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

. Last Updated: 07/27/2016

Business in Brief

Rosneft Out of Coal

MOSCOW (Prime-Tass) -- State oil major Rosneft has abandoned the Russky Ugol holding, a Rosneft official said Monday.

Rosneft is now undergoing a restructuring process and exited the holding to get rid of its non-core assets, the official said.

Rosneft and Mezhprombank created Russky Ugol in 2002 on a parity basis to carry out unspecified projects in the coal sector.

However, Russky Ugol has never acquired any coal assets and the project was economically ineffective, the official said.

Narrow Ruble Range

MOSCOW (Reuters) -- The ruble eased against the dollar Monday but clawed back some of the losses in late afternoon trade and was expected to seesaw in a 30.20-30.35 band this week.

Rubles for today delivery slipped early to a weighted average of 30.3503 per dollar from 30.2995 on Friday as overnight lending rates dropped to below 1 percent, making it clear that last week's liquidity crunch was over.

The strength of the ruble stems largely from Russia's booming oil exports, which despite a dip last month still remained near June's all-time peak.