Inflation was registered at 7.1 percent in Russia in the first five months of 2003, Chairman of the Russian Central Bank Sergey Ignatyev announced at the 12th International Banking Congress in St. Petersburg today. He recalled that inflation was 8.4 percent in the corresponding period last year. The Central Bank's head also reported that inflation was 0.8 percent in May 2003 against 1.7 percent in May 2002. He mentioned that the 2002 inflation rate in Russia was 15.1 percent and forecasted that the 2003 inflation rate could be restrained at no more than 12 percent.
The head of Russian Technologies, Sergei Chemezov, clarified the fate of anti-aircraft guided missiles that Russia was supposed to deliver to China
About 95% of Putin's Address to the Federal Assembly was devoted to social issues, but he also spoke about Russia's military power, her state-of-the-art weapons, and did not miss a chance to intimidate the United States.
The Basmanny Court of Moscow arrested Michael Calvey, the founder of Baring Vostok investment fund, on allegations of embezzling 2.5 billion rubles from Vostochny Bank. Calvey will be held in custody until April 13