How to spend Russia's oil billions

EDITORIAL FOREWORD
Jonti Small, Managing Editor

The RIR Interview
Igor Shuvalov, a senior aide to President Putn describes how Russia will become a reliable partner

EQUITY PAGES
Vladimir Tihomorov, Senior Economist, URALSIB Financial Corporation

BRIDGING THE MENTALITY DIVIDE
Daniel May, Head of Capital Markets with BCS (Moscow)

NEW QUALITY OF MOTION
Alexei Gurin, General Director, Amtel Holdings Holland

RUSSIAN CORPORATE BOND MARKET
Micheal Workman, Head of Fixed Income, Trust Investment Bank

INTERNATIONAL SPOTLIGHT
Mohamed El Erian, Head of Emerging Markets Portfolio Management, PIMCO

HOW TO SPEND IT
Anton Khmelnitski, Head of Equities, Brunswick Asset Management

THE NORWEGIAN PETROLEUM FUND
Ole Hovland, Budget and Treasury Advisor in the Russian Ministry of Finance, IMF Moscow

SPENDING ON DEBT REPAYMENT IS A ‘TRICK’
Sergei Glazyev, State Duma Deputy

DON’T SQUANDER IT!
Ian Hague, Partner at Firebird Management

DON’T NEGLECT THE SOCIAL SECTOR
Andrew Jack, Moscow Bureau Chief of the Financial Times

THE CURSE OF RESOURCE DEPENDENCY
Laza Kekic, Director for Central and Eastern Europe, Economist Intelligence
Unit

ACTIONS OR SLOGANS?
Chris Weafer, Chief Strategist, Alfa Bank

THE GROWING RELIANCE ON OIL EXPORTS
Mikhail Khazin, President, NIAKON Consulting

DON’T RAID THE FUND
Evgeny Gavrilenkov, Chief Economist, Troika

THE BULL RESURRECTED
Eric Kraus, Chief Strategist, Sovlink Securities

TAXING QUESTIONS
Graham Povey, Partner, Deloitte

LEGAL IMPLICATIONS OF THE YUKOS AFFAIR
Peter Clateman, General Counsel, The Sputnik Group

THE LEGAL PERSPECTIVE
Interview with Michael Cuthbert, senior partner, Moscow office, and Andrei Dontsov, partner, Clifford Chance

GAZPROM-ROSNEFT: THE NEW MUST-HAVE
Steven Dashevsky, Head of Research, Aton

EXPANING INTO RUSSIA
Carsten Stork, Head of DrKW’s Eastern and Emerging Europe Equities Product.

“BUYING INTO GROWTH”
Brunswick UBS, Equities Conference

THE SOPHISTICATED RUSSIAN ENTREPRENEUR
Marina Schmidt, General Director of Schmidt and Partners

FERMENTING SUCCESS
Oleg Tinkov, Chairman of the Board of Directors, Tinkoff Brewery, leads the cast of Russian entrepreneurs

CHARISMATIC LEADERS
Marina Malykhina, CEO and
President, MAGRAM

MAGIC CHEMISTRY
Artem Bektemirov, CEO, 36.6

CREATED TO ORDER
Pascal Clement, CEO, PPE

BRINGING CABLE TV TO THE MASSES
Sergei Kalugin, President, National Cable Network

HIGH PRICES ARE NOT ENOUGH
Dr. Andrei A. Konoplyanis, Deputy Secretary General, Energy Charter Secretariat

PROFILE
Brian Gilbertson, the new CEO of
SUAL Holding, explains why the
company has the potential to become
a world leader

THE CHANGING LANDSCAPE OF UTILITIES
Andrey Zubkov, Acting Head of Equity Research, Trust Investment Bank

DECISION-MAKERS CAN’T CLOSE THEIR EYES
Seppo Remes, President of Kiuru Partners and Chairman of Audit Committee UES

THE LOCOMOTIVE OF REFORM
Mikhail Slobodin, General Director, Intergrated Energy Systems

A NEW CHALLENGE
Alexander Abramov, President, EvrazHolding IN REVIEW

A PORCELAIN FACTORY OR A NATIONAL TREASURE?
Professor Mikhail Piotrovsky, Director of The State Hermitage Museum

A PORCELAIN FACTORY OR A NATIONAL TREASURE?
Professor Mikhail Piotrovsky, Director of The State Hermitage Museum