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The Regions This Week
April 13, 2017 www.intellinews.com I Page 6
Eastern Europe
The G7 meeting of foreign ministers held in Italy on April 11 did not back imposing new sanc- tions on Russian for its alleged complicity in the recent chemical weapons attack in Syria that led to a global outcry and US missile strikes against Syrian forces. At the same time, the G7 ministers agreed that no solution to the crisis in Syria was possible while President Bashar al-Assad re- mained in power.
Belarusian President Alexander Lukashenko has signed a new customs code of the Russia- led Eurasian Economic Union (EEU) after months of delay caused by feuding with Moscow over oil and gas supplies, border security and terms of membership of post-Soviet integration organisa- tions.
The European Bank for Reconstruction and Development (EBRD) has warned Ukraine’s leadership that the possible collapse of the country’s energy sector reform could “shatter international confidence” in the current govern- ment in Kyiv. According to a confidential letter sent by Sir Suma Chakrabarti to Prime Minister Volodymyr Groysman and President Petro Po- roshenko, the chief of the multilateral lender underlined that “the reform of Naftogaz, which is just recognised as one of the most meaningful reforms undertaken under your leadership, is at risk of collapsing within the next few days”.
Russian opposition leader Alexei Navalny was released on April 10 after spending 15 days in jail for disobeying police during a rally in Moscow last month, only to face threats of legal action by billionaire Alisher Usmanov over his accusations of corruption.
Corruption in Ukraine is worse now than it was under former president Victor Yanukovych, who was ousted three years ago, according to a new report published by EY (formerly Ernst & Young). Ukraine was ranked the lowest among all coun- tries participating in the biennial EY EMEIA Fraud
Survey, followed by Cyprus and Greece. Russia was ranked in 16th place by EY, up two slots since two years ago, with 66% of respondents say-
ing they encountered corruption in the country’s business environment.
Net capital outflow from Russia’s private sec- tor amounted to $15.4bn in the first quarter
of 2017, according to the flash estimates of the Central Bank of Russia (CBR). The capital outflow increased notably compared with $8.8bn seen for the same quarter of 2016, mostly due to higher outflow in the banking sector. Other real sectors have been net importers of capital in the reporting quarter, the CBR noted.
Russia's GDP growth is expected at 2% in 2017, according to the updated 2017-2020 macro fore- cast by Russia's Ministry of Economic Develop- ment presented by Minister Maxim Oreshkin.
Russia’s weekly inflation posted 0.1% on the week of April 4 to April 10, the state statistics agency RosStat reported. The indicator remained stable at 0-0.1% since the beginning of 2017. The CBR's research and forecasting department said in the report that the 4% annual inflation goal could be reached already in April-May.
The Russian authorities could provide Belarus with a $1bn support loan, Finance Minister Anton Siluanov told journalists in Moscow on April 11, Russian media reported. The issue of the loan should be aimed at supporting Belarus’ balance of payments, was discussed by the presidents of Russia and Belarus in Saint Petersburg on April 3.
The En+ energy and metals holding of Russian oligarch Oleg Deripaska is hoping to raise up to $2bn in an IPO of 20% of its shares, Vedo- mosti daily reported on April 10, citing unnamed sources familiar with investor meetings held by the company.