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Today in Russian Business – September 24, 2010

A senior U.S. Chamber of Commerce official has reportedly asserted that Russia and the US will not resolve points of contention in Russia’s bid to join the WTO before the end of the year.  Suleiman Kerimov is feeling the wrath of State Duma Deputy Ashot Yegiazaryan, who claims the tycoon failed to give him a promised $2 million stake in Moskva hotel.  A Cyprus court has, at the angered deputy’s behest, frozen $6 billion worth of Kerimov’s Russian assets including his stake in potash producer Uralkali, mining group Polyus Gold and holdings in the aforementioned hotel.  It has been revealed that the largest single shareholder of the Bank of Cyprus is billionaire Dmitry Rybolovlev.  Vladimir Putin’s cousin, Igor Putin, formerly of Avtovaz bank, has been appointed vice president of Master Bank to assist the lender in an expansionist drive.  French cosmetics giant L’Oreal has opened its first Russian plant in the province Kaluga.  The region’s governor, Anatoly Artamonov, has trumpeted the arrival of the $26 million plant as a sign of the area’s resurgent economy.