1. Embargoed until 9:45 A.M. Moscow Time, 28 July 2014
Media Release
MNI Russia Business Indicator Rises to 54.6 in July
from 50.5 in June
Russian companies withstand sanctions
Russian business sentiment picked up in July to the
highest in three months, as the initial impact of the
sanctions has faded, although it was still below the
level seen at the start of 2014.
The MNI Russia Business Indicator rose by 4.1 points
to 54.6 in July from 50.5 in June. Our survey showed
Russian companies were initially hit when the first
round of sanctions were imposed but the July data
points to some resilience. The survey was taken
before Malaysia Airlines flight MH17 was downed
over Ukraine, and a step up in sanctions, especially
more aggressive Tier 3 sectoral sanctions, would no
doubt have a negative impact on sentiment.
New Orders increased, while Export Orders moved
back above the 50 mark for the first time since
February. Against this, Production slumped to a
seven month low in July with companies still facing a
weak economic backdrop. Meanwhile Employment
fell for the second consecutive month to just above
the breakeven 50 level.
The rouble’s sharp decline since the Ukraine crisis
has been taken negatively by our panel of companies,
with the Effect of Rouble Exchange Rate Indicator
falling to 50.0 in July, the lowest since August 2013.
Commenting on the latest survey, Philip Uglow, Chief
Economist of MNI Indicators said, “Russian
companies haven’t quite shrugged off the sanctions
already in place but their impact has certainly waned.
This of course could change dramatically should the
EU plump for more stringent action.”
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For more information:
Naomi Pickens
Media Relations
Deutsche Börse
T+1-212-669-6459
naomi.pickens@deutsche-boerse.com
Sales enquiries: info@mni-indicators.com
Editorial content:
Philip Uglow,
Chief Economist
MNI Indicators
@philip_uglow1
“While sentiment has improved in July, the outlook
for the economy over the rest of the year remains
gloomy. A combination of high inflation and high
interest rates suggests the economy will barely grow
in 2014 and meaningful sanctions would likely put
growth in negative territory.”
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MNI Russia Business Indicator
Current Conditions
Future Expectations

2. Media Release 2
About MNI Indicators
MNI Indicators specialises in producing business and consumer surveys designed to present an advance picture of the economic landscape and
highlight changing trends in business and consumer activity. The timely reports explore attitudes, perspectives and sentiment across the globe,
including China, India and Russia. Alongside MNI Indicators’ core focus on consumer and business surveys in emerging markets, MNI Indicators
produces the renowned Chicago Business Barometer (Chicago PMI), a key leading indicator of the US economy. MNI Indicators is part of MNI, a
leading provider of news and intelligence and a wholly owned subsidiary of Deutsche Börse AG, one of the largest worldwide exchange organisations.
For more information, please visit www.mni-indicators.com / Contact: info@mni-indicators.com
Notes to Editors
Please source all information to MNI Indicators.
MNI Russia Business Sentiment is a monthly poll of Russian business executives at companies listed on the Moscow Exchange. Companies are a mix of
manufacturing, service, construction and agricultural firms.
Respondents are asked their opinion on whether a particular business activity has increased, decreased or remained the same compared with the previous
month as well as their expectations for three months ahead, e.g. is Production higher/same/lower compared with a month ago?
Diffusion indicators are then calculated by adding the percentage share of positive responses to half the percentage of those respondents reporting no
change. An indicator reading above 50 shows expansion, below 50 indicates contraction and a result of 50 means no change.
Data is collected through computer aided telephone interviews (CATI) and around 200 companies are surveyed each month.