Russia Sanctions Guide by Chris Weafer

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What difference have sanctions made and, is that about to change?

Economy has adjusted to new conditions. The economic impact of the sanctions applied against Russia by the US, EU and other states in 2014 has been relatively slight. The reason is because the government was forced, due to the combination of sanctions, counter-sanctions and lower oil revenues, to address problems in a real way and not just “kick the can down the road” as before. The economy has now adjusted to (pre-August 2017) sanctions and lower oil revenues and is on course to grow by 1.4% this year.

NRCC Networking Meeting in Oslo - 29 August 2017

On 29 August 2017, the NRCC Networking Meeting took place in the facilities of the Norwegian Shipowners’ Association, Oslo. About 55 participants took part in the meeting.

Mr Jarle Forbord, NRCC Managing Director, opened the meeting by welcoming all the participants. Then Ms Anu Fredrikson, Director of the Arctic Economic Council Secretariat, held a presentation about the Arctic Economic Council business to business activities with focus on Russia. 

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Ms Anu Fredrikson, Director, Arctic Economic Council Secretariat, Tromsø
The next speaker, Mr Yevgeniy Tregubenko, CEO of RT Group, Moscow, updated participants on main developments in Russian tax and corporate laws.
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Mr Yevgeniy Tregubenko, CEO, RT Group, Moscow

Working visit to the Møre Maritime Cluster in Ålesund on 21-23 August 2017

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The working visit to the Møre Maritime Cluster in Ålesund was organised on 21- 23 August 2017.

The delegation was represented by H.E. Ambassador of the Russian Federation to the Kingdom of Norway, Teimuraz Ramishvili, Mr Igor Kozhedub, Attaché, Embassy of Russia in Norway, Mr Timur Chekanov, Attaché, Embassy of Russia in Norway, Mr Alexander Anikin, Trade Representative, Trade Representation of Russia in Norway, Mr Alexander Lizogub, Head Expert, Trade Representation of Russia in Norway, Mr Sergey Alekseev, Head of Arctic Engineering Center, Krylov State Research Center, Ms Liv Monica Stubholt, Chair of the NRCC Board, Mr Jarle Forbord, NRCC Managing Director and Mr Rune Methi, NRCC Senior Project Manager.

Regarding the program, on the first day the delegation visited Optimar AS presented by Mr Asbjørn Solevågseide and Skipsteknisk presented by Mr Hans Ove Holmøy and Ms Inge Bertil Straume. The evening continued with a dinner at the Atlanterhavsparken aquarium.

Russia Macro Monthly eport for August 2017: Economic Recovery Solidifies

Please find Russia Macro Monthly report for August 2017, prepared by Chris Weafer, Senior Partner at Macro-Advisory Ltd from Moscow. Short summary of the report:


Economic Recovery Solidifies

Economic recovery is solid. The Economy Ministry expects Q2 GDP growth may be 2.7%, bringing growth for 1H to 1.6% and ahead of consensus for the full year. That is still on the optimistic side. The Gaidar institute forecasts average growth at 1.5% for 2017 & 2018.

Driven by both investment and consumption. Q2 investment growth was faster than the 2.3% seen in Q1, while, in June, consumption grew by 1.2% YoY and looks set to strengthen in 2H. Confidence indicators weaker, but still positive. Manufacturing and services PMI are both still in expansionary territory, but not as high as earlier in the year. Lending to SMEs is recovering, according to CBR data, and the average interest rate is falling.

Sanctions. President Trump, reluctantly, signed the new sanctions bill into law. The new law does not immediately impose new sanctions but raises considerable concern over future expansion and adds to Russia risk uncertainty which may slow inward investment.

Muted Russian reaction. The government’s only reaction was to replicate the US expulsions of Russian diplomats (albeit a larger number) of last December. So far there are no signals of any further actions but that may change after the vacation period.

Far East Forum. The next major event will be the BRICS Forum in China in late August and the Far East Economic Forum in early September. Russia has simplified the visa process to attract delegates and clearly hopes to show strong Asian investor interest.

Odd Gunnar Skagestad's new book "From Lenin to Putin"

Odd Gunnar Skagestad


"Fra Lenin til Putin" (subtitle "Russland 1917-2017: Hundre år som rystet verden") - ("From Lenin to Putin" - subtitle "Russia 1917-2017: Hundred Years that shook the World" - In Norwegian only)
Will be in sale from 8 October 2017 (publisher Frekk forlag). 
Hardcover, 176 (+) pages, price (from the publisher or in bookstores) NOK 329,- .
Special Discount Offer: NOK 269,- when ordering the book before 1 October by email to the publisher post(at) The order should be marked "Tilbud fra Skagestad" ("Offer from Skagestad"), and the publisher will send the book with the invoice.
About the author:
Mr Odd Gunnar Skagestad – the author – is a NRCC member. He is a retired diplomat from the Norwegian Foreign Service. He has lived a total of 7 years in the former Soviet Union and today's Russia in various capacities, i.a. as the Norwegian Consul General to Murmansk and Arkhangelsk, and as the Head (ambassador) of the OSCE Assistance Group to Chechnya.
The book does not purport to be a historical dissertation or a scientific political analysis. If, however the reader would like to read it as such, the author modestly suggests that the book may offer useful perspectives also in that respect.



NRCC wishes a great summer holiday!

new members


Dear all,

NRCC would like to welcome 23 new NRCC members so far in 2017!

Also, please save the date for the first NRCC Networking Event in Oslo after summer holidays, which will be held on 29 August in the facilities of the Norwegian Shipowners’ Association.

Please note that our office will be closed for summer holidays in July.

NRCC administration wishes you a great summer holiday!



Finland's Chairmanship Program for the Arctic Council 2017-2019


Please find Finland's Chairmanship Program for the Arctic Council 2017-2019 "Exploring Common Solutions". 

Finland builds the 2017–2019 Chairmanship of the Arctic Council on strong Arctic traditions and expertise. International Arctic cooperation at the governmental level started at the first-ever Arctic ministerial meeting in Rovaniemi, in 1991.

Finland strives to increase the cooperation between the Arctic Council and the Arctic Economic Council to support the goal of facilitating business-to-business activities and responsible economic development. Common areas of interest include capacity building, risk management, connectivity, cold-climate technologies and services, maritime transport, energy, bioeconomy, tourism, housing and mining.

The Finland's Chairmanship Program for the Arctic Council covers Finland's priorities such as environmental protection, connectivity, meteorological and oceanographic cooperation, and education. Also, it has been discussed areas of work of the Arctic Council such as environment and climate, the seas, the people and strengthening arctic cooperation.  

Please download the full version ot the Finland's Chairmanship Program here




The aim of the NRCC is to stimulate and improve business relations between Norwegian and Russian companies regarding import, export, shipping, business development, tourism or investment activities. More...


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