From the eponymous Moscow Times reporting on the collective head in the sand approach by Julia Tymoshenko announcing that there is no crisis in Ukraine.
The only crisis is that March 2006 cannot come soon enough for her so that she can stop pretending that she is working for Yushchenko.
29 July 2005
The IRA
Ordered yesterday to "dump their arms" (from the Economist)the IRA's legitimate campaign finally spluttered to something like a halt yesterday. Though if someone could translate "dump their arms" that feeling of been here, done that may also come to a halt. It has that weazle-worded feeling that the IRA specializes in.
It will be interesting to see what happens to the likes of Slab Murphy who according to Families Acting for Innocent Relatives is more interested in his business activities. This Google search link provides more links and thanks to the advent of blogging more truth.
To paraphrase the Republican song; no more armoured cars, tanks and guns come to take away our sons
It will be interesting to see what happens to the likes of Slab Murphy who according to Families Acting for Innocent Relatives is more interested in his business activities. This Google search link provides more links and thanks to the advent of blogging more truth.
To paraphrase the Republican song; no more armoured cars, tanks and guns come to take away our sons
27 July 2005
Field Guide To Moscow
An excellent guide to the habitat in Moscow from the eXile. Once Moscow's most notorious newspaper (sic) unfortunately a rather poor imitation today.
A Civilized Way of Bribing
From A Russian Blog more thoughts on bribery in Russia, the whole post is here; Civilized Way of Bribing:
I picked this particular quotation from the bottom of the post because I think in an otherwise well thought through take on the changing rules of bribery in Russia this one is wrong.....
When I took on the problem of solving the nationalization issues at Lomonosov Porcelain Factory it took about 3 months to get rid of all the hogs filling themselves at the trough. Once they had gone we could negotiate face-to-face with our problem and solve the issues.
If you want something done, do it yourself, or don't do it at all.
I picked this particular quotation from the bottom of the post because I think in an otherwise well thought through take on the changing rules of bribery in Russia this one is wrong.....
"The irony in this matter is that Russian businessmen know exactly that they are still giving good old bribes. Western businesses operating in Russia act as a crowd in a fairy tale delighted by the emperor new clothes. American, European or Japanese businesses hire a Russian – ‘a guy who solves problems’ – and are very happy with his incredible effectiveness and luck."I forget the number of times I have seen western businessmen being led round Moscow by their "guy who solves problems" looking like a bunch of girl scouts at the annual outing of (a good analogy fails me). His main role is not to solve problems but to ensure that there are a constant flow of them so that he and the "problem" can share the fee. They are never proactive problem solvers but merely reporters of bad news. These guys have no skin in the game and believe that the only thing worth a dollar is a dollar.
When I took on the problem of solving the nationalization issues at Lomonosov Porcelain Factory it took about 3 months to get rid of all the hogs filling themselves at the trough. Once they had gone we could negotiate face-to-face with our problem and solve the issues.
If you want something done, do it yourself, or don't do it at all.
26 July 2005
Alfa 30 Reiman 15 (third set of five)
However close your relationship with VVP is I for one would not want to take on Alfa Bank.
This fairly lengthy report from the Moscow Times details the latest back and forth in the ongoing spat between Alfa and Reiman that is being played out in the courts. Having been stymied by Jeff Galmond's bare-faced lies to a court in the British Virgin Islands, Alfa have convinced the German's to investigate the less than open relationship between Commerzbank and Telekominvest/TCI/First National Holdings (an entity that was on Commerzbank's balance sheet in 1999) under money-laundering rules.
I would guess that the fall out will be sufficient to condemn some ex-Commerzbank bankers now "working for" Jeff Galmand. Eventually Jeff himself will also be unable to travel to Europe. It should be fairly clear to anyone with half a brain that a very bad lawyer and a worse businessman did not suddenly end up with a pan-national mobile license for free without some "help."
My assumption is that proving the money-laundering charge will be very difficult, allowing Reiman and his close associates to escape censure in Russia. It is however, increasingly close to home for certain members of the Presidential Administration and I am sure that Alfa will struggle to win this set.
17 July 2005
London, the West and Muslims
Just in case you happened to be on Mars for the last couple of weeks; there were a number of bombs in London on July 7th. 55 people have died so far.
