Today in Russian Business – Aug 20, 2008

The Bank of Moscow has raised $333.7 million through an issue of additional shares. Russia’s richest woman, Yelena Baturina, among other shareholders, is selling her shares in Sberbank, Russia’s largest state-owned bank, after they lost almost half their value. Finance minister Alexei Kudrin says Russia is still buying debt issued by US housing giants Fannie Mae and Freddie Mac, although on a smaller scale than previously. Worries about the two companies have contributed to the poor performance of Russian stocks this week. Read about the effects of Russia’s wood export duties on Finnish and Swedish trade. Norway’s Telenor said it may sell its stake in VimpelCom to resolve a long-running conflict with estranged Russian partner Alfa Group.