Russian bureaucrats' take $US 125 billion a year : comments

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With gold prices hitting all time highs should Russia to be thinking of selling some of its reserves?

Medvedev calls for the rouble to become reserve currency Russian President Dmitry Medvedev says the rouble should become a reserve currency. But inflation and dependency on other world currencies is holding this ambition back.

Medvedev calls for grain summit At the G8 meeting in Japan, Russia's president Dmitry Medvedev has called for a grain summit, in response to soaring world food prices. He said leaders have agreed to create special funds to provide aid to States...

Vimpelcom sets sights on Vietnamese mobile market Russia's second largest mobile phone operator Vimpelcom is to invest almost 270 million dollars in a joint venture with Vietnam's Global telecommunications Corporation.

Rusal wants changes on Norilsk Nickel board Oleg Deripaska's aluminium maker – Rusal – wants to replace Norilsk Nickel's newly-elected board of directors and its chairman – Vladimir Potanin.

Sukhoi shows off its new super agile fighter Sukhoi, one of Russia's most famous names in aviation, has shown off its latest fighter jet, the super agile Su-35. The firm expects large orders from its traditional Asian clients like Malaysia and China, and hopes to...

Severstal outlays $US 140 million for WCI Steel Severstal snaps up WCI Steel to expand further into North America.

Robert Dudley survives as CEO of TNK-BP Robert Dudley, CEO of Anglo-Russian oil giant TNK-BP, has survived a vote on whether to extend his contract. Victor Vekselberg, a member of the TNK-BP board representing Russian shareholders, had called for the...

Gazprom CEO forecasts doubling of Central Asian gas price Alexei Miller forecasts that Gazprom will be paying double for gas puchased in Central Asia, and that European customers could be paying more than $US 500 per thousand cubic metres by the end of 2008.

Potanin elected Norilsk Nickel chair Vladimir Potanin has been elected Chairman of the Board of leading nickel and palladium producer Norilsk Nickel.

TNK-BP infighting leads to legal action in London Global oil major BP has announced it is suing its Russian partners in TNK-BP for $US 365 million in compensation for money paid out in back tax claims in Russia, which it says should not have been paid.

Top managers in Russia earning top money With Russia's economy soaring there’s growing demand for qualified top executives in Russia. So top managers are asking for higher wages and are having no problem getting them.

Revolution on Russian gas market A new law is set to give “non-discriminatory access” to Gazprom's pipelines. The EU and World Trade Organisation have been lobbying hard for the move – but energy producer Lukoil warns the reform actually jeopardises Eur

Will we eat less? The problem of rising food prices is expected to be one of the key points at the upcoming G8 summit in Japan. In Russia, prices have been growing around three times faster than in the EU and are likely to increase still...

Russian largest carmaker expands into car parts Russia’s major automaker Avtovaz is expanding further, into the car parts industry. Its car-making division, together with Russian Technologies Corporation and investment bank Troika Dialog, plan to create an auto parts...

Gas in Europe will hit $US 500 in 2008, says Gazprom chief Gas prices to Europe could reach $US 500 per thousand cubic metres by the end of this year, up from the current $US 410, according to Gazprom's chief. Aleksey Miller says it could go even higher if oil prices continue...

Russia’s largest bank eyes expansion Russia's largest bank, Sberbank, has decided to establish a subsidiary for developing its investment business. The branch is part of the bank's five-year expansion plan.

MySpace & MTS create exclusive wap-portal American social network Myspace and the biggest Russian mobile operator MTS have announced a partnership. Under the agreement Myspace will create an exclusive wap-portal for subscribers of MTS.

Russia’s Power Machines sparks to life in Iraq Russia’s leading power engineering firm has resumed equipment supplies to a huge Iraqi hydroelectric project after finance was approved by the country’s Energy Ministry. Power Machines Company is now free to supply the...

Ferrari plans Russian rollout On the heels of other world automakers, Ferrari has decided to expand into the Russian market and set up its own subsidiary importer in the next 15 months.

Will Russia be Starbucks’ saviour? The world's largest coffeehouse chain Starbucks is closing even more of its U.S. shops. Around 600 underperforming stores will shut over the next 12 months. But how will this move affect the company's business in Russia?

Global crisis halts Russian insurance growth In a sign that the credit crunch may be spreading, the growth of Russia’s insurance market is slowing. That shows that the more Russia integrates with world markets, the more it is affected by the fallout of the global...

TNK-BP expats allowed back into Russia The row between TNK-BP shareholders is in full swing. One of the company's owners, Viktor Vekselberg, has called an extraordinary meeting of directors next Monday. It will consider canceling the contract of CEO Robert...

British giants to develop Russia’s Far East Britain's Peter Hambro Mining and Aricom will invest about $US 5 BLN over the next six years developing mining, banking and infrastructure assets in Russia's Far East.

Small business gets leg-up from Russian government Relief for small businesses in Russia may be coming, after the government discussed draft laws aimed at making it easier to launch and develop a firm.

Oman plans to leave Caspian pipeline project Oman is reportedly planning to pull out of the Caspian Pipeline Consortium which pumps oil from Kazakhstan to Russia's Black Sea coast. The sultanate’s government said it was not making enough profit from the project...

Fortis gets $630 MLN from Russian billionaire Russian billionaire Suleiman Kerimov has pumped more than $630 million into the Belgian-Dutch financial services group Fortis as part of its survival plan.

Soaring prices spark debate over inflation Inflation in Russia has reached 8.7% sparking fresh debate over the future of the country’s economy. Prime Minister Vladimir Putin says higher spending must go ahead to maintain the pace of development. But Finance...

BoNY risks $US22.5 BLN in Russian fraud case The big guns of the U.S. legal establishment have flown to Moscow to take sides in a massive money-laundering case against the Bank of New York. At stake is the reputation of America’s oldest bank, which is worried it...

Nickel giant elects new board The world’s bigget nickel producer, Norilsk Nickel, has elected a new board of directors. Among the new members are representatives of Rusal, which bought a stake in the company earlier this year. The new board is...

Government eyes investment opportunities in the U.S. Vladimir Putin says he wants to develop Russia’s Sovereign Wealth Fund by investing oil revenues abroad. At a meeting in Moscow with U.S. Treasury Secretary, Henry Paulson, he discussed bilateral trade, investment...

Russian bureaucrats' take $US 125 billion a year : comments

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