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Today in Russian Business – Dec 15th, 2008

The economic crisis is driving minority shareholders, who had previously turned a blind eye, to demand responsible corporate expenditures.  Import levels have dropped 20% on last year’s levels, due to the fluctuating ruble and slowing demand.  What is the Kremlin’s reasoning behind its strategies for devaluing the ruble?  The currency has fallen for the second time in a week, with two or three more devaluations expected over the next seven days.  Vnesheconombank has approved a $36 million subordinated loan for TransCreditBank, and a loan of $800 million for steel maker Evraz Group.