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Today in Russian Business – March 22, 2010

In a meeting with US Secretary of State Hillary Clinton, Vladimir Putin commented on the collapse of trade between Russia and the US, and asked that restrictions preventing Russia from obtaining ‘normal trade relations‘ status be removed.  Vladimir Potanin’s media company, Prof-Media Ltd, may delay a $500 million initial public offering planned for London this spring until stock prices rise.  Russia’s state-run United Aviation Corporation (UAC) has no plans to bid for a $50 billion contract to replace the US Air Force fleet of air tankers.  Nokia is looking to expand its own-brand stores in Russia.  A report on sovereign wealth funds estimates that Russia’s Reserve Fund has more than halved in value from $137 billion to $60 billion since the financial crisis.  Russia’s movie production companies are to receive a $68 million cash injection this year, with special bonuses to be awarded for movies drawing large audiences.