So working on the theory that lightening does not strike twice in the same place, and that the original bombers were seeking an early meeting with the virgins, my wife and I are heading for London for a visa run (and the subject of a whole new post).
Which leads me to the point of this post; the relationship between Islam and Britain.
Some guides to my politics;
British news outlets on Sunday were (ostensibly) reporting that the British Muslim community is in the majority responsible and is sickened by the events of July 7th. So I delved deeper and followed the links to the statements from the Council of British Muslims, amongst others. They were all saying that they deplored violence, and I am sure that they do, but if you read all the way to the bottom of the text they seemed to deplore Islamaphobia and the unjust occupations by the US and UK forces in Iraq and by Israeli forces and settlers in the West bank etc not to mention the pacifying effects of Russian forces in Chechnya. My take was that the response was we dislike what they did and the way that they did it but at the end of the day we understand that the outside world has created pressures that cause this sort of violence in our communities.
As Mao once said (w/o an Internet connection I am going to paraphrase); you don't need active support from the population, passive will do. In effect the Muslim societies of Leeds and Bradford, amongst others are the Sea in which the fish of radical Islam are free to swim. My direct accusation is that the legitimate mainstream Muslim community has yet to truly condemn those inside its society who daily foment violence and anger. Passive support will become active resistance only when the pain of doing nothing is greater than the ease of doing nothing. My link to Mao and guerilla warfare comes from an in depth study of the Malaysian guerilla insurrection of 1948-60 - which may be the only counter-insurgency war to have ever been truly won. The key to counter-insurgency warfare is separating the terrorists from their support where they will literally be like a fish out of water.
The “troubles” in Northern Ireland began to end when MI5 and Special Branch convinced the Army that the IRA was never going to be defeated. It could be marginalized provided that the Army did not antagonize the local population. And so soldiers were taught to be nice (its all relative). Soon local IRA was stigmatized for what it had been for a while; a criminal organization and its local support died away.
I can't say that I see a clear route to removing the sea from radical Islam. But given that Britain stands accused by a host of nations from the US and France, to Egypt, Saudi Arabia, Indonesia and (of course) Russia of being a home to radical Islam, it's clear that the current path needs some amending. Londonistan is apparently the European centre for radical Islam. I was going to suggest that the carrot was offered with the stick, but it appears that the carrot has been chewed on for a while so maybe it is time for some good old fashioned stick to convince moderate Islamic leaders that a greater peace can be found by being more actively against radicalism.
So working on the theory that lightening does not strike twice in the same place, and that the original bombers were seeking an early meeting with the virgins, my wife and I are heading for London for a visa run (and the subject of a whole new post).
Which leads me to the point of this post; the relationship between Islam and Britain.
Some guides to my politics;
- I come from that part of UK society that make me a “Foreign Office Arabist”
- I have immense respect for Jewry but very little for the State of Israel
- There are very few areas of foreign policy on which George W. Bush and I would agree
- I know more people who have died from the results of terrorism than old age
British news outlets on Sunday were (ostensibly) reporting that the British Muslim community is in the majority responsible and is sickened by the events of July 7th. So I delved deeper and followed the links to the statements from the Council of British Muslims, amongst others. They were all saying that they deplored violence, and I am sure that they do, but if you read all the way to the bottom of the text they seemed to deplore Islamaphobia and the unjust occupations by the US and UK forces in Iraq and by Israeli forces and settlers in the West bank etc not to mention the pacifying effects of Russian forces in Chechnya. My take was that the response was we dislike what they did and the way that they did it but at the end of the day we understand that the outside world has created pressures that cause this sort of violence in our communities.
As Mao once said (w/o an Internet connection I am going to paraphrase); you don't need active support from the population, passive will do. In effect the Muslim societies of Leeds and Bradford, amongst others are the Sea in which the fish of radical Islam are free to swim. My direct accusation is that the legitimate mainstream Muslim community has yet to truly condemn those inside its society who daily foment violence and anger. Passive support will become active resistance only when the pain of doing nothing is greater than the ease of doing nothing. My link to Mao and guerilla warfare comes from an in depth study of the Malaysian guerilla insurrection of 1948-60 - which may be the only counter-insurgency war to have ever been truly won. The key to counter-insurgency warfare is separating the terrorists from their support where they will literally be like a fish out of water.
