NEWSWATCH: “Russian Billionaire Arrest Jolts Stocks, Fuels Cabinet Shake-Up Speculation” – Bloomberg/Ksenia Galouchko, Ilya Arkhipov, Stepan Kravchenko

Map of Russia and Russian Flag adapted from images at state.gov

“The arrest of one of Russia’s best-connected billionaires on charges of fraud and embezzlement knocked shares in his companies lower and fueled speculation it could be the harbinger of a shake-up in the cabinet …. [Dagestani-born] Ziyavudin Magomedov was arrested … with his brother … as he prepared to fly to the U.S. … he denied the charges but was ordered held without bail for two months. * * * Summa [which the accused co-owns] had been in a long-running conflict with state-owned oil pipeline operator Transneft PJSC over control of Novorossiysk Commercial Sea Port. …  [Magomedov’s] wealth surged during the … Medvedev … presidency, in part thanks to state contracts. …”

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