A company with next to no experience in copper exploration has won the rights to tap one of the world's biggest copper fields. Metalloinvest pledged extremely ambitious production levels to win the Ukodan auction, but experts warn the $3.9 billion investment runs a high risk of failure.

The rocky performance of the Russian markets reflects investor nervousness about political risk. Despite big falls over recent weeks analysts are looking for a rebound saying Russian stocks are cheap, and the country’s economic fundamental sound.

Japanese carmakers revealed aggressive expansion plans for Russia on the opening day of the Moscow Motor Show. But companies like Mitsubishi and Honda admit western rivals have been quicker to spot openings in one of the world's fastest growing car markets.

A senior General Motors executive has styled Russia its "growth engine" for Europe after sales jumped an astonishing 60% year on year. The statement came on the eve of the Moscow Motor Show, where the American automaker is bringing a new range to sustain that surge.

Russia's Kapital investment and finance group has sold its affiliate, Kapital Insurance, to a Cyprus-based company, Syneron Holdings Limited, for $500 mln, the company said.

Russia's three largest cell phone operators have struck a deal with Apple which could see the U.S. company's hugely popular iPhone 3G go on sale in Russia in October.