The tariffs growth on the energy resources leads to the importance to invest in the technologies directed to the electricity savings, since the inaction is very expensive. Such are the conclusions of the report “The energy efficiency in Russia: the hidden reserve” presented on September, 17 by the World Bank and the International Financial Corporation (IFC).

Russia’s Basic Element Company owned by Oleg Deripaska is holding talks with RusHydro JSC about the construction of the HPP cascade in the Sochi city. Other investors, as well as foreign ones, may take part in the project. They should share the project’s risks, since the ecologists are against the construction, and the HPP’s electric energy may be in low demand after the Olympics ends.

It is the oil prices drop, rather than the collapse of the stock market and the lending problems, that has become the most severe consequence of the financial crisis for Russia’s budgetary system - on September, 16, the price for Urals crude fell to $85,3 per barrel. Vice Premier Aleksey Kudrin reported that if the oil prices continued falling, the budget parameters would be recalculated, since it had been calculated using the price of $78 per barrel, and at the price less than $70, the budget surplus would be replaced with the deficit.

The problems of the American financial organizations resulted in the direst collapse at Russia’s stock market. The indices of RTS (Russian Trading System) and MICEX (Moscow Interbank Currency Exchange) lost 11,47% and 17,45% respectively, and equaled the levels of 2005-end. The stock exchanges were forced to stop the trades. The experts warn that the worst is ahead, since in the nearest future, the collapse of the market will lead to the serious problems with the lending of the Russian companies, and some of them can go bankrupt.

The financial regulators try to ease the tension caused by the sharp shortage of facilities in Russia’s bank system. The Bank of Russia has provided the banks with RUR 326 million more within the auctions of the direct repo, and the Ministry of Finance has taken the decision to double the volume of the budgetary facilities’ inflow to the bank system. Thus, the rates of the interbank lending grew to 10-11% per annum. The initiatives undertaken by the authorities will not ease the tension, since not all organizations will have access to the budgetary facilities, and banks refuse to lend each other, the experts state

The Russian Ministry of Finance announced the deadline of submitting the applications for the exchange of the former USSR’s debt for the Eurobonds of Russia. It goes about the latest tranche of the Soviet Union’s commercial debt of nearly $600 million. The reconciliation of the debt of the commodities’ delivery to the soviet foreign trade organizations at the end of the 80th- the beginning of the 90th of the last century is being finished as well. Russia has to pay off about $1,5 billion more of the soviet debt to the Paris Club and $40 billion of its own debts as well.

Strikeforce Mining and Resources Ltd. (SMR) (owns mining assets of Basic Element Company and belongs to the top billionaire Oleg Deripaska) can become the first Russian company that will hold IPO at the Hong Kong Stock Exchange. Early in October, SMR will present the oncoming IPO in Hong Kong.

World’s largest producer and marketer of wine, the US Constellation Brands (such brands as Hardy’s, Robert Mondavi and Paul Masson), establishes its subsidiary in Russia. The company intends to spend more than $2,4 million annually, or nearly 10% from annual sales for the promotion of its brands at the Russian market. The experts say that the specific feature of the wine market is the absence of any brands, and Constellation has to promote the wine for the Russians as a category.

Russia suggests the Organization of Petroleum Exporting Countries (OPEC) to join forces targeted at the stabilization of prices at the world oil market. So, on Tuesday, September, 9, Russia’s Vice Premier Igor Sechin passed the project of OPEC-Russia memorandum to the Organization’s management within the 149th meeting held in Vienna. Russia’s Vice Premier sees definite prospects in the cooperation with OPEC on the fight against the international manipulation of oil prices, and the West is suggested to discuss the issue of energy security and assets’ exchange in the energy sector.

On Thursday, September, 11, Deutsche Bank and UFG Asset Management (UFG AM) declared that they have inked the agreement on the strategic partnership and business cooperation in Russia. According to the terms of the agreement, Deutsche Bank, through its asset management division, will buy 40% in UFG Invest, Russia’s managing company owned by UFG AM, with the opportunity to increase its stake to 100% in the future.