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    More Russians to Enter Latvia’s Banking Sector

    Jun. 22 – The newly-founded Rigensis Bank, owned by Russian businessman Igor Tsyplakov, has received its banking license and will launch operations in the first quarter of 2012, Nozare.lv was informed by the bank‘s soon-to be-chairman of the board, Rolands Petersons. According to Rolands Petersons, the quantity of initial investments will amount to US$20 million.[…..]

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    Russia and India to Boost Trade Up to US$20 Billion

    Jun. 20 – India and Russia plan to boost trade to US$20 billion per year by 2015, Indian Commerce and Industry Minister Anand Sharma said during a round table discussion at the economic forum in St. Petersburg. The two countries announced that they have decided to start negotiations to draw up a trade agreement between[…..]

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    Russia to Launch US$10 Billion State-Backed Direct Investment Fund

    Jun. 14 – Russia hopes to win over foreign investors who still regard the country as a no-go zone by launching a US$10 billion state-backed fund. Prime Minister Vladimir Putin has addressed private equity and sovereign wealth funds representing a combined US$2 trillion of wealth during the world’s most powerful investors gathering in Moscow’s Vozdvizhenka[…..]

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    Arctic Port of Dudinka Resumes Operations after Spring Flooding

    Jun. 8 – Russian metals giant Norilsk Nickel resumed shipments from its Arctic port of Dudinka after flooding prompted a seasonal halt. The port of Dudinka, the company’s main export outlet, resumed its operations on Sunday, Norilsk said in a press release. Suspension of loading operations at Dudinka takes place annually in May and lasts[…..]

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    Russia’s Economy Ministry Forecasts Economic Growth to Slow Down

    Jun. 3 – Russian economic growth may slow more than previously forecast next year as oil prices stagnate and the government uses its energy revenue this year to rebuild the nation’s sovereign wealth funds, the Economy Ministry said. The ministry revised down its growth forecast to 3.5 percent in 2012 from the previous estimate for[…..]

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    Russia Has Billionaires, but Lacks Millionaires

    Jun. 2 – According to global management consulting firm Boston Consulting Group’s global wealth report 2011, Russia ranks fifth in the highest number of “ultra-high-net-worth” (UHNW) households at 561. This year’s Global Wealth Report titled “Shaping a New Tomorrow: How to Capitalize on the Momentum of Change” for the first time published figures on the[…..]

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    Kuril Islands to Remain Russian with Chinese and South Korean Support

    May 18 – Living standards on the Kuril Islands of Russia’s Far East are extremely low, Deputy Prime Minister Sergei Ivanov reported as saying after his controversial visit to an island chain which is at the center of a territorial dispute between Russia and Japan. Analysts say that the socio-economic situation on the Kuril Islands[…..]

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    Russian Companies Continue to Expand Abroad

    May 17 – Russia’s third biggest mobile phone company VimpelCom has agreed to a US$420 million deal to buy New Telephone Company (NTC) from South Korea’s KT Corp and Summit Telecom Global Management, Sumitomo Corporation’s subsidiary. VimpelCom said it planned to close the 90 percent acquisition within four weeks. After the acquisition, the company is[…..]

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    Russia Has No Money for Minsk

    May 16 – Moscow is not planning to lend Minsk money, Russia’s Finance Minister Alexei Kudrin has been reported as saying. He also advises Belarus to turn to the International Monetary Fund instead, while the IMF in turn urged Minsk to speed through reforms to overcome a currency crisis. “We’re considering a US$1 billion loan[…..]

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    More Russian Cases to Be Arbitrated Outside Russia

    May 12 – More than half of all cases in the British High Court commercial division are related to Russia or other CIS countries, media reports citing leading law firm employees as saying. Since January 2011, 17 cases involving Russia and the CIS were filed with the London Court of International Arbitration. In 2000, that[…..]

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