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Today in Russian Business – Oct 30, 2009

As of today, violators of anti-monopoly legislation could face jail sentences of up to seven years for crimes such as price-fixing and abuse of market position.  The central bank, Moscow-based Bank Rossii, says it will use rate reductions to keep out short-term investments and risk capital, Bloomberg suggests that its efforts may be hampered by economic dependence on oil.  Interest rates have been cut for the eighth time this fiscal year to their lowest-ever level.  Ratings agency Moody’s says that the rise in Russia’s quasi-sovereign debt, particularly in relation to Gazprom and Sberbank, is ‘worrying‘.  A new Duma bill is aimed at helping small and medium-sized businesses create new jobs without losing their benefits.  Magnit’s $527 million oversubscribed secondary share is only the second of its kind in Russia since the crisis.