President Vladimir Putin is battling investor skepticism to woo foreign executives descending on his hometown today as Russia’s economy faces a risk of recession and a crackdown on critics scares off top intellectuals.
Ziyavudin Magomedov became a billionaire with the help of state contracts during the ascent of former Russian President Dmitry Medvedev, whose deputy was the businessman’s college friend. Now Medvedev is down, Vladimir Putin is up, and Magomedov’s fortunes are waning.
Russia’s stocks fell for the second day after the dollar-denominated gauge tumbled 20 percent from a peak this year as prospects for lower commodity prices damped sentiment in the world’s largest energy exporter.
OAO TNK-BP Holding headed for the lowest level in more than a month after Igor Sechin, chief executive officer of the oil company’s new owner, stoked concern shareholders won’t get a payout for last year.