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

. Last Updated: 07/27/2016

Business in Brief

Economy Expanded 7.4%

The economy expanded an annual 7.4 percent in the first nine months, Economic Development and Trade Minister Elvira Nabiullina said Wednesday.

The ministry forecasts economic growth of 7.3 percent this year, compared with 6.7 percent in 2006. (Bloomberg)

Investment Reaches $40Bln

Foreign direct investment surged to more than $40 million in the first nine months of the year, Igor Shuvalov, an aide to President Vladimir Putin, said Wednesday.

Foreign direct investment last year totaled $30 billion, Shuvalov said. (Bloomberg)

EBRD to Buy TGK-9 Stake

The European Bank for Reconstruction and Development, or EBRD, said Wednesday that it would buy a minority stake in power generator TGK-9 for 140 million euros ($199 million).

The EBRD said it would buy the shares from Integrated Energy Systems one of the largest strategic investors in the domestic power sector and part of the Renova group, owned by billionaire Viktor Vekselberg. (Reuters)

Nord Stream Seen on Time

Participants in a consortium to build a gas pipeline under the Baltic Sea said Wednesday the project was on schedule after Gazprom reported problems.

The Nord Stream pipeline, due to be built by Germany's E.On and BASF jointly with Gazprom, will be connected to the German grid on time, BASF unit Wingas said. (Reuters)

VEB's Investment Plans

The new Development Bank plans to invest $25 billion in the economy by 2010 as the government seeks to lessen its dependence on natural resources, Economic Development and Trade Minister Elvira Nabiullina said Wednesday.

The bank will invest most of the money in infrastructure and high-tech projects, Nabiullina said. (Bloomberg)

RusAl Seeks Norilsk Swap

United Company RusAl considered buying a stake in Norilsk Nickel by offering shares and cash to Mikhail Prokhorov, one of the company's owners, Vedomosti reported Wednesday.

RusAl this summer discussed compensating Prokhorov for the stake by issuing new shares and paying the rest in cash, the newspaper said today, citing unidentified people close to both companies. (Bloomberg)

Kazakhs Pass Subsoil Law

ALMATY, Kazakhstan -- Kazakh President Nursultan Nazarbayev signed amendments to the country's subsoil law allowing the government to cancel contracts with oil companies, the president's office said in a statement Wednesday.

Nazarbayev approved the amendments "to protect Kazakhstan's interests," the statement said. (Bloomberg)

Kazakhs to Build Up Navy

ASTANA, Kazakhstan -- Kazakh plans to build up its naval force on the Caspian Sea to guard its offshore oil fields and diversify arms imports, the defense minister said Wednesday.

Defense Minister Danial Akhmetov said Kazakhstan also sought to promote military contacts with countries such as Turkey and Israel. (Reuters)

Zubkov's Postal Warnings

Prime Minister Viktor Zubkov on Wednesday called for modernization in the country's postal system and warned against any moves toward reduction of services in small settlements, Interfax reported.

"It is absolutely necessary that you consult with regional governors on plans to close post offices, especially in remote regional settlements," Zubkov told Russian Post officials at a communications exhibition. (MT)

Kremenchug Buys Oil

KIEV -- Ukraine's largest refinery, Kremenchug, short of oil because of a dispute with Tatneft, bought 170,390 tons of oil for October and November, an official said Wednesday.

Tatneft halted supplies to Kremenchug on Friday after Pavel Ovcharenko, an ex-manager of Ukrtatnafta, which runs the refiner, used armed police to oust the previous head and reinstall himself as manager. (Reuters)

For the Record

Tinkoff Credit Systems only sold 18 percent of its ruble-denominated bonds Tuesday in the first such sale since borrowing costs jumped in August, Kommersant reported. (Bloomberg)

Finnair said Wednesday that its unit Aurinkomatkat-Suntours had agreed to acquire Calypso, a St. Petersburg travel agency and tour operator, for an undisclosed sum. (Reuters)

Timan Oil & Gas announced Wednesday a court ruling issuing the company an additional exploration license in the Timan-Pechora basin in the Arkhangelsk region. (Reuters)