Today in Russian Business – Nov 17, 2009

Since the beginning of the month, Russia’s central bank has spent over $5 billion on interventions aimed at slowing the ruble’s gain. Oleg Deripaska has dismissed Michael Cherney’s RusAl stake claim, saying it ‘resembles [...] blackmail‘.  Despite the rise of China’s yuan and other BRIC currencies, Russia is unlikely to change the structure of its reserves from dollars and euros, says the head of VTB Group.  The Human Stem Cell Institute will make Russia’s first ever biotech initial public offering on MICEX next month.  Amid a healthier banking climate, the central bank has announced that it will tighten its rules for collateral-free lending by other banks.  Wal-Mart’s Moscow head has quit over the company’s failure to expand in Russia.  On the growth of Russia’s civil aviation industry.