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Today in Russian Business – Nov 3, 2011

President Medvedev has arrived in Cannes for the G20 summit which is reportedly likely to focus on financial and energy issues.    In a video interview with Bloomberg, Kirill Dmitriev, head of the Russia Direct Investment Fund, says that despite the looming eurozone crisis, the summit should be about growth.  The toppling of the Muammar Gaddafi regime will apparently see Russia losing up to ‘tens of billions of dollars’ in potential revenues from arms deals with Libya.  A 2007 contract on the supply of advanced Russian anti-ship missiles to pariah regime Syria will apparently be followed through.  According to Reuters, Georgia hopes to conclude a trade deal with Moscow by November 10.  The Moscow Times has a breakdown of how entry into the WTO will affect some of the major sectors of the Russian economy.  Just a day after Transparency International’s bribe-taking index found Russia languishing in last place, it has been reported that three people have been arrested for allegedly trying to exact a bribe of $1.4 million from a major foreign investor while posing as senior state and business officials.