The 13th St. Petersburg Economic Forum lasted three days from June 4 to 6. After President Putin in 2007 recommended to Russian state officials not to go to a similar type of event in London, the St. Petersburg Forum became considered the largest business gathering in Russia.

Chief Justice of the Supreme Arbitrazh Court of the Russian Federation Anton Ivanov visited Washington, D.C., where he was hosted by judge Stephen F. Williams of the United States Court of Appeals for the District of Columbia Circuit. Justice Ivanov attended a briefing with the U.S.-Russia Business Council.

Government-owned OJSC Rosneft is the largest oil-producing company in Russia. Vertically integrated, Rosneft has both upstream and downstream presence in every region where oil extraction takes place. The company was formed as the result of the privatization of Russia’s oil industry in 1993.      

The President of Russian Dmitry Medvedev stated the he will organize a special commission for economic modernization and technological development. The commission will include members of the presidential executive office in addition to business representatives, industry analysts, and scientists.

Russia’s Federal Anti-Monopoly Service has granted approval for establishing the largest private bank in the country. Yulia Bondareva, head of the FAS financial markets oversight department said that the agency has extensively analyzed the merger of MDM Bank and URSA, and there are no reasons to impose any restraints on the transaction.

According to the information provided by sources connected to the shareholders of Sibur Holding, the company has intentions to issue extra shares of stock totaling in value up to 10 bln. roubles. There exists a high likelihood that the new stock may be purchased entirely by Gazprombank, which currently owns almost 70 percent of Sibur.  

Rosneft has intentions to construct a plant specializing in petrochemical production close to the Pacific Ocean coast. The plant will allow Rosneft, the largest producer of oil in Russia, to boost its exports to Asia, according to the Governor of Primorye region Sergei Darkin.

On May 18, 2009, a new direction in the nuclear-power-generation industry was launched at St. Petersburg, as Russian scientists and engineers began the construction of the very first on-water nuclear power plant in the world.

The Siberian pipeline construction project calls for building an additional segment of the Eastern Siberia to Pacific Ocean (ESPO) pipeline that would cross the Russian border into China from the town of Skovorodino in Amur region.

18 months following Kazakhstan’s signing of a three-party agreement for the construction of a Caspian gas pipeline, the government of the country went through with the ratification of the document. The law effectively embodying the country’s commitment to the project was signed by President of Nursultan Nazarbaev on April 13.

In late May 2009, Sibir Energy company, which is listed on the London Stock Exchange has agreed to accept a takeover bid from Gazprom Neft. According to the terms of the transaction, Sibir Energy is valued at USD 3 billion.

The leading producer of aircrafts in Russia, Irkut Corporation reported that it redeemed credit linked notes (CLNs) worth USD 125 million and made the final coupon payment. The payments were made exactly on schedule. The company’s ability to return payments indicated that the situation within the Russian aviation industry is improving.

Russian scientists are engaged in developing a new generation of soft displays. They developed a multi-layer organic electro luminescence structure that paves the way for making television screens, notebooks, mobile telephones, and other electronic equipment.

RosAtom may build four units of a nuclear power station in Vietnam at a total cost of USD 15 billion. For purposes of securing the contract, Russia’s nuclear agency would need to provide financing for the project, covering part of the expenses with its own money.

The Russian banking system weathered the storms of the international financial crisis with relatively few major issues. Now that the global financial markets begin to calm down, a new problem may soon arise: a crisis brought about by forces in the domestic economy.

The prices of oil have increased significantly during the recent months, making the problems associated with Russia’s budgetary shortfall less acute. In May of 2009, the price of Urals crude oil reached USD 55 per barrel, surpassing the mean price of USD 45 for the period of January to April.  

A recent report by the European Bank of Reconstruction and Development (EBRD) notes that the impact of the global economic crisis on the emerging economies in Europe and Central Asia will be dramatic. On average the EBRD estimates that these emerging economies will contract by about 5.2 percent in the current year.

With demands for electricity in Russia declining as a result of the economic crisis, the power companies are requesting the government to stop state-supported industry expansion plans. Holding off on expansion now will be conducive to maintaining the viability of broad reforms in the economic sector as a whole.

The Minister of Agriculture of Russia Yelena Skrynnik noted that the government has completed its interventions in grain production for the 2008 harvest. The money paid by the government supported farmers, stabilized prices, and created a strong economic foundation for the sowing and harvesting operations, according to Ms. Skrynnik.

The country’s top cellular phone service carriers were finally given the necessary airwave frequencies to run 3G commercial operations in Moscow and the Moscow oblast. Currently, 3G reception is limited to indoor users.

Geological studies suggest that the country of Ukraine has close to 1 trillion cubic meters of natural gas

ves. Significant reserves of coal have also been discovered in the country. Because domestic production remains very limited, Ukraine continues to be heavily dependent on other countries for its energy needs.

Automobile sales in Ukraine that have increased substantially since 2002 are now rapidly falling as a consequence of the economic downturn in the country. Current estimates show that the upward trend in sales can resume again in 2011. Before the economic collapse, the Ukrainian car market was the seventh largest in Europe.

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Gov. Arnold Schwarzenegger’s budget cuts could mean the closing of up to 220 state parks, among them the home of the world’s tallest tree and other attractions that draw millions of visitors. Schwarzenegger recommended eliminating USD 70 million in parks spending through June 30, 2010.