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Today in Russian Business – April 22, 2010

Russia’s first Eurobond since 1998 has seen demand of $25 billion as its economy has recovered and ‘everybody believes their growth story‘.  The government is reportedly aiming to sell $2 billion of five-year notes and $3.5 billion of 10-year bonds today. Skolkovo’s future innovation city to rival Silicone Valley, currently referred to as ‘the innograd‘, is to have its own legal regime and police force?  State corporation Rusnano is ‘considering the possibility of making a claim against PriceWaterhouseCoopers‘ for recommending that it hire a lawyer who was eventually convicted of money laundering.  Russia’s Alfa and Norway’s Telenor have combined their assets into VimpelCom in order to settle legal disputes relating to corporate governance, but the settlement has ‘left unresolved the broader concerns about corruption and weak property rights in Russia‘, says the New York Times.  Konstantin Sonin writes on the power struggle obstacles in the way of modernization.  The Central Bank is ready to scrap the ‘crisis-period tool‘ of foreign currency correspondent accounts in commercial banks.