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. Last Updated: 07/27/2016

Looking Back … Oct. 3 to Oct. 9

  • The week began with word that state-owned Vneshtorgbank paid a mere $198,000 for MOST-Bank, the former financial giant that was the flagship enterprise of embattled tycoon Vladimir Gusinsky. MOST-Bank is holding some $650 million in debts vs. just $100 million in liquid assets. While it doesn’t seem like a swell deal, the nation’s top banker apparently isn’t fazed — Central Bank chief Viktor Gerashchenko also heads Vneshtorgbank’s supervisory board.

  • By Tuesday it became clear that the European Union was getting serious about getting more — much more — of Russia’s oil and gas exports. EU negotiators began hashing out a deal with Russian oil and gas companies that could see the doubling of exports to Europe by 2020. Russia would rake in an additional $16 billion by doubling annual EU gas exports alone.

  • On Tuesday, the Federal Securities Commission launched an investigation into metals giant Norilsk Nickel’s controversial restructuring plan, which calls for the death of the company and its rebirth under a new name. Minority shareholders were, analysts say, rightly outraged at the scheme, which will most likely dilute their holdings. The move will likely kill the Prosecutor General’s Office investigation into Norilsk’s 1997 privatization.

  • On Wednesday, the 24 businessmen on Mikhail Kasyanov’s much ballyhooed Council of Enterprises met with the prime minister. Kasyanov promised them they would have a say in how businesses would be taxed.

  • Tempers flared in the lower house of parliament as Friday’s first reading of the 2001 budget neared. While a motley collection of leftists blasted the Kremlin spending figures as being too stingy, the Central Bank announced that foreign-currency reserves hit a record high of $25 billion as of Sept. 29 — with another billion coming in as Tyumen Oil Co. paid for the 85 percent stake in the Onako oil company that its subsidiary, Yevrotek, won in last month’s tender.

  • On Friday, the first reading of the budget passed, but the bad mood of the leftists hadn’t.