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Today in Russian Business – July 10, 2008

Prime Minister Vladimir Putin has approved a list of members for a government commission overseeing foreign investment in strategic sectors. “New limits on foreign investment in Russian companies will restrict non-Russians to no more than 5% of mineral exploration companies.” But with foreign direct investment already lessening, what effect will this have on the Russian economy? Metalloinvest, the miner half-owned by Alisher Usmanov, signed several new contracts to supply iron ore to leading iron and steel mills in Russia and Ukraine. Coca-Cola’s attempts to break into Russia’s kvas market are failing. Bank Rossiya, “otherwise known as the bank of Putin’s friends,” is renovating its image and performance.