Russia – Muhasebe News

EU trade with Russia continues to decline

MuhasebeNews — Mon, 06 Mar 2023 06:10:13 +0000

EU trade with Russia has been strongly affected following Russia’s invasion of Ukraine, with the EU imposing import and export restrictions on several products. The effects of these measures have been particularly visible in the latest months.

Considering seasonally adjusted values, both exports and imports dropped considerably below the levels prior to Russia’s invasion. Russia’s share in EU’s extra-EU imports fell from 9.5% to 4.3% between February 2022 and December 2022. Over the same period, Russia’s share in the EU’s total extra-EU exports dropped from 4.0% to 2.0%.

The EU’s trade deficit with Russia peaked at €18.2 billion in March 2022 before progressively decreasing to €6.0 billion in December 2022. The value of imports from Russia fell by 53%, from €21.8 billion in March 2022 to €10.3 billion in December 2022.

With Russia being gradually replaced by other trade partners, Russia’s share in extra-EU imports for six key products decreased, with strong declines visible for coal, natural gas, fertilisers, petroleum oil and iron & steel.

In particular, the highest drops have been recorded for coal (from 45% in 2021 to 22% in 2022), natural gas (from 36% to 21%), fertilisers (from 29% to 22%), petroleum oil (from 28% to 21%) and iron & steel (from 16% to 10%).

Source: Eurostat
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EU extends sanctions against Russia for 6 months

MuhasebeNews — Thu, 07 Feb 2019 11:01:52 +0000

Federica Mogherini, the High Representative of the European Union for Foreign Affairs and Security, said the sanctions against Russia would be extended for 6 months, until July 31st.

The European Council approved the decision.

The sanctions entity:

-limiting access to EU primary and secondary capital markets for 5 major Russian majority state-owned financial institutions and their majority-owned subsidiaries established outside of the EU, as well as three major Russian energy and three defense companies;

-imposing an export and import ban on trade in arms;

-establishing an export ban for dual-use goods for military use or military end users in Russia;

-curtailing Russian access to certain sensitive technologies and services that can be used for oil production and exploration.

Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

Russia loses 20 million in third quarter

MuhasebeNews — Mon, 04 Feb 2019 13:30:30 +0000

Europe’s low-cost airline Ryanair reported a 19.6 million Euro loss in the third quarter.

The Airline recorded a profit of 105.6 million Euro in the same period of 2017.

Chief executive Michael O’Leary said: “While a 20 million euro loss in Q3 was disappointing, we take comfort that this was entirely due to weaker-than-expected air fares so our customers are enjoying record low prices, which is good.”

Russia increases visa price for Turkey

MuhasebeNews — Wed, 30 Jan 2019 13:45:36 +0000

Russia has increased the visa price for Turkish citizens, shocking the country.

Turkish citizens were expecting to be exempt from visa for their travels to Russia.

However, Russia increased the visa price from 20 dollars to 80 dollars.

European Union member countries, Liechtenstein, Iceland, Norway, China, Switzerland, and Japan are not affected by the new visa rule.

Russia citicizes U.S about Huawei arrest

MuhasebeNews — Sat, 08 Dec 2018 09:30:23 +0000

Russia Foreign Minister Sergey Lavrov, answered the questions after the meeting of Organization for Security and Co-Operation in Europe, held in Milan, Italy.

He commented on the recent arrest of Huawei’s CFO Meng Vancou, after being accused of violating Trump’s sanctions on China.

He criticised the decision and said ‘’This is the arrogant policy of a super power, which no one understands.’’

Russia pension: Protests over retirement age hikes

MuhasebeNews — Tue, 03 Jul 2018 11:51:25 +0000

Russia pension: Protests over retirement age hikes

Protests are being held in about 30 Russian cities to express anger at proposals to raise the pension age.

The plan, announced the day the football World Cup began, would see the age raised gradually from 60 to 65 for men, and from 55 to 63 for women.

The government says the changes are needed to cope with a shrinking workforce having to provide for an increasing number of retirees.

