Today in Russian Business – May 12, 2008

Renova Industries, owned by billionaire Viktor Vekselberg, has taken control of Oerlikon, the world’s largest maker of spinning machines. Russia’s derivatives market is “growing at a phenomenal pace,” with turnover now at over $50 billion. Billionaire Oleg Deripaska has enlisted the help of a prominent British bloodstock agent to create a “most forbidable stable.” Deripaska’s Basic Element is considering participating in a joint venture to develop the giant Udokan copper field in Siberia. Norilsk Nickel and Russian Railways are also potential bidders. “The amount of paperwork required to import food products into Russia is astounding.”