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    Indian Iron-Ore Producer to Enter Russian Coal Market

    Jul. 14 – Indian state-owned iron-ore producer, NMDC Ltd., is in negotiations to purchase four coal mines in Sakha-Yakutia from coal company Kolmar. NMDC is Asia’s third-largest iron-ore producer while Kolmar is owned by the Onexim Group-affiliated mining and exploration company, Intergeo. Talks to buy the Kolmar mines, which have reserves of about 400 million[…..]

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    Russia, Kazakhstan and Belarus Create Customs Union

    Jul. 9 – Russia, Kazakhstan and Belarus have reached an agreement creating a new Customs Union (CU)  starting this week that will put all three countries under one customs territory. The new Customs Code will simplify Russian-Kazakhstan border customs registration, though Customs control at the border will be remain until 2011. The three countries have[…..]

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    Russia Sells Uranium Shares to Kazakhstan

    Jul. 6 – Russia is selling 20 percent to 50 percent of its shares in the world’s largest uranium producer, Uralsk Electrochemical Industrial Complex (UEIC), to Kazakhstan in exchange for raw materials for the state-owned company. The deal was formalized and signed on Monday by the Russian state nuclear energy corporation Rosatom and the Kazakhstani[…..]

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    Legal Precedent Complicates Foreign Investment in Strategic Sectors

    Jul. 1 – A court decision based on the law on foreign investments for strategic Russian companies may essentially complicate investor access to the market. The Commercial Court of Moscow City announced its decision on the Megafon cellular operator case on Tuesday; invalidating all positions of the agreement on establishing joint venture in which Russian[…..]

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    Sberbank to Involve Commercial Banks in Social Card System

    Jun. 30 – State-owned Savings Bank (Sberbank) made the first step in creating a system of universal electronic social cards, which will give Russian citizens access to future electronic state services, Kommersant-Kazan daily reports. Sberbank has registered open joint-stock company Universal Electronic Card which will operate the new system together with Uralsib bank and Ak[…..]

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    Russian Light Industry to Replace Foreign Manufacturing

    Jun. 28 – The illegal importation of light industry goods to Russia is falling from 60 percent to 40 percent, giving Russian sewing, textile and shoe manufacturers a good chance to take over the domestic market. Meanwhile, the situation might be complicated by new duties within the limits of the Russia, Belarus, and Kazakhstan Customs[…..]

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    Chinese Investors to Develop Russia’s Far East

    Jun. 25 – The advisory council for Russia’s Ministry of Regional Development approved eight projects from more than 200 joint projects planned for 2009-2018 in frontier regions of Russia and China. According to the list of investment projects published on the ministry’s web site, long term Russian-Chinese cooperation will start from the Chukotka region’s Beringovsky[…..]

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    Russia Moves to Protect Businessmen Suspected of Economic Crimes

    Jun. 22 – The Russian State Duma plans to remove imperfections from legislation preventing President Dmitry Medvedev from mitigating punishment for businessmen. “Necessary amendments to the Russian Criminal Code and the Criminal Procedure Code will be introduced to the State Duma next week,” said deputy Andrey Nazarov, one of the authors of amendments. Expert’s estimate[…..]

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    Russian Bankers Want Financial Ombudsman Institute

    Jun. 16 – Bankers in Russia have suggested establishing an institute for financial ombudsman in Russia and allocating it with the functions of bank borrowers’ interest protection, said the vice-president of the Association of Regional Banks of Russia Oleg Ivanov to RIA Novosti. The institute could be established in the body of the Central Bank, or[…..]

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    Diamond Miner JCS Alrosa Considers Joint Stock Option to Attract Investment

    Jun. 3 – Russian state-owned diamond miner JCS Alrosa has announced intentions to change its business entity to an open joint-stock company to attract investment. If successful, Alrosa then hopes to achieve the next step and list an initial public offering. According to the RIA Novosti news agency, the company’s president Feodor Andreev has started[…..]

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