The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Normal corporate ethics vie with graft and gangsterism

Strong-arm tactics haven’t entirely disappeared from Russia’s industrial consolidation process but the most successful companies are increasingly ploughing ahead by using gentler methods.


View graph.

"All happy families resemble one another, but each unhappy family is unhappy in its own way." So Tolstoy has it in Anna Karenina. Something similar could be said of Russia's companies.

After two years of relatively strong economic growth, the managers of Russia's leading companies are becoming increasingly happy. Production and sales are rising. They have enough money to make investments for the moment and international prices are high, while the government has cut taxes to low levels.

Russia's big business has taken advantage of the benign conditions to consolidate companies and buy new ones that look likely to be profitable. As they grow, the leaders are starting to look alike. Of the oil majors only Surgutneftegas now doesn't produce financial reports in line with international accounting standards, and more and more companies are introducing corporate governance codes or inviting independent directors on to their boards.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree