Today in Russian Business

Russian Railways is to spend almost $33.9 billion over the next 12 years to modernize Moscow’s local railway network. The regional governor of Ulyanovsk has ordered top officials to learn English so that they can communicate more easily with potential investors. Severstal has agreed to buy ArcelorMittal‘s Sparrows Point steel plant in Baltimore, “betting against a prolonged economic slump in the US.” According to the Sugar Producers’ Union, Russia will keep its seasonal duty on raw sugar imports at $220 a ton in May.