Free Republic

At a farm near Moscow, newly arrived guest workers from India are planting potatoes and cabbages - work closely monitored by central bank analysts as they prepare for board meetings to set interest rates. While in developed economies such as the United States food accounts for about 14% of the basket used to calculate inflation, in Russia it makes up a hefty 40% or so, and surging prices for potatoes and other staples have been a major reason for its tight monetary policy. The central bank trimmed its benchmark rate to 20% on June 6 but even that is around...

Donald Trump’s special envoy for Ukraine, Keith Kellogg, has urged Washington’s chief negotiator with Moscow, Steve Witkoff, to consult European leaders before placing trust in Russia’s President Vladimir Putin. Witkoff has been part of U.S. delegations leading talks with Moscow and Kyiv since February, after Trump tasked members of his administration to help negotiate an end to Russia’s three-year war in Ukraine. However, he has faced criticism from Kyiv for peddling Russian narratives, including a suggestion to hand over four partially occupied eastern Ukrainian regions to Moscow. In March, Witkoff said that Putin has no intention to “take all of...

Russia's flagship Urals crude grade has tumbled alongside all major oil benchmarks in the global market rout and is close to the $50 per barrel threshold for the first time in nearly two years. The Urals price was at around $52 per barrel at the Baltic Sea port of Primorsk on Friday, according to data from Argus Media cited by Bloomberg. The price of Urals further dropped on Monday as oil prices continued to fall, with WTI Crude, the U.S. benchmark, down to $60 per barrel, and Brent Crude prices at $64. - snip- As the price of the flagship...

Russia's economy is facing further turmoil as the price of its flagship Urals crude oil plummets to its lowest value since early 2023. On Friday, Russian Urals oil prices fell to about £43 per barrel ($53), with projections suggesting they could dip to £40 ($50) if the downward trend in global oil prices continues. -snip- The oil price crisis comes just as Russia faces rising domestic inflation, with everyday goods, such as food and fuel, becoming increasingly expensive. Ordinary Russians feel the impact, with the cost of basic goods, including bread, milk, and potatoes, rising dramatically. The country now finds...

-snip- Late on February 2, Trump said talks with Ukraine and Russia were going "pretty well." "We have meetings and talks scheduled with various parties, including Ukraine and Russia. And I think those discussions are actually going pretty well," he added without being specific. Hours earlier, Trump's special envoy for Ukraine and Russia, Keith Kellogg, warned both sides will have to make concessions if they hope to negotiate a settlement to the war. Ukrainian President Volodymyr Zelenskyy "has already indicated he will soften his position on land," Kellogg said. "And [Russian President Vladimir] Putin is going to have to soften...

Russia slammed Donald Trump’s plan for an ‘Iron Dome’ missile defence shield in a nuclear weapons space war row. Moscow said the move was designed to weaken Russian and Chinese nuclear deterrence. Russian Foreign Ministry spokeswoman Maria Zakharova also stressed that Russia saw the “Iron Dome” plan as confirmation of a US intention to turn space into a theatre of military confrontation. Trump signed an order on Monday for the implementation of a next-generation US missile defence shield against ballistic, hypersonic, cruise missile and other forms of aerial attack. The plan is believed to be modelled on the defensive dome...