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Today in Russian Business – May 23, 2011

China Investment Corp, the state’s $300 billion sovereign wealth fund, is considering possible investments in Russia, including one with Russia’s own planned direct investment fund.  Architectural plans for Skolkovo, the ‘innovation town‘ being built outside of Russia, paint it as an ecologically-friendly town full of solar panels and cycle tracks: ‘The pedestrian will come first.‘  The UK’s GT Group has won a £50 million contract with Russia’s GAZ, to supply exhaust gas control systems for a range of diesel engines.  Kremlin-linked Alexander Mamut has completed his purchase of British bookseller Waterstone’s for £53 million. ‘Russian ETFs have attracted a record $2.8bn so far this year, which is already 47% more than the total for 2010.‘  The Wall Street Journal explains why Yandex’s upcoming IPO is of particular note.