January 16, 2020

Russia Moves Quickly to Make Putin’s New Vision a Reality
(Bloomberg) -- Vladimir Putin’s new prime minister pledged to work with business and overhaul the cabinet after a surprise shakeup that may enable the president to extend his 20-year rule.Mikhail Mishustin won a confirmation vote in the lower house of parliament Thursday with 383 of the State Duma’s 450 lawmakers voting in favor. Putin had moved quickly to nominate the former tax chief after the departure of his long-serving prime minister on Wednesday.“To ensure further growth of GDP, first of all we must stimulate investment, that’s very important,” Mishustin said in the Duma ahead of the vote. The government should “restore the trust lost between the authorities and business and talk seriously about reducing costs and excess pressure.”Surprise ShakeupPutin’s proposed constitutional amendments include granting more powers to the parliament and another body called the State Council, while the presidency would see its sweeping authority reduced somewhat. The changes could allow the Russian leader, who faces a constitutional ban on running again when his current term ends in 2024, to retain power in another role.Dmitry Medvedev, one Putin’s longest-serving lieutenants, tendered the resignation of his government after the speech, saying that the president needed a new team to implement his vision. Removing Medvedev, widely blamed for lackluster economic performance and stagnant living standards in recent years, could help the Kremlin boost public support. An increase in government spending set for this year is expected to accelerate sputtering growth.“Our hope and expectation of the new government is that it will more effectively implement the National Projects and work more actively on economic issues,” Vyacheslav Volodin, State Duma speaker, told reporters. “Without achieving growth rates above the global average we can’t resolve social issues.”Mishustin, 53, told legislators he’d focus on implementing Putin’s National Projects infrastructure-spending program as a top priority. Implementation of those initiatives had stalled in the bureaucracy last year, slowing economic growth and drawing public criticism of the government from Putin. Mishustin also vowed to stick with the current tight-money policies that have helped bring down inflation.“The replacement of the government has for many increased hopes that the new team will be able to do more” on reforms, Alexei Kudrin, former finance minister and now head of the Audit Chamber, a government watchdog, told a conference Thursday. Mishustin “has a better feel for the situation in business and knows how to balance the interests of business and the state,” he said.Cabinet PicksIt’s the first time since 1996 that a nominee for prime minister received no votes against his candidacy from lawmakers, Volodin said. Mishustin told reporters after the vote that he’ll present his proposed new government to Putin soon.Investors are watching closely the fate of Anton Siluanov, who as first deputy prime minister and finance minister in the last government won a reputation as a steward of tight budget policies that made Russia a favorite for foreign bond-buyers. Russian bond yields recovered Thursday after jumping the most in two months on the news of the cabinet shakeup Wednesday.“Without knowing the names of the new ministers and their views, policy continuity is not certain,” Morgan Stanley economist Alina Slyusarchuk wrote in a note. “We could see more expansionary fiscal policy, or more structural reforms, or the changes could be purely political with economic policy unchanged.”Mishustin said there would be changes in the cabinet and the appointments would be announced soon, according to Alexander Khinshtein, a ruling-party legislator who attended the meeting. A Communist lawmaker said Mishustin had pledged to make major changes in the government but didn’t give specifics, RIA Novosti reported.A PhD economist who ran an investment business, Mishustin has a reputation as an efficient technocrat with a low political profile. Named to head the tax service in 2010, he tamed legendary Russian evasion by installing a nationwide computerized reporting system that works in real time, making the agency one of the government’s most technologically sophisticated.Yandex BoostShares in Yandex NV, Russia’s leading Internet company, jumped as much as 7% after a legislator said in an online post that Mishustin had promised to support the company.“Without a doubt, the government should be a digital platform that’s created for people. That’s what we tried to do with the tax system,” Mishustin told legislators Thursday, according to a video posted by a parliamentary official. “The most important thing is to remove limits for business.”Prior to the tax authority, Mishustin led reforms at several other state agencies, including the federal land registry. He also has a background in private business and served as president of UFG Asset Management, part of one of Russia’s biggest investment houses, from 2008 to 2010.As Mishustin was addressing legislators, Putin led a meeting of the new panel of dignitaries -- including legislators, officials, as well as prominent musicians and athletes -- set up to draft the constitutional changes, Interfax reported. A national vote on the proposals could come before May 1, Tass quoted a senior legislator from the upper house as saying.(Updates with Mishustin winning parliamentary vote)\--With assistance from Jake Rudnitsky, Ilya Arkhipov and Anna Baraulina.To contact the reporters on this story: Andrey Biryukov in Moscow at abiryukov5@bloomberg.net;Stepan Kravchenko in Moscow at skravchenko@bloomberg.netTo contact the editors responsible for this story: Gregory L. White at gwhite64@bloomberg.net, Tony Halpin, Natasha DoffFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Related Stories
Latest News
Top news around the world
Coronavirus Disease

Coronavirus disease (COVID-19) is an infectious disease caused by a newly discovered coronavirus.

Most people infected with the COVID-19 virus will experience mild to moderate respiratory illness and recover without requiring special treatment. Older people, and those with underlying medical problems like cardiovascular disease, diabetes, chronic respiratory disease, and cancer are more likely to develop serious illness.

