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Today in Russian Business – July 29, 2008

Prime Minister Vladimir Putin has publicly given support to a plan to spend $2.7 billion through 2015 to boost the chemical industry. Putin’s attack on Mechel has sent the Russian stock market to its lowest level since 2006. Hermitage Capital says that a senior director with Russia’s Renaissance Capital bank has connections with individuals implicated in an alleged $230m fraud against the Russian state. Developer FinansStroiInvest is accused of carrying out raider attacks to force residents off of their properties. A Jordanian-Russian joint venture will reportedly manufacture portable Russian grenade launchers that can penetrate tank armor. Chinese honey is allegedly being shipped through Russia to disguise its origin and help it avoid US tariffs. Fertiliser company Acron has postponed its plan to list in London due to market conditions.