Today in Russian Business

The Russian Natural Resources Ministry is hoping to attract $32 billion in investment for six major new projects. Russia’s state-run arms exporter Rosoboronexport has filed a lawsuit against Kommersant newspaper over comments made by Oleg Shvartsman about “velvet reprivatization” in an interview. Foreign investment in car production in Russia will exceed $1.8 billion this year. Rosselkhoznadzor, Russia’s Federal Service for Veterinary and Phytosanitary Control, will impose temporary restrictions on fish imports from a number of foreign companies starting January 1, 2008. Countries to be affected include Argentina, Vietnam, China and the US. Russian engineering and steel company OMZ will invest just under half a billion dollars in the next five years in steel and nuclear equipment plants in the Czech Republic. Many fund managers believes that “Russia will take over China’s crown next year” as the Russian market becomes an increasingly attractive option. “It is rich in commodities and natural resources, for which there is huge global demand, and share prices are still quite cheap.” Luxembourg’s Bluebird Securities has acquired a 5.7% stake in Russia’s second largest gas producer Novatek. Severstal, Russia’s biggest steelmaker, aims to increase profit from its US operations almost threefold by 2010 with the help of a $1bn investment plan to increase output and improve quality. PHOTO: This undated handout photo shows a gas-well of Russian gas company Novatek in Yamalo-Nentsky region. (AFP/HO/File)