Russia’s VTB bank has initiated legal proceedings against three people, claiming their subsidiary liability in respect of the bankruptcy of Transaero Airlines, the Russian legal information agency RAPSI reported. According to the bench ruling, the total amount of the suit exceeds 249.2 billion rubles ($3.86 billion).
Transaero was Russia’s second largest airline...
News that Russian steel tycoon Alexey Mordashov agreed to buy a 42 percent stake in Russian food retailer Lenta at a premium to the market price, supported the company’s share price on Tuesday, Reuters reported.
Lenta's GDRs were up 2.8 percent at $3.475 per receipt in London on Tuesday.
Lenta...
Russian coffee shops have been increasingly turning toward international markets for expansion, Kommersant writes. Takeout coffee chain Pravda Kofe (Truth of Coffee) has started expanding to the Comonwealth of Independent States (CIS), opening its first locations in Kazakhstan.
However, since the brand is not recognizable outside Russia, it may run...
U.S.-sanctioned Russian carmaker GAZ will be forced to shut down by this summer if the United States doesn’t lift sanctions against both owner Oleg Deripaska and the company, the billionaire has said, according to TASS news agency.
"July 4 is literally the last day this factory could work," Deripaska told journalists during an...
North Korean leader Kim Jong-un was traveling to Russia on Tuesday in a possible attempt to win the country’s help as the U.S.-led trade sanctions hurt his country's already-struggling economy, the BBC reports.
Although there are no signs of a financial or humanitarian crisis in North Korea, some observers say...
Russia’s Finance Ministry on Wednesday sold a record volume of five-year OFZ treasury bonds worth 94.74 billion rubles ($1.46 billion), Reuters reports.
Demand for the bonds, which is seen as a gauge of global market sentiment toward Russian assets, totaled $2.84 billion, the ministry said.
The ruble reached two-week highs on Wednesday...
Global consumer goods corporation Procter & Gamble will invest 2.4 billion rubles ($37 million) in its Russian business this year, the company’s head for Eastern Europe and Central Asia told Reuters.
The company plans to expand its distribution center, modernize some manufacturing and localize more product production, according to Sotirios...
The Russian central bank on Friday lowered its key interest rate by a quarter-percentage point to 7.5%, citing the recent change in course by the U.S. Federal Reserve toward looser monetary policy, RIA Novosti reported.
Bank of Russia Governor Elvira Nabiullina said in a statement that a further rate...
Well-known Russian entrepreneur David Yakobashvili told Russian media on Monday that he doesn’t plan to return to the country after security services searched his art gallery, though he later denied this was the reason for his staying away, the BBC in Russian reported.
Earlier this month, Russia’s Federal Security Service...
The Vienna International Arbitral Center (VIAC) will be entitled to function as a permanent arbitral institution in Russia and will start functioning in the next week, Lexology reported.
After this date the VIAC can be included in arbitration agreements, the report said.
The institution will settle commercial disputes, corporate disputes (including...
