Today in Russian Business – April 5, 2012

Bloomberg examines the case of Deputy Prime Minister Igor Shuvalov, who has not come under fire for the millions he made during his time in office: ‘It is everyone’s personal decision whether or not to enrich himself while in office.’  2011 arms export figures are the highest on record, but orders actually fell last year.  Danish insulation maker Rockwool opened a factory this week in Yelabuga, in the republic of Tatarstan, evidence that some regions are ‘rolling out a red carpet’ for foreign companies.  A proposed anti-corruption bill would require government officials to declare their income sources when buying expensive items like houses and cars.  Sberbank has been granted state permission to acquire 100% of the shares of Moscow Golf Club.  Online retailer Ozon Holding grew almost 80% last year, outpacing its Russian rivals.  Inflation is currently holding steady at a post-Soviet low, but analysts are predicting that it will rise later this year.  $44 billion worth of spending is planned for economic and social projects in the Arctic until 2020, including new transportation corridors, hydrocarbon deposits, and efforts to improve living conditions for locals.  FIFA has granted Russia a budget of $699 million to host the 2018 World Cup.  If the U.S. does not lift its trade restrictions with Russia, it will lose out on legal protections against Russian tariffs that other companies would gain when it joins the World Trade Organisation, says the WSJ.

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