Interfax cited Mr Vladimir Yakunin president of OJSC Russian Railways as saying that the company has reduced its growth forecast for freight transport on Russia railways to 4% for 2011.

He said that "The plan for freight was met in July. Around 713.7 million tonnes of cargo was loaded in January to July. The growth rate for hauling in comparison with same period of last year came to 3.7% which is just below our plan for 4% in annual terms."

Mr Yakunin cited this figure at a press conference last Friday. In March, he told journalists the RZD had revised its growth forecast for cargo hauling for this year raising it from 3.2% to over 5%.

(Sourced from Interfax)