Today in Russian Business – July 30, 2008

Seeking to limit the damages made by Prime Minister Putin’s comments on Mechel, President Dmitry Medvedev has expressed confidence in the prospects of the country’s stock market, drawing attention to openness and transparency. Analysts and tax experts argue that Mechel’s alleged practice of illegal transfer pricing is stuck in a legal gray zone due to Russia’s inadequate legislation. Insurance company Ingosstrakh collected $987 million in premiums in the first half of 2008. Vladimir Potanin has offered Vladimir Strzhalkovsky, an old ally of Putin, the post of CEO at Norilsk Nickel.