The main news of the Russian Union of Industrialists and Entrepreneurs congress held on Wednesday is the readiness of the Ministry of Finance to sacrifice oil super-profits for the sake of the ruble's weakening.

In the week by June 24, prices in Russia have not changed after two weeks of deflation (minus 0.14% and minus 0.12%), Rosstat said today. Inflation in annual terms decreased to 16.22%. Zero inflation was achieved with a continuing decline in prices in the food segment (-0.30%), where vegetables and fruits are noticeably cheaper (potatoes and tomatoes - by almost 6%), writes the Ministry of Economic Development.

Quotes of nickel and palladium jumped on Wednesday, June 29, immediately after the news of the UK sanctions against the owner and head of Norilsk Nickel, Vladimir Potanin. At the peak, nickel rose in price by 9.2%, palladium - by 7.7%, then the quotes fell. The main question is whether the restrictions will apply to Norilsk Nickel itself, in which Potanin has more than 30%.

In order to weaken the overstrengthened ruble, the Ministry of Finance is ready to use "heavy artillery" - foreign exchange interventions at the expense of raw material windfalls. The Ministry of Economic Development is against it, fearing that the budget for such a maneuver will not be enough. Experts do not exclude the success of interventions, but it will depend on the scheme chosen by the Ministry of Finance. What did the Ministry of Finance propose?

The Moscow Exchange is preparing a class action lawsuit due to EU sanctions against the National Settlement Depository (NSD), which is part of its group, Sergey Shvetsov, chairman of the Moscow Exchange Supervisory Board, said at the St. Petersburg Economic Forum. “On foreign securities - today I see nothing else but a judicial perspective, that is, a class action lawsuit should be filed. The European Union, imposing sanctions on the NSD, in general, blocked other people's assets.

How are Russian small and medium-sized businesses adapting to sanctions, what lessons have entrepreneurs learned from the events of the pandemic, and where should an entrepreneur go in a crisis - to a psychotherapist or a coach? Anastasia Tatulova, founder of the AnderSon family cafe chain and ex-public ombudsman for SMEs, spoke about this with entrepreneurs on a special broadcast on the Bell.Club Live channel .

Finance Minister Anton Siluanov allowed foreign exchange interventions to stabilize the ruble. According to him, the budget is ready to donate part of this year's raw materials windfall, but the final decision has not yet been made. “We are ready to sacrifice part of the costs. Our principle for the current year is “all income goes to expenses”, although we have already made more spending decisions than we will have income.

Oil production in Russia began to recover after a spring fall Pixabay @ In the conditions of the European embargo announced in May, Russia in June increased production by almost 5%. At the same time, the export of Russian raw materials decreased by 3%, but oil refining is growing due to seasonal demand for fuel within the country and the growth of oil products to Africa. And oil supplies to India and China have grown significantly.