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. Last Updated: 07/27/2016

Business in Brief

Kiev Storing Enough Gas

Gazprom said Thursday that Ukraine was pumping gas into underground storage at sufficient rates to guarantee smooth transit to Europe in the forthcoming winter months.

The gas company issued a statement after CEO Alexei Miller met the head of Naftogaz Ukrainy, Oleh Dubyna. Gazprom said Dubyna had pledged to make a payment for August supplies before the Sept. 7 deadline. (Reuters)

New Rules for Hedge Funds

The Federal Financial Markets Service will change accounting rules for mutual and hedge funds, requiring them to mark the value of their bonds to the market instead of using their nominal value.

The watchdog was to inform managing companies and depositaries in a notice letter outlining the new order of asset revaluation, Kommersant reported Wednesday.

According to the new fund evaluation rules, bonds that have undergone default will be accounted for at their last market price for seven days after default and will then be discounted to zero after 30 days. (MT)

Shipper Fined for Arrears

The State Labor Inspectorate ordered the state-owned Arctic Sea Shipping Company to pay a fine of 30,000 rubles ($950) for delaying 17 million rubles in wages to its employees, Rossiiskaya Gazeta reported Thursday.

The company gained notoriety last week after reports that its two ships were seized by Chinese authorities, because the company did not pay for the ships’ repairs. President Dmitry Medvedev ordered officials to help the crews that were left stranded in Shanghai for almost a year. (MT)

GAZ Opposes Rosavto Plan

Oleg Deripaska’s GAZ Group said Thursday that it sees “no potential” for its Yaroslavl-based engine factory, Avtodizel, to be included in Russian Technologies’ new car holding, Rosavto, RIA-Novosti reported.

The state corporation said Tuesday that it would create the holding to unite its stakes in AvtoVAZ, KamAZ and Avtodizel. “GAZ Group … is undertaking its own development plan for the factory,” the company said, adding that it had not discussed the plant’s possible inclusion in Rosavto. (MT)

Naftogaz’s Bondholder Talks

Naftogaz Ukrainy has approached at least one group of bondholders to initiate talks to restructure a $500 million bond maturing next month although no proposal has been tabled.

A Belize-registered firm representing Russian investors, including the former head of a Gazprom affiliate, said Thursday that it had been approached by Naftogaz to restructure the bond.

The company, Corlblow, is the first among Naftogaz’s creditors to say it has heard from the Ukrainian firm a month after Kiev said it wanted to restructure the bond. (Reuters)

For the Record

  • Energy Minister Sergei Shmatko said Thursday that the government has proposed talks with OPEC in Moscow this fall, Itar-Tass reported. (Reuters)
  • AF Media Holding, owned by Alisher Usmanov, is combining its assets with Russian regional TV station group Media-1, the companies said Thursday. (Bloomberg)