In the first nine months of 2022 Wildberries saw turnover increase 95% year on year to over RUB1 trillion (around $16.5bn). The online retailer has enjoyed a wildly successful couple of years, it now dominates the Russian market and is almost twice the size of its closest competitor. Indeed, while it may not be a household name in the West, Wildberries …
International software company Luxoft opened a development centre in Serbia on November 18, and announced plans to double its headcount in the country. The following day, Russia’s Yandex unveiled plans to open its own development centre in Serbia. Serbia has benefited from the arrival of thousands of Russian tech professionals, who left their own country …
Luxoft opens development centre in Serbia, Yandex to follow Read More
Since the sanctions came down on Russia there has been a bonanza of M&A activity as those companies and oligarchs that have been included in the lists have had to dump their subsidiaries to protect them from being targeted. Often this means that individuals find themselves on a list, but their company is excluded as it …
One of Russia’s big three e-commerce company says it is sticking with its forecast for turnover growth of 80% this year, despite the sanctions and economic slowdown, Tass reported on August 23. E-commerce sites have benefited from the war as consumers have gone online to find goods that have disappeared from the stores after some …
Ozon keeps 2022 80% turnover growth forecast, but losses increased in H1 Read More
The volume of online sales of physical goods in Russia grew 1.5-fold year-on-year in the first half of 2022 to 2.2 trillion ($27.5 billion at the pre-war exchange rate, or $36.4 at the current one), the Association of Internet Commerce Companies said on August 11, as reported by TASS. “Total online commerce amounted to 2.3 trillion …
Vladimir Kiriyenko, the new CEO of internet major VK Company, enjoyed a day in the limelight at the St Petersburg International Economic Forum in June (SPIEF). “We have exceeded a monthly audience of 100 million and a daily audience of 50 million,” he told a room full of executives and officials. “For us, that’s a …
VK set to become Russia’s digital leader as crisis shakes up sector Read More
The Meshchansky District Court of Moscow has lifted the house arrest restrictions on US citizen Michael Calvey, the founder of top private equity fund Baring Vostok, three years after his arrest and months in jail. The courts previously ruled that Calvey was forbidden to leave the house after 8pm, communicate with witnesses outside the framework …
Moscow court lifts US investor Michael Calvey’s restrictions on leaving home Read More
On October 17, Russia’s Team Spirit triumphantly lifted the Aegis of Champions. The team of five youngsters – the oldest of them only 23 years of age – looked somewhat out of place, dwarfed by Romania’s biggest stadium. The International 10 is no ordinary sporting event: it is the world championship for multiplayer online battle …
Russian team with mysterious backers wins world’s biggest eSports prize Read More
Russian online bank Tinkoff has launched an e-commerce venture. The new platform, a constellation of services and tools designed to help entrepreneurs handle and boost their online sales, will cater to a rapidly expanding online economy in Russia, as well as to clients hoping to grow their international presence. Tinkoff has hired Ilya Kretov, formerly …
Tinkoff enters e-commerce race as competition intensifies Read More
The US Treasury Department has for the first time sanctioned cryptocurrency exchange, a Russian-based Suex that is registered in the Moscow City business compound and operates physical as well as virtual exchanges. Suex is allegedly responsible for over $480 million of unlawful operations, has been used for ransomware attacks and operated transfers to and from Finiko crypto ponzi scheme and Russia’s …
US sanctions Russia-based cryptocurrency exchange over ransomware Read More
By Mark Galeotti, Director of the consultancy Mayak Intelligence, Honorary Professor at UCL School of Slavonic & East European Studies. Following recent cases of Russian-linked cyberespionage and ransomware attacks, President Joe Biden has cranked up the pressure on Vladimir Putin to act. Despite easy stereotypes that the Kremlin is behind, or at least passively sanctions …
Russia’s largest online retailer Wildberries has launched direct cross-border sales from Belarus, Kazakhstan and China to Russian consumers, the company announced on June 23, presenting the move as a pilot project. Cross-border delivery of goods will be carried out both by Wildberries’ own logistics service (for example, in Belarus and Kazakhstan) and via international logistics partners (in …
Wildberries launches cross-border sales to Russian consumers Read More
