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Today in Russian Business – July 24, 2008

Hermitage Capital Management and HSBC are alleging that fraudsters have stolen $230 million from the Russian tax authorities. Read a special report on the recent history of Hermitage and its owner, William Browder’s, series of run-ins with the Russian authorities. Australian-Russian infrastructure venture Macquarie Renaissance is reportedly eyeing St Petersburg’s Pulkovo airport. Russia plans to raise export tariffs on steel scrap to €120-130 ($191-207) per tonne to prevent a potential deficit. Magnitogorsk Iron & Steel Works has completed a new galvanized steel unit, designed to produce 450,000 tons annually. Evraz Group is negotiating the takeover of Industrial Union of Donbass. A union would create one of the five biggest steelmakers in the world. “The US financial crisis highlights how misguided Russia’s economic course has been.” June growth rates for wages, incomes, retail sales and capacity investment “all significantly missed market expectations”.