Prosperity Capital Management discusses attractive Russian company valuations, particularly in the oil sector. Financial ratings are ‘superficial’, says Vladimir Putin. Saks Fifth Avenue has set its sights on Moscow. Manufacturers and distributors of electric goods are disputing a 1% copyright compensation tax. Will Alexander Lebedev turn Novaya Gazeta into a weekday evening newspaper? Norilsk Nickel’s board has approved an offer to buyback 15% of its shares, currently owned by Rusal. Could the North Caucasus get its own Silicon Valley? Ukrainian vodka maker Nemiroff has had its sales halted in Russia due to a shareholder dispute. According to the former chief executive officer of Bank of Moscow, its takeover by VTB Group was ‘political’, and the subsequent bailout money went straight to company shareholders. Foreign Minister Sergei Lavrov is in Latin America, where he said that Moscow would consider Venezuela’s proposal to keep its gold and currency reserves in Russia.