Archive for the ‘Russia’ Category


December 8, 2014 Comments off

by Gerard MacCarthy, director, Enterprise Ireland Russia/CIS and head of the commercial department at the Embassy of Ireland

“Ireland – #1 Best Countries for Business “
Forbes 2014

As part of the intergovernmental Ireland-Russia Joint Economic Commission, on November 24 2014 the first ever multi-agency Team Ireland Showcase was held in Moscow at the Russian Chamber of Commerce and Industry’s headquarters, a stone’s throw away from the Kremlin.

The showcase highlighted Ireland as an investment and joint-project destination, allowing Russian investment, VC, and R&D partners to explore the potential for establishing joint intellectual property or production bases using Ireland’s long experience in the commercialisation of innovative and high-tech projects.

Speakers at the event included: Ambassador Eoin O’Leary; Georgi Petrov, Vice-President of the Russian Chamber of Commerce and Industry; Dmitry Sazhin, Head of the Europe and American Department of the Ministry of Economic Development; Professor Shamil Gantsev, Member of the Federation Council; and Shane Nolan, Head of Growth Markets Division, Industrial Development Authority of Ireland (IDA); Dr. Darrin Morrissey, Director of Programs, Science Foundation Ireland; Peter Lennox, International Entrepreneur Programme Senior Development Advisor, Enterprise Ireland; Pat Flynn, Flynn O’Driscoll Lawyers, Member of the Board of Directors, Enterprise Ireland; Brien Henderson, Head of the Visa Department, the Embassy of Ireland, Moscow; and Dmitry Simonenko, a Russian serial entrepreneur who has two businesses in Ireland. The event was introduced by Gerard MacCarthy, Director of Enterprise Ireland’s Russia and CIS office. Read more…

Is the ruble a basket case or oversold?

December 3, 2014 Comments off

by Chris Weafer, Macro-Advisory Ltd

At mid-session on the first trading day of December, the ruble had declined by 60% against the US dollar since the start of the year (over 70% since the start of 2013), and was down 45% against the euro (55% since January 2013). The obvious questions are: why has the ruble fallen so quickly and by so much? Does this collapse jeopardize Russia’s financial stability and raise the risk of a default? And, how much further can the ruble fall or is this another of those attractive buying opportunities that seem to be available in Russia every seven years?

Is the fall justified?

By most standard measures the ruble’s collapse has been extraordinary. That scale of decline is usually associated with an economy with huge debt obligations, a non-fundable budget and a current account deficit. Russia ticks none of those boxes. Total foreign sovereign debt is only at 3% of GDP, and total private sector foreign debt is at 33% of GDP and falling as a result of the fact that Russian companies are not able to refinance maturing debt on foreign markets. Despite spending approximately $70 bln in a futile defence of the ruble this year, the Central Bank of Russia (CBR) still has $420 bln in foreign exchange reserves, a total which includes $180 bln split between two readily available sovereign wealth funds. At the end of the third quarter the trade surplus was over $150 bln, up over 10% from the previous year, the current account surplus was just short of $60 bln, i.e. double that of 2013, and the federal budget surplus was equal to 2.1% of GDP. Read more…

Highlights: Breakfast Briefing – Russia, The Current Business Climate & Ongoing Developments

September 30, 2014 Comments off

This slideshow requires JavaScript.

by Jennifer Condon

The current geopolitical climate added to bilateral sanctions between the EU and Russia is creating more obstacles for Irish – Russian Business.

On Monday, 29th September 2014, the Ireland Russia Business Association (IRBA) hosted a business breakfast briefing with Gerard MacCarthy, Director, Enterprise Ireland Russia / CIS & Head of the Commercial Department at the Embassy of Ireland in Moscow speaking about the current business climate and developments in Russia. IRBA Chair Dr Constantin Gurdgiev covered the issues of economy and macro-risks e.g. rouble valuations, credit supply, sanctions impact and risks for Russian demand side.

Gerard MacCarthy, Director, Enterprise Ireland Russia / CIS & Head of the Commercial Department at the Embassy of Ireland in Moscow:

“From a trade point of view, the rouble euro-exchange rate, the so-called ‘Presidentail Ban’ targeted at the food sector as response of EU sanctions against Russia, and a volatile and unpredictable political and legislative environment are key current risk factors in dealing with the Russian market. Read more…

SpinUp Partners leads Russian startups to global markets via Singapore accelerators

July 2, 2014 Comments off

by Adrien Henni, East-West Digital News

Over the past months Russian seed-stage fund SpinUp Partners has invested in two Asian startup accelerators – a pioneering move among Russian funds, which usually consider California the prime destination in their global investment strategy.

In March, Spin Up Partners was the secondary investor in an international consortium that injected $2.1 million into Singapore-based Joyful Frog Digital Incubator.

