Russia Stocks Retreat 4th Day As World Bank To Imf Cut Outlook

The day before, the group had been foiled while attempting to raise a protest banner on a Russian oil drilling platform. The ship was towed by the Russian coast guard to an anchor in Kola Bay, about six miles from the port of Murmansk. “After conducting a preliminary investigation, the Russian Investigative Committee’s northwestern branch initiated a criminal case on the signs of … piracy committed by an organized group,” Vladimir Markin, the investigative committee spokesman, said in a statement published on the agency’s website Tuesday. No formal charges have been filed. Piracy carries a potential sentence of five to 15 years in prison. Greenpeace has said the group intended to raise a banner on the Prirazlomnaya drilling platform to protest Arctic pollution. Prirazlomnaya is a major Arctic oil exploration project of Gazpromneft, a subsidiary of the Russian state-owned energy giant Gazprom. It lies within a Russian exclusive economic zone. Greenpeace spokeswoman Maria Favorskaya said Russian authorities had acted illegally in seizing and towing the group’s ship, which was traveling under the Dutch flag. “At first they accused our activists of terrorism, then of illegal scientific research activities and now they come up with the absurdist charge of them all: piracy!” Favorskaya said in a telephone interview from Murmansk. “How can peaceful activists who simply tried to put up a poster on the side of an oil drilling platform be accused of such a serious felony?” One expert in international maritime law said the charge would appear to be a reach. “They can’t be too serious about charging them with piracy,” said Joseph C.

The nations economy expanded 1.2 percent in the second quarter, the Federal Statistics Service reported on Aug. 9, missing the median estimate for 2 percent growth. Gross domestic product will rise 1.8 percent this year, the Economy Ministry said last month, trimming its April forecast for a 2.4 percent advance. Crude added 0.3 percent to $103.44 in New York , the first gain in five days. Russia receives about half of its budget revenue from the oil and natural-gas industries. Average trading volume on the Micex was about 46 percent below the 30-day average today, data compiled by Bloomberg show. Ten-day price swings fell to 16.172. The dollar-denominated RTS Index dropped 0.3 percent to 1,442.81. The countrys stocks jumped last week after the U.S. Federal Reserve unexpectedly decided against reducing monetary stimulus. Even after last weeks 2.5 percent rally, Russian equities have the cheapest valuations among 21 emerging economies tracked by Bloomberg.