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  • *Budget shortfall up to $30 bln if oil prices stay at $30. MOSCOW, Feb 10- Russia is running out of options to plug a yawning hole in its budget- and steps unthinkable before oil prices began to plunge 20 months ago are now being considered. It could face an additional shortfall of up to 2.5 trillion roubles this year if crude prices stay at around $30 per barrel, putting...

  • *Turkey, Russia exchange barbs over downed plane. MOSCOW, Feb 10- Turkish conglomerate Fiba Group has put up for sale a bank it owns in Russia, two banking sources told Reuters, a decision that may be due partly to a row between Moscow and Ankara over the shooting down of a Russian warplane. Moscow denied that, and President Vladimir Putin, accusing Ankara of stabbing...

  • MOSCOW— The head of the International Monetary Fund warned Ukraine on Wednesday that the organization would be unable to keep supporting the country financially if it doesn't step up its reform efforts. Ukraine relies on funding from the IMF and international donors as it battles deep economic problems, in large part resulting from the conflict in the...

  • *Says oil price drop driven by OPEC decision. Oil prices have slumped more than 70 percent to near $30 a barrel over the past 18 months as supply exceeded demand by up to 2 million bpd after OPEC, seeking to drive higher-cost producers out of the market, decided not to cut production. Struggling oil-producing countries have urged OPEC leader Saudi Arabia in recent...

  • MOSCOW— Russian activists and political commentators are criticizing Moscow authorities over the late-night destruction of small businesses when a number of buildings were flattened around the city on orders from city mayor's office. The Moscow mayor's office said that 97 of these "unauthorized constructions" were demolished Monday.

  • MOSCOW, Feb 10- Turkish business conglomerate Fiba Group has put up for sale its Russian mid-sized lender Credit Europe Bank, two banking sources told Reuters, against a backdrop of a diplomatic row between Moscow and Ankara that shows no sign of abating. Turkey and Russia have been at loggerheads since Turkey downed a Russian warplane in late November that...

  • MOSCOW— A top official at Russia's busiest airport says the halt or reduction of flights to Turkey, Ukraine and Egypt over the past three months has cost the country's airports six billion rubles. Denis Nuzhdin, the deputy CEO of Moscow's Domodedovo Airport, was quoted by state news agency Tass as saying Tuesday that about half the loss comes from Russia's...

  • THE HAGUE, Feb 9- Russia on Tuesday began its appeal in the Netherlands against an international arbitration order that Moscow pay $50 billion in damages to shareholders in the defunct Russian oil giant Yukos. Most of Yukos' assets were acquired by Russia's state-owned oil producer Rosneft after Yukos was declared bankrupt and its founder Mikhail...

  • Belarusian leader says Russia will offer bailout Monday, 8 Feb 2016 | 11:03 AM ET

    MINSK, Belarus— The leader of Belarus says Russia has promised to offer financial assistance to his nation. Russia has provided Belarus with cheap natural gas and released $900 million in loans to Belarus last year. Russia and its western neighbor have developed close economic and military ties, but Lukashenko has bristled at Moscow's attempts to gobble up...

  • Russia's central bank revokes licenses of 2 banks Monday, 8 Feb 2016 | 2:41 AM ET

    MOSCOW— Russia's Central Bank effectively closed down two of the country's smaller banks Monday after it revoked their operating licenses, its latest effort to consolidate the sprawling banking sector. The closures are part of the Central Bank's strategy to consolidate the banking sector that is currently characterized by a large number of small banks,...

  • WASHINGTON, Feb 5- Russian authorities in November raided offices associated with a Moscow film distribution and production company as part of a crackdown on one of the world's most notorious financial hacking operations, according to three sources with knowledge of the matter. Experts familiar with the situation said the case represents Russia's biggest...

  • Day of reckoning here for oil producers: Yergin Friday, 5 Feb 2016 | 5:36 PM ET
    A worker checks the valve of an oil pipe at the Lukoil company owned Imilorskoye oil field outside the West Siberian city of Kogalym, Russia, January 25, 2016.

    Saudi Arabia, Russia and other countries that heavily rely on oil revenues are getting more desperate, oil expert Daniel Yergin tells CNBC.

  • *Chinese tourists spent up to $1 bln in Moscow in 2015. Shoppers from China accounted for 7 percent of the group's sales in 2015 and while the country's economy is slowing sharply, at least it is still growing unlike Russia's which is shrinking. Chinese visitors have become a more frequent sight in central Moscow, some carrying bright orange shopping bags from...

  • LONDON, Feb 5- Ukraine's restructured Eurobonds extended losses on Friday as fears grew over the fate of the ruling coalition and its IMF bailout, though a reduction in U.S. rate rise bets continued to support other emerging assets. MSCI's emerging equity index rose 0.4 percent after shares in Hong Kong and Mumbai rose around half a percent.

  • AMSTERDAM— NATO's chief met Friday with European Union defense ministers to discuss boosting cooperation between the military alliance and the 28- nation bloc to tackle looming threats to the region. The EU and NATO are working to beef up their responses to threats such as Russia's increased military activity to the east and the Islamic State group's threat...

  • ISTANBUL, Feb 5- Standing amid a jumble of food stalls in an Istanbul market, 61- year-old Gulsen Yuce wonders how she can stretch an already tight budget to make ends meet as food prices rise week after week. Global food prices have fallen to their lowest in nearly seven years, but Turkey has consistently struggled with food costs overshooting headline inflation-...

  • The couple took out a U.S. dollar mortgage in 2007 after moving to Moscow from the southern Russian republic of Dagestan and blames the government for not helping as the rouble has fallen to record lows. "My son is a champion of Moscow at martial arts and we've had to stop his training sessions," Kirill told Reuters at a recent protest by foreign-currency mortgage...

  • Russia's 10-billion barrel game of oil bluffing Thursday, 4 Feb 2016 | 10:36 AM ET
    A worker at the Lukoil company-owned Imilorskoye oilfield in Kogalym, Russia, January 25, 2016

    Some experts think Russia is the key to resolving the oil glut with OPEC. CNBC's Dina Gusovsky reports on Russia as the oil 'wild card.'

  • *Property tax rises also cool demand for central London property. From Russian oligarchs and Middle Eastern oil barons to newly-minted Chinese entrepreneurs, foreign buyers have driven a spending spree on London property over the past two decades, snapping up everything from opulent homes to iconic commercial property. The scale of this wealth destruction...

  • The MSCI emerging market benchmark was lifted by stellar gains in Asia as well as an oil-fuelled rise in Russia as crude prices jumped above $35 a barrel, adding to a 7 percent rise on Wednesday. Dollar-denominated stocks in Moscow rose as much as 6 percent while bourses in South Africa, Turkey and Poland all firmed around 1.5 percent. In Asia, Chinese mainland...