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. Last Updated: 07/27/2016

More Business Headlines

Court Rules on Charter Capital

The Constitutional Court has overturned lower court rulings mandating unanimous voting on charter capital increases of limited liability companies, RBK Daily reported Tuesday.

The court was responding to an appeal by shareholders of a Kursk-based company. In July of 2009, two of its three shareholders voted to increase the charter capital from 8,500 rubles ($300) to 2 million rubles, diluting the stake of the third shareholder from 22.5 percent to 0.13 percent. A lower court had ruled in favor of the third shareholder, saying that the move was illegal.

In its opinion, the Constitutional Court said that the rules governing such firms are based on the overall interests of the companies, and not recognizing a majority vote by shareholders would violate the constitution's principles of noninterference in private matters and the sanctity of individual rights. (MT)

Transneft Sets Lower Fees for Azerbaijani Oil Transit

Oil pipeline monopoly Transneft has agreed to set lower fees for transiting Azerbaijani oil via its Baku-Novorossiysk pipeline in an effort to boost usage and thus revenue, Kommersant reported.

In May 2013, Russia terminated a transit agreement with the State Oil Company of Azerbaijan, or SOCAR, because Azerbaijan was not shipping the agreed quantities and the pipeline was unprofitable, officials said,

Under that deal, the pipeline was to pump 5 million metric tons of crude annually, with a transit fee of $15.67 per metric ton.

On Feb. 18, Transneft said a commercial agreement was signed to replace the previous deal. The fee was established at 453.95 rubles per metric ton ($12.7), which is even lower than the previous tariff of $15.67 per metric ton (559 rubles). (RIA Novosti)

Russian Billionaire's Wife Arrested Over Missing $25Bln Ring

Cypriot police on Monday detained the estranged wife of Russian billionaire Dmitry Rybolyovlev on suspicion of stealing a diamond ring reportedly worth $25 million, local media said.

The Cyprus Mail cited a police spokesman as saying the arrest of Yelena Rybolyovleva was prompted by a criminal complaint filed on behalf of the Domus Trust, a Cypriot fund set up by her husband.

A police spokesman told the Rybolyovleva, 48, had allegedly borrowed a rare and valuable ring from the Domus Trust and given it to her 25-year-old daughter in Switzerland back in 2009 but never returned it to the company.

Investigators will question Rybolyovleva and determine whether she needs to be kept in custody, the police official said.

Rybolyovleva is known for her bitter divorce battle with her husband, the former owner of Russian fertilizer firm Uralkali. (RIA Novosti)

Construction of Heavy Rocket Launch Pad to Start in 2015

The start of construction of a launch pad for a new heavy-class carrier rocket at a future space center in the Far East is planned next year to set the stage for its maiden manned launch in 2018.

The launch complex is being built for the Angara rocket family at the country's new Vostochny space center to reduce dependence on Kazakhstan for space launches. Moscow leases the Baikonur space center for $115 million per year.

Federal space agency Roscosmos said Monday that Angara launch facilities at Vostochny will be built in two stages: the first launch pad will ensure the launch of a light-class Angara rocket in 2015, while the second will host heavy-class Angara rockets, which would carry out unmanned resupply as well as piloted missions. (RIA Novosti)

Greece Confirms 10-Year Extension of Gas Supply Deal With Gazprom

Greece's natural gas distributor DEPA has clinched a new gas supply deal with Russia's Gazprom, which includes a 15 percent price cut backdated to last July, Greece's energy ministry said Tuesday.

The new agreement extends a current deal between the two companies by 10 years to 2026, the energy ministry said in a statement, confirming what sources told Reuters last week.

The new deal provides for a more flexible take-or-pay agreement to supply DEPA with between 2.5 and 3 billion cubic meters of natural gas each year. The new gas price is linked to the one for oil and is below $400 per 1,000 cubic meters, according to a source directly involved in the talks. (Reuters)

Bookmaker Faces Illegal Gambling Charges

Major Russian bookmaker F.O.N. is facing charges of organizing illegal online gambling, Moscow prosecutors said.

Authorities believe that although the bookmaker's website was run from the Netherlands and licensed by Dutch authorities, it mainly targeted a Russian audience.

"This website, accessible to every Internet user, provided an opportunity to engage in games of chance for real money and offered various bets, including on sporting events," prosecutors said in a statement.

The website made a profit of about 62 million rubles ($1.7 million) in June and July 2013.

The company's central office in Moscow was searched at the time, Kommersant reported.

F.O.N., registered in Russia in 1994, is one of the country's biggest bookmakers, with nearly 900 offices across Russia. (RIA Novosti)

2 Men Syphon Oil Worth $200,000 From Pipeline

Two men in southern Russia stole 7.5 million rubles ($200,000) of oil by siphoning it out of a pipeline, prosecutors said.

The duo is suspected of stealing 800 cubic meters of oil from the pipeline and loading it into a tank connected to a truck in March last year. They face up to 10 years in prison if convicted.

The theft reportedly took place on several occasions from the Kuibyshev-Tikhoretsk pipeline in a rural part of the Krasnodar Region.

Media reports said the duo was part of a larger gang, several members of which avoided prison time by agreeing to serve as informants. (RIA Novosti)

For the Record

Rosneft Severs Relationship with Fitch Ratings

State oil giant Rosneft has agreed to sever its relationship with ratings agency Fitch after the two companies' contract expired, and Fitch has withdrawn its ratings of its former client, Rosneft said in a press release Tuesday. (MT)