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Today in Russian Business – Sept 10, 2008

The exodus of an estimated $20 billion worth of foreign capital is forcing Russian banks to cut down on lending. “Russia is open for business,” says the Kremlin’s Chief Economic Aide. There may be worries about the EU’s energy dependence on Russia, but look at the volume of commodities traveling the other way. Prime Minister Vladimir Putin wants Russia to step up production levels in the aircraft manufacturing industry. Russia’s S7 Airline is seeking a partnership with Austrian Airlines. Analysts see government officials’ plans to transform Russia into the world’s leading grain exporter within five years as realistic.