05.09.2007
 Business in Russia is far too wide a concept to cover in one webpage. The following information focuses on general business information, particularly that affecting consumer goods and services. Resource extraction, manufacturing, and financial markets will be covered in future pages.
- Business News Sources
Color Code: Red links are to sites only in Russian.
Gray links have English available. What is "The Library?" 1. Business News Sources report an error back to top  Vedomosti is Russia's most respected business news source and enjoys an active partnership with the Wall Street Journal and the Financial Times.
RBC Daily is a new addition to many periodicals aimed at Russian business, but this one is quickly gaining market share. Macroeconomic Forecasts Monthly in a new, free, English-language publication that, each month, compiles information from over fifteen leading sources from around the world and produces consensus statistics. Kommersant is also oft-listed as a favorite newspaper for Russian businessmen. Russia Profile is recognized as a source of objective business news and analysis. The Alinga Market Update provides free, bilingual monthly news detailing changes to tax regulations, commercial law, and economic indicators. The Bank of Finland releases regular reports on its studies of the Russian economy. Klerk.ru is a widely used and respected site providing the nitty-gritty of business news - with separate sections for accounting, law, banking, management, and programming (a major growth sector for the Russian economy). Glavbukh.ru is another such site specialized in law, taxation, and accounting news. C-News is a new news source providing regular high quality news about the Russian IT industry. ConstructionRussia.ru is an industry site with news and information. Adam Smith Conferences is not exactly a newsource, but does coordinate a surprising number of annual conferences concerning Russia's economy and markets. Other sources for the business news in English include Prime-Tass (the official Russian news agency, still gov't run) and The Moscow Times (at times accused of hostility to the gov't). See also our Library entry for Print Journalism in Russia. More Business News Sources >>> 2. International/US Business Organizations report an error back to top The American Chamber of Commerce in Russia (AmCham-Russia) is the largest and most influential foreign business organization in Russia. It is an impact player in the policy-making arenas of both the U.S. and Russian governments, endorsing solutions to trade and investment issues that protect and benefit the interests of over 800 member companies. The SABIT Training Program provides a unique low-cost, low-risk opportunity to facilitate U.S.-Eurasian partnerships. Partly funded by the American government, SABIT helps American organizations form relationships with potential customers, distributors, or partners who can assist in facilitating profitable international transactions. It works partly in conjunction with a similar U.S. funded efforts BuyUSA.com. The US-Russia Business Council (USRBC) is a Washington-based trade association that represents the interests of 300 member companies operating in the Russian market. Through a range of activities, the Council contributes to the stability and development of a free market in Russia and supports Russia's integration into the global economy. The Russia-US Business Council (RABC) is a Moscow-based trade association that represents major Russian business in lobbying governments for better business policies. They recently received substantial funding and support from the Kremlin to step up their efforts in Washington. The American Business Association of Russian Professionals is a non-profit business association of entrepreneurs, venture capitalists, engineers, lawyers and other professionals with headquarters in Silicon Valley. Coalition for U.S.-Russia Trade is a broad-based group of U.S. companies and trade associations from every major sector of the U.S. economy. Its site contains resources for understanding trade policy and current events. Center for Citizen Initiatives (CCI) is an American NGO providing training to Russian entrepreneurs and other programs to help improve the Russian business climate. The U.S.-Russia Chamber of Commerce of New England, Inc. (USRCCNE) is a non-profit business organization for companies and professional individuals involved with economic activity in Russia and the FSU. It promotes business and cultural ties. Foundation for Russian American Economic Cooperation (FRAEC) seeks to further economic and community ties with Russia while maintaining a unique focus on the Russian Far East. The Mid-Atlantic Russia Business Council was founded in part by U.S. Congressman Curt Weldon. The organization is incredibly active in organizing U.S.-Russia cultural, political, business, and technological events in the Philadelphia area. Federation of International Trade Associations offers lots of resources for international business, including those specifically for Russia. US Russia Center for Entrepreneurship is an initiative of the U.S. Russia Investment Fund (Delta Private Equity Partners), a leading private equity fund in Russia that seeks to educate and assist Russian entrepreneurs grow businesses. Most developed countries have at least one such organization established to promote trade with Russia. See, for example, those for Britain, the European Union, Sweden, and Canada. More Business Organizations >>> 3. Russian Government Agencies report an error back to top The Ministry of Economic Development and Trade is a sprawling organization which regulates and/or advises on nearly everything to do with the economy. The site is equally sprawling in Russian with departments and laws posted – but only the home page with ministry news is available in English. Federal Customs Service enforces customs legislation and controls the amount of currency entering/leaving Russia and confiscate contraband. The organization is answerable to the legislature, the Ministries of Economic Development and Finance, and the Central Bank. Most of the site is available in English and even plays the national anthem!
Regional Resources for Investors brings localized stats, advice, banking info...
Federal State Statistics Service (Rosstat) compiles figures on crime, economic indicators, production stats, and IMF reporting. The English is useful and abundant, but sometimes is direct translation and therefore a little confusing. Federal Tax Service is Russia's IRS. Their website is detailed, organized, and largely available in English. Most documents are Russian-only. Businesses deal most directly not with the federal service, but with regional tax inspectorates, such as this one in Moscow.
Click here for a brief description of Russia's tax system. The Central Bank controls the money supply and interest rates and sets standards for banking activities. It also helps regulate and monitor securities trading and IMF reporting.  The Ministry of Finance reports on economic indicators, advises on reform issues concerning banking, the budget, regional tax collection, and pension fund. Also in charge of managing the state budget and national debt.