The “troubles” in Northern Ireland began to end when MI5 and Special Branch convinced the Army that the IRA was never going to be defeated. It could be marginalized provided that the Army did not antagonize the local population. And so soldiers were taught to be nice (its all relative). Soon local IRA was stigmatized for what it had been for a while; a criminal organization and its local support died away.
I can't say that I see a clear route to removing the sea from radical Islam. But given that Britain stands accused by a host of nations from the US and France, to Egypt, Saudi Arabia, Indonesia and (of course) Russia of being a home to radical Islam, it's clear that the current path needs some amending. Londonistan is apparently the European centre for radical Islam. I was going to suggest that the carrot was offered with the stick, but it appears that the carrot has been chewed on for a while so maybe it is time for some good old fashioned stick to convince moderate Islamic leaders that a greater peace can be found by being more actively against radicalism.
{}
08 July 2005
London
It was not the first, it will not be the last. That alone will ensure that London returns to normality within weeks.
As the apocryphal member of the IRA said to the apocryphal soldier in the early 90's;
If only we could stop fighting a war on terror and start addressing the underlying issues so that people don't have to die in vain.
As the apocryphal member of the IRA said to the apocryphal soldier in the early 90's;
"we only have to be luck once, you have to be lucky all the time"There will be more of this, in the same way that there were more IRA bombs, more Red Brigade and more Baader Meinhof and PLO terror.
If only we could stop fighting a war on terror and start addressing the underlying issues so that people don't have to die in vain.
06 July 2005
2008 and the Lesser of Two Evils
2008 and the Lesser of Two Evils:
The Kremlin's current inhabitants have no knowledge of how to run a business or state. Yet they are highly professional in their ability to craft special operations and diversions and to manipulate public opinion. Operation Lesser Evil is right up their alley.
The Kremlin's current inhabitants have no knowledge of how to run a business or state. Yet they are highly professional in their ability to craft special operations and diversions and to manipulate public opinion. Operation Lesser Evil is right up their alley.
04 July 2005
Whither Russia
Wither Russia?
Or where has it been recently and where is it going?
The Financial Times had an editorial piece on Russia's forthcoming Presidency of the G8. As the author correctly pointed out, an organization that is dedicated to free markets and democracy should not be headed by a country whose support for both of the above is questionable.
The recent past has not been Russia's most glorious since 1992. The Khordokovsky affair was not good, what happened to Yukos was worse and is another example of wealth acquisition by a group who were not clever enough to do so the first time around, at somebody else's expense. In case that is not clear; it was Rapine pillage.
There are rumours that certain 5th Directorate Thugs are being reigned in. I personally don't believe it - but for clarity; the strong Russia natural resource policy is a smokescreen behind which some individuals are enriching themselves. Expect further bizarre behaviour that is clearly not in Russia's long term benefit. It will continue to make good FT/WSJ/NYT headlines to say that democracy is being hindered by media concentration and the direct appointment of Governors. At best the case is unproven that democracy has been harmed at all. Neither the media nor local politicians act in a way that is in anyway democratic. The instinct is anti-democratic; the outcome is open to debate. It's clear that the commanding heights (what a crass phrase. Try telling an entrepreneur that his chain of sandwich shops is not worthy of a commanding height) are being concentrated for the wrong reasons, but Russia is a country of 140mn people and the rising tide is making their Roubles available to all of us.
There will be battles over economic control whoever sits in the Kremlin for some time yet. Short-to-medium term policy is substantially more important. Which leads to my largest worry: Gref vs Fradkov (with Fradkov playing at home) Either Gref feels that he is strong enough to take on Fradkov, or so weak that it no longer matters that there is open warfare. The pessimist in me says the latter.
