Economic aide Arkady Dvorkovich has complained that G20 nations are not abstaining from protectionism as promised at the April summit.  Anti-crisis measures will be upheld, Dvorkovich added, apparently contradicting the Central Bank chairman who had said that the crisis has receded enough to consider withdrawing some measures.  Diversifying Russia's economy is going to be an uphill struggle, one that has been put on the back burner by the financial crisis, argues Reuters.  A trade union at Avtovaz automaker has announced it will hold mass protests against the company's decision to enforce redundancies, according to RFE/RL.  Oleg Deripaska's GAZ Group will slash 14,000 jobs.  GAZ will get its hands on GM technology as part of the Opel deal, posing possible problems for the US carmaker's market share in Russia.  Mikhail Prokhorov may bankroll a Brooklyn basketball stadium.  ...

Reuters reports that Russia is anxious to see that economic reforms promised by the G20 are realised.  The Kremlin's top economic adviser, Arkady Dvorkovich, has suggested that Russia should begin to 'interlink the ruble' with energy resources so as to render the Russian currency 'essential' for many countries.  Dvorkovich has also suggested a cut in VAT to stimulate the economy.  Also from Reuters, lenders have apparently been put off by two major debt cases in Russia, one of which being the mammoth debt restructuring efforts for Oleg Deripaska's Rusal.  Russia will reportedly modify its investment laws to render investing in specific target sectors easier.  Prosecutor General Yury Chaika has said that the office will prosecute both shareholders and executives in companies which fall behind in wage payments, which could challenge the legal standing of the limited ...

Facts about the Opel deal emerging: Reuters reports on a company trustee who claims that more than €600 million of German aid has been set aside for upgrading the auto industry in Russia.  Putin has praised the sale as the 'right market choice'.   The EU will investigate the money offered by the German government to the purchasers of the unit.  The Chief economist from the European Bank for Reconstruction and Development has suggested that a ruble devaluation will not cure Russia's economic ills but rather moving away from commodities will herald economic growth.  'It is not a sustainable recovery yet in Russia or globally because it is based on massive government and central bank intervention': Arkady Dvorkovich is realistic about Russian prospects.  The ...

President Medvedev's economic aide, Arkady Dvorkovich, has said that Russia is contemplating joining the WTO either in a customs union with Kazakhstan and Belarus, or simultaneously, as individual states, but on the same conditions.  A new high-level US-Russia commission set up by Presidents Obama and Medvedev is set to address the problems of corruption and bureaucracy.  The Moscow Times examines the factors behind the slowing down of Magna's Opel bid, due to the approval needed from different parties.  Metalloinvest, controlled by billionaire Alisher Usmanov, has asked banks for more time to repay its $5.5 billion debts.  Russia's average inflation rate will comprise 12-12.5% in 2009 according to Finance Minister Alexei Kudrin.  Another 50 banks may lose their licenses before 2009 is out.  As part of a program of assistance to Russian industry, VTB will lend ...

Oil has returned to the $61 mark, from a seven-week low.  President Medvedev has told leaders at the G8 summit that it is impossible to regulate oil prices and that $70 to $80 per barrel is a good range.  Russia has refused to pledge support for a G8 proposal to cut greenhouse gases by 80%, with Arkady Dvorkovich saying 'we will not sacrifice our economic growth to meet emissions cuts.'  Naftogaz is purchasing about 120 million cubic meters of gas per day this month, compared with 33 million cubic meters in June, as Ukraine seeks to increase the amount of gas it can pump into storage.  Two of Europe's biggest energy suppliers, E.ON and GDF, have been fined €553m each by the European Commission after it was revealed they had struck a non-competition deal.  Is competition ...

In the currency market, the dollar moved higher again against the euro. Late Tuesday, the euro was trading at $1.3918 vs. $1.3986 on Monday. The buck has been benefiting lately from weak world equity markets, as investors begin to exhibit greater risk aversion.

The euro got an initial boost as the Economy Ministry in Berlin said German factory orders expanded 4.4% in April. That marked the biggest advance in two years for the zone’s largest economy, but its influence petered out quickly.

A lack of clear direction could be ongoing. “The markets are looking very indecisive at this point,” said T.J. Marta, chief strategist at Marta on the Markets. “It could be the exhaustion of investors and traders, having just priced in — and then out — financial Armageddon. It could also be the cross currents of data, as investors are barraged by conflicting reports.”

There is also caution ahead of

...

Rosnano hopes to use President Obama's visit to urge him to introduce tax breaks for Russian companies, and conclude talks to establish a $1 billion venture fund with US companies to invest in Russia.  The number of unemployed could hit 18% by the end of the year casting serious aspersions on the government's anti-crisis plan.  Cherkizovsky Market may re-open by the end of the week, following a thorough cleaning.  Job cuts yesterday; today Oleg Deripaska's troubled GAZ group says that it may shut down several unprofitable units because of the economic climate.  Presidential aide Arkady Dvorkovich has said that all methods should be used to increase demand for housing.  Local pork producers are facing competition from importers of live pigs who use a customs loophole to dodge quotas and tariffs.  The Washington Post reports on ...

Here's a write-up of Russia's beautifully liberal concept of emissions reductions.  From The Guardian:Russia plans to release 30 percent more greenhouse gases by 2020 under an emissions target scheme announced on Friday by President Dmitry Medvedev. "Based on the current situation by 2020 we could cut emissions by about 10-15 percent," Medvedev told Russian state television, according to a copy of his comments supplied by the Kremlin. Arkady Dvorkovich, the Kremlin's chief economic adviser, later clarified to Interfax news agency that the reduction would be from 1990 levels, before the Soviet Union fell and Russia's heavy industry collapsed.

In very early Tuesday morning trading in the Far East [still Monday evening in New York]…gold and silver saw their lows of the day. However, by the time that the Comex was open about 14 hours later, gold was up twelve bucks. But that was its high of the day, as the price was taken down immediately…and by the time that the Comex closed, eight dollars of that gain had been given back. Tuesday was a nothing day, really. The gold charts make it look worse than it really was…as most of gold’s move on Tuesday [and Monday, for that matter] can be chalked up to the gyrations of the US$.

However you will carefully note that although the dollar did a round trip in value between early Monday morning and Tuesday afternoon…neither gold nor silver were allowed to get a sniff of their Monday highs that occurred in early Far

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The Moscow Times analyzes the recent differences in opinion on the dollar.  According to experts, the views of President Dmitry Medvedev and Finance Minister Alexei Kudrin are apparently not as contrary as they may seem.  Medvedev has again reiterated his hopes to see the introduction of a supranational currency.  Senior economic aide Arkady Dvorkovich has said that a cautious approach should be favored in any talk of global currency changes.  Dvorkovich has also said that Russia may put some of its currency reserves in bonds issued by Brazil, China and India.   The BRIC summit will reportedly focus upon how the four nations can assert more influence over the IMF.  Malev Hungarian airlines has announced it will spend $1 billion on 30 Sukhoi Superjets, the first passenger airplane that has been made in Russia since the fall of communism.  ...