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cryptocurrencies in international trade, as the Kremlin seeks ways to circumvent Western sanctions, Reuters reported on July 30. The new law will go into force in September.
US semiconductor giant Intel has quietly halted several European investment plans after racking up huge losses, dealing a blow to Europe's microchip ambitions. Intel has been a key player in the European Union's push to produce more microchips in the bloc to avoid a repeat of the pandemic-era supply chain disruptions and reduce its reliance on foreign suppliers. The company's 2022 plan envisaged spending tens ofbns of euros on new microchip plants or research and development (R&D) facilities in Germany, Poland, Ireland, Spain, France and Italy. But the promised investments for France and Italy, worthbns of euros and potentially thousands of jobs, won't materialize for now after Intel reported $7bn in losses from its manufacturing business last year.
It is necessary to begin a full-scale implementation of the digital ruble in the economy, Russian President Vladimir Putin said at a meeting on economic issues, on July 17. “Now we need to take the next step, namely: move to a broader, full-scale implementation of the digital ruble in the economy, in business activities and in the financial sector,” the head of state said. The law on the digital ruble was adopted in the summer of 2023. According to the document, the digital ruble is the third national form of currency, along with cash and non-cash rubles. The digital ruble differs from the digital financial asset (DFA) in that it is a means of payment, not savings and investment. In December 2023, the regulator stated that the full implementation of the digital ruble would not begin before 2025.
In 2024, 35% of Russian industrial companies will increase investments in digital and technological development. This estimate is given by analysts from the Institute for Statistical Research of the Higher School of Economics, The key area of investment is research and development of new technologies (R&D). 52% of respondents believe that R&D will become a driver for production development in 2024. Vedomosti& surveyed industrialists and found out which technologies are in demand to solve their problems.
In 1H24 the average salaries of IT specialists in Russia decreased by 8% year on year to RUB151,000, according to Kommersant daily citing the estimates of Habr Career. This makes a slight correction after a reported salary race between Russian IT employers caused by the mounting labour crisis, worker shortages, and the labour market showing the lowest number of young workers since the early 1990s. Market participants surveyed by Kommersant believe that the level of IT salaries has begun to stabilise. Still, the Digital Development Ministry estimates that the average salary in the IT and tech industry is still twice as high as in other sectors of the economy. In April alone, the average salary increased from January by 21% to RUB188,000, the ministry estimated. In terms of geography, the highest IT salaries were
215 RUSSIA Country Report August 2024 www.intellinews.com