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. Last Updated: 07/27/2016

Business in Brief

Money Laundering Law

President Vladimir Putin instructed the Cabinet and the Central Bank to amend a law on money laundering and financing terrorism, the presidential press service said in a statement Friday.

The amendment will require all bank transfers by individuals of more than 600,000 rubles ($23,600) in foreign currency to undergo special scrutiny, the statement said. The legislation will be submitted to the parliament for consideration, it said. (Bloomberg)

Kudrin Gets VTB Post

LONDON -- VTB Bank named Finance Minister Alexei Kudrin as chairman of its supervisory board, the bank said in a statement Friday.

Members of the board elected Kudrin at the annual general meeting, the bank said. (Bloomberg)

Gref Deputy's Resignation

Economic Development and Trade Minister German Gref accepted his deputy's resignation, Interfax reported Friday.

Gref declined to say who would become deputy economic development and trade minister after Andrei Sharonov's resignation is accepted by the prime minister, the agency said. Gref was speaking in Omsk, Interfax said.

Sharonov, who has held various government posts for the past 16 years, has said he is choosing among several job offers from companies, Interfax said. One of the offers is from Troika Dialog, Sharonov said, Interfax reported.

Gref currently has four other deputies: Kirill Androsov, Andrei Belousov, Vitaly Savelyev and Stanislav Kuznetsov. (Bloomberg)

RusAl Could Go to State

RusAl chairman Oleg Deripaska said in an interview published in the Financial Times on Friday that he would be willing to transfer the aluminum giant back to state if the need arose.

"If the state says we need to give it up, we'll give it up," Deripaska said in the interview. "I don't separate myself from the state. I have no other interests."

Deripaska's comments follow media reports earlier this month that RusAl could float on the London Stock Exchange by the end of the year. (MT)

Lada Model Scrapped

AvtoVAZ this month stopped making its Lada 110 model, which it has been producing for the last 10 years, Interfax reported Friday, citing a company statement.

The carmaker will now replace the older Lada Priora, which began production in April. AvtoVAZ will continue to manufacture spare parts for the Lada 110, Interfax reported. (MT)

July Consumer Prices

Consumer prices will probably rise 0.7 percent this month, Economic Development and Trade Ministry officials said, Interfax reported.

Prices in July will increase at the same monthly pace as July last year, said Andrei Klepach, head of the ministry's forecasting department, the news agency said.

Consumer prices increased 0.3 percent in the first 10 days of July, said Economic Development and Trade Minister German Gref, Interfax reported. Klepach and Gref were speaking in Omsk. (Bloomberg)

LUKoil Refinery Unrest

BUDAPEST -- LUKoil's Bulgarian refinery workers staged protests in front of the unit's headquarters in Burgas on Friday to protest the firing of three people, Sofia-based Novinite news agency reported Friday, without citing anyone.

Protesters claim the three were fired for setting up a trade union, while the company said planned payroll cuts made their jobs redundant, the news agency reported. Workers earlier last week blocked a motorway to demand shorter hours and more paid vacation, it said. (Bloomberg)

Gazprom Bond Roadshow

Gazprom plans a benchmark eurobond nominated in dollars in July, a banking source said Friday.

The source said the roadshow would start next week. Gazprom last placed a dual-tranche bond in June, raising 700 million euros at 79 basis points over mid-swaps and 800 million euros at 115 basis points over British gilt. (Reuters)

Gazprom Hydro Stake

Gazprom may sell its stake in the Zagorsk hydroelectric power plant, said the deputy head of Hydro-OGK, the country's largest hydropower producer, Interfax reported Friday.

Gazprom may sell its stake now or wait until shares in Hydro-OGK start trading, Hydro deputy CEO Vasily Zubakin said, the agency reported. (Bloomberg)

Turkmen Oil Venture

Russian oil companies want to revive a project to develop fields in the Caspian Sea off Turkmenistan, said Rosneft executive Valery Rusakov, Interfax reported Friday.

Itera, Zarubezhneft and Rosneft set up a venture with Turkmenistan's state-run oil company Turkmenneft in 2003 to develop three blocks in the Caspian Sea, Interfax reported. (Bloomberg)

Alfa Bank's $900M Loan

Alfa Bank is borrowing about $900 million in a syndicated loan, Interfax reported Friday, citing an unidentified banker.

The size of the loan has been increased from $660 million, Interfax said. Alfa will borrow one part for 18 months at 0.6 points over LIBOR, and another portion for one year at 0.4 over LIBOR, Interfax said. (Bloomberg)