russia

Ukraine's president on Friday accused the prime minister of saddling the country with a huge debt to Russia and said her government must urgently repay $2.4 billion owed for gas imports.

President Dmitry Medvedev urged state-funded banks to "act responsibly" Tuesday, the latest comments by top Russian officials warning that banks might be abusing the government's billion-dollar bailout.

Russia's Central Bank said Friday it aims to let the ruble, whose value is now pegged to other currencies, float freely on currency markets in the next few years.

Russia’s cash reserves have fallen to $484 billion, from a peak of just under $600 billion, putting the success of the economy in doubt.

Russia's foreign minister says U.S. sanctions against Russia's state arms trader defies international law and will hurt bilateral ties.

Russia, Iran and Qatar have taken the first tentative steps towards the creation of an organisation of gas exporting countries.

The International Monetary Fund, along with a group of Nordic countries and Russia, are poised to announce a $6 billion rescue plan for Iceland, whose financial system collapsed this month.

Iceland drew on Nordic help to obtain foreign currency on Tuesday and held talks with Russia about a possible loan to stave off a crisis that has left its economy near collapse.

Icelandic markets are reeling as they reopen, and officials are reaching out to Russia for help.

In addition to seeking the $5.4 billion loan from Russia, Iceland pegged its currency to an index and took control of one of its largest banks as it struggled to keep its economy afloat.