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With hedge fund manager, CNBC regular and long-time veteran of the Russian markets Tim Seymour at the helm, Emerging Money (http://www.emergingmoney.com) provides education, trading analysis and comprehensive views of emerging markets around the world. As economies in the BRIC group and beyond... More
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  • Oligarchs will pay for the World Cup 0 comments
    Dec 3, 2010 10:36 AM | about stocks: MTL, LUKOY
     Vladimir Putin is already suggesting that Russia's industrial magnates like Roman Abramovich should help with the cost of getting the country ready for the 2018 World Cup.

    As Putin notes, Abramovich, the fourth-richest Russian best known for owning the English Chelsea football club, has "plenty of money" and so can "dip into his pocket" for part of the estimated $50 billion the country will pay to build stadiums, upgrade its infrastructure and generally prepare to host the global soccer tournament.

    Expect all the oligarchs getting requests to "do their part" to get the country ready, but as soccer oligarch, Abramovich will probably be pushed hardest in the inner circles.

    With FIFA already worried about whether Russia's airports will be able to handle the traffic, this could transform the country over the next decade. Throw in the 2014 Olympics the country is throwing in Sochi, and it means great opportunities ahead for Russian construction and steel in particular.

    As it happens, Abramovich controls Evraz, one of the Russian steel giants that U.S. investors cannot trade in ADR form. But you can trade Mechel (MTLquote), and it looks like even Lukoil (LUKOYquote) is getting into the act by committing to build a stadium. Interesting times.



    Disclosure: no position
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