Today in Russian Business

Lufthansa is in big political trouble once again in Russia, after tax authorities froze the accounts Tuesday over demands that the airline give up between $7.4 million and $10.3 million in outstanding payments. Renault has ponied up to buy a 25% stake in Avtovaz, a move to gain a strong foothold in one of the most promising automotive markets in the world. Kommersant reports “The first option for the deal, the purchase of 12.8 percent of the plant’s stock with a subsequent increase, could take place after the redemption of reacquired stock. (Now 66.5 percent of the shares in the plant belong to its subsidiaries.) The second option is the immediate acquisition of 25 percent of the stock.” The nephew of Mikhail Gutseiryev, who fled Russia after having his oil company Russneft seized by the state, has agreed to sell the top 50 lender Binbank to senator Vadim Moshkovich. Russia’s new sovereign wealth is planning to snap up some Fannie Mae and Freddie Mac bonds, while explaining away the politics of their investment program.