Russia and its partners in the Shanghai Cooperation Organization (SCO) intend to launch joint projects in agriculture, high technologies, energy and in the social sphere.

In August, 2008 Russia’s oil extraction continued falling – the level is 0,4% less as compared to July. Though the oil refining is growing in Russia, the export falls as well, despite the August price drop both in Russia and at the external market. The drop of oil extraction is compensated partly by means of gas extraction growth provided mainly by the independent producers, while in August Gazprom continued increasing export of energy resources.

United Oil Group Ltd (UOG), the division of En+ Group owned by Oleg Deripaska, and Japan Oil, Gas and Metals National Corporation (JOGMEC) signed a joint venture agreement to implement projects in the area of hydrocarbons exploration, prospecting and extraction on the territory of Russia

The regular calculations of the international reserves (as of August, 22) published by the Central Bank demonstrated that the capital outflow from Russia continues and totals no less than $3 billion. On August, 28 the rates at the interbank market reached the records of August, 11 – the market was conducting payments of the income tax. Obviously, the Russian Ministry of Finance and the Central Bank will deal with the aggravating problem of the liquidity surplus via extension of the terms of the budgetary deposits in the banking system

After Russia’s president Dmitry Medvedev recognized South Ossetia and Abkhazia’s independence, the confrontation with the West intensified, and it carries either political and economic risks for Russia. Russia can somewhat face the economic isolation from the West. However, it doesn’t go about any termination of the cooperation at all, since it is completely unfavorable for both parties. Even under the worst scenario, Russia can reckon on Asia and the internal resources.

On July, 24, Russia’s prime minister Vladimir Putin held the meeting devoted to the metallurgical industry, as a result of which Mechel faced the problems. According to the protocol of the meeting, the state that until recently didn’t pay any special attention to the metallurgy, decided to “come back” to this industry. The core task is the reorientation of the metallurgical companies to the internal market due to the principles revision of granting licenses for the key resources.

In 1H 2008 the banks fixed the record growth of unallocated bullion accounts’ volumes, as the interest of physical entities grew six-nine times, bankers state. Private investors seek salvation in gold and other precious metals from high inflation and the stock market’s crisis

According to the new basic version of Conception for long-term social and economic Russia’s development by 2020 published by the Ministry of Economic Development and Trade (MEDT), after Urals oil price reaches its maximum in 2008 it will be falling within the nearest 3 years and attains $88 per barrel by 2011.

As it became known, the Ministry of Economy had already finished the conception of Russia’s social and economic development by 2020 and had introduced it to preliminary discussion. About this reported Oleg Fomichev, new director of the Ministry department for strategic management and budgeting, on August, 5. By the way, Mr. Fomichev exactly is responsible now for preparation of the conception of social and economic development. Earlier Andrey Belousov was responsible for that. Mr. Belousov resigned his department director post, as he took up the post in the government

Last week the Federal Antimonopoly Service (FAS) was forced to conduct control checks of the five largest oil companies aimed at information receiving about wholesale prices on diesel and jet fuel.