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Focus areas

The economic downturn and fall in global commodity prices has emphasised the importance of further diversifying output and exports for sustainable long-term economic development. This will rely on upgrading infrastructure, strengthening competition and promoting innovation. Timely measures such as ample liquidity support and the extension of deposit insurance, have helped to preserve financial stability. It is important that the supervisory authorities closely monitor the loan portfolio, enhance the standards of asset quality disclosure and preserve competition among private and public banks. Prudent management of the resource boom helped the government accumulate substantial fiscal and foreign currency reserves, enabling it to deploy a sizeable stimulus package for the economy. The government must balance the prudent management of reserves and measures to boost domestic demand to achieve and sustain economic recovery.

Liberalisation and privatisation

To support struggling domestic industries during the financial crisis, Russian government introduced a number of temporary protectionist measures in individual sectors.  

World Trade Organization (WTO) accession remains firmly on the agenda, though the terms of accession remain unclear.

During the early stages of the financial crisis a number of struggling banks were nationalised, while in the enterprise sector the role of state corporations has also been gradually increasing.

Business environment and competition

In December 2008 parliament passed a new law to combat corruption and a law protecting companies and entrepreneurs from predatory behaviour by regulators and supervisory agencies. In March 2009, a programme of state service reforms was announced introducing performance incentives for public servants. In April 2009 the Prosecutor General’s Office created a new unit to tighten enforcement of the law on protection of the rights of entrepreneurs.  A new law on the public disclosure of state officials’ and their families’ assets was implemented and constitutes towards greater transparency and higher ethical standards.

The competition authority reviewed a growing number of cases of suspected violations of the competition law and imposed heavy fines on several offenders.  

The business environment remains difficult, in particular for small and medium-sized enterprises (SMEs). Excessive regulation, notably in the form of licensing and permit procedures, and corruption negatively affects economic activity and innovation and are considered as main obstacles to doing business.

Infrastructure – Transport

In June 2009 a tender for the redevelopment and operation of Pulkovo airport in St. Petersburg was successfully completed.  

Infrastructure – Power and energy
Following the unbundling and privatisation of electricity generation companies, the share of electricity traded in the liberalised market had increased. However, the economic downturn risks delays or even reversals in the implementation of power sector reform.

Financial sector

Russian authorities responded to the difficult economic conditions with a series of measures to preserve financial stability. These included provision of loans, insurance coverage, capital injections and placement of Treasury deposits with select commercial banks.  

The effect of the economic downturn on the consolidation in the financial sector has been limited, but may become more pronounced over time. While the situation with non-performing loans has remained manageable to date, the recession highlighted the need to strengthen the standards of asset quality disclosure by banks.

Last updated 21 April 2010

Publications

  • Russia factsheet

    Russia factsheet

    This document provides an overview of the EBRD's work in Russia.

© European Bank for Reconstruction and Development 2012