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Past Issue
October, 2015

The USRCCNE Monthly Newsletter
For those with interests bridging the US and Russia


USRCCNE Welcome!
From Josh Wilson, General Editor, USRCCNE

For those in the New England area, there are several big events coming up!

Make sure to see two great cultural events: Rachmaninoff Vespers (in honor of the 100th anniversary of his choral masterpiece, The All-Night Vigil) and a screening of Doctor Zhivago (in honor of its 50th anniversary).

In the business world, join USRCCNE member Auriga at the Innovation unConference hosted by the Mass Technology Leadership Council (MassTLC) for a day of interactive and improvised sessions, brainstorms, and discussions that will unleash innovative ideas with the potential to change our future. On the 26th, join USRBC's annual meeting in New York, with key notes from high ranking Russian government officials and presentations from leaders in Russian and American business.

News on the Russian economy remains mixed. Many sectors, from retail to manufacturing, have slumped while others such as agriculture and investment into logistics and corporate real estate have seen boosts. The Russian ruble seems to have stabilized at just above 60, but remains tied tightly to the price of oil and thus is likely to continue to experience turbulence as world energy markets remain flooded with product.  

This month's newsletter below has several articles highlighting our member's activities and the current state of the Russian market.


Don't Miss This Month!

As always, this newsletter is dependent on you. If you have an announcement or a news item to be included in our newsletter, or if you would like to subscribe to this free publication, please contact us.


Upcoming Events

Intern Abroad
in Russia!


Innovation unConference hosted by the Mass Technology Leadership Council (MassTLC)
(October 23 - Boston, MA) Over 1,000 passionate, innovative minds—ranging from C-level executives to entrepreneurs—will get together for one day of interactive and improvised sessions, brainstorms, and discussions that will unleash innovative ideas with the potential to change our future.

Rachmaninoff Vespers in Boston
(October 24 - Boston, MA) 2015 marks the 100th anniversary of Sergei Rachmaninoff's choral masterpiece, The All-Night Vigil. In commemoration, Ballets Russes Arts Initiative presents a special performance of this enthralling and influential achievement of modern sacred music interpreted by the choir of Trinity Church of Boston, together with 14 professional singers. The performance will also include pieces by two earlier composers, Dmytro Bortnyansky and Piotr Tchaikovsky.

USRBC 2015 Annual Meeting
(October 26-27 - New York, NY) The meeting will kick off with the Gala Dinner on October 26, this year to be held at the historic Morgan Library and Museum. The Annual Meeting's business sessions will take place at The Westin New York at Times Square on October 27 and will conclude with a cocktail reception.

Alinga Webinars
(Ongoing - Online) Alinga is hosting a series of Russian-language webinars on a range of issues affecting business in Russia today.

Special Film Event: Doctor Zhivago 50th Anniversary Screening
(Nov 8 - Clinton, MA) $10 general admission, available in advance at the Museum and The Strand, and day of at The Strand only (based on availability). Each film ticket includes a coupon for one general admission to the Museum of Russian Icons. This program is a benefit for the Museum.


Featured Articles

The Law That Makes U.S. Expats Toxic
FATCA was enacted without regard for its effects on the 8.7 million U.S. citizens living abroad, who have essentially been declared guilty of financial crimes unless they can prove otherwise.

Russian Foreign Affairs in the News
A round up of the many major stories in world affairs that involve Russia. Subscribe to the SRAS Newsletter

10 Tips for Successful Language Learning
In honor of International Translation Day we would like to share some language learning tips from a woman who spoke 16 languages.


Language Connections
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USRCCNE and Member News

SRAS - The Year in Review; The Year Ahead
Over 2014-2015, SRAS made two fundamental strategic decisions. The first was to expand our geographic footprint, beyond the former USSR and into Central Europe. The second was to focus more deliberately on the support of faculty-led programs.

Alinga to Present at AmCham 2015 Annual Tax Conference
Alinga's Audit Director, Alexander Kulikov will present on "Interest recognition for tax purposes. Recent developments" at AmCham's 2015 Annual Tax Conference.

Language Connection Translates for Major Corporate Workshop
Language Connections, a translation and interpreting company based in Boston, in partnership with ACCLARO, provided professional business interpreting services for two workshops organized by a major credit card company which took place in Istanbul, Turkey and Amman, Jordan.

