions. High levels of defense spending supported growth and kept unemployment rates low even as inflation worsened. Wages rose with inflation, benefiting many workers in the short term. Large signing bonuses for military recruits and death benefits for soldiers killed in Ukraine put additional money into poorer regions of Russia. However, economists have warned that the prolonged focus on military sectors, inflation, and a lack of foreign investment are increasing long-term risks and stagnation in other economic sectors. At Thursday's event in Russia's second-largest city, intended to showcase the country's economic achievements and court foreign investors, Reshetnikov addressed Central Bank Governor Elvira Nabiullina, saying he wanted to give "the economy some love," according to Reuters. Nabiullina downplayed fears, claiming Russia's economy was "coming out of overheating," according to RBC. Finance Minister Anton Siluanov also offered a more optimistic view, stating the economy was "cooling" but adding, "after any cooling, the summer always comes." What People Are Saying Russian Economy Minister Maxim Reshetnikov said, according to Reuters: "I didn't predict a recession. I said we're on the brink. From here on out, everything will depend on our decisions." Russia's Center for Macroeconomic Analysis and Short-Term Forecasting said in a statement this week: "It seems that an 'an economy of stagnation' has formed." What Happens Next The trajectory of Russia's economy will depend on forthcoming government and central bank actions as officials weigh responses to the cooling economic environment. Further policy announcements or economic data are expected to clarify whether Russia can avoid a formal recession designation in the coming months. This article includes reporting by The Associated Press