But unions warn many people will not live long enough to claim a pension.

Russian men have a life expectancy of 66 while for women it is 77, the World Health Organization says.

An estimated 3,000 people turned out in the Siberian city of Omsk and there have been smaller protests elsewhere.

They included supporters of leading opposition figure Alexei Navalny but also trade unionists, Communists, and nationalists.

Writing on Instagram, Mr. Navalny said the pension age hike was a “true crime”.

“It is a common robbery of tens of millions of people under the guise of ‘much-needed reform’,” he said.

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Source: BBC
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult with an expert before taking a decision based on the information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

Foreign Trade Statistics of Turkey, April 2017

MuhasebeNews — Mon, 05 Jun 2017 06:50:17 +0000

Exports and imports increased by 7.4% and 9.9%, respectively
According to the provisional data, produced with the cooperation of the Turkish Statistical Institute and the Ministry of Customs and Trade, in April 2017; exports were 12 billion 839 million dollars with a 7.4% increase and imports were 17 billion 784 million dollars with a 9.9% increase compared with April 2016.

Foreign trade deficit increased by 16.7%
In April 2017 foreign trade deficit was 4 billion 945 million dollars with a 16.7% increase compared with April 2016.

In April 2017, exports coverage imports was 72.2% while it was 73.8% in April 2016.

Seasonally and calendar adjusted exports decreased by 2.7%
Seasonally and calendar adjusted exports decreased by 2.7% while imports increased 1.6% compared with previous month. Calendar adjusted exports and imports increased by 10.5% and 13.2%, respectively compared with April 2016.
Exports to the European Union increased by 2.2%
As compared with the same month of the previous year, exports to the EU-28 increased by 2.2% from 5 billion 652 million dollars to 5 billion 779 million dollars. The proportion of the EU countries was 45% in April 2017 while it was 47.3% in April 2016.

The main partner for exports was Germany
In April 2017, the main partner country for exports was Germany with 1 billion 140 million dollars. The country was followed by UAE with 1 billion 21 million dollars, Iraq with 857 million dollars and the United Kingdom with 737 million dollars.

The top country for imports was China
In April 2017, the top country for Turkey’s imports was China with 1 billion 647 million dollars. The country was followed by Germany with 1 billion 629 million dollars, Russia with 1 billion 495 million dollars and USA with 980 million dollars.
Ratio of exports of high-tech products in manufacturing industries was 3.1%
Foreign trade by technology intensity covers the manufacturing industries’ products in classification of ISIC Rev.3. According to the ISIC Rev.3, the ratio of manufacturing industries products in total exports was 94.1% in April. The ratio of high-technology products in manufacturing industries was 3.1%. The ratio of medium-high-technology products in manufacturing industries’ products was 33.6%.

Ratio of imports of high-tech products in manufacturing industries was 15.1%
The ratio of manufacturing industries’ products in total imports was 80.5%. The ratio of high-technology products in manufacturing industries’ products was 15.1% in April 2017. The ratio of medium-high-technology products in manufacturing industries’ products was 42.8%.

Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

House Sales Statistics in Turkey, April 2017

MuhasebeNews — Thu, 01 Jun 2017 08:18:27 +0000

In April 2017, 114 446 houses were sold in Turkey
In Turkey, house sales increased by 7.6% in April 2017 compared to the same month of the previous year and hence, became 114 446. For the house sales of April 2017, İstanbul had the highest share of house sales with 17.5% and 20 066 sold house. The followers of İstanbul were Ankara with 13 364 house sales and 11.7% and İzmir 7 170 house sales and 6.3%. The least house sold provinces were Hakkari with 4 house sales, Ardahan with 8 house sales, Şırnak with 18 house sales.

