fbpx

Today in Russian Business – April 6, 2009

Russia will not contribute to the G20 $1.1 trillion anti-recession package as it has already pledged $10 billion in aid to former Soviet states, reports the Telegraph.  ‘The most painful phase of the crisis is behind us’, says Central Bank Chairman, Sergei Ignatyev, and refinancing rates may decrease.  A law that requires banks to raise their net worth, or else close by the end of 2009, has been opposed by small banks chiefs. Certain regulations will have to be imposed over financial institutions in accordance with the new Financial Stability Board, Alexei Kudrin has warned.  Just over 21 million rubles have been accorded to the Ministry of Health and Social Development from the President’s reserve fund.  Russia is considering the idea of investing securities in IMF securities, says ITAR-TASS.  An article in the Moscow Times analyzes the pitfalls of the new tax proposals.  PIK Group has asked Sberbank to restructure its $1.3 billion debt.  Service industries are still shrinking, according to a PMI.  Bloomberg reports that Wal-Mart has restarted talks on buying 51% in food giant Lenta.