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Today in Russian Business – May 21, 2010

The BBC reports on how Russia plans to adjust to the dwindling reserves in its oil revenue fund.  The Moscow Times also reports on the cabinet’s new strategies for dealing with the cash crisis.  Nokia and Cisco systems may be new partners in Medvedev’s ‘innovation city’; but does Moscow really have the right business climate for such a project to work, wonders the FT.   Presidential Aide Arkady Dvorkovich has quelled fears about the euro, asserting that the currency will make it through the current crisis and that Russia will help it do so through its IMF contributions.  Could the dollar’s climb against a weak euro derail Russia’s plans for the ruble as reserve currency?  Apparently Martin Wolf of the FT has told Itar-Tass that Russia should not have experienced anything like the crisis that began in the US and infected the global economy.  Russia has new plans for how to trim ‘shadow economy‘ of its 3 million migrant workers. With the jump in industrial output, wage arrears dropped 18.3% in April from the previous month.  Russia’s largest mobile operator, Mobile TeleSystems has stated that it has ‘concluded agreements’ to sell Rostelecom its 25%-plus-one-share stake in state-controlled fixed-line telecommunications holding Svyazinvest.