Today in Russian Business

Sistema, the holding company of billionaire Vladimir Yevtushenkov, announced that its Indian subsidiary, Shyam Telelink, has obtained a pan-India telecom license, a deal that analysts say will strengthen Sistema’s foothold in India. A special report on the merger of West Siberian Resources with Russian refiner Alliance Oil can be found here. Coca-Cola has called off a promotion after offended Orthodox believers lodged a complaint with prosecutors that the company’s campaign posters, featuring religious sites, portrayed the sites upside down. Russia’s Ministry of Finance says it bought out all claim rights on the Russian Federation’s debt to Swiss company Noga at the end of last year. Volkswagen reported that its sales in Russia rose 67.8% in 2007.