Today in Russian Business – June 11, 2009

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 of July.  The Federal Anti-Monopoly service has opened a case against six computer companies, after consumers complained there were obligated to buy Microsoft’s operating system along with these new computers.  The CEO of Microsoft Russia is confident that some of the issues will be resolved ‘without any problems’.