Weekly news:

ANALYSIS

Moody’s says ratings outlooks for Russian subfederal issuers negative

SURVEY

Stress test indicates Russian banks able to withstand deepening crisis

FORECAST

Russia to have 10% inflation in 2009; GDP to fall 3.8% - Euro Commission

FINANCIAL POLICY

Medvedev to give budget address by end May

OFFICIAL COMMENTS

Medvedev: state support for stock market has not produced results

Medvedev calls for caution in tax legislation changes during crisis

STATISTICS

Russian inflation slows to 0.7% in April, below forecast

Russian inflation at 0.2% from April 28-May 4, 6.3% since start of 2009

Russian international reserves rise $5.3 bln in week

Russian intl reserves grow by $16 mln to $383.9 bln in April

Reserve Fund down to 3.55 trln rubles, National Welfare Fund to 2.87 trln rubles

Russian domestic debt down 2% to 1.37 trln rubles in April

Russian customs revenue plummets 41.5% in April

Russian banks reduce assets 2.3% in March - CB

CENTRAL BANK

Audit Chamber: CB managing intl reserves effectively

CB boosts net dollar purchases 130% in April

CB to offer 50 bln rubles at unsecured loan auctions

Russian banks get 8.7 bln rubles at three-month loan auction, cut-off at 16.27%

Russian banks get 17.6 bln rubles at five-week loan auction, cut-off at 14.5%

Russian CB pulls WDB-Bank license

RUSSIAN BANKS

MERGERS & ACQUISITIONS, REGIONAL DEVELOPMENT

VEB closes acquisition of Globex Bank, brings stake up to 98.94%

SHAREHOLDER STRUCTURE

VTB drafts several scenarios for share buyback – bank

EAst Capital boosts stake in Probusinessbank to 19%

CB registers results of Svyaz-Bank’s 70-bln ruble additional share issue

Orgresbank becomes sole owner of Nordea subsidiary after EBRD withdraws

LOANS

VEB approves 19.21 bln rubles worth of subordinated loans for ten banks

FINANCIAL INSTRUMENTS

VEB to place five bond issues worth $10 bln in total

VTB buys back $600 mln in its own Eurobonds in Q1

FINANCIAL RESULTS

VTB posts net loss of 25.9 bln rubles in Jan-Apr

Nomos-Bank sees IFRS earnings edge up to 3.49 bln rubles in 2008

SHAREHOLDER & BOARD MEETINGS

URSA Bank to maintain dividends for 2008 at 2007 level

RATING ACTIONS

Moody’s puts Gazprombank financial strength rating on review for poss downgrade

Fitch assigns City of Moscow’s 5-bln ruble bond final ’AAA(rus)’ rating

NONBANK FINANCIAL INSTITUTIONS

Global Payments acquires United Card Services

Housing Fund places 6.5 bln rubles among banks at 10.41%

Fitch takes rating actions on seven Russian insurance companies

FOREIGN FINANCIAL INSTITUTIONS

Hellenic Bank starts up operations in Russia

TRENDS

Dollar continues to decline, ruble strengthens against currency basket

OFZ quotations post positive signs for week of May 4-8

Russian Eurobonds gain as appetite for risk grows

RUSSIAN STOCK MARKET CLIMBS TO YEAR-HIGH AT END OF APRIL

RESULTS OF RUSSIAN STOCKS TRADING IN RUSSIAN TRADING SYSTEM

STOCK INDEXES

CIS AND THE BALTIC

UKRAINE

Ukraine had 6.9% inflation in Jan-Apr

Ukrainian inflation slows to 0.9% in April - Tymoshenko

IMF board to discuss next tranche for Ukraine on May 8 - Tymoshenko

Ukraine sees biggest industrial decline, highest inflation among CIS countries in Q1

National Bank sees intl reserves fall 3.5% in April, 22% since start of 2009

National Bank to limit spread between official exchange rate, interbank rate

Individual bank deposit outflow in Ukraine slows to 1.5 bln hryvni in April

Alfa Bank in Ukraine retires $100 mln Eurobond issue

BELARUS

Belarusian National Bank sees net intl reserves decline 19.7% in Q1

Belarusian foreign debt grows 34% in Q1

Belarus national-definition gold, forex reserves rise 7.8% in Jan-Apr

KAZAKHSTAN

Recovery in Kazakh bank sector will take 2 yrs – CenterCredit chief

Kazakhstan had 0.8% inflation in April, 2.8% YTD

Shareholders in BTA Bank present $3 bln claim to Kazakhstan

Fitch downgrades three Kazakh banks, Astana Finance and subsidiaries

S&P downgrades Kazkommertsbank, Halyk Bank

TAJIKISTAN

Tajikistan cuts state budget revenue, spending due to crisis

AZERBAIJAN

Azerbaijan reduces external debt 2.8% in Q1

GEORGIA

Georgian bank assets shrink 7% in Q1

Fitch puts BTA Georgia on Rating Watch Negative

ARMENIA

Armenian budget deficit for Q1 at 2.9% of GDP

U.S. cuts financial aid to Armenia

Fitch affirms VTB Armenia at ‘BB+’, ACBA Credit Agricole at ‘BB’

LATVIA

Baltic country banks reduce assets 3% in Q1

Latvian govt approves restructuring plan for Parex banka

Nb: This news report features only the headline of each news.

Agency Interfax