Following meetings between Chinese Vice Prime Minister Li Kequiang and Prime Minister Putin, it has been reported that Russian and Chinese delegations have signed 27 contracts worth around $15 billion. Tycoon Oleg Deripaska’s Basic Element has apparently agreed on a $1 billion cooperation deal with China’s state-owned North Industries Corporation that will incorporate construction of a rolling mill in Russia for metal production. President-elect Putin has reportedly ordered that this year’s extra budget revenues (a sum of around $4.5 billion) should be spent principally on social programs. Russia may increase tariffs on hard liquor to about 20% a liter by 2015. The Mail.Ru Group has had a highly profitable first quarter. In a blow to the reputation of state car maker AvtoVAZ, it has been reported that the company will have to recall nearly 100,000 faulty new Ladas. Bloomberg reports on the European comeback plans of Yelena Baturina, the wife of former Moscow mayor Yury Luzhkov, who hopes to expand her property empire in exile.