Today in Russian Business – March 24, 2011

‘Now anyone can participate in a tender irrespective of whether it is paper clips or a sophisticated construction project. The law allows anyone to participate. The one who offers the best price and the best conditions will win.‘  The Bank of Moscow stake owned by Goldman Sachs, a source of dispute during VTB’s takeover efforts, has been sold to ‘entities linked to Russian tycoon Suleiman Kerimov‘.  A businessman linked by Sergei Magnitsky to an embezzlement scheme has been given a lenient sentence and escaped a fine.  International Financial Reporting Standards are to come into force for publicly listed companies next year, although a lack of official guidance (including a translation) is creating obstacles.  Former Norilsk Nickel chief Denis Morozov has been appointed the director of EBRD’s board.  Rosbank, a Russian unit of Société Générale, has plans to become the largest foreign bank in Russia, and to rank itself among the country’s top 5 banks by assets and equity by the end of this year.  Prices for raw steel have risen 20% since December, according to Magnitogorsk.  The BBC reports on the ‘hugely politicised‘ realm of Russian blogging, and the blogosphere’s potential for profit.  Experts are re-thinking Russia’s long-term economic strategy on the instruction of Vladimir Putin: ‘A weak exchange rate can no longer play a role as the driver of economic growth, nor can it heal policy failures in attracting investment.‘