GAZPROM TO SHIFT FOREIGN FUNDS TO ITS OWN BANK.

In anothermove with political consequences, the Russian gas industry giantGazprom has decided to move its hard currency earnings from theImperial and Foreign Trade banks to its own Gazprom bank, Kommersant-Dailyreported June 27. While observers suggested that the Gazprom banklacked the skills necessary to handle the large sums involved,they did point out that this arrangement would make it easierfor Gazprom to channel funds to Russian prime minister ViktorChernomyrdin and his "Russia is Our Home" politicalbloc. Chernomyrdin has long been associated with the Russian gasindustry.

Chernomyrdin Bloc Seeks a Message.