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Today in Russian Business

Despite continued insistence that the British Council will not shut down its cultural offices and the subsequent risk of worsening relations with Russia, the UK remainsthe largest foreign investor in Russia”. Tokyo’s Hitachi Construction, which makes giant excavators, said it may make excavator parts with a Russian company this year and plans to double annual sales in the country over the next five years. Scottish & Newcastle has commissioned an independent report into Baltic Beverages Holdings (BBH), the Russian brewer, and has also submitted a claim to an arbitration tribunal, which will decide if the company can acquire Carlsberg’s 50% stake in BBH. According to VTB Bank’s latest report, the Russian economy grew 6.3% on the year in December.