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Today in Russian Business – March 14, 2012

Reuters has compiled a timeline of events leading up to Viktor Vekselberg’s resignation from his post as chairman of Rusal.  This report blames the resignation on a recent oligarch history of ‘acquisitiveness, aggression and tenacity’.  Vekselberg may sue the company over its allegations that he failed to fulfil his duties.  The central bank has left interest rates unchanged, indicating concerns regarding inflation.  Russia has suspended purchases of grain for its state stockpiles, due to current low demand.  Sukhoi is paying an unspecified amount of compensation to Aeroflot for losses incurred during technical downtime.  First Deputy Prime Minister Viktor Zubkov is backing draft legislation that would widen the power of tax authorities in preventing illegal offshore financial activities.  Telecom operator Tele2 added 111,000 new customers last month.  Wireless company VimpelCom is seeking partnerships in its existing markets after posting fourth-quarter losses.  Rostelecom and MegaFon will be given 4G frequencies for the duration of the 2014 Sochi Winter Olympics.  According to a VTsIOM poll, a majority of Russians support the idea of a luxury tax, but few believe that it would be effective.