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Today in Russian Business – October 1, 2009

According to Bloomberg, Russia intends to pay off the last of its Soviet-era $1.2 billion debt this year to ease the fears of potential investors.  Ria-Novosti reports that the World Bank has suggested that Russia’s GDP will reach pre-crisis levels in the third quarter of 2012.  In September manufacturing grew for the first time in 14 months.  Rusal head Oleg Deripaska has said that oversupply has put the aluminum market under ‘huge stress’ and he will be ‘very cautious’ on investing outside of Russia.  Russia’s Central Bank will continue intervening in the foreign currency market because of the country’s vulnerability to oil price fluctuations.  Alfa Bank head Pyotr Aven, who has apparently developed a reputation for gloom-mongering, is uncharacteristically optimistic that there will be no second wave of crisis.  The European Bank for Reconstruction and Development may buy a stake in Russian bank Promsvyazbank.  The New York Times reports on how a group of Russian businessmen have established a Master of Business Administration program in Moscow, adapted to the problems they themselves faced in Russian business.