Today in Russian Business – July 9, 2009

Finance Minister Alexei Kudrin has said that GDP will grow by at least 1% in 2010 and that ‘export revenues will decline by $190 billionin 2009.  Russia could sign an agreement with the IMF on acquiring bonds worth $10 billion in August-September.  Aeroflot is under fire for illegally increasing its ticket prices, and has been ordered to return the excess money earned to the state budget.  GAZ will receive $630 million in state guarantees, in an attempt to revive the suffering car manufacturer.  A new trade treaty has been agreed between Russia and Germany.  Yesterday Pepsi opened its eighth plant in Russia; the company has pledged to introduce new products and buy 65% more potatoes by 2013. Renaissance Credit has resumed lending to Russian consumers after a freeze of ten months, but will be ‘more conservative’ than they were last time.  Russia has refused to help a state-owned aircraft leasing company that defaulted on bond payments, much to the annoyance of international creditors.   Billionaire Yelena Baturina, the wife of Moscow Mayor Yuri Luzhkov, has declared an income of $222 million for the first half of the year.