Today in Russian Business

Sergei Ivanov, speaking at an international conference on security, held in Munich, said that Russia needs $1 trillion in investment to modernize its economy. The chief executive of Norilsk Nickel, Denis Morozov, has flown to London to persuade institutional investors to back him in his fight against Oleg Deripaksa’s Rusal, which is putting the last touches to plans to buy a 20% stake in Norilsk for $4.6bn “in what is believed to be a precursor to a takeover.” Alexander Abramov, the former chief executive of Russian steel company Evraz and one of Russia’s wealthiest steel magnates, is launching a $4bn investment fund based in Britain. Eldorado Group, Russia’s largest electronics retailer, is planning an initial public offering to fund expansion in western Europe. France’s Société Générale plans to complete a deal to consolidate a controlling stake in Rosbank this week. Moscow City Court will not release businessman Vladimir Nekrasov on bail, and has postponed the appeal hearing for Nekrasev’s consultant Semyon Mogilevich. Exiled Russian businessman Boris Berezovsky has begun a legal claim in London against former business partner Roman Abramovich regarding a sale of shares in 2000-3. Finance Minister Alexei Kudrin says that Russia’s role in the Group of Eight was gradually increasing and that limitations on foreign investment, including on sovereign wealth funds, could complicate efforts to overcome the current financial crisis. Kudrin has increased his forecast for economic growth and said inflation may slow.