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. Last Updated: 07/27/2016

Business in Brief

Polish Poultry Banned

Imports of poultry, eggs, and all poultry-related products and equipment from Poland have been suspended after a bird flu outbreak, the country's food safety watchdog said Thursday.

Russia banned meat imports from Poland in November 2005, citing health concerns. (Bloomberg)

Gazprom Ups Belarus' Bill

Gazprom wants to charge Belarus $165 per 1,000 cubic meters of the fuel next year, Interfax reported Thursday, citing an unidentified official close to the negotiations.

Belarus proposed paying $119.50 per 1,000 cubic meters during talks in Moscow on Wednesday, the news service reported. (Bloomberg)

Ukraine Triples Storage Fee

KIEV -- Naftogaz Ukrayny, the Ukrainian state-controlled fuel company, more than tripled the price it charges trader RosUkrEnergo for natural gas storage, Interfax news agency reported Thursday, citing an unnamed official.

Naftogaz raised the price to $7.84 from July 1 from $2.25 a 1,000 cubic meters, Interfax said, citing the unidentified person. (Bloomberg)

2007 Inflation May Hit 12%

The inflation rate may reach an annual 12 percent this year, Deputy Economic Trade and Development Minister Andrei Belousov said, Interfax reported Thursday.

The Economic Trade and Development Ministry said Nov. 27 that inflation, led by higher food costs, would reach 11 percent to 11.5 percent this year. (Bloomberg)

Reserves Up to $463.5Bln

The foreign currency and gold reserves rose for an eighth consecutive week as the country benefited from energy sales, the Central Bank said in a statement Thursday.

The reserves advanced $3.9 billion to a record $463.5 billion in the week ended Nov. 30, the bank said. (Bloomberg)

Gazprom's Green Steps

Gazprom and Gaz de France agreed to cooperate on cutting greenhouse-gas emissions and the loss of fuel from pipelines and storage facilities, Gazprom said in a statement Thursday.

The state gas firms will also work together to improve the production and transportation of liquefied natural gas, as well as to develop refining technologies, Gazprom said. (Bloomberg)

Gazprom Neft to Sell Bonds

Gazprom Neft may sell $2 billion of foreign-currency bonds in the first quarter of next year, Interfax reported Thursday, citing an unidentified banker.

The notes will mature in five years, the news service said. Gazprom Neft was known as Sibneft before Gazprom bought control of the oil producer in 2005. (Bloomberg)

Chavez Orders 12 Planes

CARACAS, Venezuela -- Venezuela plans to buy 12 Russian-built military planes, including Il-76 transport planes and Il-78 refueling aircraft, an air force official said.

Air Force Colonel Oswaldo Hernandez Sanchez did not provide any details regarding the 12 planes, saying only that he expected them to arrive in Venezuela late next year. (AP)

Citigroup, Gazprom Trade

LONDON -- Citigroup and Gazprom were admitted last month to trade Dutch electricity on the Amsterdam-based APX energy exchange.

Citigroup Global Markets, a division of the biggest U.S. bank, is already a member on the APX Gas U.K. platform, the exchange said in a statement Thursday. Gazprom's U.K.-based unit also trades British, Dutch and Belgian gas on the exchange, APX said. (Bloomberg)

Magnitogorsk Invests $7Bln

Magnitogorsk Iron and Steel Works plans to spend $1 billion per year on adding capacity through 2014, the company said in a statement Thursday.

Magnitogorsk will invest more than $7 billion in new mills, equipment and upgrades, the company said. The company previously said it planned to spend $5.6 billion from 2007 to 2013. (Bloomberg)

Inprom Delays Share Sale

Inprom, a metals trader, delayed an initial public offering until spring after originally scheduling it for this year.

Raiffeisen Centrobank will join Trust Investment Bank in managing the sale, chief executive Igor Konovalov said Thursday. (Bloomberg)

Alfa Starts Research Group

Billionaire Mikhail Fridman's Alfa Group will set up a foundation to invest in telecommunications research and education projects in Southeast Asia to help promote its image and business in the region, Kirill Babayev, vice president at Altimo, Fridman's telecommunications unit, said Thursday.

The Altimo Foundation will be announced Friday, Babayev said. "It will sponsor many programs in research, education and culture in Southeast Asia." (Bloomberg)

Sitronics Posts $108M Loss

Sitronics, the maker of microelectronics controlled by billionaire Vladimir Yevtushenkov, posted a third-quarter loss, the company said Thursday in a statement.

The net loss was $108 million, compared with a profit of $21.1 million a year earlier, the company said. Revenue was $376.2 million. (Bloomberg)

Russky Standart Sells Debt

Russky Standart bank, the lender controlled by billionaire Rustam Tariko, sold 12.5 billion rubles ($511 million) of bonds, the bank said in a statement Thursday.

The ruble-denominated notes are backed by credit-card loans, Russky Standart bank said. The lender said it borrowed at a "competitive rate," without giving details on interest payments or the debt maturity. (Bloomberg)

Back to the U.S.S.R., Please

More than half of all Russians favor a return to a Soviet-style economy and believe democracy could be sacrificed to maintain order, according to an opinion poll published Thursday.

Fifty-two percent of respondents to the poll, conducted by the independent Levada Center, said they favored an "economy based on state planning and distribution." The figure has increased by 11 percentage points since 1997. The number of respondents who said they favored an "economy based on private property and market relations" declined in the same period to 29 percent from 40. (Reuters)

Model Buys Alcohol Stake

RIGA, Latvia -- Russian model Tatyana Kovylina bought a stake in Latvian alcohol importer Mono for 1.8 million lati ($3.8 million), Dienas Bizness reported Thursday, citing the Lursoft business registry.

Kovylina now owns three subsidiaries of Mono, according to the newspaper. (Bloomberg)