Economy

Tatarstan District Assembling Combat Drones Becomes Regional Leader in Salaries

The Yelabuga district of Tatarstan, where the Alabuga special economic zone and production of Shahed-type strike drones are located, has taken first place in the republic in terms of salary levels. Over the year, the average earnings at large and medium-sized enterprises in the district grew by 72% to reach 217,000 rubles, according to a ranking of municipalities compiled by BUSINESS Online.

Iran Resumes Oil Shipments from Kharg Island Export Terminal After US Blockade Lifted

Iran has resumed crude oil shipments from its export terminal on Kharg Island, according to Bloomberg. Vessel tracking data shows three tankers, each capable of carrying approximately 2 million barrels, are docked at the Sea Island terminal. At least 20 other tankers of various sizes are anchored east of Kharg, indicating Iran has additional crude oil ready for export from the Persian Gulf. Shipments from the Kharg Island terminal had been halted for about six weeks due to a US blockade of Iranian ports.

The Chinese are pressuring the Russian automotive industry. Vakhtang Partsvania

In a new episode of "Guns or Butter," Ekaterina Mereminskaya and economist Vakhtang Partsvania discuss what is actually happening with the Russian automotive industry: why...

Gasoline production in Russia fell by a quarter year-on-year and compared to March due to drone attacks on refineries

Drone attacks on major oil refineries in central Russia have led to a 25% drop in the country's gasoline production by the end of the second decade of June compared to June of last year, according to Reuters, citing calculations from industry sources. According to the same estimates, production decreased by 25% over the past week compared to March of this year, when strikes on refineries became more frequent.

"We are not abandoning socialism." Cuban Parliament Approves Largest Privatization of Economy in 65 Years

Cuba's National Assembly unanimously passed a package of reforms on Thursday that involves the privatization of a significant portion of the country's socialist economy, Reuters reports. The document was supported by the ruling Communist Party and former leader Raul Castro. If the measures are implemented as announced, this will be the largest change to the Cuban model since the 1959 revolution and a turn towards a market economy.

European Companies Banned from Reselling Russian LNG to Third Countries After EU Import Ban

The European Commission has clarified that European companies will not be allowed to resell Russian liquefied natural gas (LNG) to countries outside the EU after the import ban takes effect. This was reported by Kommersant, citing the consulting company Poten & Partners, which received the clarification from the EC.

Restrictions on gasoline sales are in effect in 53 regions of Russia

Restrictions on gasoline sales are in effect in 53 regions of Russia, as well as in the occupied territories of Ukraine, according to The Bell. In 18 regions of the Russian Federation, private individuals are sold no more than 50 liters in canisters or one full tank of gasoline. Another 11 regions report fuel shortages at a significant number of gas stations, although restrictions have not yet been officially introduced.

Amid refinery attacks, Russian plants allowed to produce lower quality gasoline

Against the backdrop of Ukrainian attacks on refineries and fuel shortages, Russian authorities have allowed certain refineries to produce gasoline and diesel for the domestic market that meet "Euro-5" standards, but with quality indicators corresponding to "Euro-3". This was reported by Kommersant, citing a source. According to the publication, the relaxation was introduced in the fall of 2025 and extended in May 2026.

Record Gold Prices Lead to Luxury Watch Melting

The rise in gold prices has led to an unexpected effect on the luxury goods market: owners and dealers are increasingly sending vintage gold watches from famous brands for melting, as the value of the metal contained in them has become higher than the market price of the watches themselves. Reuters reports this, citing market participants.

After the detention of a Russian tanker in the English Channel, 'shadow fleet' vessels began to turn back and change routes

After Great Britain detained the tanker SMYRTOS (IMO: 9389100) in the English Channel for the first time, which London classifies as a Russian "shadow fleet", several other "shadow fleet" tankers heading towards the channel began to change their routes. This is evidenced by data from the maritime monitoring service Starboard Maritime Intelligence, which provided data to The Insider.

Russia's military spending in the first quarter of 2026 reached a record 5.9 trillion rubles - economist Janis Kluge

In the first quarter of 2026, Russian budget expenditures on war reached a new record of 5.9 trillion rubles. Economist Janis Kluge, a researcher at the German Institute for International and Security Affairs, arrived at this conclusion after studying data from the Russian Ministry of Finance.

US Department of Justice Approves Merger of Warner Bros. Discovery and Paramount

The antitrust division of the US Department of Justice has approved the purchase of shares in the holding company Warner Bros. Discovery (WBD) by Paramount Skydance Corp. This is reported by Reuters.