After months of painstaking negotiations, GM has scrapped the Opel sale on the basis that it was 'no longer in the best interests of GM, now that the environment for car sales has started to improve', reports the Independent.  The decision comes just after Opel's labor force had agreed to contribute $390 million in annual savings.  'Management had planned a release saying that they will proceed with Magna, so there must have been a fundamental change of view within the board', the FT quotes an insider as saying.  The Russian government is planning to raise $1.87 billion to bail out ailing carmaker Avtovaz, most of which will be apparently allotted to bad debts, and some of which will be allocated to modernization and on job creation, Prime Minister Vladimir Putin has reportedly announced.  Daimler Trucks will proceed ...

It's been less than a week since valiant Russian human rights groups Memorial won Europe's llustrious human rights award, the Sakharov Prize, but it seems that Chechen President Ramzan Kadyrov is determined to pull the plug on any celebrations. Kadyrov won a civil libel suit against the organization's Chairman Oleg Orlov earlier this month, regarding the activist's public affirmation that the Chechen leader was responsible for the murder of fellow Memorial representative Natalya Estemirova in July.  Kadyrov has now opened a criminal libel suit against Orlov, which carries a prison sentence of up to three or four years. This from the AP: The case stems from Orlov's statement in July that Chechen President ...

The ever-positive Vladimir Putin is forecasting 8% inflation for the coming year, which would be a 'post-Soviet low'.  The government will sell tons of its gold stockpile this year to cover its budget deficit and help it fund other supporting measures such as Moscow's $570 million federal loan.  Private lender Alfa Bank is working on debt restructuring terms for giants BasEl and RusAl, and threatening to take the latter to court over unpaid debts.  St Petersburg Bank plans to raise up to $150 million selling additional preference shares to cope with its losses.  Reuters has compiled a timeline on Russia's bad loans.  'For all of the vaunted stability of the current regime, Russians still don't believe in the permanence of their system enough to invest into their society,' comments this reporter in a piece about ...

According to ITAR-TASS, Prime Minister Vladimir Putin has commented that Russia does not object to selling energy resources using domestic currencies.  How done is the Russia-China gas deal? wonders the the FT.  Gazprom will buy 500 million cubic meters of gas from Azerbaijan next year.  The Times has a piece on the 'take-and-pay' system which is now causing friction between suppliers and buyers.  Norway's Aladdin has signed a five-year contract to provide gas from a field in the Komi republic to a Gapzrom subsidiary.  ConocoPhillips is apparently 'non-committal' on a possible sale of its 20% stake in Lukoil.  Serbia expects as much as $13.4 billion to be invested in modernizing its energy sector by 2015, and is working with Gazprom.  Iraq has given a consortium led by Eni the right to develop its ...

Russia and China have asserted a desire to increase cooperation in the energy industry, at the fifth round of Russian-Chinese energy talks in Beijing, attended by Deputy Prime Minister Igor Sechin and China's deputy premier Wang Qishan.  When Vladimir Putin visits Beijing this week, he is apparently likely to seal a deal for transit of Russian gas to China which would make the energy-hungry power Gazprom's biggest customer.  According to the Moscow Times, the deal is 'fairly general' and does not mention loans.  Gazprom has not as of yet agreed on the price of natural gas, says Ria-Novosti.  Factbox on Russia-China energy relations here.  Gazprom is apparently on the verge of opening a Brazilian office that will manage its expanding Latin American operations.  ITAR-TASS reports that Iraq is ready to commence talks with Lukoil regarding ...

Iranian President Mahmud Ahmadinejad has said that some countries have offered to provide Iran with uranium enriched to 20% for peaceful use as nuclear reactor fuel.  In a move to decrease energy consumption, Russia plans to ban the production and sale of all kinds of incandescent light bulb from January 1, 2014.  Gazprom hopes to take a 10% share of the US natural gas market within five years.  The company's deputy CEO, Alexander Lebedev, has apparently also said that it plans to gain a 25% share of the global market by 2020.  Bloomberg reports that the gas giant is in talks with Petroleo Brasileiro SA on joint operations.  Lukoil has said that it has no corroboration of reports that its partner, ConocoPhillips, may halve its stake in the Russian company.  Russia and Bolivia may establish ...

TODAY: Iran uranium plan waiting to be concluded; Russia backs Serbia on Kosovo; Lavrov exit denied; Ingushetian cabinet out.  Ex-US Yukos unit to launch mammoth lawsuit; picketed journalist gets unlikely defender; UN says Russia should improve immigration policies; grave problem for MoscowThe Washington Post reports that Foreign Minister Sergei Lavrov has announced that an agreement between Tehran and six world powers to allow Russia to help enrich uranium for an Iranian reactor awaits finalizing.  ITAR-TASS says that the Foreign Ministry has denied rumors that Lavrov may resign.  The Foreign Minister has rebuffed questions about who truly runs Russia, Putin or Medvedev, at a press conference, where he answered, 'you should not pit the Kremlin against ...

The new CEO of TNK-BP will apparently be chosen by the end of the year, energy mogul Viktor Vekselberg has announced.  The Telegraph examines Total chief Christophe de Margerie's belief that oil prices may rocket back up to the $100 mark if further investment into oil exploration is not followed through.  According to Bloomberg, state-run monopoly Saudi Aramco says that it imagines little chance of pumping crude from idle fields in 2010 because demand for oil remains low.  Ukraine will offer 'absolute and unconditional guarantees' to restructure the debt of Naftogaz Ukrainy.  Greece is cooperating with Russia in the construction of the Burgas-Alexandroupolis oil pipeline and South Stream gas line, but with a predominant concern for its own interests, says Greek Prime Minister Costas Karamanlis, according to ITAR-TASS.   37 tenders for the Shtokman gas field ...

TODAY: NATO head upbeat on relations with Russia; Medvedev looks to imams for help with Caucasus Islamic insurgents; suggests a TV channel.  Russia on the defensive regarding WW2; 70th anniversary of its start to prove a diplomatic minefield?  St Petersburg heritage status in jeopardy with Gazprom tower looming.The New York Times reports on how the period of relative tranquility in Chechnya, Ingushetia and Dagestan has ended with a surge in violence.  Reuters relays Russian claims that an al-Qaeda agent has been killed in Dagestan.  The republic's recovering President Yunus-Bek Yevkurov has warned Medvedev that Islamic insurgency has 'permeated all facets of life in society'.   The Russian president has urged Muslim clerics to help ...

After a second consecutive month of growth in July, when GDP increased by 0.5%, government ministers Igor Shuvalov and Andrei Klepach have felt optimistic enough to suggest Russia's recession may be over - 'but the crisis has yet to be overcome'.  Sberbanks's profits fell by 93% in the first seven months of the year.  The bank will provide Rushydro with up to 20 billion rubles to fund the rebuilding of the Sayano-Shushenskaya hydropower plant.  ITAR-TASS reports that mortgage loan interest rates may decrease to pre-recession levels in 2-3 years.  Opel unions will put pressure on GM to accept the Magna bid for the car maker's European unit, promising 'spectacular measures' to push a deal through.  Apparently joblessness continues to rise in 47 of Russia's regions.  Following a chorus of criticism joined by Oleg Deripaska, ...