Today in Russian Business – Oct 11, 2010

All key decisions‘ relating to the Russian economy are taken ‘personally‘ by Prime Minister Vladimir Putin, says Finance Minister Alexei Kudrin in an interview with Euromoney.  Perhaps the magazine awarded its ‘Finance Minister 2010‘ award to the wrong man?  Kudrin says that he is not expecting the banking system’s bad debt situation to worsen, and that the economy can sustain its recovery provided oil averages over $60 a barrel next year.  Tension in the banking sector will delay a proposed increase in the minimum capital requirements for banks.  California Governor Arnold Schwarzenegger is in Moscow ahead of his leading a delegation at the Skolkovo business center to explore high-tech investment opportunities.  According to his Twitter feed, he is ‘having a great time with President Medvedev in his beautiful residence‘.  Gazprom has won the final approval needed in order to go ahead with its skyscraper, which is planned to be Europe’s tallest.  The Moscow Arbitration Court has ruled that tax claims against the embattled and now bankrupt Arbat Prestige cosmetics company were illegal.  The cost of building a road is at least $15 million more in Russia than it is in China.