Anchored by Singapore’s Infocomm Investments Pte Ltd (IIFL), the investment round was also supported by Silicon Valley’s Fenox Venture Capital, as well as individual investors from Germany, the Philippines, Thailand and the UK. Read more…

Pragmatism and Oil Should Cut Russia’s Risk Premium

June 24, 2014 Comments off

by Chris Weafer, Macro-Advisory Ltd

“The second half of this report is a review of the trends and risks in the oil industry. We have upgraded our second half oil price assumption to US$115 p/bbl and see a greater threat of a spike to US$120 p/bbl than a retreat to US$105 p/bbl for Urals crude”.

Despite the continuing violence, serious sanctions risk has eased.
Despite the continuing violence in eastern Ukraine, the addition of several individuals to the US sanctions list on Friday and the threat of so-called scalpel sanctions later this week, we believe that the available evidence shows the emergence of political pragmatism in Kiev and Moscow. President Vladimir Putin needs to avoid a move into more serious trade and economy disrupting sanctions and President Petro Poroshenko has a long list of difficult tasks ahead. Despite the Kremlin’s public response, the peace-plan tabled by President Poroshenko covers most of the concerns voiced by the Kremlin. Ukraine will sign a trade deal with the EU on 27 June.

Overly optimistic to expect an end to fighting anytime soon.
A scenario where there is a long-lasting low level, or sporadic, fighting in eastern Ukraine is entirely possible and that will keep investors nervous and the self-sanctions we have seen over the past three months in place for the rest of this year. Read more…

“Anya” New Short Animation From To Russia With Love & Brown Bag Films

May 30, 2014 Comments off

by Debbie Deegan

Dear Friends,

We are delighted to announce that Brown Bag Films have made us the most wonderful short animation, “Anya”. Anya tells the story of To Russia With Love and shows the impact we have had on the lives of the orphaned and abandoned children that we work with.

This film was launched this week in Moscow.

The photo is of Andrei Malokhov with Debbie. He is our Patron and a personal friend, and he is the biggest chat show host in Russia.

Andrei Malokhov and Debbie Deegan

Andrei Malokhov and Debbie Deegan

To watch Andrei presenting the film on his show, please click below:

Jackie Chan has just added himself to it. He has 67 million FaceBook followers and it will be placed on his FB next week. The voicing is by Chulpan Khamatova, who is a very famous and popular actress. The girl at the end is Oksana Federova, Ex Miss Universe and Unicef Ambassador, and has a famous TV nursery rhyme show. Read more…

Sponsorship / Corporate entertainment opportunity

May 14, 2014 Comments off

By Noeleen Hartigan

Chamber Choir Ireland – the country’s flagship choral ensemble – will perform in the prestigious Diaghilev Festival in Perm, Siberia on Saturday the 28th June.

The Concert will take place in the beautiful Perm Philharmonic Organ Concert Hall and promises to be a very special occasion. Under internationally acclaimed Artistic Director Paul Hiller, the Choir will perform excerpts from Avro Pärt’s Kanon Pokajanen. Mr. Hillier is a recognized expert on Pärt, having performed his music extensively, written the first English language biography of the composer, and won a Grammy for his recording of Pärt’s Da Pacem in 2007.

The Choir is reaching out to businesses who may be interested in supporting this event and availing of corporate entertainment opportunities. The performance will be heard first on June 20th in Christchurch Cathedral, offering an opportunity for sponsorship / corporate entertainment in Dublin also.

For further information contact: Noeleen Hartigan, Head of Development, Chamber Choir Ireland +353 87 61 67 689 or

Chamber Choir Ireland

Tags: ,

Pig Import Ban into Russia

February 3, 2014 Comments off

by Simon McKeever, Chief Executive, Irish Exporters Association

The Department of Agriculture, Food and the Marine has been informed by the European Commission that the Russian Federation has banned the import of pigs, pork and reproductive material certified from the EU after the 26th of January 2014.  The ban follows the discovery of cases of African swine flu in Lithuania.

Read more…

Tags: ,

Festival of Russian Culture 2014

February 3, 2014 Comments off

by Vera Smyth

Festival of Russian Culture will celebrate its 5th year and will be held from Sunday the 23rd of February till Sunday the 2nd of March.

The Festival has been a considerable success, notably the extensive range of cultural and entertainment activities attracting significant interest from both Irish and Russian communities, and it has established a strong reputation with both the Irish and Russian community here and abroad. In addition the festival has huge success generating a substantial amount of national and local press and radio coverage.

Read more…

Russia: All Carry-on Liquids and Food Banned on Flights

January 13, 2014 Comments off

by Alan Phelan

Russia has banned all carry-on liquids and food on domestic and international flights originating in Russia until 21 March as a security precaution before and after the Sochi Winter Olympics.

The new regulations ban all carry-on liquids, regardless of amount, including personal hygiene items, cosmetics, medicines, sprays, gels and also covers packaged food and baby food items.

Medication that is required to be taken during the flight, as well as baby food, could be allowed on-board in carry-on baggage in certain situations; provided that they have passed through security control and been checked using the necessary equipment.