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Today in Russian Business – June 21, 2011

Hermitage Capital has filed another criminal complaint with the Investigative Committee, calling for an investigation into tax rebate frauds that were being investigated by Sergei Magnitsky before his death.  Billionaire Alisher Usmanov has increased his stake in soccer club Arsenal by 1%.  Sberbank chief German Gref says that uncertainty over who will run in the 2012 presidential elections is spurring capital flight; during his speech at the St. Petersburg Economic Forum, President Medvedev insisted that his promises of a liberalized economy would be fulfilled no matter who rules next year.  Egypt will not decide about resuming grain purchases from Russian until the harvest begins in August, saying that it wants to ensure that Russia’s supplies are ‘stable‘ before committing.  The release of Boris Berezovsky’s two French yachts has sparked an appeal by Russian prosecutors. The increasing popularity of hostels in Russia is easing the ‘culture shock‘ of their initial appearance in the country, says the Moscow Times.