Today in Russian Business – June 30, 2011

A reported coup at Avianova that saw executives ‘evicted from their offices‘ is not the kind of case study that promotes the Russian business climate as investor friendly.  This report analyses Campbell Soup’s exit from Russia, speculating about a ‘conservative food culture‘.  The Bank of Moscow rescue operation cannot proceed unless VTB boosts its stake in the bank to at least 75%, at an estimated cost of $1.3 billion; although new reports suggest that Bank of Moscow will instead receive a $5.4 billion, 10-year loan from the central bank.  President Dmitry Medvedev is pushing for a privatization schedule, ordering the government to make state sell-offs a priority and ease dependence on raw materials.  ‘He has repeatedly made similar calls since succeeding Putin in 2008, but Russia has continued to rely heavily on oil and gas revenues.