By John Helmer in Moscow

To understand how and what to buy in a Russian metals company, you need to understand a Soviet joke.

On a visit to Paris, the then Soviet ruler Nikita Khrushchev arranged to visit a brothel. On arriving, he asked the madam, “How much for a room?” “Depends on the room,” she replied. “There are 500-franc rooms, 100-franc rooms, 50-france room, and 1-franc rooms.” “Give me a 1-franc room,” Khrushchev said.

He was then shown to a room, where he sat for ten minutes. Noone came. For twenty minutes, still noone. At the half-hour mark, nothing had happened, and Khrushchev was furious. He picked up the telephone, and roared. The madam appeared swiftly. “This is an outrage,” shouted the First Secretary of the Communist Party. “I’ve been waiting here for half an hour, and noone has shown up!”

By John Helmer in Moscow

Oleg Deripaska is under unexpected personal pressure, at home and abroad, just when his plan to take control of one of the largest bauxite and aluminium producers in the world is close to final government approval. And that is exactly why the trouble for Deripaska is growing now.

Russian government authorization this month of the creation of a monopoly aluminium concern, integrating domestic and foreign bauxite, alumina, and aluminium production assets, has followed a no-objection ruling from the European Commission (EC) in Brussels. The unconditional ruling was issued by the EC on February 1.

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