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

. Last Updated: 07/27/2016

Business in Brief

Putin Calls for More Food

Prime Minister Vladimir Putin on Monday called for increased production of milk, meat and grain to help tackle spiraling food prices.

"The sharp rise in world food prices makes itself felt in a serious way in our country," Putin said during a government meeting on agriculture in the southern city of Yessentuki. "It has particularly affected pensioners, large families and the more vulnerable parts of the population." (Bloomberg)

Kerimov in Polymetal Talks

Polymetal, the country's top silver miner, confirmed Monday that its main owner, billionaire Suleiman Kerimov, was in talks with a "variety of possible counterparties" to sell its stake.

"Polymetal is not a participant in these discussions, and it is too early to predict their outcome," a Polymetal statement said. (Reuters)

Arbat Prestige Picks CEO

Roman Khomenko, a former executive at Yukos, has been appointed chief executive of cosmetics retailer Arbat Prestige, Vedomosti reported Monday.

The order was signed by owner Vladimir Nekrasov, who was arrested in January on tax evasion charges, the report said. "I was asked to lead the company out of its crisis," Khomenko told Vedomosti. (MT)

Dvorkovich as G8 Sherpa

President Dmitry Medvedev has appointed Arkady Dvorkovich as the country's sherpa in the Group of Eight, the Kremlin said Monday.

Dvorkovich previously served as the chief economic adviser to former President Vladimir Putin. He replaces Igor Shuvalov. (Reuters)

Russneft's $1.4Bln in Notes

Russneft bought $1.4 billion of notes before billionaire founder Mikhail Gutseriyev quit the company and fled the country, Vedomosti reported Monday.

Russneft bought eight promissory notes of British Virgin Islands-registered Varadero on July 10, three weeks before Gutseriyev said he would sell the company, Vedomosti reported. Varadero's beneficiaries were not identified, the newspaper said. (Bloomberg)

New EBRD President

BERLIN -- The European Bank for Reconstruction and Development appointed German Deputy Finance Minister Thomas Mirow as its president, the German Finance Ministry said Monday.

Mirow, 55, who is currently in charge of national and international financial market policies, will start his new job on July 3. He succeeds Jean Lemierre, whose term expires July 2. (Bloomberg)

For the Record

Agriculture Minister Alexei Gordeyev said Monday that an additional 48 billion rubles ($2 billion) in state subsidies was needed this year to support agriculture. (Bloomberg)

Novatek, the country's largest independent gas producer, said Monday that profit jumped 73 percent in the first quarter on higher international and domestic prices. (Bloomberg)

Pipemaker TMK said Monday that 2007 profit gained 9.5 percent as demand increased. (Bloomberg)

Gazprom said Monday that it would begin charging Armenia "European" prices for gas from 2011. (Bloomberg)

Potash producer Uralkali said Monday that it might acquire Canadian competitors to raise output. (Bloomberg)