Russia will offer cheaper natural gas to Ukraine if the government in Kiev opts to join a Moscow-led economic bloc after halting free-trade talks with the European Union, according to First Deputy Prime Minister Igor Shuvalov.
In August, Russian President Vladimir Putin flew to the Black Sea resort of Sochi, where his country is spending a record $48 billion on the 2014 Winter Olympics. A regular visitor, with an official residence in town, Putin watched mixed-martial-arts contests at Oblaka nightclub with Russian Prime Minister Dmitry Medvedev and Kazakh President Nursultan Nazarbayev.
OAO Mechel, Russia’s largest maker of coal for steelmakers, fell for a second day in New York as concern that prices for the fuel are dropping outweighed a pact that will allow the company to avoid defaulting on its debt.
Emerging-market stocks advanced for a second day after Iran agreed to limit its nuclear program, bolstering appetite for riskier assets. OAO Gazprom paced declines in energy producers as crude oil slumped.
OAO Mechel, the Russian coal producer with about $9.55 billion in net debt as of June, won a waiver from banks of any tests that it’s meeting the terms of a loan, enabling the company to avoid a technical default.
Vladimir Putin wasn’t having a great day. The Russian president had spent the August morning in a helicopter over Khabarovsk, near the Chinese border, surveying flood damage that had left tens of thousands of people homeless.