By John Helmer, Moscow The last time President Vladimir Putin publicly criticized Oleg Deripaska, chief executive of United Company Rusal and Russia’s most indebted man, it was at Pikalevo, Leningrad region, in June of 2009. Putin tossed his pen at Deripaska, told him to sign a back-pay agreement, and demanded his pen back. Referring to […]

by John Helmer - Thursday, September 19th, 2013
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By John Helmer, Moscow The international ratings agency Fitch has downgraded its assessment of the Ukrainian pipemaking group Interpipe, owned by Victor Pinchuk, warning that Russian action since July to impose penalty duties on Ukrainian pipe imports is causing a serious loss of sales and a grave shortage of cash for Interpipe. If that continues, […]

by John Helmer - Tuesday, September 17th, 2013
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By John Helmer, Moscow In Gogol’s well-known story Dead Souls, Chichikov (left), the central character and villain of the piece, makes a lucrative business of buying the names of dead serfs from local census rolls in order to cut the tax liabilities of landowners, accumulate fake collateral against which he intends to borrow, and then […]

by John Helmer - Wednesday, September 11th, 2013
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By John Helmer, Moscow To the disability of being unable to speak his mind in public Suleiman Kerimov has the added handicap of being unable to accept how short his arms are, particularly when handling money from state banks. In overreaching himself Kerimov has provided a case study of how President Vladimir Putin expects the […]

by John Helmer - Tuesday, September 10th, 2013
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By John Helmer, Moscow Nothing so reveals the character of the men on the commanding heights of the Russian economy than a lawsuit in an international court initiated by their wives against one of their tradesmen. In the case which recently came to light, Aleksandra Melnichenko (nee Nikolic), wife of the fertilizer oligarch Andrei Melnichenko, […]

by John Helmer - Monday, September 9th, 2013
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By John Helmer, Moscow After months of delay, Victor Pinchuk’s Interpipe group revealed in its financial report for last year — issued at the start of August but given a release date of May 23 – how much financial trouble the Ukrainian pipe and steelmaker is now facing. The impact of this on the international […]

by John Helmer - Monday, September 2nd, 2013
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By John Helmer, Moscow It’s been three years almost to the day since Vladimir Putin (left), then Russian Prime Minister, visited the Gremyachinskoye potash mine in southwestern Volgograd region. The mine, the newest in construction in Russia, with one of the country’s largest potash reserves, and one of the most costly ever to be built, […]

by John Helmer - Wednesday, July 24th, 2013
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By John Helmer, Moscow What is a bonus worth if it’s a promissory note for a value that is sinking towards zero in the short term, and cannot be converted to cash or dividends for years? How much loyalty would a zero-value note be expected to attract? On July 4, Rusal disclosed to the Hong […]

by John Helmer - Friday, July 5th, 2013
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By John Helmer, Moscow Swiss and French financial police have searched offices or homes in France as part of what the spokesman for the Swiss Attorney-General calls “our Uzbek case”. According to Jeannette Balmer, “perquisitions [searches] have been made in France on our request.” She declines to say when the searches were conducted, the addresses […]

by John Helmer - Thursday, July 4th, 2013
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By John Helmer, Moscow Koros Trading Limited Liability Partnership (LLP), a false front company created in London to receive regular monthly payments of millions of dollars from Rusal, the Russian aluminium monopoly, has been struck off the UK Companies Register for failing to report its annual revenues and income. Details of Koros transactions have revealed […]

by John Helmer - Tuesday, June 25th, 2013
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