Russia’s standing on the world stage was given a considerable fillip in its hosting of the G8 meeting this year. Having overcome the turbulence of the 1990s and the trauma of the 1998 crisis, Russia now finds itself a much more stable country, both economically and politically. With this stability comes the inevitable growth in investment – deals increase, and a rise in the need for law firms with Russian expertise follows.
The last few years in particular have seen Russia experience continuous and steady growth, and its participation in the globalisation of the world economy is deepening. Its role as a global energy supplier is set to grow significantly (world demand is currently predicted to double by 2030), its companies are increasingly borrowing on international capital markets as well as investing substantial sums abroad, and foreign direct investment is still growing. All in all, this has meant that close trade relations with Russia are proving attractive to its neighbours – in particular, Norway, Sweden and Finland. Increasingly more and more Scandinavian law firms are opening offices in Moscow and St Petersburg to take advantage of these developments.
