Today in Russian Business
Russia’s Federal Financial Market Service (FFMS) has suggested consolidating all Russian exchanges into a single holding, and then making an IPO of its stocks. Eldorado, one of the country’s largest home-electronics retailers, is facing back tax claims of up to $624 million, which could force it to sell some assets. Government officials believe that more than $13.8 billion would be needed to develop transportation infrastructure for the 2014 Sochi Olympics. Finnish Ruukki Group has abandoned its investment project in Russia’s Kostroma region. The company had planned to invest €1.1 billion to build a pulp mill and a sawmill in Northwest Russia. Russian developer LSR Group will invest around €95 million ($144.5 million) in a new brick factory to meet growing demand for building materials amid a construction boom. The director of Moscow’s State Tretyakov Gallery is outlining a $150 million plan to increase exhibition space by more than half. ERG, the Italian exporter of refined oil products, is close to reaching an agreement to sell a stake in its refining unit to an unidentified Russian company. TMK, the country’s largest steel pipe maker, said it expected 2007 revenues to have risen to more than $4 billion on strong demand and higher prices for pipes.
