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. Last Updated: 07/27/2016


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Klepach Says GDP Plunged By 9.5%

The economy plunged by 9.5 percent in the first three months of 2009 and might contract by 6 percent this year, Deputy Economic Development Minister Andrei Klepach said Thursday, painting a bleaker picture than the government had previously forecast.

In Sochi, United Russia's Candidate Rules the Airwaves

Acting Sochi Mayor Anatoly Pakhomov not only dominates local media coverage ahead of Sunday's mayoral election, but rival candidates say he also has a complete monopoly.

Central Bank Cuts Refinancing Rate 1/2 Point

The Central Bank announced Thursday that it would cut its key refinancing rate to 12.5 percent from 13 percent as the government grows more confident that it has brought inflation and the volatile ruble under control.

VTB Surprises With $212M Profit

State-controlled VTB said Thursday that it managed a $212 million net profit last year, outperforming expectations with hefty gains on bond buybacks in the fourth quarter even as provisions for bad loans soared.

FBI Tracks 4 Suspects to Russia

FBI officials are in Moscow this week asking investigators for help in tracking down reputed crime bosses that are thought to be hiding in Russia, Rossiiskaya Gazeta reported Thursday.

Gazprom Neft Grabs 16% of Sibir Energy

Gazprom Neft bought a 16 percent stake in smaller oil producer Sibir Energy in a lightning offer that lasted just a few hours Thursday — a move seen as an opening for the company to take control of Sibir.

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