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Pursue to Boost the Russian Economy

by Carl Steward
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Pursue to Boost the Russian EconomyPursue to Boost the Russian Economy

Last week, Russian President Vladimir Putin said that he was asking “unfriendly countries” to pay for Russian gas in rubles. The move aimed to force countries such as the U.S. and the U.K. to help the Russian currency, Which collapsed after sanctions against Russia’s central bank froze hundreds of billions of dollars in assets. People, in turn, were in a hurry to exchange their rubles for dollars and euros. European officials and experts in the U.S. have already rejected  ​​paying in rubles. In another attempt to mitigate the economic downturn, the Russian stock market reopened to limited trading after closing for a month on Thursday. The MOEX index rose 4.4 percent; However, this upward trend was probably due to government measures preventing sales.

Jerome Powell, chairman of the Federal Reserve, predicted a more aggressive approach by the central bank to inflation. He spoke last week about the Federal Reserve’s readiness to take additional measures to ease demand and reduce record inflation. This followed the Fed’s decision to raise the key interest rate by a percentage point.

In Britain, where inflation is at a three-decade high, officials announced the measures on Wednesday; To help people cope with rising prices. Among them are plans to reduce taxes on gasoline and diesel. Also, allocate more funds to support low-income families.

US Plans and Russian Economy

The Biden administration has taken two steps to reverse the tariffs imposed by President Trump, Which sought to restrict trade with Britain and China. On Tuesday, the administration released the end of Trump-era tax on British steel and aluminum. In return, Britain defined to lift tax on several American products; Including whiskey and jeans. The deal eased some of the remaining transatlantic trade tensions under Trump. The next day, the U.S. Trade Representative’s Office announced that it would bypass tariffs on some Chinese products, Which were imposed during the trade war between Trump and Beijing.

The Securities and Exchange Commission has opened a comment period for the far-reaching rule. According to this, public companies must report their environmental impact to shareholders and the federal government. The public can respond to the proposed rule within 30 days of publication in the Federal Register or by May 20.

This rule is intended to inform shareholders of the risks that climate change may pose to the final condition of the company, including whether consumers may lose interest in products or services that contribute to global warming. Advocates of the event say it puts companies in charge of how they affect the climate. It will also give investors more leverage to move their businesses into more environmentally friendly practices. However, the proposed rule is already facing opposition from some business trading groups and the prospect of potential litigation.

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