Today in Russian Business

US aviation giant Boeing has agreed to buy more than $1 billion worth of titanium components from domestic manufacturer VSMPO-Avisma. Peugeot Citron is to construct an automobile plant in Kaluga, signalling that its global partner, Mitsubishi, may construct a plant there also. In the first step towards such an agreement, Mitsubishi, Japan’s fastest-growing car exporter, has signed an accord with the Russian government granting it incentives to assemble vehicles. VTB’s purchase of a stake in EADS has been interpreted as “a renewed attempt by the Kremlin to develop Russia’s aerospace industry.” VTB has become the first Russian bank to win a license to operate in China. Sberbank has completed its $150 million purchase of Ukraine’s NRB Bank.