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Today in Russian Business – May 25, 2011

Yandex’s shares, which reached $35 yesterday following its successful IPO, were valued at just $9 last November.  The IPO will give Yandex the chance ‘to make an impact farther from its Russian heartland‘.  Overall, stocks on the RTS are in a slump this quarter, with investors pulling $353 million last week – ‘the biggest outflow since 2006‘.  Oil price forecasts are aiding recovery.  Evidence that Goldman Sachs’ efforts to break into Russian business are succeeding: VTB has hired a Goldman exec as its international head.  Moscow Mayor Sergei Sobyanin is selling off assets accumulated by his predecessor, but his office will continue to hold its media interests.