Russian President Vladimir Putin plans to open the door to Chinese money as U.S. and European sanctions over Ukraine threaten to tip the economy into recession, according to two senior government officials.
On a grassy plain an hour’s drive southwest of Moscow, Vladimir Lisin has started producing steel at a newly completed plant. That’s something rival metals billionaire Lakshmi Mittal hasn’t achieved in Europe.
Russian stocks rose, advancing more than 20 percent from this year’s low on March 14, on optimism that President Vladimir Putin’s meetings with the leaders of Ukraine and the U.S. would reduce political tension.
OAO Mechel Chief Financial Officer Stanislav Ploschenko, who was leading talks between the mining company that’s one of Russia’s most indebted and its lenders, will step down after seven years working in the position.
OAO GMK Norilsk Nickel offered to buy back a 15 percent stake held by United Co. Rusal for $8.75 billion as billionaires Vladimir Potanin and Oleg Deripaska battle for control of the world’s largest nickel producer.
Russian steelmakers may be frustrated by an agreement between President Vladimir Putin and his Ukrainian counterpart Viktor Yanukovych to strengthen ties, according to BCS Financial Group and Deutsche Bank AG.