Latest news and articles about russian economy from NEX English
The Russian port of Ust-Luga, a vital hub for the country's hydrocarbon exports, was hit by a drone attack, resulting in injuries to three individuals, including two children. The incident occurred late last night as debris from the drones fell on residential buildings and a school in the area.
Official data indicates that the Russian economy experienced a notable slowdown in its decline in February 2026, with a year-on-year decrease of <strong>1.5%</strong>, compared to a larger drop of <strong>2.1%</strong> in January of the same year.
A recent survey by S&P Global reveals that the Russian manufacturing sector experienced a significant contraction in March 2023, marked by declines in production and new orders. The Purchasing Managers' Index fell to 48.3 points, indicating deteriorating economic conditions.
Rosneft, Russia's largest oil producer, announced a significant decline in its net income for 2025, dropping by 73% to reach <strong>293 billion rubles</strong> (approximately <strong>$3.60 billion</strong>). This downturn is attributed to rising interest rates and increased profit taxes.
Ukrainian President Volodymyr Zelensky has stated that the ongoing war in Ukraine is benefiting the Russian economy, with rising oil prices and eased U.S. sanctions bolstering Russia's ability to continue the conflict.
The Russian port of Ust-Luga, one of the country's largest oil export centers, was attacked by Ukrainian drones on Sunday, resulting in a fire. Alexander Drozdenko, the governor of the Leningrad region, confirmed the incident via Telegram.
Russian President Vladimir Putin announced today the commencement of construction for the new National 'Russia' complex in Moscow, aimed at showcasing the achievements of Russian industry and economy. This project is seen as a strategic step to enhance national identity and social pride.