The USRCCNE Monthly Newsletter
For those with interests bridging the US and Russia...
From Josh Wilson, General Editor, USRCCNE
Russia's winding path to the WTO has made headlines again recently – and while finding the end to that trail would likely help Russia compete in the global economy, Russia also has other winding paths to tackle.
Russia recently passed a law requiring all LLCs to re-register under new rules before the end of this year. The Federal Tax Service, which is in charge of the process, has officially stated that too many companies have waited until the last minute – and that is why there are now such long lines. They have also promised that companies that do not make the deadline will not be reprimanded – and many are hypothesizing that the deadline will be officially extended by several months later this year. However, the lines are astounding. While the site fishki.net is not noted a serious news site, the pictures and commentary – in Russian - there are interesting. The first photo shows the line with the tax inspection building far off in the distance. (WARNING – the site also contains risqué links that might set off certain antivirus software.)
For another story on winding paths, see Vesti.ru, the site of Russia's main 24-hour news channel. They have had a story in heavy rotation for the past two days covering the situation on Federal Highway M-53, part of the singular highway that connects Vladivostok in the east with Moscow in the west. Because the highway has never been paved, the trucks that rely on it become stuck in the heavy mud that come each spring and fall. This year has been especially bad, with traffic slowing to an average of one kilometer per day. The site is all in Russian, but the photos (under "Ôîòî") and video (Âèäåî) speak for themselves if you don't speak the language.
Of course, we are not arguing that investing in Russia is not profitable – profits there can be much higher than are usually available in more developed economies. However, we are saying that you should be prepared to work a bit harder and not get discouraged by the inevitable road blocks that will arise. We hope that this newsletter will continue informing you of the possibilities and how to overcome the challenges in doing business in Russia.
As always, this newsletter is dependent on you. If you have an announcement or a news item to be included in our newsletter, or if you would like to subscribe to this free publication, please contact us.
USRCCNE Seeks Intern
USRCCNE is seeking an intern who will be available for the upcoming academic year to take responsibility for compiling a database of companies, organizations, and institutions in New England with connections to Russia.
Baba Yaga at the Museum of Russian Icons!
(October 25 - MA) Join artist Marina Forbes for a presentation about Baba Yaga, the wicked witch of the forest, who appears in many traditional Russian legends and fairy tales. Parents are encouraged to participate with their children to make family teams! Find more events from the Museum of Russian Icons!
IFRS in Russia: Increase Transparency and Attract Investment
(October 29 - Moscow) Alinga Consulting Group announces its next seminar, this time focusing on how IFRS can be applied to Russian businesses.
Luncheon with Head of Russia's Federal Anti-Monopoly Service
(November 10 - DC) Join USRBC for a luncheon with Igor Artemyev, Head of the Federal Anti-Monopoly Service of the Russian Federation. Mr. Artemyev will discuss the implementation of Russia's Strategic Sector laws and planned amendments; Russian laws and regulations related to natural monopolies; foreign ownership of broadcast and media, the retail sector and the Internet; and antitrust matters.
Steinmetz: Contemplating Gogol
(December 1 - Moscow) The Pushkin State Museum of Fine Arts in Moscow, Russia is celebrating the 200th anniversary of the birth of Nikolai Gogol with a solo exhibit by Boston-based artist Leon Steinmetz.
SRAS Offers Russian Trip!
(July 10, 18 -or- August 7-15, 2010 - Western Russia) This nine-day cultural travel package is unlike any tourism you've ever tried. Eat a home-cooked meal with Russians in their home. Create traditional painted porcelain under a Russian master. Sit in banyas and celebrate life with Russians who will show you how to sing, make toasts, relax, and laugh. Find more travel services from SRAS
USRCCNE and Member News
Auriga Speaks on IT Outsourcing, Contributes to Localization Standards
At the Global Outsourcing Summit 2009, Auriga President and Founder Alexis Sukharev presented a report discussing the opportunities of an alliance between Russian and Chinese outsourcing service providers. Auriga also contributed to a report produced by The Localization Industry Standards Association.
Alinga Takes Different Holiday Approach
Last year Alinga altered its approach to its traditional holiday gifts to clients to one more in line with the "holiday spirit."
Exigen Services Achieves Second Consecutive Inc. 5000 Ranking
Exigen Services, the leading next generation application outsourcing provider, has been ranked for the second consecutive year on the Inc. 5000, Inc. magazine’s annual list of America’s fastest-growing private companies.
CRDF Launches Russian For-Profit Subsidiary
CRDF has established a wholly-owned, for-profit subsidiary to expand the support of science and technology collaboration in the Russian Federation. CRDF TechInnovation will further advance CRDF's mission of fostering innovation economies and technology commercialization and will provide services to both Russian and international entities pursuing science and technology partnerships.
Articles & Resources
A brief list of some major news stories from Russian business in September.
Benchmarking IT Industry Competitiveness 2009
This Economist Intelligence Report argues that Russia's competitiveness improved this year.
Russia and the Economic Crisis
This issue of the Russian Analytical Digest examines Russia's financial vulnerabilities resulting from the global financial crisis. With Russia's foreign direct investment increasing, it also looks at the stimulants driving Russia's FDI amid the economic recession. The policy brief also presents Russia's current economic indicators in an international comparison.
CNN interview with Medvedev (streaming video)
During a recent trip to the United States, Russia's Dmitry Medvedev was interviewed by CNN's Fareed Zakaria.
Serbian, Croatian, Bosnian, or Montenegrin?
Politics and religion often influence a people's culture and language. Read the entire September LC Newsletter.
Regional Investment: China Gets Far East Foothold into Russian Energy
A little known Chinese-controlled JV has acquired a 51% stake in Yakutia’s oil and gas producer, Suntarneftegaz.. Subscribe to Marchmont News Service
Russian Corner: Tax and Accounting Strategies for the Crisis (PDF, 5MB)
Alinga announces the latest edition of the print version of their Market Update! This issue deals with such common crisis issues as tax planning, writing off bad debt, and effectively managing your team in the face of expenditure cuts. The first three respondents (USA only) who contact Alinga will recieve a print version of this to be mailed to them! Subscribe to the Alinga Market Update
Just for Fun: Russia in Space
A brief history of the international rivalry that once drove mankind's venture into space, the international cooperation that now drives it, and what Russia, a major leader in space travel and exploration, is planning for its future in the final frontier. Subscribe to the SRAS newsletter