Email This Post - Print This Post Print This Post

By John Helmer, Moscow Interpipe, the steel and pipemaking group owned by Victor Pinchuk (lead image, centre) and based in Dniepropetrovsk, is high and dry, according to the latest financial report signed by the auditors on June 30, 2014. That is despite having suffered a 14% downturn of sales revenues for the year to $1.5 [...]

Email This Post - Print This Post Print This Post

By John Helmer, Moscow Rinat Akhmetov (lead image, above left and right) is still the Ukraine’s richest man. If you believe the financial reports just issued by his Metinvest group, Ukraine’s largest steel, iron-ore, coal and coke maker, it’s a case of his singing all the way to the bank in Switzerland — without the [...]

Email This Post - Print This Post Print This Post

By John Helmer, Moscow In a decision announced last week, the US Department of Commerce did Victor Pinchuk, owner of Interpipe, the Ukraine’s leading pipemaker and exporter, a favour worth between $6 million and $9 million per annum for the next three years. At the same time, the International Monetary Fund (IMF) has ordered the [...]

Email This Post - Print This Post Print This Post

By John Helmer, Moscow United Company Rusal has admitted that one large international bank is refusing to accept the restructuring terms the company has offered for loans totaling $5.15 billion which fall due for repayment by July 7. Until now, there has been speculation that state-owned Chinese banks had been pressing for repayment in cash, [...]

Email This Post - Print This Post Print This Post

By John Helmer, Moscow Russian Customs reports this week that imports of steel pipes from Ukraine have dropped by 50% or more, compared to 2013. Steel industry sources in Moscow are predicting the Russian market may have closed to Ukrainian steelmakers, as Gazprom and Rosneft, the largest buyers of pipes, are directed by the Kremlin [...]

Email This Post - Print This Post Print This Post

By John Helmer, Moscow Two Russian steelmaking oligarchs, Alexei Mordashov (above, left) of Severstal, and Igor Zyuzin (right) of Mechel, went to court early this month over a debt of $4 million. The debt stems from a contract for delivery of Mechel-made metallurgical coke to Severstal’s steelmill in Dearborn, Michigan. The court is the US [...]

Email This Post - Print This Post Print This Post

By John Helmer, Moscow The oligarchs of Ukraine, who control the eastern regions’ principal assets, employment, tax base, and income, are at risk of being politically and financially squeezed to death. Unless they can quickly become Maoists — at least according to Mao Zedong’s Red Book saying: 枪杆子里面出政权 (“Every Communist must grasp the truth: Political [...]

Email This Post - Print This Post Print This Post

By John Helmer, Moscow When Alexander Shokhin was a junior official in the international economic department of the Soviet Ministry of Foreign Affairs in the 1980s, it was plain he was short-sighted. That was because of the glasses he wore – the old Soviet type, super-thick. He’s come a long way since then, and so [...]

Email This Post - Print This Post Print This Post

By John Helmer, Moscow Vladimir Lenin was one day asked about the ethics of a party member who was marrying an heiress. The party wasn’t a “finishing school”, Lenin said, but the money would come in handy, no matter how the lady in question, or her parents, acquired it. “A scoundrel,” Lenin recommended, “may be [...]

Email This Post - Print This Post Print This Post

By John Helmer, Moscow Multibillion dollar contracts between GlencoreXstrata and United Company Rusal, signed for trading of aluminium and alumina late in 2011, appear to have unravelled in a London arbitration court. However, because the arbitration has been conducted behind closed doors, Glencore is refusing to confirm or deny that the company is facing liability [...]