Today in Russian Business – May 29, 2008

Following the arrest of its owner earlier this year, Arbat Prestige, one of Russia’s oldest and largest cosmetics chains, could be shut down permanently in the next few weeks. Vladimir Potanin and Alisher Usmanov have agreed to create a “global mining leader“, inviting Oleg Deripaska’s Basic Element to join as a partner. English department store Debenhams will make a second attempt to enter the Russian market. VimpelCom plans to buy the remaining 49% of Alexander Mamut’s Corbina Telecom Group for about $400 million. Carmaker Avtovaz, part-owned by Renault, has delayed plans to float more stock until 2009. The Russian government is to sue Swiss trading firm Noga for $1.6 million over the seizure of Russian assets in France.