Around the World

Celebrity News

> Latest News in Media

Watch It
How 'The Queen's Gambit's' Costume Designer Made Outfits Fit for a Chess Queen
June 22, 2021
18ncQSIcx5M
Why Paris Hilton Doesn’t Need to Make a Billion Dollars Anymore
June 22, 2021
j5ssoQNtb_o
The Cast of ‘F9’ Reveal their 9 Favorite Cars from the Fast & Furious Franchise
June 22, 2021
vZZRGlR7v3Q
See Chris D’Elia's Beverly Hills mansion amid scandal | Page Six Celebrity News
June 23, 2021
WFQg3MTPMfA
Dana Wilkey: Lisa Vanderpump ‘was the coldest’ on ‘RHOBH' | Page Six Celebrity News
June 23, 2021
3O8fn1Kp5d0
The 10 biggest bombshells from the 'KUWTK' reunion | Page Six Celebrity News
June 22, 2021
fSMhfxmcJEk
Jen Says F Dating Apps, Pastor Affair & Netflix's "Sexy Beasts"
June 23, 2021
smSSxaKdOuk
Miley Cyrus Concert Peek & TikTok Love Connections
June 23, 2021
A5Zyeme34GQ
Britney Spears Hearing: Justin Timberlake & More React | E! News
June 23, 2021
WXBY__8goYg
'Karen' Director Coke Daniels Scoffs at Idea He Ripped Off 'Get Out' | TMZ
June 24, 2021
Sp3iYbLsWIs
#FreeBritney Supporters Gather Outside Court to Show Their Support | TMZ
June 23, 2021
-HVwuDWG9nQ
Blueface Tells 'Real Story' of How He Bought a Restaurant | TMZ
June 23, 2021
jGMCmR1UiLY
TV Schedule
Late Night Show
Watch the latest shows of U.S. top comedians

Sports

Latest sport results, news, videos, interviews and comments
Latest Events
19
Nov
ASIAN CHAMPIONS LEAGUE: Group H
Sydney FC - Shanghai SIPG
17
Nov
UEFA NATIONS LEAGUE A: Group Stage
Spain - Germany
14
Nov
UEFA NATIONS LEAGUE A: Group Stage
Germany - Ukraine
08
Nov
ENGLAND: Premier League
Manchester City - Liverpool
08
Nov
ENGLAND: Premier League
Arsenal - Aston Villa
08
Nov
SPAIN: La Liga
Valencia - Real Madrid
08
Nov
ITALY: Serie A
AC Milan - Verona
08
Nov
ENGLAND: Premier League
West Bromwich Albion - Tottenham Hotspur
08
Nov
ITALY: Serie A
Bologna - Napoli
08
Nov
ITALY: Serie A
Genoa - Roma
08
Nov
ITALY: Serie A
Atalanta - Inter Milan
08
Nov
ITALY: Serie A
Lazio - Juventus
08
Nov
GERMANY: Bundesliga
Bayer Leverkusen - Borussia Monchengladbach
08
Nov
ENGLAND: Premier League
Leicester City - Wolves
08
Nov
GERMANY: Bundesliga
Wolfsburg - Hoffenheim
08
Nov
SPAIN: La Liga
Real Valladolid - Athletic Bilbao
08
Nov
SPAIN: La Liga
Levante - Alaves
08
Nov
SPAIN: La Liga
Real Sociedad - Granada CF
08
Nov
ITALY: Serie A
Torino - Crotone
08
Nov
SPAIN: La Liga
Getafe - Villarreal
07
Nov
GERMANY: Bundesliga
Borussia Dortmund - Bayern Munich
07
Nov
ENGLAND: Premier League
Everton - Manchester United
07
Nov
ENGLAND: Premier League
Chelsea - Sheffield United
07
Nov
SPAIN: La Liga
Atletico Madrid - Cadiz
07
Nov
SPAIN: La Liga
Barcelona - Real Betis
07
Nov
GERMANY: Bundesliga
Augsburg - Hertha Berlin
07
Nov
GERMANY: Bundesliga
Stuttgart - Eintracht Frankfurt
07
Nov
GERMANY: Bundesliga
RB Leipzig - SC Freiburg
07
Nov
ENGLAND: Championship
Rotherham - Preston NE
07
Nov
ITALY: Serie A
Parma - Fiorentina
07
Nov
ENGLAND: Championship
Watford - Coventry
07
Nov
ENGLAND: Championship
Norwich City - Swansea City
07
Nov
ENGLAND: Championship
Blackburn - QPR
07
Nov
ENGLAND: Championship
Derby County - Barnsley
07
Nov
ENGLAND: Championship
Huddersfield - Luton
07
Nov
ENGLAND: Championship
Nottingham Forest - Wycombe Wanderers
07
Nov
ENGLAND: Premier League
West Ham United - Fulham
07
Nov
ENGLAND: Championship
Sheffield Wednesday - Millwall
07
Nov
ENGLAND: Championship
Brentford - Middlesbrough
07
Nov
ENGLAND: Championship
Birmingham - Bournemouth
07
Nov
SPAIN: La Liga
Sevilla - Osasuna
07
Nov
ITALY: Serie A
Benevento - Spezia
07
Nov
ENGLAND: Premier League
Crystal Palace - Leeds
04
Nov
CHAMPIONS LEAGUE: Group stage, Group G
Ferencvaros - Juventus
04
Nov
CHAMPIONS LEAGUE: Group stage, Group G
Barcelona - Dynamo K.
03
Nov
CHAMPIONS LEAGUE: Group stage, Group A
Salzburg - Bayern Munich
03
Nov
CHAMPIONS LEAGUE: Group stage, Group D
Atalanta - Liverpool
Find us on Instagram
at @feedimo to stay up to date with the latest.
Featured Video You Might Like
zWJ3MxW_HWA L1eLanNeZKg i1XRgbyUtOo -g9Qziqbif8 0vmRhiLHE2U JFCZUoa6MYE UfN5PCF5EUo 2PV55f3-UAg W3y9zuI_F64 -7qCxIccihU pQ9gcOoH9R8 g5MRDEXRk4k
Copyright © 2020 Feedimo. All Rights Reserved.