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THE WILD EAST

NEGOTIATING THE RUSSIAN FINANCIAL FRONTIER

PETER WESTIN

REUTERS, 240 STRON, B5,

With the disintegration of the 'Evil Empire' the world's largest country became the world's newest democracy. Many speculators rushed in to occupy the territory vacated by the shrinking state but the bullish expectations were replaced by frustration as the country toppled on the brink of financial meltdown. Faced with an ongoing war in Chechnya, a disintegrating infrastructure, widespread corruption, and a currency in free-fall, the Russian economic market collapsed, losing 84% of its economic value in only eight months.

The economy has now regrouped and, although it's recovery is not as fast and furious as many predicted it would be, Russia is re-emerging from its ashes. The question is: has Russia's financial frontier finally become the new land of opportunity, or is it still a land of pipe dreams?

The Wild East analyses the Russian economy from the unique angle of leading international business figures who have made incredible profits, as well as those who were brutally burnt. Between them, they unearth the real, underlying causes for the country's economic problems, and provide an insight into future issues and how the transition to economic recovery is taking place.