AvtoVAZ, Russia’s biggest carmaker, has announced a 25,000-unit cut in output in the next three months amid slackening demand.

Yandex, the leading search provider in Russia, has announced a reshuffle in its senior management team, with Alexander Shulgin, who until now used to be the group’s Chief Financial Officer, appointed Chief Operating Officer of Yandex’s Russian business.

The Polish economy could lose as much as 800 million euro due to the Russian food embargo, according to the Polish Federation of Food Producers.

VTB Bank has extended a RUR 700 million seven-year credit facility to Merletto, a major regional confectionary and sausage producer.

Swedish furniture giant IKEA has announced it will not replenish its supplies of Norwegian salmon and traditional Swedish cheese in its stores due to the food embargo imposed by the Russian government on August 7.

Russia will ramp up IT products exchange with China amid a looming trade war with the West, says the online news outlet Lenta.ru.

The Federal Antimonopoly Service may modify the list of products that have come under embargo on the results of monitoring of the Russian market.

The West Alpha rig owned by Karmorneftegaz, a JV by Russian and US oil giants Rosneft and ExxonMobil, has launched exploratory drilling of Universitetskaya-1, Russia’s northernmost well.