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Paranoid, mischievous and heading in the wrong direction, Russia is an awkward prospect for Barack Obama
Over the past ten years, under Vladimir Putin’s leadership, Russia has become more nationalistic, corrupt and corporatist. Its economy, although much bigger than a decade ago, is even more dependent on oil and gas, an industry now controlled by a small group of kleptocratic courtiers and former spies. The decision by Ikea, a well-known Swedish furniture supplier once bullish about Russia, to suspend investment because of graft is an indictment of the dire commercial climate (see article). Its non-energy exports are smaller than Sweden’s.
The clearest indictment of Russia’s investment climate came a few days ago from IKEA, a Swedish retail chain, whose local operation has grown quickly since it opened its first store near Moscow in 2000. On June 23rd IKEA said it was suspending its investment in Russia because of the “unpredictable character of administrative procedures”, a euphemism for graft. A symbol of Russia’s economic rebound from the 1998 financial crisis has become an emblem of its dire investment climate.
http://www.economist.com/businessfinanc ... d=13962526
Ukraine has used less Russian gas this year than it promised to buy. Under “take or pay” terms common in the industry, Russia may bill Ukraine for the unused gas. By October, that bill could reach $3 billion, which Ukraine may say it cannot pay. (The Ukrainians already struggle to afford the cost of domestic gas subsidies; the political cost of putting up prices would be high.)
http://www.economist.com/world/europe/d ... d=13944892