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Russian Default
The Russian financial crisis (also called the ruble crisis or the Russian flu) began in Russia on 17 August 1998. It resulted in the Russian government and the Russian Central Bank devaluing the ruble and defaulting on its debt. The crisis had severe impacts on the economies of many neighboring countries. Background and course of events The Russian economy had set up a path for improvement after the Soviet Union had split into different countries. Russia was supposed to provide assistance to the former Soviet states and, as a result, imported heavily from them. In Russia, foreign loans financed domestic investments. When it was unable to pay back those foreign borrowings, the ruble devalued. In mid-1997, Russia had finally found a way out of inflation. The economic supervisors were happy about inflation coming to a standstill. Then the crisis hit, and supervisors had to implement a new policy. Both Russia and the countries that exported to it experienced fiscal deficits. T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chechnya
Chechnya, officially the Chechen Republic, is a Republics of Russia, republic of Russia. It is situated in the North Caucasus of Eastern Europe, between the Caspian Sea and Black Sea. The republic forms a part of the North Caucasian Federal District, and shares land borders with Georgia (country), Georgia to its south; with the Russian republics of Dagestan, Ingushetia, and North Ossetia–Alania to its east, north, and west; and with Stavropol Krai to its northwest. After the dissolution of the Soviet Union in 1991, the Chechnya and Ingushetia in the Soviet Union, Checheno-Ingush ASSR split into two parts: the Republic of Ingushetia and the Chechen Republic. The latter proclaimed the Chechen Republic of Ichkeria, which declared independence, while the former sided with Russia. Following the First Chechen War of 1994–1996 with Russia, Chechnya gained ''de facto'' independence as the Chechen Republic of Ichkeria, although ''de jure'' it remained a part of Russia. Russian ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Andrei Illarionov
Andrey Nikolayevich Illarionov (, born 16 September 1961) is a Russian economist and former senior policy advisor to Vladimir Putin, the President of Russia, from April 2000 to December 2005. Since April 2021, he is a senior fellow at the non-governmental organization Center for Security Policy, which is based out of Washington, D.C. in the United States. He has become a vocal critic of Putin and his administration since 2003 while he was still Putin's adviser. In April 2022, Illarionov declared in a news interview that change in the Kremlin would happen "sooner or later" given that "it is absolutely impossible to have any positive future for Russia with the current political regime." Early life Andrey Illarionov was born on 16 September 1961, in Sestroretsk, a municipal town of Saint Petersburg. At fifteen he started working at a communications office (telephone and postal services) in the town of Sestroretsk. He then went on to study economics at the Saint Petersburg State ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eurobond (international)
A eurobond is an international bond that is denominated in a currency not native to the country where it is issued. They are also called external bonds. They are usually categorised according to the currency in which they are issued: eurodollar, euroyen, and so on. The name became somewhat misleading with the advent of the euro currency in 1999; eurobonds were created in the 1960s, before the euro existed, and thus the etymology is to "European bonds" rather than "bonds denominated in the Euro currency". The eurobond market was traditionally centered in the City of London, with Luxembourg also being a primary listing center for these instruments. Eurobonds have since expanded and are traded throughout the world, with Singapore and Tokyo being notable markets as well. These bonds were originally created to escape regulation: by trading in US dollars in London, certain financial requirements of the US government unpopular with bankers could be evaded, and London was happy to w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
World Bank
The World Bank is an international financial institution that provides loans and Grant (money), grants to the governments of Least developed countries, low- and Developing country, middle-income countries for the purposes of economic development. The World Bank is the collective name for the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA), two of five international organizations owned by the World Bank Group. It was established along with the International Monetary Fund at the 1944 Bretton Woods Conference. After a slow start, its first loan was to France in 1947. In its early years, it primarily focused on rebuilding Europe. Over time, it focused on providing loans to developing world countries. In the 1970s, the World Bank re-conceptualized its mission of facilitating development as being oriented around poverty reduction. For the last 30 years, it has included NGOs and environmental groups in its loan portfolio. Its ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Boris Fyodorov
Boris Grigoryevich Fyodorov (; 13 February 1958 – 20 November 2008) was a Russian economist, politician, and reformer. Early life He was awarded a doctor of economics degree from the Moscow Finance Institute and authored over 200 publications. Career In 1988 working very closely with Fyodorov, Alexander Zhukov, and Kirill Ugolnikov (), Deloitte & Touche began providing services to the Soviet Union and continued with Russia. Fyodorov was Minister of Finance of the Russian SFSR (as a constituent of the USSR) in 1990. From 1991 to 1992 he worked for the European Bank for Reconstruction and Development in London. In 1992 he became director of the World Bank. He served as Finance Minister of Russia from 1993 until 1994, when he resigned. While he was at the Ministry of Finance (MinFin), he brought to MinFin Segei Aleksashenko, Andrey Kazmin, Igor Selivanov, and Mikhail Kasyanov. Fyodorov was a member of the State Duma between 1994 and 1998. From 14 August 1998 until 28 S ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sergei Kiriyenko