More important than the personal battle is the actual policy. In spite of Yukos, inward investment is picking up again; concentrated in autos and consumer sectors. Ford (apparently) has a 12 week waiting list to acquire a locally produced Ford Focus. Despite the increase in tariffs on foreign produced cars 2/3rds of all cars bought today were not made in Russia. There is growth evident in every aspect of the consumer sector. Cheese imports, for example, are growing 30% y-o-y (and that's just the reported imports.) Oil is no longer driving growth, it's impact is mostly being neutralized by the reserve fund and a taxation policy that is more favourably skewed to Russia than previously. Still inward investment is not stubstantial enough to kill off inflation driven by an excess of demand over supply. Russia's largest trading partner (the EU) is having a self-induced crisis, as is the $ (one induced by a political elite, the other by credit cards). So it does not matter whether the Rouble is appreciating or the $ and € are depreciating the result is the same. Rouble wages are not inflating as fast as real Rouble inflation. Whilst the Russian Economic Forum week in London is one of the best shopping weeks in London in the year (when did you ever see an underdressed Russian girl (except the strip clubs) Russia's growth is about the Roubles that are being spent by the people who are working for my wife (SWMBO) and thousands of mid-size businesses across Russia. The long awaited middle class. My gut feeling is that they are feeling poorer and less secure. The Ford statistics/rumours and the HUGE number of people going on holiday at Domodeydevo Airport today would not support my gut feeling. My only excuse is that a rising tide is adding to the people who get to go to Anatalyia for the first time, but those who have been through this process before are less secure. An economy that is grown on the seeds of oil, gas, gas, oil, steel and oil and an underserved consumer is storing up substantial problems for the future. In case anyone whose economics education extends beyond mine reads this guff tell could they tell me what happens when you have internal inflation as a result excess demand over supply, a current account surplus and substantial problems in your counterparts currencies.
So on one hand we have an investment climate that is tempered (good choice of word) by Yukos (not Khordokovsky,) Gazprom/Rosneft and directional insecurity and on the other a dynamic consumer sector that is crying out for investment.
Both medium-term (Private Equity) and strategic investors are bullish across a range of sectors. Portfolio investors are wary but then their access to Russia's real story is limited and the market will flit about on UES restructuring and GAZP de-ringfencing - which is not where money is being made today.
I think my money is with the long term investors. There will be good times, there will be better times and there will be worse times but even when the measure is not good my guess is that very little money will be lost.
Technorati Tags: Russia
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29 July 2005
Ukraine Heading Backwards
From the eponymous Moscow Times reporting on the collective head in the sand approach by Julia Tymoshenko announcing that there is no crisis in Ukraine.
The only crisis is that March 2006 cannot come soon enough for her so that she can stop pretending that she is working for Yushchenko.
The IRA
Ordered yesterday to "dump their arms" (from the Economist)the IRA's legitimate campaign finally spluttered to something like a halt yesterday. Though if someone could translate "dump their arms" that feeling of been here, done that may also come to a halt. It has that weazle-worded feeling that the IRA specializes in.
It will be interesting to see what happens to the likes of Slab Murphy who according to Families Acting for Innocent Relatives is more interested in his business activities. This Google search link provides more links and thanks to the advent of blogging more truth.
To paraphrase the Republican song; no more armoured cars, tanks and guns come to take away our sons
27 July 2005
Field Guide To Moscow
An excellent guide to the habitat in Moscow from the eXile. Once Moscow's most notorious newspaper (sic) unfortunately a rather poor imitation today.
A Civilized Way of Bribing
From A Russian Blog more thoughts on bribery in Russia, the whole post is here; Civilized Way of Bribing:
I picked this particular quotation from the bottom of the post because I think in an otherwise well thought through take on the changing rules of bribery in Russia this one is wrong.....
"The irony in this matter is that Russian businessmen know exactly that they are still giving good old bribes. Western businesses operating in Russia act as a crowd in a fairy tale delighted by the emperor new clothes. American, European or Japanese businesses hire a Russian – ‘a guy who solves problems’ – and are very happy with his incredible effectiveness and luck."I forget the number of times I have seen western businessmen being led round Moscow by their "guy who solves problems" looking like a bunch of girl scouts at the annual outing of (a good analogy fails me). His main role is not to solve problems but to ensure that there are a constant flow of them so that he and the "problem" can share the fee. They are never proactive problem solvers but merely reporters of bad news. These guys have no skin in the game and believe that the only thing worth a dollar is a dollar.
When I took on the problem of solving the nationalization issues at Lomonosov Porcelain Factory it took about 3 months to get rid of all the hogs filling themselves at the trough. Once they had gone we could negotiate face-to-face with our problem and solve the issues.
If you want something done, do it yourself, or don't do it at all.
26 July 2005
Alfa 30 Reiman 15 (third set of five)
However close your relationship with VVP is I for one would not want to take on Alfa Bank.
