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Today in Russian Business – June 25, 2008

Leaders of the Russian Union of Industrialists and Entrepreneurs have complained about the Kremlin’s lack of interest in establishing a real dialog with business. “Big private companies are only emerging, while the state-run firms, which enjoy 100 percent support from government bodies, don’t play by the market rules,” commented one. EU officials are said to be upset that Russia is barring chicken and pork imports from 70 European companies. Russia’s federal anti-monopoly body has still not ruled out the possibility that charges of price collusion could be brought against Russia’s major aviation fuel suppliers. Speaking at a meeting with VTB, Dmitry Medvedev said that, “in a period of global financial instability, we need to press ahead with the strategic objective of making the ruble one of the regional [reserve] currencies.” At a speech outlining Russia’s 2009-2011 budget, Medvedev emphasized the need to cut inflation and reform pensions, healthcare and education without excessive budget spending.