Rosneft has been fined $180 million by the Federal Anti-Monopoly Service for deliberately driving up wholesale prices for gasoline and other oil products in the first half of 2009, and Lukoil was warned that it could face a similar penalty...in which case, it's going to need the $1.5 billion it is trying to raise by selling dollar-denominated debt to international investors.  The state-owned Sayano-Shushenskaya hydropower plant was raided by riot police yesterday as part of a probe into an August flood that killed 75 employees.  Iran agrees with the 'general framework' of the UN-brokered proposal that it send most of its enriched uranium to Russia for processing into reactor fuel, but plans to make some changes.  'One common reaction is: 'If the foreigners are prepared to agree to this, there must be something wrong with this from Iran's point ...

Sberbank has slackened restrictions for individuals seeking loans, after last year's crisis driven squeeze on credit.  The government intends to establish a new state holding to oversee Russia's geological reserves, the Moscow Times reports.  Fertilizer producer Acron has said it may borrow up to $2.2 billion from Sberbank and VTB to finance development.  Gold output has increased by 18.5% year-on-year in the first eight months of 2009.  Daimler is attempting to fortify its share of the Russian market by planning a truck and bus joint venture with Kamaz.  Raiffeisenbank has explained that it had filed to bankrupt media firm RBC, but will withdraw the suit imminently as it hopes to come to a debt restructuring plan for the company.  Russian-Israeli tycoon Arkady Gaidamak has been charged with money laundering and fraud to the tune of ...

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 ...

The U.N. International Atomic Energy Agency has filed a report suggesting that North Korea has failed to put a stop to its uranium enriching program and that Russia and China need to wholeheartedly back further sanctions.  According to Bloomberg, Japan apparently proposed to offer Gazprom $2 billion to help finance the building of a pipeline in exchange for 1 million tons of steel pipe.  PrimeGen Energy has announced it has signed a letter of intent to sell 75% of its working interest in its Timan-Pechora assets in Russia.  Lukoil anticipates that domestic oil production will get slower and perhaps even begin to decline, though Caspian and other foreign projects will see the company through the period of stagnation.  The company's vice president Leonid Fedun has defended competitors TNK-NP and Gazprom against the fines the Federal Anti-Monopoly ...

Presidential aide Sergei Prikhodko has stated there has been 'progress' in the construction of a nuclear power plant in Belarus with Russia's assistance.  Energy was a focal point for discussion between Russian presidential envoy to the Far East Viktor Ishayev and South Korean President Lee Myung-bak.  Emphasis was put upon 'oil and gas development, coal deposit exploration, the construction of pipelines'.  Prime Minister Putin has reportedly suggested paying all natural gas extraction revenue tax straight into the federal budget to boost revenue.  Gazprom has stated that Ukraine is pumping gas into underground storage at sufficient rates to ensure the stability of gas transit to Europe over the coming winter months.  The Guardian reports that UK coal has begun a 'buy British' marketing campaign to counter Britain's dependence on Russian energy resources.  Lukoil has seen a 44% ...

President Medvedev has openly complained about the amount of red tape small businesses have to plough their way through to develop.  Medvedev has suggested that small and medium-sized businesses are key factors in economic modernization.  The President has instructed the Federal Anti-Monopoly Service and the Economic Development Ministry to increase their controls over the system for placing state purchases.  The Federal Anti-Monopoly Service may also fine fertilizer manufacturer FosAgro up to $16,000 for not submitting information on its production costs.  Billionaire Oleg Deripaska's Basic Element has agreed to build a temporary parking lot in Moskva-City on a site formerly designated for the Russia Tower.  UralChem and Acron have announced they stopped production after potash miners cut off their supplies.  Investment bank UralSib's profits dropped 38.1% in 2008.  RusAl has begun talks on fourth-quarter sales of aluminum ...

Deputy Finance Minister Sergei Shatalov says there will be no tax raises on individual incomes during the crisis, but the government plans to introduce an increase on gas extraction tax for businesses.  The Moscow Times looks the construction firms of Pikalyovo whose problems were not resolved by Putin's visit.  As manufacturing shrunk in May, wage arrears grew by 10.8%.   Rusal has managed to negotiate a much more favorable rate in restructuring its $7.4 billion debt to foreign banks than other companies.  Novolipetsk Steel controller Vladimir Lisin has bought the radio station Business FM.  The Federal Anti-Monopoly Service has canceled $38.5 million worth of contracts for state orders because of typographical issues.   The Wall Street Journal reports on the opening of the first Carrefour in Russia. Apparently the French food giant has suspended ...

Russia will cut the share of US treasuries from its $400 billion reserves, driving the dollar down on the global market and will buy about $10 billion of IMF bonds, in order to reduce its dependence on the dollar.  Prime Minister Putin will approve a second set of anti-crisis measures in the near future as the measures of the first package reach completion.  According to the Moscow Times, the Kremlin's ambitious grain targets will require an increase in investment in ports and in awareness of farming methods.  Egypt will continue buying grain from Russia despite recent concerns about quality.  In the first four months of 2009, the Moscow metro was hit by losses of one billion rubles as passenger traffic dropped by 7%.  Gazpromneft is planning a eurobond worth more than $100 million by the middle ...

Russia's budget deficit widened last month to the equivalent of 3.6% of gross domestic product, increasing by $4.5 billion in May.  Growth of bad bank loans is apparently slowing for the first time since the start of the crisis.  Reuters considers whether the recession will lead to reform.  Aeroflot may lose some of its annual $300 million overflight royalties if a new proposal to the Federal Anti-Monopoly Service is accepted.  In a new bill, Russian holdings may be allowed to protect their overseas assets in the event of bankruptcy.  Grain firm Rosinteragroservis has asked that the 56,000 tons of wheat held in Egypt for quality checks be returned to Russia so it can be sold to Indonesia.  Reports abound on the opening of HSBC's first retail bank in Russia, which hopes to target ...

TODAY: Russia rejoins Georgia talks; US-Russia nuclear talks constructive so far; policy report recommends US cancel plans for missile defense in eastern Europe; Medvedev creates body to counter 'revisionist' readings of Russian historyEncouragement from international mediators, and receiving a delayed UN report, have seen Russia return to talks on Georgia.  Apparently the talks have been 'constructive' so far and will continue in July.  The Georgian Foreign Ministry believes that the UN report was changed under pressure from Russia, as the amended version makes no reference to Georgian sovereignty over Abkhazia.  Russia will deploy fewer troops in Abkhazia and South Ossetia than had been originally envisaged after last year's conflict.  Again concerns are emerging about consensus at the upcoming EU-Russia summit in ...