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Today in Russian Business – Dec 16th, 2008

Workers at Magnitogorsk Iron & Steel Works are apparently being pressured into resigning from their jobs, in some cases saving the company from having to pay severance packages.  MICEX has suspended three brokerages from trading for failing to meet obligations on repurchasing agreements.  Sberbank is predicting that Russian property prices could fall by as much as 60% by the end of next year.  Prime Minister Putin’s rescue package for 1,500 Russian businesses could see the state buying equity stakes in ‘key companies‘.  Russian officials were just some across the globe to receive bribes from Siemens in exchange for government contracts last year.  Russian industrial production for November has shown the greatest drop since the economic collapse of 1998, at a rate of 10.8%.  Putin today is attending a conference convened to discuss the support of agriculture.