Sistema, the Russian conglomerate, has nominated Lord Mandelson (left) to its board in what is clearly a move to tap the British peer’s public relations skills.
Russian companies set great store by corporate PR to counter the country’s dismal international image. But billionaire controlling shareholder Vladimir Yevtushenkov will be hoping that not too many people recall how his lordship’s ties with another Russian oligarch, Oleg Deripaska, ran into political controversy. Read more
Norilsk Nickel gained 1.4 per cent in Moscow on Tuesday on a settlement in the long-running management dispute between billionaire shareholders Vladimir Potanin and Oleg Deripaska.
Roman Abramovich’s arrival as a peacemaker might have merited a warmer welcome given the bile surrounding Norilsk. But it was a bad day for the Russian market – and, in any case, the deal’s details suggest that trust remains in very short supply. One clause envisages penalties of over $560m at current share prices. The hatchet is, at best, half-buried. Read more
By Oleg Deripaska
For centuries Russia has walked in step with Europe. Our country and its citizens have been at the centre of the continent’s history. It is our biggest trade and foreign investment partner. But while Russia is rightly proud of its place in Europe, this focus has left our eastern regions underdeveloped. We need to put this right if we are to develop the full potential of Siberia for the benefit of the country and of the rest of the world. Read more
More bad news for Oleg Deripaska. As a huge lawsuit brought by a fellow Russian oligarch against him began in London, the billionaire chief executive of Rusal would have received word from Nigeria that his company’s investment there is in peril.
The supreme court in Abuja ruled on Friday that Rusal should be stripped of ownership of the former state-owned Aluminium Smelter Company of Nigeria (Alscon). Read more