This fairly lengthy report from the Moscow Times details the latest back and forth in the ongoing spat between Alfa and Reiman that is being played out in the courts. Having been stymied by Jeff Galmond's bare-faced lies to a court in the British Virgin Islands, Alfa have convinced the German's to investigate the less than open relationship between Commerzbank and Telekominvest/TCI/First National Holdings (an entity that was on Commerzbank's balance sheet in 1999) under money-laundering rules.
I would guess that the fall out will be sufficient to condemn some ex-Commerzbank bankers now "working for" Jeff Galmand. Eventually Jeff himself will also be unable to travel to Europe. It should be fairly clear to anyone with half a brain that a very bad lawyer and a worse businessman did not suddenly end up with a pan-national mobile license for free without some "help."
My assumption is that proving the money-laundering charge will be very difficult, allowing Reiman and his close associates to escape censure in Russia. It is however, increasingly close to home for certain members of the Presidential Administration and I am sure that Alfa will struggle to win this set.
17 July 2005
London, the West and Muslims
Just in case you happened to be on Mars for the last couple of weeks; there were a number of bombs in London on July 7th. 55 people have died so far.
So working on the theory that lightening does not strike twice in the same place, and that the original bombers were seeking an early meeting with the virgins, my wife and I are heading for London for a visa run (and the subject of a whole new post).
Which leads me to the point of this post; the relationship between Islam and Britain.
Some guides to my politics;
- I come from that part of UK society that make me a “Foreign Office Arabist”
- I have immense respect for Jewry but very little for the State of Israel
- There are very few areas of foreign policy on which George W. Bush and I would agree
- I know more people who have died from the results of terrorism than old age
British news outlets on Sunday were (ostensibly) reporting that the British Muslim community is in the majority responsible and is sickened by the events of July 7th. So I delved deeper and followed the links to the statements from the Council of British Muslims, amongst others. They were all saying that they deplored violence, and I am sure that they do, but if you read all the way to the bottom of the text they seemed to deplore Islamaphobia and the unjust occupations by the US and UK forces in Iraq and by Israeli forces and settlers in the West bank etc not to mention the pacifying effects of Russian forces in Chechnya. My take was that the response was we dislike what they did and the way that they did it but at the end of the day we understand that the outside world has created pressures that cause this sort of violence in our communities.
As Mao once said (w/o an Internet connection I am going to paraphrase); you don't need active support from the population, passive will do. In effect the Muslim societies of Leeds and Bradford, amongst others are the Sea in which the fish of radical Islam are free to swim. My direct accusation is that the legitimate mainstream Muslim community has yet to truly condemn those inside its society who daily foment violence and anger. Passive support will become active resistance only when the pain of doing nothing is greater than the ease of doing nothing. My link to Mao and guerilla warfare comes from an in depth study of the Malaysian guerilla insurrection of 1948-60 - which may be the only counter-insurgency war to have ever been truly won. The key to counter-insurgency warfare is separating the terrorists from their support where they will literally be like a fish out of water.
The “troubles” in Northern Ireland began to end when MI5 and Special Branch convinced the Army that the IRA was never going to be defeated. It could be marginalized provided that the Army did not antagonize the local population. And so soldiers were taught to be nice (its all relative). Soon local IRA was stigmatized for what it had been for a while; a criminal organization and its local support died away.
I can't say that I see a clear route to removing the sea from radical Islam. But given that Britain stands accused by a host of nations from the US and France, to Egypt, Saudi Arabia, Indonesia and (of course) Russia of being a home to radical Islam, it's clear that the current path needs some amending. Londonistan is apparently the European centre for radical Islam. I was going to suggest that the carrot was offered with the stick, but it appears that the carrot has been chewed on for a while so maybe it is time for some good old fashioned stick to convince moderate Islamic leaders that a greater peace can be found by being more actively against radicalism.
{}
08 July 2005
London
It was not the first, it will not be the last. That alone will ensure that London returns to normality within weeks.
As the apocryphal member of the IRA said to the apocryphal soldier in the early 90's;
"we only have to be luck once, you have to be lucky all the time"There will be more of this, in the same way that there were more IRA bombs, more Red Brigade and more Baader Meinhof and PLO terror.
If only we could stop fighting a war on terror and start addressing the underlying issues so that people don't have to die in vain.
