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Khodorkovsky Release Is Nice, But Not Enough

Published: January 20, 2014 (Issue # 1793)


It does not matter what real crimes former Yukos CEO Mikhail Khodorkovsky may have committed as he rose to become the richest man in Russia at the end of the 1990s. The highly selective case against him remained an open wound in the country's investment reputation for an entire decade. Now that he has finally been released, can Russia expect a sharp change in global investor sentiment?

Unfortunately, for the country's business community, the short answer is no. Khodorkovksy's release is great news. It lifts a huge dark cloud from Russia's financial reputation. But in the end, his imprisonment was only a symptom of a much larger and pervasive economic disease. Russia has spent the last 10 years marching down an economically debilitating path, at odds with the values and ideals of the 21st century globalized environment. Although his release was positive news, it does not reverse the destructive path that it symbolized.

Not all is bad, though.

While President Vladimir Putin's announcement ending 10 years of personal acrimony was a complete surprise, it appears to mark a change toward realpolitik. The signs are increasingly hopeful that Russia is moving back toward a more pro-market phase. It has been clear for several years already that Russia's pre-crisis growth model is broken and that the missing component of gross domestic product growth is investment. Sure enough, the government, led largely by Prime Minister Dmitry Medvedev, has made improving the investment climate a top priority.

How Khodorkovsky's Arrest Ruined Russia

The catch is that what investors despise more than anything else is being duped. Many agree that the government is today committed — at least for now — to its efforts to begin a new era, but investors will take a long time to forgive, forget and trust once more. Fresh in their memories are repeated instances of state-owned enterprises abusing their privileged positions to seize assets and market share, the rewriting of rules that define investment returns for long-term projects and arbitrary application of regulations and taxes — all of which are underwritten by a pervasive environment of systemic corruption.

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ALL ABOUT TOWN

Thursday, Jan. 29



Attend a master class on how to deal with complicated business negotiations today at the International Banking Institute, 6 Malaya Sadovaya Ulitsa. Running from 3 to 6 p.m., Vadim Sokolov, an assistant professor at the St. Petersburg State University of Economics, will introduce aspects of managing the negotiation process and increasing its effectiveness. Attendance is free with pre-registration by telephone on 909 3056 or online at www.ibispb.ru



Celebrate what would be writer Anton Chekhov's 155th birthday at the Bokvoed bookshop at 46 Nevsky Prospekt. Starting at 5 p.m., the legendary author will be feted with readings of his stories and short performances based on his plays by various St. Petersburg actors. Chekhov's books will also be offered at a 15% discount during the event.



Friday, Jan. 30



The Lermontov Central Library, 19 Liteyny Prospekt, will screen 'Almost Famous’ in English with Russian subtitles at 6:30 p.m. Cameron Crowe's Academy Award-winning comedy from 2000 stars Billy Crudup, Kate Hudson, and Patrick Fugit, and tells the story of a budding music journalist at Rolling Stone magazine in the 1970s. Admission is free.



Meet renowned Russian poet, journalist and writer Dmitry Bykov, famous for his biographies of Boris Pasternak, Bulat Okudzhava and Maxim Gorky, and winner of 2006 National Bestseller Award. Bykov will read old and new poems as well as answer questions about his works at the St. Petersburg Philharmonic, Main Hall, at 7 p.m. Tickets start at 1,000 rubles and are available at city ticket offices and the from the Philharmonic website www.philharmonia.spb.ru.



A retrospective of the films of Roman Polanski starts today at Loft-Project Etagi, 74 Ligovsky Prospekt, with a screening of ‘Repulsion’ at 7 p.m. and ‘Rosemary’s Baby’ at 9:15 p.m. The series runs through Feb. 4 and will include Polanski's eminently creepy ‘The Tenant,’ the cult comedy ‘The Fearless Vampire Killers’ and ‘Cul-de-sac’ among others. Tickets are 150-200 rubles and the complete schedule is available at www.vk.com/artpokaz/



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