Russia Cleans Up on Corruption
Seems things are changing fast in Russia as the state realises Risk has to reduce if Return also reduces to normal levels from the crazy days of the 2000s. Russia is now around 40 in the World Bank Ease of Doing Business rankings - interestingly ahead of Belgium, Italy, Luxembourg and Turkey.
As David Holden, Chief Commercial Officer, Orange Business Services Russia says
"Integrity and compliance in Russia is growing more and more. Indeed it's led by Government controlled institutions like Sberbank and Gazprom, companies 10 years ago who were considered Grey at best. Dodgy practices still happen, but both Western and Russian organizations look to stamp them out.
An indicator is that nowadays when you are asked for your passport by a policeman, it is to check it and no longer to get you to pay up.
Russia is not perfect by any means but it is actively taking steps to clean up it's act. Sometimes in a curmudgeonly manner with contracts that need to be more sophisticated but it's better than some places in Europe even, Italy for instance."
As the economy swings East it is also opening up to more inward investment from more directions, essentially internationalising the economy at a much faster rate than before.
Stories abound about the bad old days of shoot-outs and bag men but that cycle is over. Who would have though ten years ago that Russia and China would be leading in Climate Change talks for example?