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. Last Updated: 07/27/2016

Business in Brief

FSC Rejects Issue


In a precedent-setting move, the Federal Securities Commission has annulled a 1.17 billion ruble ($41 million) bond issue placed by major metals trader Interural.

The issue was canceled because Interural provided insufficient information about its debt and tax payments, said FSC representative Alexei Trubin.

Interural declined comment, saying it had not yet received documentation from the FSC on its decision.

Paris Club Talks

The Associated Press

Russia may enter official negotiations with the Paris Club of creditor nations within two or three months, Deputy Finance Minister Alexei Ulyukayev said Thursday.

In the meantime, Russia would like approval from the club for a rescheduling plan before related debt talks are concluded with the International Monetary Fund, Ulyukayev was quoted by Interfax as saying.

The comments were the latest from government officials suggesting Russia would like to deal more directly with the governments of creditor nations in the Paris Club, such as Germany, rather than negotiate through the IMF.

"We aren’t looking for an official announcement from the club," Ulyukayev said.

He said the creditors could relay their position to Russia in an informal manner, perhaps orally.

VGTRK Audited

The Moscow Times

An Audit Chamber review of the All-Russian State Television and Radio Co., or VGTRK, has found that the state-owned broadcasting giant is in a "catastrophic" position, said Audit Chamber head Sergei Stepashin.

"The main conclusion to be drawn from the result of the audit is that it is impossible to demand that a state company turn a profit while simultaneously retaining its position as the main state television and radio broadcasting company," Stepashin was quoted by Interfax as saying Wednesday.

VGTRK runs a number of radio and television outlets including RTR and Kultura. It also operates most of the country’s transmission facilities.

"I sent a memorandum to [President] Vladimir Putin [and] the matter of the financial state of the company will also be considered by the government," Stepashin said. He suggested the government adopt a program to develop VGTRK.

The Audit Chamber is the State Duma’s advisory watchdog.

Palladium Sale Pledge


Norilsk Nickel reiterated Thursday it would begin palladium shipments to Japan under term contracts this month.

"I want to remind the market that Norilsk has a 10-year export quota for palladium and faces no obstacles in selling. Norilsk has finalized contracts with Japanese consumers and will begin to supply metal to the market in January 2001," said Norilsk’s first deputy CEO, Dmitry Zelenin.

Palladium has leapt to record highs close to $1,100 a troy ounce in the past few days on fears that anticipated Russian supplies of the metal will not appear.