... and restrictions on exports and imports, businesses face shortages of technological equipment, components, and supply chain challenges. Ruble Instability: Currency volatility limits planning capabilities and dampens external economic activity, particularly ... ... slowdown. Conversely, export-oriented sectors such as energy and metallurgy may have greater growth opportunities amidst high global market prices. Inflation in Russia: Current Dynamics and Impact on Business In October, annual inflation stood at 8.54%,...

... the sector for renewable energy sources (RES) — wind and solar — continues to grow; however, their intermittency compels governments to maintain coal generation as a reserve for peak load situations. The International Energy Agency predicts that global electricity generation from coal will gradually decline after 2025, yet the current year demonstrates how challenging it is to immediately abandon coal without risking energy systems. For investors in the FES, this signals that traditional segments — coal, oil, and gas industries — will remain significant in the coming years, although they will modernize ...

... laid. Investors are redirecting their focus to more mature projects with proven business models, while the government is expanding support — from developing IT education to creating a network of regional accelerators. Local startups aspire to enter global value chains, leveraging strong competencies in high-tech niches (AI, big data, cybersecurity, etc.). Despite various challenges, Russia and neighboring countries are gradually building their own venture landscape, hoping to eventually secure a respectable place in the global technological race. Conclusions: Cautious Optimism As we enter the second half of 2025, sentiments ...

... still a fraction of the global market). Local investors are focusing on projects in artificial intelligence, import substitution, cybersecurity, and B2B services. A new wave of tech entrepreneurs is gradually forming, capable of developing businesses in challenging conditions. The regional venture ecosystem is striving to take advantage of the global upswing to lay the groundwork for future growth, even if this requires more time and local support. Conclusions: Cautious Optimism and a Focus on Quality Growth By the end of summer 2025, sentiment in the venture industry remains cautiously optimistic....

... shifting their focus to more mature projects with proven business models, while the government is expanding support—from developing IT education and tech parks to establishing a network of regional accelerators. Local startups are striving to enter global value chains, leveraging strong competencies in high-tech niches (AI, big data, cybersecurity, etc.). Despite all challenges, Russia and its neighboring countries are gradually building their own venture landscape, hoping to eventually secure a worthy place in the global tech race. Conclusions: Cautious Optimism As we approach the second half of 2025, the mood among ...