Today in Russian Business – March 23, 2012

Presidential Economic Aide Arkady Dvorkovich says that the Kremlin will return to its pre-crisis practice of saving oil revenues in stability funds.  Russia’s move to enable its locally issued treasury bonds (OFZs) to be settled through international clearing houses will attract ‘tens of billions of dollars in foreign cash’.  Economic Development Minister Elvira Nabiullina says that Vladimir Putin’s presidential campaign proposals to create more jobs and encourage competition will spur economic growth by 0.4% over the next three years.  Standard & Poors, separately, said that Putin would have few incentives to implement any of his proposed reforms.  President Dmitry Medvedev outlined ‘five blocks’ for continuing anti-corruption work, including reducing state presence in the economy, improving corporate governance and dealing with corruption in everyday life; he acknowledged that his measures thus far have had ‘almost zero effect’ on the problem.  Russia’s ownership of banks should be cut to less than 50%, he said.  Medvedev will face ‘a widening fiscal deficit’ when he takes over the cabinet in May, thanks to Putin’s spending.  The Moscow Times interviews the head of Russian Helicopters, Dmitry Petrov.  The Federal Grid Company has announced that it will avoid buying materials from offshore-registered contractors.