Number of house sales, 2016-2017
In April 2017, 43 334 ownership of the houses changed by mortgage sales
The mortgaged house sales throughout Turkey became 43 334 by increasing 29.6% compared to the same month of the previous year. House sales with mortgage had a 37.9% share of all house sales in Turkey. Most of house sales with mortgage was in İstanbul with 8 546 sales. İstanbul was the first province in Turkey ranking that has most house sales with mortgage share with 19.7%. Mortgaged house sales had the highest share in Ardahan with 87.5% of all house sales.

Ownership of 71 112 houses changed by other sales
Other house sales in Turkey became 71 112 by decreasing 2.5% compared to the same month of the previous year. In the other sales, İstanbul was the first province with 11 520 sales and 16.2% share. Other house sales had 57.4% share of all house sales in İstanbul. Ankara was the second province with 8 047 sales. Ankara was followed by İzmir with 4 149 sales. The least other house sales was realized in Ardahan with 1 house sales.

House sales by type of sales, April 2017

House sales by state of sales, April 2017

In house sales, 51 988 of houses were sold for the first time
First house sales in Turkey became 51 988 by increasing 10.8% compared to the same month of the previous year. First house sales had 45.4% share of all house sales in Turkey. The most first house sales was in İstanbul with 9 380 sales. İstanbul was the first province in Turkey ranking that had most first house sales share with 18%. The followers of İstanbul were Ankara with 5 206 house sales and İzmir with 2 872 house sales.

Ownership of 62 458 houses changed by second hand sales
Second hand house sales in Turkey became 62 458 by increasing 5.1% compared to the same month of the previous year. In the second hand sales, İstanbul was the first province again with 10 686 sales and 17.1% share. Share of the second hand sales was 53.3% in İstanbul in total house sales. Ankara was the second province with 8 158 sales and Ankara was followed by İzmir with 4 298 sales.

In April 2017, 1 624 houses were sold to foreigners
In house sales to foreigners became 1 624 by increasing 2.7% compared to the same month of the previous year. İstanbul was the first province with 571 sales in April 2017. The followers of İstanbul were Antalya with 385 house sales, Bursa with 109 house sales, Trabzon with 97 house sales, Yalova with 69 house sales and Ankara with 65 house sales.

Most house sales were made to Iraqi citizens according to country nationalities
Iraqi citizens bought 245 houses from Turkey in April. The followers of Iraq were Saudi Arabia with 185 house sales, Kuwait with 169 house sales, Russia with 99 house sales and Afghanistan with 81 house sales.

Foreign Trade Statistics of Turkey, March 2017

MuhasebeNews — Fri, 28 Apr 2017 07:45:05 +0000

Exports and imports increased by 13.6% and 6.9%, respectively
According to the provisional data, produced with the cooperation of the Turkish Statistical Institute and the Ministry of Customs and Trade, in March 2017; exports were 14 billion 496 million dollars with a 13.6% increase and imports were 18 billion 988 million dollars with a 6.9% increase compared with March 2016.

Foreign trade deficit decreased by 10.3%
In March 2017 foreign trade deficit was 4 billion 492 million dollars with a 10.3% decrease compared with March 2016.

In March 2017, exports coverage imports was 76.3% while it was 71.8% in March 2016.

Seasonally and calendar adjusted exports increased by 3.7%
Seasonally and calendar adjusted exports and imports increased by 3.7% and 2.2%, respectively compared with previous month. Calendar adjusted exports and imports increased by 13.5% and 7.1%, respectively compared with March 2016.
Exports to the European Union increased by 8.1%
As compared with the same month of the previous year, exports to the EU-28 increased by 8.1% from 6 billion 267 million dollars to 6 billion 775 million dollars. The proportion of the EU countries was 46.7% in March 2017 while it was 49.1% in March 2016.

The main partner for exports was Germany
In March 2017, the main partner country for exports was Germany with 1 billion 321 million dollars. The country was followed by UAE with 1 billion 28 million dollars, Iraq with 906 million dollars and the United Kingdom with 874 million dollars.

The top country for imports was Germany
In March 2017, the top country for Turkey’s imports was Germany with 1 billion 783 million dollars. The country was followed by China with 1 billion 770 million dollars, Russia with 1 billion 599 million dollars and the USA with 952 million dollars.

