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Today in Russian Business – Oct 23, 2009

Russia has dropped its $22.5 billion lawsuit against Bank of New York Mellon after the company agreed to pay a $14 million settlement, and iwas subsequently announced that BoNY loans to Russian state banks would resume almost immediately. State arms exporter Rosoboronexport is working to reach an agreement with China on copyright protection of Kalashnikov assault rifles to deal with an estimated 50 million counterfeit Kalashnikovs worldwide.  Deka, the maker of cola-beer hybrid Russian drink kvas, may be forced to sell a quarter of its shares due to strong competition from Coca-Cola and Baltika. Sberbank’s latest net profit report shows a 91% decrease on last year’s figures. So how did Tinkoff Credit Systems manage to boost its profits this year?