... some subsidiaries were profitable and directed dividends to the parent company. These participation earnings amounted to ~157 billion rubles in H1 2025 (slightly less than 185 billion rubles a year earlier). Interest income (from provided loans and fund placements) also increased (~179 billion rubles compared to 168 billion rubles in H1 2024) due to higher interest rates in the economy. All the listed components cumulatively account for the spike in other income. Conversely, other expenses also ...

... short-term weakening following the July decision of the Bank of Russia, is holding steady around 80 ₽ to $1. The key rate cut by 200 bps (to 18% per annum) had only a moderate impact on the attractiveness of ruble assets: the outflow of foreign speculative funds remains restrained, as the central bank’s decision was largely anticipated and priced in in advance. Moreover, ongoing sales of foreign currency receipts by exporters and cautious interventions by the regulator help smooth out exchange rate fluctuations....

... inflation forecast for the end of 2025 and allowed for the possibility of further rate cuts if current trends persist. Markets reacted ambiguously to the CBR's bold decision. Bonds saw an influx of buyers: OFZ yields fell on expectations of cheaper funding, increasing the attractiveness of government debt. However, stocks on the Moscow Exchange showed mixed dynamics throughout the day—several rate-sensitive sectors (such as energy and consumer sectors) received a boost, while bank stocks declined ...

... this means stable demand: shares of major LNG producers (Cheniere, Venture Global, etc.) rose by 7–9% in light of the news. The EU, for its part, in addition to importing energy resources, has agreed to invest $600 billion in the US economy – the funds will go towards infrastructure development, green technologies, and more. Thus, the deal is mutually beneficial: Europe receives guarantees of energy security and predictability, while the US gains market expansion and investment influx. Leaders ...

... and space corporations, submarine producers, control systems) may receive new contracts. Long-term investors might want to pay attention to the defense and high-tech sectors related to strategic programs—despite ethical considerations, government funding remains stable even during economic downturns. Political Decisions and Agreements: Negotiations regarding arms control and non-proliferation (or their collapse) can influence market sentiment. For example, the extension or termination of the New ...