Ratio of exports of high-tech products in manufacturing industries was 3.1%
Foreign trade by technology intensity covers the manufacturing industries’ products in classification of ISIC Rev.3. According to the ISIC Rev.3, the ratio of manufacturing industries products in total exports was 94.4% in March. The ratio of high-technology products in manufacturing industries was 3.1%. The ratio of medium-high-technology products in manufacturing industries’ products was 33.9%.

Ratio of imports of high-tech products in manufacturing industries was 13.9%
The ratio of manufacturing industries’ products in total imports was 81%. The ratio of high-technology products in manufacturing industries’ products was 13.9% in March 2017. The ratio of medium-high-technology products in manufacturing industries’ products was 42.2%.

House Sales Statistics in Turkey, March 2017

MuhasebeNews — Wed, 26 Apr 2017 07:49:07 +0000

In March 2017, 128 923 houses were sold in Turkey
In Turkey, house sales increased by 10% in March 2017 compared to the same month of the previous year and hence, became 128 923. For the house sales of March 2017, İstanbul had the highest share of house sales with 17.4% and 22 443 sold house. The followers of İstanbul were Ankara with 15 004 house sales and 11.6% and İzmir 8 059 house sales and 6.3%. The least house sold provinces were Hakkari with 8 house sales, Ardahan with 12 house sales, Bayburt with 39 house sales.

Number of house sales, 2016-2017

In March 2017, 50 424 ownership of the houses changed by mortgage sales

The mortaged house sales throughout Turkey became 50 424 by increasing 29.9% compared to the same month of the previous year. House sales with mortgage had a 39.1% share of all house sales in Turkey. Most of house sales with mortgage was in İstanbul with 9 661 sales. İstanbul was the first province in Turkey ranking that has most house sales with mortgage share with 19.2%. Mortgaged house sales had the highest share in Artvin with 59.1% of all house sales.

Ownership of 78 499 houses changed by other sales
Other house sales in Turkey became 78 499 by increasing 0.1% compared to the same month of the previous year. In the other sales, İstanbul was the first province with 12 782 sales and 16.3% share. Other house sales had 57% share of all house sales in İstanbul. Ankara was the second province with 8 525 sales. Ankara was followed by İzmir with 4 667 sales. The least other house sales was realized in Hakkari and Ardahan with 5 house sales.

House sales by type of sales, March 2017

House sales by state of sales, March 2017

In house sales, 56 376 of houses were sold for the first time
First house sales in Turkey became 56 376 by increasing 7.6% compared to the same month of the previous year. First house sales had 43.7% share of all house sales in Turkey. The most first house sales was in İstanbul with 9 972 sales. İstanbul was the first province in Turkey ranking that had most first house sales share with 17.7%. The followers of İstanbul were Ankara with 5 355 house sales and İzmir with 3 117 house sales.

Ownership of 72 547 houses changed by second hand sales
Second hand house sales in Turkey became 72 547 by increasing 11.9% compared to the same month of the previous year. In the second hand sales, İstanbul was the first province again with 12 471 sales and 17.2% share. Share of the second hand sales was 55.6% in İstanbul in total house sales. Ankara was the second province with 9 649 sales and Ankara was followed by İzmir with 4 942 sales.

In March 2017, 1 578 houses were sold to foreigners
In house sales to foreigners became 1 578 by decreasing 1.1% compared to the same month of the previous year. İstanbul was the first province with 579 sales in March 2017. The followers of İstanbul were Antalya with 313 house sales, Bursa with 124 house sales, Yalova with 88 house sales, Sakarya with 80 house sales and Ankara with 73 house sales.

Most house sales were made to Iraqi citizens according to country nationalities
Iraqi citizens bought 323 houses from Turkey in March. The followers of Iraq were Saudi Arabia with 148 house sales, Kuwait with 139 house sales, Russia with 115 house sales and Afghanistan with 112 house sales.