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. Last Updated: 07/27/2016

Business in Brief

Prikamye's License Yanked

The Central Bank said Monday that it had withdrawn the operating license of Prikamye bank, citing the lack of liquidity and banking law violations.

The Central Bank said Prikamye could not meet obligations to creditors and shareholders and management has failed to restore the financial state of the company.

Prikamye's depositors will have to apply to the Deposit Insurance Agency to get their money back.(Reuters)

Central Bank Extends Loans

The Central Bank extended the term of the secured ruble loans it offers to banks to one year from six months.

The loans, part of a package of liquidity-boosting measures, have a minimum annual interest rate of 13 percent, it said Monday. (Bloomberg)

Norilsk Sees Lower Revenue

Norilsk Nickel expects revenue to fall to $8 billion this year, CEO Vladimir Strzhalkovsky said.

The company will work on lowering costs and cutting investment project spending this year by 50 percent, the CEO told reporters in Krasnoyarsk on Monday.

Norilsk reported sales of $8.3 billion for the first half of 2008 and $17.1 billion for the whole of 2007.(Bloomberg)

Grocer's Sales Up 22.5%

Sedmoi Kontinent said Monday that its 2008 net retail sales rose by 22.5 percent in ruble terms compared with the year before.

Based on management accounts, gross retail sales -- which include value-added tax -- amounted to 43.90 billion rubles ($1.3 billion), the company said in a statement.(Reuters)

Turkey Urges On Nabucco

Turkish Energy Minister Hilmi Guler urged a speedy agreement on a proposed natural gas pipeline from Turkey to Austria as Europe's Russian supplies were reduced for a second week.

Turkey presented draft accords for the Nabucco pipeline before a meeting of the project's partners in Budapest on Jan. 27, Guler said Monday. (Bloomberg)

Inter Borrows $292M

Inter RAO borrowed 220 million euros ($292 million) from Gazprombank, the lender said Monday.

The three-year credit line will be used to finance the utility's operations, Gazprombank said Monday. (Bloomberg)

For the Record

Moscow prosecutors may file lawsuits against companies that delay salary payments as the government seeks to avoid unrest, Prosecutor General Yury Syomin said, Rossiiskaya Gazeta reported. (Bloomberg)

Russia's economy may contract this year by 0.3 percent, Economy Minister Elvira Nabiullina said, RIA-Novosti reported Monday.(Bloomberg)

Aladdin Oil & Gas Company found oil after drilling on the reef prospect in the Bogdanovskaya license in Orenburg, it said in an e-mailed statement Monday.(Bloomberg)

Russia will likely become a member of OPEC soon, billionaire investor and alternative-energy advocate T. Boone Pickens said Monday.(Reuters)