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18 August 2023 – Is Saudi Arabia involved in Russian moon landing August 2023?
No, Saudi Arabia is not involved in the Russian moon landing in August 2023. The Luna-25 probe, which is scheduled to land on the moon on August 21, 2023, is a solo mission by the Russian space agency Roscosmos.
There have been reports that Saudi Arabia is interested in collaborating with Russia on future lunar missions, but there is no indication that this collaboration will involve the Luna-25 probe.
In 2022, Saudi Arabia announced its intention to send a rover to the moon by 2024. The rover would be part of a larger lunar exploration program that also includes plans to send astronauts to the moon.
It is possible that Saudi Arabia could collaborate with Russia on this lunar exploration program, but it is too early to say for sure.
3 October 2022 – Russian manufacturing output increased at its fastest rate since March 2019.
The jump is largely due to increased domestic demand.
Employment in Russia increased at fastest pace since January 2022.
3 August 2022 – Russia’s services sector expanded in July at its fastest pace in more than a year according to latest S&P Global Purchasing Managers’ Index (PMI) business survey.
Russia’s manufacturing sector is struggling under lost export business and logistical problems due to Western sanctions for invasion of Ukraine.
22 July 2022 – Russia cuts interest rate again
Russian central bank slashes key rate to 8 percent from 9.5 percent. This is Russia’s fourth interest rate cut this year. Russia’s interest rate is now lower than the 9.5 percent rate at the time of its invasion of Ukraine in February.
The Russian central bank now forecasting Russian economy will shrink 4 to 6 percent this year. It is forecast to shrink 1 to 4 percent next year.
Inflation in Russia is forecast to range 12 to 15 percent on average this year.
27 June 2022 – Russia has defaulted on its overseas debt missing a Sunday deadline to make a 100 million US dollar interest payment.
It is more of a technical default, as opposed to traditional default, where a country does not have the money to pay foreign debts. Russia has the money to meet its obligations and is willing to pay, but sanctions made it impossible to get pay international creditors.
Sanctions on Russia restricted the country’s access to the international banking networks to process payments from Russia. Russia has paid the 100 million dollars to Euroclear. Euroclear will not say if the payment had been blocked, but said it adheres to all sanctions.
The value of the rouble has soared after initially falling due to the war. The value of the rouble has actually substantially increased against US dollar since start of 2022.
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Defaulting on international investor payments is normally a catastrophe for a country as it will be unable to borrow more money from international community to pay its domestic bills. However, Russia has little need to borrow from international marketplace as it’s making billions extra from oil and gas due to spike in prices since war in Ukraine.
1 June 2022 – The UK and the EU are coordinating a ban on insuring ships carrying Russian oil, limiting Russia’s ability to export oil, due to its invasion of the Ukraine.
This will restrict the supply of oil to many parts of the world not supporting a ban on buying Russian oil. It is also likely to push up oil prices further, as countries unable to be resupplied by Russian oil will have to buy from other countries – no more supply but increased demand from alternative suppliers.
26 May 2022 – Russia’s central bank slashed its key interest rate to 11 percent today.
18th May 2022 – Russia’s weekly inflation rate eased further in May, data from statistics service Rosstat showed today.
Russia’s annual inflation is 17.69 percent. The central bank, which targets inflation of 4 percent, is forecasting annual increase in consumer prices of between 18-23 percent in the whole of 2022.
13th May 2022 – Consumer inflation in Russia accelerated in April to 17.83 percent in year-on-year terms, its highest level since January 2002, according to data from the federal statistics service Rosstat.
29th April 2022 – Russian central bank lowers key rate to 14 percent
Russia’s central bank cut the key interest rate to 17 percent earlier in April following an emergency rate increase to 20 percent days after Russia invaded Ukraine again on 24th February 2022. Russia previously invaded and annexed Crimea in 2014.
Russian economy is expected to contract by up to 10 percent in 2022.
Head of Russian central bank
The Russian central bank is forecasting inflation to accelerate to 18-23 percent from current inflation of 17 percent. The Russian central bank target for inflation is 4 percent.
11th April 2022 – Russia’s central bank decided to relax temporary capital control measures aimed at limiting a drop in the currency.
The value of the rouble dropped as a result, after recent rally.
1 April 2022 – New rules from 1st April on buying Russian energy
30th March 2022 – Russia has authorised retailers to import products from abroad without the trademark owner’s permission.
Western sanctions due to war started in Ukraine by Russia over a month ago have resulted in significant damage to Russian economy including inflation at over 15 percent, huge jump in cost of borrowing and retailers closing down activity.
Russia’s next financial risk deadline is on March 31, when a $447 million payment falls due on Russian debt. The size of the payment is not significant to Russia but the ability to pay in dollars is an indicator of Russia’s financial strength. Defaulting on debts is not good look and can have serious financial and even political consequences.
What impact would a Russian debt default have?
If Russia fails to make any of its bond payments within time in US dollars it will constitute a default. Creditors could claim compensation by seizing state owned infrastructure that must valuable of which is oil related. Most of Russia’s income comes from oil. It sells little else of significant value. After the war with Ukraine, which will come at some point, Russia’s credit rating will be destroyed. Borrowing will be difficult and if possible very expensive.
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