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INTERREG IIIAGREECE-ΙΤΑLY2000 - 2006

PROJECT MISSIONS (APOSTOLES)Action 8 Foreign Market Analysis

Chamber of Commerce of

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Brindisi

FOREIGN MARKET ANALYSIS

RUSSIAThe beforehand foreign market analysis of Russia was laid down

based on data and research provided by:The Italian Ministry of Foreign Affairs

The Italian Trade Institution ICE The Hellenic Ministry of Foreign Affairs

Area 17.075.400 KmqPopulation 145.300.000 inhabitants

Density 85 inhabitants/kmqOfficial language Russian

Religion Christian OrthodoxCapital Moscow(10.102.000 inhabitants)

Other main cities St. Petersburg (4.669.000 inhabitants)Novosibirsk (1.426.000 inhabitants)Nizhny Novgorod (1.311.000 inhabitants)Yekaterinburg (1.293.000 inhabitants)

Institutional form Federal RepublicCurrency Ruble (RUB)

COMMUNITY INITIATIVE ΙNTERREG III A GREECE-ΙΤΑLY 2000-2006AXIS II ΕENTREPRENEURSHIP- MEASURE 2 STRENGTHENING COMPETITIVENESS OF SMEs – PROJECT MISSIONS

(APOSTOLES)

Foreign Market Analysis RUSSIA




Aitolokarnania


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Ioannina

Chamber of Commerce of Brindisi

CONTENTS

1. ECONOMIC SITUATION ANALYSIS…………………………………………………………………… ………….31.1 Main Financial Indicators.............................................................................................................................................31.2 Future Perspectives.....................................................................................................................................................31.3 Production sectors.......................................................................................................................................................42. REFERENCE COUNTRY RUSSIA............................................................................................................................... 42.1 Macroeconomic framework........................................................................................................................................4a) Economic growth and country risk................................................................................................................................4b) Foreign market and foreign investment opening..........................................................................................................7c) Trade performance regarding Italy and bilateral direct foreign investments performance..........................................9d) Trade performance regarding Greece and bilateral direct foreign investments performance …102. 2 Intervention fields........................................................................................................................................................10a) Assessment of commercial penetration of Italian products in the domestic market………………10b) Assessment of direct investments to and from Italy...................................................................................................11c) Assessment of trade and industry cooperation in priority sectors..............................................................................13d) Suggestions on granting public financing and security in line with SACE and SIMEST………………142.3 Trade and market access policy.................................................................................................................................15a) Tariff barriers...............................................................................................................................................................15b) Non tariff barriers........................................................................................................................................................15c) Violations against copyright law..................................................................................................................................15d) Concerns regarding foreign investments in the country..............................................................................................163. MAIN TRADE FLOWS........................................................................................................................................... 174. FINANCIAL EVENTS IN RUSSIA............................................................................................................................. 194.1 Exhibition Calendar 2008 in Moscow.........................................................................................................................194.2 Exhibition Calendar 2008 in other russian cities........................................................................................................205. USEFUL LINKS AND INFORMATION...................................................................................................................... 225.1 In Italy........................................................................................................................................................................225.2 In Greece...................................................................................................................................................................225.3 In Russia.....................................................................................................................................................................23a. Italian representation..................................................................................................................................................23b. Greek representation..................................................................................................................................................256. USEFUL WEBSITES............................................................................................................................................... 257. USEFUL INFORMATION....................................................................................................................................... 277.1 International calling codes........................................................................................................................................277.2 Time zone..................................................................................................................................................................277.3 Documentation..........................................................................................................................................................277.4 Working Days.............................................................................................................................................................277.5Official holidays..........................................................................................................................................................27

COMMUNITY INITIATIVE ΙNTERREG III A GREECE-ΙΤΑLY 2000-2006AXIS II ΕENTREPRENEURSHIP- MEASURE 2 STRENGTHENING COMPETITIVENESS OF SMEs – PROJECT MISSIONS (APOSTOLES)


Revision 00Data 09.10.2007

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1. ECONOMIC SITUATION ANALYSIS 1.1 Main Financial Indicators