Federal Anti-Monopoly Service regulates large mergers and acquisitions as well as any large business openings. Federal Tariff Service regulates the prices of utilities (gas, water, communal housing, etc.) Federal Service for Intellectual Property, Patents, and Trademarks (Rospatent) registers and protects trademarks and intellectual property under the Ministry of Education and Science. Their site is poorly and sparsely translated. More Government Agencies >>> 4. Unions and Russian Business Organizations report an error back to top Russian Union of Industrialists and Entrepreneurs (RSPP) is a nation-wide, independent, public organization aimed at consolidating the efforts of industrialists and businessmen in Russia to improve the business environment inside Russia. To this end, the RSPP also works with international and foreign organizations, the Russian government, and other groups. Moscow Association of Entrepreneurs is actually a nationwide organization working with the government and other organizations to support Russian business in Russia. They also publish a corporate journal and a how-to guide on opening and operating a small business (published in 25 volumes and known as the Small Business Encyclopedia). Russian Managers Association (RMA) is an independent non-government organization working in the best interests of the Russian executive managers' community. Their home page is available in English, but all other pages including links, publications, events, etc. are only in Russian. Federation of Independent Trade Unions of Russia is a nation-wide union of unions. Their site provides information on union activities, the labor code, worker's rights, and gender equality although it doesn't seem to state who its members are or the organization's specific goals. All-Russia Confederation of Labor is another nation-wide union of unions. While perhaps less informative, the site is better organized and refers to specific work the group is doing with the government of the Russian Federation. They also have an English language history available. Council for Trade and Economic Cooperation is a non-profit organization supporting and facilitating trade between the U.S. and the CIS. Russian Venture Fair is an annual event in St. Petersburg for venture capitalists. Article: Understanding Russian Labor Law
Article: Worker's Stories More on Labor Unions>>> 5. Business Education Programs in Russia report an error back to top  Article: Choosing an MBA program in Russia
MIRBIS is Russia's premier business school, offering regular semester visiting scholar programs as well as an MBA program. Summer study is also available. International Business Semester (IBS) is an English-language study abroad program offered by Saint Petersburg State Polytechnic University each spring semester. 6. Issues in Business report an error back to top The Yukos Affair has tarnished Russia's international business reputation, as it represented a selective use of the judiciary to punish one business (who's owner happened to be politically ambitious). However, many economists point out that since the imprisonment of Khodorkovsky, tax revenues have substantially increased as companies are filing more careful, accurate taxes returns and that the economy and investment levels have quickly recovered. The Official Website of M. Khodorkovsky
 The Official Website of Yukos
Interactive PDF document from Oxford Analytica detailing the event and its repercussions.
The Yukos Minority Shareholder Coalition - a group of American shareholders suing the Russian Government in American courts over losses incurred against their Yukos stock.
Statement from the Russian gov't about Yukos and property rights
Ind. Review of Case and Appeal from Moscow Law Firm
WTO Accession for Russia is a sticking point in international politics. Supporters point out that Russia represents a large and growing market for international trade and that the WTO can help Russia regulate its economy. Others claim that Russia has protectionist trade policies (such as in banking and some aspects of resource extraction), has not protected international property rights agreements, and has floundering record on human rights. Russia and the WTO - an American Chamber of Commerce in Russia publication.
WTO Web Page on Russia's Accession
The World Bank, Russian Branch - Report on Trade Policy and WTO Accession for Russia
The United States Trade Representative - Report on Trade Barriers with Russia (2004)
The Jackson-Vanik Amendment is one of the last legal hurdles to an American-Russian agreement on WTO accession for Russia.
Russian Accounting Standards are another frequent complaint of businesses. Most countries use a standard of accounting known as GAAP. Russia uses its own standards, known as Russian Accounting Standards (RAS). For companies with foreign investment, this can cause major headaches as two sets of books must be kept - one for the Russian Tax Service, the other for investors. For a brief account of the differences, click here. For a fully detailed account, click here. Glossary: GAAP.ru provides translations for general accounting terminology.
Article: An Elusive Middle Class
Article: The Fast Food Phenomenon
Article: Market Survey on Russian Export Software Market 2005
Article: Snapshot of the Russian Economy
SRAS Original Interviews (many with business people)
The Well: Market Personalities (business people and professionals in Russia) 7. Market Entry and Business Support report an error back to top Alinga Consulting Group, a sister company to SRAS, provides business support services including accounting, audit, legal consulting, and personnel in the Russian market. International and Russian companies often find these services invaluable in Russia's complex and often legally vague markets. Many other such companies also operate in this large and growing market, including each of the "Big Four:" PriceWaterhouseCoopers; Deloitte; Ernst and Young; and KPMG. Case Study: Metro Cash and Carry Enters Russian Market 8. Russian Businesses and Their Competition report an error back to top The Moscow Business Telephone Guide is Moscow's bilingual yellow pages. 36.6 is large chain of Russian pharmacies. Having become nearly ubiquitous in Moscow and St. Petersburg, they are now pushing into smaller Russian cities as well. they plan to have 1450 stores by the end of 2007. Profits from 2007 were around 50 million USD. Sedmoi Kontenent and Nyam-Nyam are Russian-owned grocery store chains.
Some of their foreign competition: Ramstore (Turkish), Metro Cash and Carry (German). Eldorado, MVideo, and Tehnosilo are Russian-owned stores dealing in consumer goods and electronics.
Some of their foreign competition: Formoza (German) Elki-Polki, Prime, and Teremok are Russian-owned restaurant chains.
Some of their foreign competition: McDonalds, Sbarro, Subway RUSSOFT is Russia's association of software developers.
Some of their foreign competition: NASSCOM (India), CSIA (China) Russian Resource-Related Corporations >>>
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