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Today in Russian Business – Aug 8, 2011

Despite the U.S. credit downgrade last week, Deputy Finance Minister Sergei Storchak says Russia will not review its U.S. investment policy, and Bank Rossii believes that downgraded U.S. credit will not affect the stability of the Russian economy.  Russian Railways is hoping to complete its sale of shares in its subsidiary, Freight One cargo, by the end of September, and defends its decision to retain 25% of Transcontainer.  Sparking conservationists’ concerns, the U.N.’s International Seabed Authority has approved Moscow’s request to begin prospecting for mineral extraction on the Atlantic seabed.  In return for its $2 billion loan to Belarus, Sberbank will get 35% of potash producer Belaruskali.  Reports indicate that Russia plans to borrow $71 billion a year from 2012-2014 to help cover its budget deficit.  A district in Krasnodar has called a state of emergency due to an outbreak of African swine fever.