By John Helmer in Moscow

Banking sources in Moscow are reporting that the sale of the Lucchini assets of the Severstal group, controlled by Alexei Mordashov, is not imminent.

According to the sources, a precondition of the transaction is a refinancing or renegotiation of the terms of Lucchini’s current debts, estimated to be about €800 million. Severstal has confirmed it is discussing the Lucchini sale to several interested buyers, including Metinvest of the Ukraine. Tata Steel (India), Baosteel (China), Gruppo Riva (Italy), and ArcelorMittal (Euro-India) have also been reported as interested to bid. Baosteel, Metinvest and Gruppo Riva are viewed in Moscow as having the most free cash to spend to pay the Severstal asking price.
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by John Helmer - Tuesday, March 16th, 2010
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By John Helmer in Moscow

Alrosa has signed a series of three contracts worth a total of $490 million at current diamond values with three Indian cutters, traditionally Alrosa’s largest clients in India. But industry sources in Moscow say they are concerned to find out whether the announcement presages a much larger flow of Russian midsize rough to India, with less available to Russian cutters.
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by John Helmer - Monday, March 15th, 2010
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By John Helmer in Moscow

Sovcomflot, the global tanker group run by Sergei Frank (left) and Russian government officials, received a negative rating report from the Moody’s international rating agency this week, as proceedings in the company’s half-billion-dollar claim against the former management wind up in the UK High Court in London. According to Moody’s latest report, Sovcomflot’s outlook has been changed from stable to negative.

Closing submissions from lawyers for the shipping company and for Dmitry Skarga, the former CEO (right), and charterer Yury Nikitin, reach the High Court in London this week, and oral argument will be concluded by March 31. Justice Andrew Smith is expected to rule by July. If Sovcomflot loses, it may face an order to pay defendant costs and penalties of more than $50 million, plus legal costs of its own, which are believed to be even greater.
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by John Helmer - Sunday, March 14th, 2010
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By John Helmer in Moscow

The Chelyabinsk prosecutor has opened a criminal investigation into a lethal explosion this week at a coke battery of the Mechel group in Chelyabinsk. One worker at the battery was killed immediately, and three others are in serious condition in hospital after the blast, which occurred, according to a company statement, on Thursday morning, at coke shop number 2 of Mechel-Coke. A search by Emergency Ministry specialists continues today for others who may have been killed in the explosion, and remain unrecognizable in the rubble.
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by John Helmer - Friday, March 12th, 2010
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By John Helmer in Moscow

The state diamond stockpile agency, Gokhran, will not be purchasing as many Alrosa rough diamonds this year as had been expected and budgeted for, according to a brief statement by the Gokhran head, Vladimir Rybkin. But before Gokhran sells any of its new stocks, Rybkin said the state agency will have to re-value the Alrosa rough.
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by John Helmer - Friday, March 12th, 2010
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On February 24, 2010, Prime Minister Vladimir Putin was critical of Mikhail Prokhorov for failing to meet his investment obligations in the electricity generating sector.
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by John Helmer - Wednesday, March 10th, 2010
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By John Helmer in Moscow

Two chickens were lying side by side in the refrigerator case of a Moscow shop in the Soviet year of 1988. One, American, was plump and cheerful; the other, Russian, was scrawny and sarcastic. “I’m so much fitter than you,” said the American to the Russian. “Well, at least I died of natural causes,” replied the Russian.

Not funny any more, and no more jokes like that. Today, if the American chicken is to be allowed into the Moscow shop, he will be obliged to pass a medical test which the local poultry has already passed with flying colours. Pigs, too.
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by John Helmer - Tuesday, March 9th, 2010
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Si, si, pur troppo e vero: nel temerario volo
Molti gl’Ícari son, Dedalo un solo

Voli per l’aria chi puo volare
Scorra veloce la terra, il mare,
Parta, ritorni, ne fermi il pie.

http://www.youtube.com/watch?v=JnFMm1-_9ew

by John Helmer - Friday, March 5th, 2010
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The Koukidis Option

On April 27, 1941, Konstantinos Koukidis was the Greek Evzone on flag-guard duty at the Acropolis, when the German invaders arrived. When a German officer ordered Koukidis to surrender, give up the Greek flag, and raise the German flag in its place, Koukidis took the Greek flag down, wrapped it around his body, and jumped from the Acropolis rock to his death.

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by John Helmer - Thursday, March 4th, 2010
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на постановление об отказе в возбуждении уголовного дела

Translation from Russian
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by John Helmer - Thursday, March 4th, 2010
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