Christopher Granville

Director of Russia Research
+44 (0)20 3008 5762

Alejandro Tamola

Economic Adviser

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Recent Russia research

* Russia: Geopolitics less bearish than oil, 23 Jun 2017
* Russian oil – volume gearing, Christopher Granville, James Henderson, 8 May 2017
* Russia-Saudi oil axis: Last hurrah in H2/17, Christopher Granville, James Henderson, 27 Apr 2017
* Russia: Navalny trashes Medvedev - What it means, Christopher Granville, 29 Mar 2017
* Russia: Geopolitical driver – negative turn, Christopher Granville, 15 Mar 2017

See all our Russia research >>

Ukraine: Falling into a fiscal hole


The monetary financing of Ukraine’s exploding budget (and quasi-fiscal) deficits spells an early end to the recent signs of macroeconomic stabilisation in the form of falling inflation and the modest recovery of the hryvnia. Looking behind manipulated official fiscal statistics, the reality is clear from data on the issuance of government securities – up 290 per cent since October 2008 – with almost all this paper absorbed by the central bank. Any natural economic bounce-back will...

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