Automakers and oil producers consolidate in Russian markets

A declining Ruble changes automakers' views, as Russia's oil producers huddle together.

Several automotive manufacturing giants including GM, Audi and Jaguar temporarily stopped selling cars in Russia last month in response to the country's currency crisis.

This followed a period when Russian customers poured their savings into non-Russian vehicles including Porsches.  However, the Ruble's drop in value has significantly affected manufacturers' profits.

Meanwhile Rosneft and other major Russian companies have entered into lubricant and oil product supply agreements in an effort to improve the competitiveness of the country's domestic industries.

Rosneft's Igor Sechin said, "We welcome these agreements which lay the basis for our strategic cooperation with leading Russian industry groups."