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Muscovite Makeover: Russia Trying to Establish Financial Identity Again

Muscovite Makeover: Russia Trying to Establish Financial Identity Again (NewYorkTimes)

Moscow has aimed a little lower in its latest attempt to re-invent itself as a financial hub of Europe. Instead of taking on the likes of London, Tokyo and New York, Russia is targeting Warsaw, Poland to see which city becomes the economic center of the former Soviet Union. According to Andrei V. Sharonov, deputy mayor of economic affairs, “The idea is to upgrade the position of Moscow in ratings, to become closer to the leaders of innovation and to the big boys of international financial centers.” As part of this effort, Sharonov led a “tour” around Asia promoting Russia’s changing face and investment potential. However, completing this makeover will be no small challenge, as the country’s “old-boy” network, lack of financial transparency and sketchy accounting laws make it a tough sell to the international business community. Actually, upon further review, those same qualities could be looked upon as “perfect” for today’s market…

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Moscow has aimed a little lower in its latest attempt to re-invent itself as a financial hub of Europe.

archive

Muscovite Makeover: Russia Trying to Establish Financial Identity Again

Moscow has aimed a little lower in its latest attempt to re-invent itself as a financial hub of Europe.

Muscovite Makeover: Russia Trying to Establish Financial Identity Again (NewYorkTimes)

Moscow has aimed a little lower in its latest attempt to re-invent itself as a financial hub of Europe. Instead of taking on the likes of London, Tokyo and New York, Russia is targeting Warsaw, Poland to see which city becomes the economic center of the former Soviet Union. According to Andrei V. Sharonov, deputy mayor of economic affairs, ??The idea is to upgrade the position of Moscow in ratings, to become closer to the leaders of innovation and to the big boys of international financial centers.? As part of this effort, Sharonov led a ??tour? around Asia promoting Russia??s changing face and investment potential. However, completing this makeover will be no small challenge, as the country??s ??old-boy? network, lack of financial transparency and sketchy accounting laws make it a tough sell to the international business community. Actually, upon further review, those same qualities could be looked upon as ??perfect? for today??s market?

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