Today in Russian Business – May 22, 2009

Russia’s international reserves rose $6.1 billion last week as the central bank bought foreign currency to slow the rise of the ruble as oil prices increase.  The Moscow Times reports upon efforts to reduce Russia’s dependence upon imported poultry by developing the domestic industry.  A lawsuit launched by a car dealer against the government’s increase in tariffs on used cars has been rejected.  Debt-addled car manufacturer AvtoVAZ has approved a cost-cutting anti-crisis plan and the company will spend $2.54 billion from 2010 to 2012 to bolster sales.  The government continues its attempts to support the car industry; the Industry and Trade Ministry has proposed doubling the price ceiling for buying cars that could be subsidized by the government.  In the bid for Opel, carmaker GAZ reportedly has the role of ‘industrial partner’ in Canadian auto-parts maker Magna’s bid.  Billionaire Oleg Deripaska’s Basic Element, Germany’s Fraport and Flughafen Wien are among the companies entering the bid for a $1.28 billion contract to renovate St. Petersburg’s Pulkovo Airport.  The possibility of creating a ‘grain pool’ among Black Sea countries will be considered at the World Grain Forum in St. Petersburg.  Telenor’s stake in VimpelCom, which was seized by Russian bailiffs after a $1.7 billion fine ruling against the Norwegian company, will not be sold ‘in the near future’.