Russia”s largest grocery retailers have appealed to the Federal Antimonopoly Service and a government working group over what they say are unjustified and excessive cases of wholesale food price hikes, Ilya Belonovsky, director of the Retailers” Association said late on Monday.

Retailers said they counted on the state services to decide if it was economically justified to raise food prices, which are now under close scrutiny from the authorities due to the record drought which has hit the country destroying a quarter of crops. President Dmitry Medvedev has ordered the government to monitor pricing on agricultural products to prevent price-gouging.

Middle East oil and gas company Crescent Petroleum discussed in Moscow on Saturday two major projects with state-owned Russian oil company Rosneft and Russian state cooperation Rostekhnologii, the deputy prime minister said on Saturday.

Crescent Petroleum and Rostekhnologii agreed to implement transportation projects on Russian territory.

"Today, a preliminary agreement of the investment fund statutory documents was made. It includes Rostekhnologii and the shareholders of Crescent Petroleum, with a total of $500 million.