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Today in Russian Business – May 5, 2011

On the troubles surrounding Russia’s planned purchased of French Mistral ships.  The head of the National Anti-Corruption Committee discusses the difficulty of rooting out corruption, and says that ‘the truth about who are the country’s worst embezzlers will remain hidden in offshore bank accounts‘.  The Tverskoi District Court has sanctioned the arrest in absentia of Hermitage Capital partner Ivan Cherkasov, after it was initially called for by Oleg Silchenkov.  The Investigative Committee may soon also order the arrest of Hermitage founder Bill Browder.  A Moscow court says that an international arrest warrant has also been issued for Andrei Borodin, the former head of Bank of Moscow, and his deputy, Dmitry Akulinin, although the Interior Ministry contradicts this.  The central bank will hold off on speeding up interest-rate increases, despite rising inflation, so as not to hinder economic growth.  30 investment projects aimed at stimulating business activity in the North Caucasus are to be given special government attention this year.