Index 2003 2004 2005 2006GDP in current values (billion. RUB) 13.243 17.048 21.620 26.781GDP in current values (billion dollars) 431,5 591,7 764,4 984,6Rate of real growth (%) 7,3 7,2 6,4 6,7GDP per capita (US$) 2.990 4.120 5.350 6.920Inflation (%) 13,7 10,9 12,7 9,7Unemployment rate (%) 8,6 8,2 7,6 7,3Exports(Fob) 135,9 183,2 243,6 303,9Imports(Fob) -76,1 -97,4 -125,3 -164,7Balance 59,9 85,8 118,3 139,2Exchange rate Rub/US$ (average annual value) 30,7 28,8 28,3 27,2Exchange rate Rub/€ (average annual value) 34,7 35,8 35,2 34,1External Debt (billion US$) 175,7 196,8 229,0 278,2*International reserves(billion US$ - gold excluded) 73.175 120.809 175.891 295.568Source: EIU, Economist Intelligence Unit, Country Report June 2007

1.2 Future Perspectives The excessive dependence of the political system by the personal image of Putin, could cause an intense instability, mainly in sight of the foreseen elections for 2008 in which Putin cannot be a candidate. The long period of absence of an alternative policy could have negative consequences in the economic growth.The relations of Russia with EU and USA will continue to be contradictory due to numerous variations in various sectors among which the dissatisfaction manifested by Russia concerning the enlargement of NATO and EU and the competition for the influence in the countries of CIS (Commonwealth of Independent States). However, the contemporary economic circumstances render as necessary the mutual cooperation. The economic policy continues to present contradictory indications to the investors, either local or foreign. The Government should continue its efforts for the maintenance of the control in the natural resources sector (mainly for petroleum and natural gas) and at the same time try to create a larger space for the opening of the market in other fields. The period under consideration the petroleum price should be gradually reduced, however, remained in high levels. The delayed structural and institutional reforms hinder the economic growth. More specifically, the deficient reform of the financial system prevent the sufficient distribution of the reserves towards the productive investments. Limits respecting the productive capacity, the clear delay of the institutional dealings and the impacts of the ruble depreciation contribute to the slow economic growth. The growth rate of the GDP will continue to be characterized by the increases petroleum prices and will reach about 5% during the period 2007-2011.Despite, the decreased foreign investments, the improvement of the favourable conditions respecting the entrepreneurial activities has brought a raise to the inflows derived by the foreign direct investments (FDI), in any case though they will not surpass the 12% of the GDP before 2011, a percentage still lower than the real capacity. The risk of the inflation’s increase should cause a more rational fiscal policy. However, the inflation that depends also on the economic growth, could only be partially limited. The current transaction should register a surplus during the entire period of 2007-2011. However, the profound dependence of Russia on the commodities international prices’ instability could be a risk source.

Provision of the economic course

2007 2008 2009 2010Real growth rate (%) 6,5 5,9 4,8 4,5Inflation (%) 7,6 7,7 7,4 7,1Unemployment rate (%) 7,0 6,8 6,7 6,7




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Exports fob 333,2 339,6 356,4 387,1Imports fob -208,3 -240,1 -278,9 -318,9Trade Balance 124,9 99,4 77,5 68,2

Source: EIU, Economist Intelligence Unit, Country Report June 2007

1.3 Production sectors The transition from a centralized system to a more enlarged one has destabilized the economy of Russia and has affected the validity of the data. The distributed phenomenon of tax evasion in the private sector, has determined the growth of the so said unofficial production, which according to some sources currently represents the 40% of the Russian GDP. Recently, the National Statistic Service RosStat introduced the methodological modifications in order to harmonize the official statistics with the international standards.The sectors of services and commodities, of a low importance during soviet era, has known a significant growth during 90s. During the period 2000-05 services represented 57% of the GDP in relation to 1990. The industrial sector is still oriented towards heavy industry, as a result of the past economic policy. According to official data, in 2004 (recent data available by RosStat) fuel and energy represented about 17% of the industrial production and the sector of metallurgy (ferrous, non ferrous products) about 19%. With the energy to represent the 8% and the food products the 16%, it is clear that the products of the manufacture industry (in particular high tech) and the consumer goods constitute still a small part of the Russian economy. The financial system of Russia is occupied by great dimensions enterprises, while SMEs are not so developed (10-15% of the Russian GDP in relation to 50% or more that is registered in average to the other economies of the market).