06 July 2005
2008 and the Lesser of Two Evils
2008 and the Lesser of Two Evils:
The Kremlin's current inhabitants have no knowledge of how to run a business or state. Yet they are highly professional in their ability to craft special operations and diversions and to manipulate public opinion. Operation Lesser Evil is right up their alley.
04 July 2005
Whither Russia
Wither Russia?
Or where has it been recently and where is it going?
The Financial Times had an editorial piece on Russia's forthcoming Presidency of the G8. As the author correctly pointed out, an organization that is dedicated to free markets and democracy should not be headed by a country whose support for both of the above is questionable.
The recent past has not been Russia's most glorious since 1992. The Khordokovsky affair was not good, what happened to Yukos was worse and is another example of wealth acquisition by a group who were not clever enough to do so the first time around, at somebody else's expense. In case that is not clear; it was Rapine pillage.
There are rumours that certain 5th Directorate Thugs are being reigned in. I personally don't believe it - but for clarity; the strong Russia natural resource policy is a smokescreen behind which some individuals are enriching themselves. Expect further bizarre behaviour that is clearly not in Russia's long term benefit. It will continue to make good FT/WSJ/NYT headlines to say that democracy is being hindered by media concentration and the direct appointment of Governors. At best the case is unproven that democracy has been harmed at all. Neither the media nor local politicians act in a way that is in anyway democratic. The instinct is anti-democratic; the outcome is open to debate. It's clear that the commanding heights (what a crass phrase. Try telling an entrepreneur that his chain of sandwich shops is not worthy of a commanding height) are being concentrated for the wrong reasons, but Russia is a country of 140mn people and the rising tide is making their Roubles available to all of us.
There will be battles over economic control whoever sits in the Kremlin for some time yet. Short-to-medium term policy is substantially more important. Which leads to my largest worry: Gref vs Fradkov (with Fradkov playing at home) Either Gref feels that he is strong enough to take on Fradkov, or so weak that it no longer matters that there is open warfare. The pessimist in me says the latter.
More important than the personal battle is the actual policy. In spite of Yukos, inward investment is picking up again; concentrated in autos and consumer sectors. Ford (apparently) has a 12 week waiting list to acquire a locally produced Ford Focus. Despite the increase in tariffs on foreign produced cars 2/3rds of all cars bought today were not made in Russia. There is growth evident in every aspect of the consumer sector. Cheese imports, for example, are growing 30% y-o-y (and that's just the reported imports.) Oil is no longer driving growth, it's impact is mostly being neutralized by the reserve fund and a taxation policy that is more favourably skewed to Russia than previously. Still inward investment is not stubstantial enough to kill off inflation driven by an excess of demand over supply. Russia's largest trading partner (the EU) is having a self-induced crisis, as is the $ (one induced by a political elite, the other by credit cards). So it does not matter whether the Rouble is appreciating or the $ and € are depreciating the result is the same. Rouble wages are not inflating as fast as real Rouble inflation. Whilst the Russian Economic Forum week in London is one of the best shopping weeks in London in the year (when did you ever see an underdressed Russian girl (except the strip clubs) Russia's growth is about the Roubles that are being spent by the people who are working for my wife (SWMBO) and thousands of mid-size businesses across Russia. The long awaited middle class. My gut feeling is that they are feeling poorer and less secure. The Ford statistics/rumours and the HUGE number of people going on holiday at Domodeydevo Airport today would not support my gut feeling. My only excuse is that a rising tide is adding to the people who get to go to Anatalyia for the first time, but those who have been through this process before are less secure. An economy that is grown on the seeds of oil, gas, gas, oil, steel and oil and an underserved consumer is storing up substantial problems for the future. In case anyone whose economics education extends beyond mine reads this guff tell could they tell me what happens when you have internal inflation as a result excess demand over supply, a current account surplus and substantial problems in your counterparts currencies.
So on one hand we have an investment climate that is tempered (good choice of word) by Yukos (not Khordokovsky,) Gazprom/Rosneft and directional insecurity and on the other a dynamic consumer sector that is crying out for investment.
Both medium-term (Private Equity) and strategic investors are bullish across a range of sectors. Portfolio investors are wary but then their access to Russia's real story is limited and the market will flit about on UES restructuring and GAZP de-ringfencing - which is not where money is being made today.
I think my money is with the long term investors. There will be good times, there will be better times and there will be worse times but even when the measure is not good my guess is that very little money will be lost.
Technorati Tags: Russia
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