Alinga at Benelux Conference in Belgium
Chet Bowling and Alexsey Filatov participated in EMEA 2015 BENELUX CONFERENCE under the auspices of PrimeGlobal, which took place in the town of Ypres, Belgium from 11 to 12 September 2015. The main topics discussed were ethics in business and tax, fraud, and conflicts.


Business and Economy

Foreign Investment in Russian Commercial Property Hits 7-Year High
Foreign investment in Russian commercial property has hit a seven-year high as the weak ruble has made the market more attractive for international companies.

Russian Firm to Create New Cloud Platform to Rival Microsoft and Amazon
The platform — to be called Rosplatforma — “will become the foundation of Russia's electronic sovereignty [and] a strategic export to countries seeking technological independence from the US”

Russia Plans $3.6 Billion Food Stamp Program as Poverty Rises
The Russian government may start a national food stamp program to support an estimated 15-16 million Russian citizens whose poverty has deepened amid an economic slump, the RIA Novosti news agency reported Thursday.

Where Is the Ruble Going Next?
Let us combine the monetary troika and ask, "When will the cost of debt servicing fall again?" "When will the rate of inflation fall below 10 percent?" and "What will be the ruble exchange rate in three and six months?"

More Foreign Retailers Coming to Russia Despite Economic Crisis
In the three months from July to September, 14 new foreign retailers have set up shop in Russia.

Russian Options Narrow as Putin Looks to Exporters' Windfall
Under discussion is a proposal to raise levies on the oil industry, which may generate an additional 605 billion rubles ($9.1 billion) for next year’s budget, Finance Minister Anton Siluanov said Tuesday. Other options for stabilizing government finances include spending cuts and changes in the pace of increases for state-regulated tariffs.

How Russia's Oil Companies Are Defying Sanctions and Low Oil Prices
Ranked according to cash flow, profit margins, and share prices, Russian giants Rosneft and Lukoil as well as smaller producers like Gazprom Neft and Bashneft are outperforming Royal Dutch Shell, BP, and Exxon Mobil.

Few Jobs and Little Hope, but Rural Russia Sticks with Putin
In the 2012 presidential election, Putin won about 53 percent of the vote in the Kostroma region, with turnout at about 61 percent. On Sunday, most voters are likely to stay home.

Fewer Russians Willing to Join Protests than Eight Years Ago - Poll
In 2005, the proportion of respondents willing to take part in protests was 23 per cent, whereas today the figure is 17 per cent.

Military Might and Stability Putin's Main Achievements - Poll
Levada presents a list of fields where the Russian president has either succeeded or failed, according to the Russian people.

Russian Economic Slump to be Worse than Expected - Poll
A poll of economists predicted the economy would eke out growth of 0.2 percent in 2016, also down from 0.5 percent forecast in August.

If you have an ad to submit to this space, contact us! Free for members!

Russia Goes Up 11 Places in Global Competitiveness Rating
Russia moved up 11 positions to 53rd out of 144 countries in the World Economic Forum's global competitiveness rating for 2014-2015 published Wednesday, putting it between the Philippines and Bulgaria.

Lingering Crises and Sanctions Causing Significant Shopping Declines in Russian Malls
The shopping index for leading malls in Moscow has fallen every year since 2011 with little relief in sight.

Government Cuts Subsidies to Russian Milk Producers
The Agriculture Ministry said in June it would funnel 500 million rubles ($7.5 million) into reimbursing expenses to modernize milk production, but has since cut that to $1.5 million.

Russia to Get Massive New State-Owned Postal Bank
Post Bank, a joint venture between Russia's state-run postal service and VTB, the country's second largest state bank, will have access to the 42,000 offices operated by Russian Post.

Russia's Nabiullina Named Central Bank Governor of 2015 by Euromoney
Russia's Elvira Nabiullina was named central bank governor of 2015 by Euromoney magazine on Wednesday for helping stabilise her country's economy at a time of collapsing oil prices and Western sanctions over the Ukraine crisis.


If you have views or material you would like to contribute to the newsletter, please contact us.
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Members of the USRCCNE become a part of a vibrant network of individuals and firms dedicated to furthering business opportunities between the U.S. and Russia. We work with business organizations in the US, (specializing in the New England region) and in Russia to bring exposure to the USRCCNE, and ultimately, to our members. Join today!

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