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Today in Russian Business

Seventh Continent, Moscow’s largest grocery chain, said its revenues had jumped by 32% year-on-year. Despite news that local government have suspended the investment agreement, Finland’s Ruukki will proceed with its plan to build a $1.6 billion pulp mill in Russia. The Singapore government investment fund GIC Real Estate has acquired a 25% stake in a project to build a residential complex outside Moscow from Russian developer PIK Group for $233 million. Wal-Mart Stores, the world’s biggest retailer, could expand into Russia within the next two years, according to a research note from UBS. The Russian harvest in 2007 is expected to be 81 million tonnes, the best for five years, but it will not meet domestic demand.