Radio VR is looking into this week`s major economic events together with Radio VR`s presenter Dmitriy Vostok as well as expert Jorge Duany, the Director of Cuban Research Institute at Florida International University.
The number one news that made this week was the anticipated resolution reached between Russia and Ukraine on gas deliveries. The both sides have agreed that Ukraine will have to repay part of its debt to Russia before the end of the year – that’s 3.1 billion dollars. The total package is worth 4.6 billion dollars, with money coming from the International Monetary Fund and the European Union.
Next, we take a look at the history and the consequences of the US embargo on Cuba. Professor Jorge Duany, Director of Cuban Research Institute at Florida International University, says though the relations between the US and Cuba have improved over the past few years, the trade embargo could hardly be lifted in the foreseeable future.
And finally, the last but sure not the least — the falling Ruble. Russia`s Central Bank has raised its key interest rate to 9.5 percent from 8 percent as it seeks to tackle inflation. The bank has already raised rates from 5.5 percent at the start of the year but the moves have failed to combat inflation. A weak Ruble and a ban on the Western food imports have kept inflation stubbornly high.
