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Today in Russian Business – March 13, 2012

Viktor Vekselberg, the billionaire chairman of RUSAL Plc, has resigned, saying the firm faces a ‘deep crisis’ due to debt.  The aluminum maker has hit back, accusing Vekselberg of failing to fulfill the role of chairman and implying that his removal was at any rate, inevitable.  Bank Rossii First Deputy Chairman Alexei Ulyukayev has suggested that it is feasible that Russia can meet the pace of expansion in other developing nations over the next three years.  Booming food retailer Magnit has witnessed a 37.5% year-on-year increase in February sales compared to a rise of 32.4% in January.  Vneshekonombank deputy chief executive Anatoly Ballo has been charged with fraud over the alleged embezzlement of $14 million on September 24, 2008.  A group of 17 US senators has called on the Department of Defense to cease trading with Russian state-controlled arms exporter Rosoboroneksport over its arms sales to the Syrian regime.