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Today in Russian Business – Aug 8, 2008

Russia’s international reserves have reached $600 billion. RusAl is opposing the appointment of Federal Tourism Agency chief Vladimir Strzhalkovsky to the board of Norilsk Nickel. The company said that Strzhalkovsky, a longtime ally of Prime Minister Vladimir Putin, “has nothing to do with the metals and mining sector or any experience of managing a large industrial company.” The European Bank for Reconstruction and Development bought 3.8% of Russian transport and shipping firm Fesco for $120 million. Nickel producer Industrial Metallurgical Holding may cut output on the back of this year’s price slump.