The Board of Governors of the European Bank for Reconstruction and Development has elected Sir Suma Chakrabarti as President of the EBRD for the next four years, from July 3, 2012. He replaces Thomas Mirow, the President since 2008.

By William Dunkerly

"EXCLUSIVE: Town Hall Stunned by £1M Bill to Hold Inquest into Death of Poisoned Former KGB Agent," shouted the lead headline in a recent Camden New Journal. Camden is a tiny borough, a constituent part of London. One million pounds, or about $1.5 million, would be its share of what's expected to be a yearlong inquest into Alexander Litvinenko's death. Borough leaders fear the cost of the Litvinenko case will take money away from important public services and school repairs.

The Russian Electronic Money Association (EMA)  has announced that market volume for e-money reached 125 billion roubles in 2011 and is expected to double in 2012 when Law “On National Payment System” fully comes into force.

Russian Electronic Money Association announced the results of e-money industry for 2011 and Q1 2012. In 2011 customers topped up their e-wallets for 125 bln. roubles (approx. 4.1 bln. USD) nearly doubling the figure of 2010’s 70 bln. roubles (2.3 bln. USD). There has been a slower growth in customer base, however. According to Russian EMA data, number of the active e-wallets rose from 30 to 34 million – hence, indicating nearing saturation point.

Russia's transformation from central planning to a market-based economy over the past 20 years must rank as one of the biggest economic stories of our time, according to a new book on the rise of Russian capitalism. launched in London by its editor, Peter Westin, Chief Equity Strategist and Economist for ATON, Russia's oldest independent investment group.

MegaFon, Russia's No.2 mobile phone operator, is preparing for an initial public offering in London that could raise £2 billion pounds, the largest IPO in the UK since the $10 billion float of Swiss commodities firm Glencore in May 2011. The company is controlled by Uzbek-born Alisher Usmanov, Russia's richest man and who has a majority holding after buying shares held by oligarch Mikhail Fridman and Nordic telecoms group TeliaSonera last month.

On 7th September Russia’s Step Up, Orphans Opportunity Centre will benefit from the first clay shoot charity event in Russia at the Fox Lodge shooting club, 40 minutes’ drive north of Moscow. The programme begins at 10 in the morning and continues through a dinner at night. 20 teams of 5 guns, shooting in turn will have 10 drives at Europe’s largest shooting club. Guns and cartridges will be provided. The entry fee for teams of 5 guns is $5,000 including 5 guests who In addition to spectating, can enjoy the facilities of the club such as the spa, children’s play area and even helicopter rides (at extra cost, advance booking may be necessary). Sponsorship is also available starting from $1,000 for a brochure advertisement up to the Gold Sponsor at $15,000 who will have their name incorporated in the event title. Enquiries to Vitalij Farafonov, Member of the Board of Governors, Step Up Orphan Opportunity Centre +7 985 765 4127 Этот e-mail адрес защищен от спам-ботов, для его просмотра у Вас должен быть включен Javascript or Elizabeth Hunt, Volunteer, Step Up Orphan Opportunity Centre +7 919 777 1542 or +44 7786 632 732, Этот e-mail адрес защищен от спам-ботов, для его просмотра у Вас должен быть включен Javascript

Once again I am struck by the insight and sensitivity to the nuances of Russian politics by Mary Dejevsky of the Independent newspaper. She has written a great article :”Russia under Putin will be different this time” which all the Russian pundits would  well benefit from reading .

The in-depth analysis ends: “So far, Russia's calls have been largely drowned out by the euro crisis and US election skirmishing. Even if they come across loud and clear, however, they could still go unheeded because of the prevalent belief abroad that Putin III will be more interested in aggressive grandstanding than in cooperation. Less than a week into Putin's third term is far too early to second-guess where he wants to take Russia and what he will have to say.”

A major sponsorship opportunity exists in association with the National Museums Scotland exhibition, Catherine the Great: An Enlightened Empress.

Developed by the State Hermitage Museum , St Petersburg and National Museums Scotland and showing only in Edinburgh, this world class exhibition highlights the truly magnificent collections of one of Russia’s most successful rulers. The National Museum of Scotland  is one of the great national museums of the world – it recently re-opened following a £50 million transformation project.

Self-exiled Russian tycoon Boris Berezovsky has provided the Queen’s cousin HRH Prince Michael of Kent with 320,000 pounds between 2002 and 2008, The Sunday Times said last weekend quoting court documents. The Prince, who bears an uncanny resemblance to Czar Nicholas II, his great uncle, who was murdered in 1918.

The shrill cries of anti-Putinism dominate our newspapers and airwaves. Anders Aslund, the Swedish economist calls for Russia to be expelled from the G8 economic grouping; The Guardian joins the Daily Mail, the Telegraph, the Independent and others in painting a bleak picture of Putinism while hailing the middle class protestors who have taken to the streets and increasingly are battling with security forces as they seek to ‘occupy’ parts of the Russian capital.

A hard dose of facts would serve to disabuse our media colleagues of their trendy enthusiasms. Putin won the presidency of Russia. If you strip away the myriad claims of vote rigging, ballot stuffing etc he would still have won 50% of the vote. If you discount the votes of conscripts, convicts and the inhabitants of mental health institutions he would still have the biggest vote of all the presidential candidates and would have won in a second round.

The vocal protestors which mustered up to 100,000 people at their peak are still a tiny proportion of Russia’s 142 million population.

As a leading foreign equity strategist told me the other day, “Exxon, Nestle and Pepsi don’t rely on the newspapers to guide their investment decisions on Russia. They have their own massive offices and networks in Russia that far outnumber the news bureau of the leading western media.”