Today in Russian Business – June 16, 2008

Czech investment fund PPF and Russian businessmen Alexander Nesis and Alexander Mamut have bought large stakes in silver miner Polymetal from Suleiman Kerimov. Reports are circulating that Kerimov is interested in buying stakes in major European banks. Trade between Russia and China increased 44%, year-on-year, in 2007 to $48.2 billion. Alexei Kudrin says Russia may revise its 10.5% inflation-rate target for 2008 next month as consumer demand outpaces economic growth. Kudrin has denied that there are plans for an IPO of diamond producer Alrosa. The Moscow Times sees the fact that the International Monetary Fund, the World Bank and the government are arguing over the state of Russia’s economy as a sign of “heightened expectations for Russia’s future.”