Today in Russian Business – Aug 10, 2011

As the banking system feels the threat of declining stock prices, many banks are seeking government deposits, according to the Finance Ministry.  Sberbank’s shares have plummeted in the last week, putting its privatization plans into question.  VTB says it is confident that it will not be affected by market turbulence, as Vladimir Putin promises a cash injection should the need for greater liquidity arise, as the ruble and the MICEX hit 6- and 10-month lows respectively.   ‘[A]nalysts have been quick to point out that the exchanges’ and rouble’s decline were mainly a product of global market uncertainty and the falling oil price, as opposed to country-specific problems,says the FT.  Russian-born businessmen Artyom Bikov and Alexei Bobrov are on trial in Austria accused of attempting to bribe a politician in exchange for citizenship.  44% of retailer Lenta has been bought by U.S. private equity firm TPG for $1.1 billion.  Magnit is cautiously anticipating stronger sales this year and growth of 46-48%.