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Today in Russian Business – Dec 31, 2010

Russian and Cuban officials have signed an agreement on inter-parliamentary cooperation to help improve trade and economic ties between the two countries.  Read a report here on how development in Sochi could be seen as a microcosm of Russia’s nation-wide modernizing drive.  Bloomberg reports that as lower interest rates and the dismissal of Yury Luzhkov decreased demand for the ruble, the currency underperformed major commodity-linked currencies.  The Surgutneftegaz pension fund has increased its share in UTair, a Siberian airline, to 55.7%, the carrier announced today.  The Finance Ministry has said that Russia plans to offer $9.9 billion of OFZ bonds at auctions in the first quarter.