Sergey Vladilenovich Kiriyenko (''Birth name, né'' ''Izraitel''; ; born 26 July 1962) is a Russian politician who has served as First Deputy Chief of Staff of the Presidential Administration of Russia since 5 October 2016. He previously served as the 30th Prime Minister of Russia from 23 March to 23 August 1998 under President Boris Yeltsin, and was head of the Rosatom nuclear energy company between 2005 and 2016. Kiriyenko was the youngest Prime Minister of Russia, taking the position at age 35. Ideologically a technocrat, he has played a leading role in the governance of Russian-occupied territories of Ukraine since the Russian invasion of Ukraine. Early life Sergei Kiriyenko's father, Vladilen Israitel, made his name as a doctor of philosophy. Sergei Kiriyenko, son of a History of the Jews in Georgia, Jewish father, [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Viktor Chernomyrdin's Second Cabinet
Viktor Chernomyrdin's Second Government of Russia, Cabinet acted under President of Russia, President Boris Yeltsin from August 10, 1996, until March 23, 1998. The State Duma overwhelmingly confirmed reappointment of Chernomyrdin as head of the Cabinet, with 314 deputies voting in favor, far more than the simple majority of 216 needed for approval and 85 deputies were opposed.Communists Accept Yeltsin's Appointment, Chicago Tribune, August 11, 1996 Composition References {{Russian Government Cabinets Russian governments, Chernomyrdin 1996 establishments in Russia 1998 disestablishments in Russia Cabinets established in 1996 Cabinets disestablished in 1998 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Viktor Chernomyrdin
Viktor Stepanovich Chernomyrdin (, ; 9 April 19383 November 2010) was a Soviet and Russian politician and businessman. He was the Minister of Gas Industry of the Soviet Union (13 February 1985 – 17 July 1989), after which he became first chairman of Gazprom energy company and the second-longest-serving Prime Minister of Russia (1992–1998) based on consecutive years. He was a key figure in Russian politics in the 1990s and a participant in the transition from a Planned economy, planned to a Market economy, market economy. From 2001 to 2009, he was Russia's ambassador to Ukraine. After that, he was designated as a presidential adviser. Chernomyrdin was known in Russia and List of countries where Russian is an official language, Russian-speaking countries for his language style, which contained numerous malapropisms and Syntax, syntactic errors. Many of his sayings became aphorisms and idioms in the Russian language, two examples being the expression "We wanted the best, but it t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Boris Yeltsin
Boris Nikolayevich Yeltsin (1 February 1931 – 23 April 2007) was a Soviet and Russian politician and statesman who served as President of Russia from 1991 to 1999. He was a member of the Communist Party of the Soviet Union (CPSU) from 1961 to 1990. He later stood as a Independent politician, political independent, during which time he was viewed as being ideologically aligned with Liberalism in Russia, liberalism. Yeltsin was born in Butka, Russia, Butka, Ural Oblast (1923–1934), Ural Oblast. He would grow up in Kazan and Berezniki. He worked in construction after studying at the Ural State Technical University. After joining the Communist Party, he rose through its ranks, and in 1976, he became First Secretary of the party's Sverdlovsk Oblast committee. Yeltsin was initially a supporter of the ''perestroika'' reforms of Soviet leader Mikhail Gorbachev. He later criticized the reforms as being too moderate and called for a transition to a Multi-party system, multi-party repr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Russian President
The president of Russia, officially the president of the Russian Federation (), is the executive head of state of Russia. The president is the chair of the Federal State Council and the supreme commander-in-chief of the Russian Armed Forces. It is the highest office in Russia. The modern incarnation of the office emerged from the president of the Russian Soviet Federative Socialist Republic (RSFSR). In 1991, Boris Yeltsin was elected president of the RSFSR, becoming the first non-Communist Party member to be elected into a major Soviet political role. He played a crucial role in the dissolution of the Soviet Union which saw the transformation of the RSFSR into the Russian Federation. Following a series of scandals and doubts about his leadership, violence erupted across Moscow in the 1993 Russian constitutional crisis. As a result, a new constitution was implemented and the 1993 Russian Constitution remains in force today. The constitution establishes Russia as a semi-preside ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreign Exchange Reserves
Foreign exchange reserves (also called forex reserves or FX reserves) are cash and other reserve assets such as gold and silver held by a central bank or other monetary authority that are primarily available to balance payments of the country, influence the foreign exchange rate of its currency, and to maintain confidence in financial markets. Reserves are held in one or more reserve currencies, nowadays mostly the United States dollar and to a lesser extent the euro. Foreign exchange reserves assets can comprise banknotes, bank deposits, and government securities of the reserve currency, such as bonds and treasury bills. Some countries hold a part of their reserves in gold, and special drawing rights are also considered reserve assets. Often, for convenience, the cash or securities are retained by the central bank of the reserve or other currency and the "holdings" of the foreign country are tagged or otherwise identified as belonging to the other country without them ac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
