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1/9 Maly Kiselny Pereulok
Moscow 107031, Russia
Tel/Fax: + 7 095 981 61 66
3 Quayside Lodge
William Morris Way
London SW6 2UZ
United Kingdom
Tel: +44 (0)20 7183 2560
Fax: +44 (0)20 7183 2561
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Russian Investment Review
Vol. 4 No. 1
If Russia had a revolution what color would it be?
EDITORIAL FOREWORD
Jonti Small, Managing Editor |
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The RIR Interview
UFG leading the way on IPOs
Ilya Sherbovich, President and
Head of Investment Banking, United
Financial Group
RUSSIA’S CONTINUED RE-EMERGENCE
INTO THE WORLD ECONOMIC COMMUNITY
Roger Munnings, Managing Partner
of KPMG’s Russia/CIS region
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COVER SECTION
SHADES OF REVOLUTION
“IF IT HAPPENED IN UKRAINE, OF COURSE
IT CAN HAPPEN IN RUSSIA”
Sergei Markov, Director of the
Institute of Political Studies
“A RIGHT NOT TO BECOME A COLONY”
Boris Yakimenko, First deputy head
of Iduschie Vmeste
“IF YOU CAN’T RULE, YOU CAN’T
CONTINUE RULING FOR VERY LONG”
Dr Anders Aslund, Director, Russian
and Eurasian Program, Carnegie Centre
“REDUCING THE OLIGARCHS’ STRANGLEHOLD”
William Browder, CEO, Hermitage
Capital Management
“YOU CAN’T ALLOW THE PLUNDERING OF
NATIONAL WEALTH”
Eduard Limonov, Head of the
National Bolshevik Party
“RUSSIA HAS HAD A TENDENCY TO
STAGNATE”
Alexei Bayer, President, Kafan FX
Information Service
“THE OPPOSITION IS THE COUNTRY’S
ENTIRE CIVIL SOCIETY”
Ilya Yashin, Leader, Youth Yabloko
AUTHORITARIANISM OR DEMOCRACY?
Julia Tseplyaeva, Head of Research,
ING Bank (Eurasia) ZAO
“RUSSIA WILL MOST LIKELY UNDERGO AN
ORANGE EVOLUTION”
Vlad Sobell, Senior economist, Daiwa
Institute of Research
NOT JUST TALKING, BUT ACTING
Natalie Jaresko, President and CEO,
Western NIS Enterprise Fund
RULES OF THE GAME, NOT REVOLUTIONS
Svetlana Babayeva, Chief of London
Bureau, RIA Novosti |
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“2005 WILL BE A VERY BUSY YEAR”
Sergei Vasiliev, chairman of the
Committee on Financial Markets
ON THE PATH OF MODERNISATION AND
ECONOMIC REFORM
Sir Roderic Lyne, Special Advisor to
HSBC
PENSION REFORM
Bernard Sucher, Chairman of the
Board of Directors of Alfa Capital
Management
HIGHLAND’S GOLD FORMULAS
Dmitry Korobov, Managing Director
of Highland Gold Mining
“WE DON’T WANT TO PUT ALL OUR EGGS
IN THIS BASKET”
Ken Baksh, Fund Manager, Strategic
East European Fund
PROGRESS HAS BEEN MADE
Nick Hawkins, PWC Russia & Central
Europe
REFLECTING ON RUSSIA: INVESTMENT
DESTINATION SURVEY
Peter B. Necarsulmer, Chairman & CEO, The PBN Company
RUSSIA IS BOOMING AGAIN
Elena Kirillova, Consultant specialising
in Russia and the CIS, Denton Wilde
Sapte
A PROJECT OF NATIONAL IMPORTANCE
Vladimir Kremer, President of Komi
Aluminium
“IMPLEMENTATION OF REFORM WILL BE
ESSENTIAL”
Natasha Page, Managing Director,
Fitch Ratings
“THE PEOPLE WHO ARE MOST NEGATIVE
ABOUT THE INVESTMENT CLIMATE ARE
ALSO THE MOST PUBLIC”
Bob Foresman, Managing Director,
Head of Investment Banking in Russia,
DrKW
“WHERE THERE IS MORE THAN ENOUGH BUSINESS”
Boris Krasnyansky, CEO, IFD Kapital
A NEW ‘BERLIN WALL’
Vladimir Melnikov, Director of
Corporate and Public Affairs, Mmd
Russia
PULLING YOUR SOX UP
Charlotte Crosswell, Head of
NASDAQ International
RUSSIA TODAY IS A RARE PLACE
Nicholas Jordan, Vice Chairman,
Global Banking
KYOTO PROTOCOL: A NEW TOOL FOR
INVESTORS
Ivetta Gerasimchuk
“SOME ACQUISITION TARGETS COULD BE
OF HUGE INTEREST”
Roland Pirmez, CEO Heineken Russia
BRIDGING THE GAP BETWEEN THE OLD
AND EMERGING EUROPE
Otto Jochems, Founder and Partner
of Result!Consult |
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BANKING
RUSH IN AT THE EDGE
Richard Hainsworth, CEO RusRating
AN ENTIRELY NEW BANKING HISTORY
Ilya Yurov, chairman of the board of
directors, Trust Investment Bank
DEVELOPING FASTER
Sergey Leushkin, Private Banking,
General Director, Bank Zenit |
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MAXIMIZING PROCEEDS FROM
SVYAZINVEST
Tom Adshead, Head of Research,
Metropol
RUSSIAN TECHNOLOGY VENTURE
CAPITALIST
Harry Fitzgibbons, Managing
Director, The Russian Technology Fund
PROFITING FROM OUTSOURCING
Sergei Kravchenko, President, Boeing,
Russia |
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ST PETERSBURG

PREPARING FOR A BOOM
Stephan Dertnig, Vice President, BCG
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ENERGY

WESTERN INVESTORS ARE CRITICAL
Mikhail Slobodin, Director General,
Integrated Energy Systems
“WE MIX THE BEST OF BOTH WORLDS”
Dale Rollins, CEO, Salym Petroleum
A NEW BUSINESS MODEL FOR NEW
MARKETS
Mahul Raval, Director of Operations,
and Klaus Reinisch, Business Development Manager, Gazprom
Marketing & Trading
CHANGES IN RUSSIAN OIL AND GAS
LEGISLATION
Pavel L. Bakoulev and Jonathan D.Cahn, Coudert Brothers |
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MAYBOURE GROUP
THE WORLD’S FIRST SUPER-LUXURY
HOSPITALITY GROUP
Darius Sanai speaks to the chief
executive of the Maybourne group
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