TODAY: Kremlin says it will intervene against inflation, Central Bank concerned that drop in oil prices will affect growth, Kudrin warns of imminent recession; sanctions thwart art fair, delay new pipelines in Siberia; Mail.ru acquires Vkontakte; Yevtushenkov under house arrest; Russia to establish military unit in Crimea, who is next?

Deputy finance minister Alexei Moiseyev says Russians needn’t panic about the ruble’s new low against the dollar, promising that the authorities would step in to curb any further increases in inflation if necessary.  The Central Bank is concerned about the drop in oil prices, however, saying that a failure to recover will ‘significantly’ slow economic growth (which is already at its lowest level in four years at 0.4%).  Former finance minister Alexei Kudrin said Russia is at risk of recession next year, calling for government investment and a decrease in social spending.  Art Moscow, the long-running contemporary art fair, has been canceled this year due to international tensions caused by sanctions, according to its founder.  Zimbabwean President Robert Mugabe backed Russia yesterday by describing Western sanctions as ‘illegal’.  Transneft says sanctions are expected to delay the launch of new oil pipelines in Siberia, but Energy Minister Alexander Novak says no substantial changes will be made to oil extraction or production plans.  A state loan of $1.55 billion to Belarus has been approved.