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. Last Updated: 07/27/2016

Business in Brief

Siberian Miner Loses $7.7M



Yuzhkuzbassugol, a Siberian coal mining company that lost 39 miners in a methane explosion last week, estimated the damage at 200 million rubles ($7.72 million), Vedomosti said Wednesday, citing financial director Yury Kushnerov.

The company will pay 140 million rubles in compensation to families and the rest on repairing the damaged mine, Kushnerov said, the newspaper reported. (Bloomberg)




BoNY Suit Postponed



The Moscow Arbitration Court on Wednesday deferred acceptance of the Federal Customs Service's $22.5 billion claim against Bank of New York over an alleged money laundering scheme dating back to the 1990s, Interfax reported, citing a court spokesman.

The spokesperson gave no reason for the decision.

The Federal Customs Service first filed its lawsuit on May 17 alleging that the bank had organized the illegal transfer of $7 billion out of the country from 1996 to 1999. (MT)




Prana Pays for Yukos Assets



Prana, a little-known company that won an auction earlier this month for Yukos' headquarters for under $4 billion, has paid in full for the building, Nikolai Lashkevich, a spokesman for Yukos' bankruptcy manager, said Wednesday.

He said Prana made a final payment of 95.68 billion rubles ($3.7 billion) to a Yukos bank account Tuesday. Prana outbid a Rosneft subsidiary at a May 11 auction by raising the initial bidding price by more than 300 percent. (MT)




Moncrief Sues Over Field



FRANKFURT -- A U.S. oil company will go to court Thursday to press its claims for a stake in a vast Russian gas field, arguing that a joint venture between BASF and Gazprom should be voided.

Moncrief Oil International, a privately held U.S. gas company, is suing the chemical giant in a Frankenthal court in a hearing that is expected to last weeks. In the suit, Moncrief contends that the deal with Gazprom by BASF's Wintershall unit should not be permitted because the U.S. company had inked its own deal with Gazprom in the late 1990s. (AP)




Metals Firm Chief Ups Stake



Magnitogorsk Iron & Steel Works chairman Victor Rashnikov will increase his stake in the company by 6.71 percent within a month, Vedomosti said Wednesday, citing two unidentified people close to the company.

Rashnikov, owner of 85.55 percent of Magnitogorsk before the company's share sale in April, will buy the stake held by UFGIS Structured Holdings, a unit of Deutsche Bank in Moscow, the newspaper said. (Bloomberg)




Full Estonia Trade Resumes



VILNIUS, Lithuania -- Estonian trade with Russia is returning to levels before relations between the countries were damaged in dispute over the Baltic nation's decision to move a Soviet-era memorial, Lithuania's Economy Minister Juhan Parts said Wednesday.

"If we look at the real figures, it's returning to the same level -- to what it was, but, of course, there are always risks to doing business with Russia," Parts said. (Bloomberg)




Mol's Storage Plans Stalled



BUDAPEST -- Mol's plan to build underground natural gas storage facilities in Hungary in cooperation with Gazprom have stalled, Vilaggazdasag newspaper reported Wednesday citing an unidentified person.

The companies are "reconsidering" the plan after Gazprom last week signed an agreement with Mol's Austrian rival OMV to work more closely on gas transit and storage projects, the newspaper said. (Bloomberg)




TV Lifts Sistema Media Sales



Sistema Mass-Media, controlled by billionaire Vladimir Yevtushenkov's Sistema holding, said Wednesday that first-quarter sales rose 79 percent as the company added Pay-TV customers.

Sales for the three months climbed to $25 million, compared with $14 million, a year earlier, Sistema Mass-Media CEO Michael Dounayev said. (Bloomberg)




Lebedyansky Net Seen Flat



Juice producer Lebedyansky said Wednesday its net profit was unchanged in the first quarter of 2007, year on year, as higher costs offset sales growth.

The company said net profits stood at $24.2 million, while revenues rose 39 percent to $210 million. Total products sales increased by 27 percent to 261.8 million liters. (Reuters)




Ivanov Raises Tariff Specter



First Deputy Prime Minister Sergei Ivanov said Wednesday that he did not exclude the possibility of imposing tariffs on foreign manufacturers using anti-competitive practices, Interfax reported.

"We see some double standards on the part of some big European partners," Ivanov said. "Ideally, the market should be open. If not, the government should be open to considering counteractive measures." (MT)