Norilsk

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. Continue reading »

Unlike many European leaders, Vladimir Putin has remained on amicable terms with Silvio Berlusconi even after the former Italian prime minister’s ignominious exit from power late last year.

But Putin is not going to let personal loyalties interfere with the strategic partnership Russia and Italy built during the time that his friend dominated Italian politics. A flurry of deals signed on Monday as Mario Monti, Italy’s new premier paid his first working visit to Russia since taking office are testimony to that. Continue reading »