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Today in Russian Business – April 3, 2012

In an apparent response to complaints about the country’s dated legal framework and to stop Russian companies registering abroad, President Medvedev has proposed legislation to update Russian company law.  Thanks to rising oil prices, in 2011 Russia ran a current account surplus reaching towards levels unseen since before the 2008-2009 crisis.  The Moscow Times reports that tycoon Suleiman Kerimov could obtain 75% of Tekhinvest, the company that owns the Eurasia Tower whose construction in Moskva-City came to a halt during the financial crisis.  Gold miner Polyus Gold has announced an increase in net profit in 2011 of 57% year-on-year to $558 million, the result of higher prices.  Developer and building materials company LSR Group has seen its 2011 net profit rise to over $82 million.  Billionaire Mikhail Fridman may sell his 25.1% stake in wireless operator MegaFon to tycoon Alisher Usmanov for about $5 billion, says Reuters.  Once it has joined the WTO, Russia and the Eurasian Economic Commission are apparently mulling the introduction of protectionist measures for sugar producers.  Dubious business dealings and contract killings: Reuters reports how the recent assassination attempt on a former banker in London has the capital concerned about Russian criminality.