Today in Russian Business – July 9, 2012

Following a suspension in loadings due to the unexpected flooding, operations have now apparently resumed in the Black Sea port of Novorossiisk.  London’s High Court is poised to witness a showdown between businessman Michael Cherney and RUSAL CEO and chief shareholder Oleg Deripaska over a $1 billion stake in the aluminum producer, which the former alleges is owed to him by the latter.  The Moscow Times reports that former Moscow Mayor Yury Luzhkov has eschewed an opportunity to head the board of the United Petrochemical Company to focus on sheep farming in the Kaliningrad exclave.  Reuters suggests that Russia will attempt to curb dependence on reliance on oil and gas in new budget plans.  Of the 30 Russian stock placements which had been anticipated a year ago, only around ten will take place as market wobbles continue to threaten IPOs, says this report.