Today in Russian Business – May 6, 2010

Apparently Russia’s inflation rate dropped to the lowest level in 12 years in April, the Moscow Times reports.  The ruble has tumbled in the biggest two-day decline against the dollar this year as oil dropped and fears that the economic recovery could be jeopardized by debt worries in Europe.  Cherkizovo Group has announced that poultry and pork sales improved in the first quarter.  The Federal Consumer Protection Service has suspended imports of nuts and dried fruit from Tajikistan after the country suffered its first outbreak of polio in more than a decade. Magnitogorsk Iron & Steel Works apparently increased production of steel products by 51% last month from the same period a year earlier.  See the Guardian for a report on Russian businessman Anatoly Kazachkov, who apparently tried to launder £6.5 million through the Royal Bank of Scotland.  Russia’s biggest lender Sberbank plans to inject $300-$350 million into its Belarussian unit and to furnish it with up to $2 billion more in extra financial resources.  Why there’s good news for the Russian service industries.