Today in Russian Business – Feb 4th, 2009

A 1.2 trillion roubles ($33 billion) cash injection into the country’s major banks, currently under discussion in the Kremlin, could leave it with stakes in some of them of up to 30%.  Prime Minister Vladimir Putin adopted his didactic role to warn Russian banks against using state funds for currency speculation, pointing out that state assistance was not charity.  ‘Funds are given to banks on the basis they will be returned,’ he said.  Finance Minister Alexei Kudrin is in London today for a meeting with the British chancellor to discuss bilateral cooperation and upcoming reforms to the global financial system. ‘Financial dialogue is a new form of cooperation‘, said a delegate. Will the Finance Ministry’s oil wealth be able to cover potential budget deficits through 2011?