Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Business in Brief

Still on FATF Blacklist

MOSCOW (Prime-Tass) -- The Financial Action Task Force will not take Russia off its blacklist at its meeting currently being held in Paris, Deputy Prime Minister and Finance Minister Alexei Kudrin said Thursday.

The FATF promotes international efforts aimed at fighting money laundering and financial crime.

Kudrin said Russia could be excluded from FATF's blacklist only after a FATF mission visits Russia. No timeframe for the mission's visit to Russia was provided.

Russia was blacklisted by the FATF in 2000 due to its lack of special legislation to fight financial crime and a special body to carry out such activities.

Russia passed such a bill last year The Financial Monitoring Committee began operations in February.

$860M Sberbank Profit

MOSCOW (MT) -- Sberbank posted a net profit of more than 27 billion rubles ($860 million) to international accounting standards in 2001, Interfax reported the bank's president and chief executive as saying.

The bank's capital grew by 100 percent last year to more than 81 billion rubles, Andrei Kazmin said Wednesday at an economic forum in St. Petersburg. He attributed the growth mainly to capitalization of profits, the main source of which was lending to the real sector of the economy.

Sberbank's loan portfolio totaled $14 billion, including about $2 billion in investment loans with terms of five to seven years, Kazmin said.

$4Bln in Arms Exports?

MOSCOW (Prime-Tass) -- Arms exports are expected to increase about 15 percent year on year in 2002 to $4 billion, a source with the state committee on military technical cooperation with foreign states was quoted by Itar-Tass as saying Thursday.

Arms exports were likely to increase after the government allows a number of arms producers to provide maintenance and other services and export spare parts directly to consumers in foreign countries, the source said. The decision on the issue is expected within two months, the source said.

WBD Dairy Stake

MOSCOW (MT) -- Wimm-Bill-Dann has bought 50.87 percent of Novokuibyshevskmoloko's dairy plant in the Samara region, Southern Russia, for $2.3 million, Dow Jones reported the company as saying Thursday.

WBD plans to modernize the plant and boost its capacity.

Union, STB Pool ATMs

MOSCOW (Vedomosti) -- The heads of the STB and Union Card local payment systems announced Wednesday that they have signed a deal to unite their ATM and settlement systems networks.

The new network will service more than 650 banks and their branches and will work with more than 6 million cards, 3,500 telling machines and 26,000 trade servicing points, the companies said.

Parameter Approval

MOSCOW (Prime-Tass) -- The government has approved the key parameters for the 2003 budget, Deputy Prime Minister and Finance Minister Alexei Kudrin said Thursday.

The government decided to make education, healthcare, national defense, law enforcement, science and the judiciary its key spending priorities next year, Kudrin said, adding that spending in these areas would be increased.

For the Record

The consumer price inflation index rose by 0.5 percent by the middle of June compared with 1.7 percent in the whole of May, the State Statistics Committee said Thursday. (Reuters)

The government is capable of keeping the 2002 annual cumulative inflation within the planned range of 12 percent to 14 percent, Economic Development and Trade Minister German Gref said Thursday. (Prime-Tass)

Two U.S. Iridium communications satellites were launched aboard a rocket from the Plesetsk space center in Northern Russia on Thursday, Associated France Presse reported space officials as saying. (MT)

U.S. poultry exports are expected to decline 11 percent year on year in 2002 to 2.5 million tons mainly due to trade disruption with Russia, the U.S. Agriculture Department said in a report. (Prime-Tass)

A program for the development of gas market is expected to be submitted to the government in December, Economic Development and Trade Minister German Gref said Thursday. (Prime-Tass)

The Central Bank is planning next week to cancel the rule obliging Russian exporters to sell hard currency revenues only directly to the Central Bank or via the Moscow Interbank Currency Exchange, said the bank's first deputy chairman, Oleg Vyugin. (Vedomosti)