The EBRD and the Russian Direct Investment Fund (RDIF) have agreed to acquire 6.29 per cent and 1.25 per cent stakes respectively in Russia’s MICEX-RTS stock exchange. The investment is part of a long-term strategy to promote the development of local capital markets in Russia and broaden the regional and international appeal of this recently unified exchange.

Sberbank of Russia today announces the creation of a venture fund that uses a strategy of investing in high-tech companies and projects. Starting by investing $100 mln in the venture fund, Sberbank intends to in time increase the volume of investments to $500 mln together with the fund’s international partners. Troika Ventures (the venture arm of Troika Dialog) will manage the fund. Currently the Troika Venture team manages over $100 mln of fund assets.

The father of late Russian security officer Aleksandr Litvinenko says he pursued a smear campaign against the Russian government out of grief, but changed his mind after Aleksandr’s widow revealed his son had been working for British intelligence. After his son died in London from radioactive polonium poisoning in November 2006, Walter Litvinenko was among those who accused Russia of assassinating Aleksandr. But he changed his attitude after his son’s widow Marina revealed that he had been working for British intelligence.

The panel on privatization at Russia Fprum 2012 today in Moscow included all the parties engaged in the process: CEOs of state companies, government officials, investment bankers, private equity investors and fund managers. The key outcome of the discussion was that privatization is good and necessary for Russia. But some internal contradictions and internal conflicts in the process need to be cleared up. 

Metals and Minining in the CIS was the subject of a discussion today at the 2012 Russia Forum in Moscow. While discussing the lessons learned from the crisis, the speakers agreed that liquidity management was key to helping companies successfully weather the crisis and create value. The speakers also shared a positive view of the world economy and the prospects for both base and precious metals. For Russia, resolving infrastructure bottlenecks was key to realizing the value of its mineral endowment. 

Dramatic structural changes have come to a head in the global economy and the socio-political structures of the world’s key countries and regions, including Russia. This is one of the conclusions that has been drawn by the speakers of The Russia Forum 2012, an event co-organised by Sberbank of Russia and Troika Dialog. As part of the discussion sessions of the first day of the event, participants talked about the main challenges that countries around the globe are facing and different ways that the global economic situation could develop: from an intensification of the recession to a rejection of the bubble economies in favour of real values.

US alternative energy company Joule today announced the election of Anatoly Chubais to its board of directors, adding the expertise and insight of a prominent figure in international business, economics and government. The news was released in conjunction with Joule’s participation at the Russia Forum, an annual meeting of high-profile international economists and business leaders.

Herman Gref, CEO and Chairman of the Management Board of Sberbank of Russia opened the plenary session of Troika Dialogue's Russia Forum 2012  “Russia’s Economic Policy in a Time of Global Change” by recalling an ancient Chinese proverb: “God forbid that you should live in an era of change”, and then went on to say that Russia was “lucky” to be living in an era of global changes. The participants of the discussion talked about the most significant of these changes.

Russian gas export monopoly Gazprom on Thursday denied cutting supplies to cold-stricken Europe, pointing the finger at transit nation Ukraine, which in turn said it was taking only as much fuel as agreed in its contract with Moscow. Gazprom's Deputy Chief Executive Officer Alexander Medvedev said he was bewildered by reports of Russian gas supply cuts to Europe, adding the company had been cranking up exports.

Evraz Plc's business model has undergone rapid evolution over the past several years. It is attempting to morph from an M&A-centered machine into a dividend play, as the principal shareholders are now emphasizing cash returns. Raspadskaya will also be milked for cash due to a lack of better alternatives, but Evraz Plc's funding position remains vulnerable. We think maintenance spending should pick up and are skeptical of the company's involvement with ALROSA's Timir. We are broadly neutral on the stock, and its unique forte in potential cash distribution is contingent upon credit markets.