December 16, 1998 |
ICN Pharmaceuticals Inc., the biggest drug maker in Eastern Europe, said it will suspend production at its five Russian plants for 20 days beginning Christmas Day, because the slumping Russian ruble has slashed consumers' purchasing power. "Our warehouses are filled with medicine that can't be sold," said company spokesman Sergei Korol. The ruble has tumbled 69% since August, and Korol said distributors owe ICN $34 million for previous supplies.
May 12, 1989 |
The Soviet Union soon will auction foreign exchange for the first time as a first step toward making the ruble convertible, a top Soviet banker said in an interview published Thursday. "We're clearing up final technical problems," Juri Moskovsky, chairman of the Bank for Foreign Economic Affairs (Vneshekonombank), told Pravda. "I think it will take place in the near future; we would like it in May. "With the help of this channel, enterprises which work only on the domestic market will have access to foreign currency," he said.
CALIFORNIA | LOCAL
June 23, 1992
Yeltsin's visit to the U.S. was a public relations trip to raise money for Russia. President Bush's request for a blank check to prop up the ruble is now before Congress. As an American taxpayer I say to Congress: "No problem! Let's show them our presses print dollars faster than their presses churn out rubles!" So what if we prop up a regime with nearly the same cast of characters, and forget the late Andrei Sakharov's warning that "aid to the Kremlin is like pouring water into sand."
January 23, 1991 |
Panicked Soviets besieged savings banks from the Baltics to Siberia today and tried to sell each other wads of rubles after the government announced it was taking big bills out of circulation. President Mikhail S. Gorbachev said in a decree Tuesday night that 50- and 100-ruble bills--worth $90 and $100 at the official rate--will be taken out of circulation within three days and that savings-account withdrawals will be severely limited.
June 3, 1992 |
Russian President Boris N. Yeltsin, fearing that strikes could shatter his reforms, delivered billions of rubles in back wages to industrial hot spots Tuesday and urged oil workers to hold out despite hardship. "We all must make sacrifices, but there is a sense to it," Yeltsin said in an appeal to energy workers. "If we hold out, we can stabilize the economy." Russian Television said that Moscow eased the strike threat in Siberia's Kuzbass coal fields by delivering 4 billion rubles in wages.
January 8, 1993 |
Strip malls in Russia? Forget for a moment the growing poverty in Moscow, widespread inflation, the nation's $56 billion in foreign debt. Never mind that Boris N. Yeltsin is fighting for his political life with the future of his radical economic reforms hanging in the balance. Mall developers, among the more visionary of entrepreneurs, are taking to the golf courses in Moscow and talking deals. Kmarts. Neighborhood strip centers. Discount clubs. Barry M. Klein of Bloomfield Hills, Mich.