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Today in Russian Business – Sept 23, 2011

The BRIC nations have firmly rebuffed suggestions they could act as a bloc to relieve Europe’s financial stresses.  Despite a Brazilian proposal to that effect, emerging economies did not debate offering direct aid to Europe, says South Africa’s finance minister, Pravin Gordhan.  The Russian private-equity unit being set up by President Dmitry Medvedev is reportedly negotiating with a Chinese group about making joint investments.  Apparently the fund is also in talks with a major foreign pharmaceutical company on helping it enter the Russian market.  Russia has defended its investments in Iran, which have of late come under scrutiny, arguing that they do not violate international sanctions.  The planned partnership between billionaire Vladimir Yevtushenkov’s Sistema and Russia’s oldest film studio, Lenfilm, is on the rocks after complaints by filmmakers.  Moscow-traded Mostotrest, the company owend by Putin’s former judo partner, has won a $530 million government contract to renovate a traffic overpass system in the north of the capital.  Local residents are up in arms over plans for a new runway at Sheremetyevo Airport which will displace 2,500 to 3,000 people in seven towns.  Russia’s grain crop will, analysts say, expand for the next three years after growing 51% this year to 91.9 million metric tons.