Today in Russian Business – June 18, 2012

A study by Transparency International and the Higher School of Economics has found that nearly 25% of deputies fail to declare the totality of their income.  In a boost to its business reputation, the World Bank has sent Russia up four slots in its annual rankings on the ease of doing business.  Media holding Expert has, according to Ria-Novosti, created its first English language economic edition ‘to raise awareness of foreign businessmen about the status of the investment climate’.  Prime Minister Dmitry Medvedev has apparently advocated the introduction of a single currency for the Eurasian Union of former Soviet countries as a future plan.  Magnitogorsk Iron & Steel Works has announced a first quarter net profit of $14 million, surpassing analyst forecasts.  Sergei Mavrodi’s latest ponzi scheme, the MMM-2011, has collapsed.  State-controlled telecoms group Rostelecom looks set to start a price war with the major mobile phone operators as it prepares to enter the market.