Today in Russian Business

260208biz.jpgFrench carmaker Renault is delaying a deal to purchase a stake in AvtoVAZ, Russia’s biggest automaker, without giving precise reasons. The chief purchasing officer at the latter company was murdered last week in his apartment building, and one newspaper says “more than 500 people affiliated with AvtoVAZ have been murdered in contract killings since 1992.” Finland’s Evli Bank has agreed to buy a 49.9% stake in corporate financing firm Avanko to expand in Russia. Russia will become Citigroup‘s second-most profitable market in Europe after Britain within two years, says the company’s chairman. According to Rosstat, the total volume of foreign funds invested Russia in 2007 was $120.9 billion. Mobile TeleSystems, the country’s largest mobile-phone company, will bid for a stake in Ukrtelecom, Ukraine’s 92% state-owned telephone company, in order to expand beyond the home market. PHOTO: File picture shows the Renault logo on an empty podium at the company headquarters west of Paris. (AFP/File/Stephane de Sakutin)