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Today in Russian Business – Nov 13, 2008

Moscow has delayed the introduction of higher EU timber tariffs on exports, as a conciliatory measure ahead of tomorrow’s EU-Russia summit in Nice, which is expected to see some difficult exchanges and few breakthroughs. The drop in value of the ruble has seen further losses for Russian companies in London, and a government move to re-open an old investigation into Uralkali hasn’t helped, sparking fears of a state asset grab. Russian farmers need $1.75 billion a year in grain export subsidies to survive, according to the Grain Union. State-run VTB bank has agreed a $201.2 million loan for steel maker TMK. With the IMF now pledging support, will Iceland still need financial help from Russia?