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Today in Russian Business – June 5, 2008

Russia’s Central Bank has withdrawn the license of Moscow-based Promkreditbank over banking legislation breaches. South Korean company Hyundai has begun construction of a $510 million car factory in Russia. In order to protect itself against potential risks incurred as a result of the law on foreign investment restrictions, Deutsche Bank has halted the issue of deposit receipts of companies classified as working in “strategic industries”.