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Today in Russian Business – August 19, 2009

Following the deadly Sayano-Shushenskaya accident, Rusal could lose up to as much as 500,000 tons of aluminium production, which is equal to around 11% of 2008’s output.  It is expected that energy tariffs will increase in winter for ‘industrial users’ meaning cost-cutting will be difficult for the indebted firm.  Alisher Usmanov’s mining company Metalloinvest has procured a loan from VTB to refinance its debt to Sberbank.  At the MAKS air show Putin lambasted the aerospace industry for its ‘lack of discipline’, whilst a ‘record sum’ for orders was racked up in defense deals between Sukhoi and the Defense Ministry.  Iran has prohibited its airlines from using Russian-made aircraft after two crashes last month by Russian-built planes.  President Medvedev and Lithuanian President Dalia Grybauskaite emphasized the need for secure economic ties following a trade spat concerning dairy products.  Evraz Group has reportedly renounced plans to acquire control of Chinese steel maker Delong Holdings Ltd after a $1.5 billion option to raise its stake to 51% was not ratified by Chinese anti-trust authorities.  A group of Sberbank employees is suspected of defrauding the bank of $183 million.