Contribution of various sectors in GDP formation ( composition %)

Sector 2006Agriculture 4,9Industry 39,3Services 55,8Source: EIU, Economist Intelligence Unit, Country Report June 2007

2. REFERENCE COUNTRY RUSSIA

2.1 Macroeconomic frameworka) Economic growth and country riskThe macroeconomic framework is positive. According to preliminary estimations, in 2006, the GDP increased between 6,7% and 6,9%, a higher percentage in relation to the one provided by the “financial law” (+5,8%, later revised to +6,6%).For Russia this is the eighth following year of growth after the crisis of 1998. The data confirm a growth, although lower than the expectations, of the industrial production, accompanied by an expansion of the key sectors: fixed investments and internal investments.

Data in billion US dollars 2000 2001 2002 2003 2004 2005 2006GDP 251 300 342 451 604 752 1.010 Trade Transactions (total data) 151 155 168 211 281 370 468

- exports 106 102 107 135 183 245 249 - imports 45 54 61 75 97 125 128

Surplus of Trade balance 61 48 46 60 86 120 141 Petroleum Urals/p.b. (end of month in$) 26,9 23,1 23,5 27,3 35,6 54,4 55,8 External debt 161 149 152 186 215 259 269




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Public debt 117 104 97 98 97 71 46 Capital flow income (+)/outcome () -24,8 -15,0 -8,1 -1,9 -8,0 1,3 41,6 Fund for the Stabilization of Petroleum Values - - - - 18,8 43,0 89,1 Reserves (gold and currency) 28,0 36,6 47,8 76,9 124,5 182,2 303,7

Annual variation % 2000 2001 2002 2003 2004 2005 2006GDP 8,3% 5,0% 4,3% 7,3% 7,2% 6,4% 6,7%

- industrial production 9,0% 4,9% 3,7% 7,0% 7,3% 4,0% 3,9% - stable investments 17,7% 8,7% 2,6% 12,5% 10,9% 10,5% 13,5%

- retail trade 8,9% 10,8% 9,2% 8,0% 12,5% 12,0% 13,0% -agricultural production 5,0% 6,8% 1,7% 1,5% 3,1% 2,0% 2,8%

Stock Exchange index RTS -4,5% 79,2% 39,8% 57,9% 6,9% 83,3% 70,8% Official Discount Date 25% 25% 21% 16% 13% 12% 11% Exchange USD/Ruble (end of month) 28,2 30,1 31,8 29,4 27,8 28,8 26,3 Exchange Є/ Ruble (end of month) 26,1 26,5 33,1 36,8 37,8 34,2 34,7 Total inflation of the period 20,2% 18,6% 15,1% 12% 11,7% 10,9% 9%

A factor for the promotion of growth, for a country, where the 2/3 of the exports are consisted of energy products, are the increased values of raw materials, in relation to which Moscow is among the biggest producers and exporters in a global level: during the summer of 2006 the value of “blend Urals” reached the record amount of 70 dollars per barrel. Later, the prices started to decline and reached under 60 dollars per barrel. The enormous monetary flows connected to exports are reflected positively in the main financial indexes, already contributing to the stable economic condition. In 2006, trade transactions reached 470 billion dollars (+27% in relation to 2005) and caused a surplus over 140 billions: the exports reached 25% due to the “ price-effect”. In the internal of the total the greatest quota (66%) consists of energy products (of which 35% petroleum and 14% natural gas). The appreciation ruble, the increase of the available incomes, the demand of quality consumer goods, continue to promote the imports, in relation to which is more evident the “quantity-effect”: +31%, half of which is represented by machines and equipments, including means of transport. The rapid increase of revenues (fiscal or not), in relation to the more limited public expenses caused a surplus to the balance of 75 billion dollars (+24%), an amount equal to 7,5% of the GDP. In the end of 2006 the monetary reserves surpassed 300 billion dollars (+67% in relation to 2005): revenues that set Russia to the third position in world level after China and Japan. To this amount are also added 90 billion dollars which had been reserved by the Fund for the Stabilization of Petroleum prices, financed by the fiscal revenues. The Fund in operation since January 2004, has doubled its incomes over the past twelve months. According to some more recent available data (30th September 2006), the public debt reached 269 billion dollars. The internal debt of the country has been reduced to 17%, following the integrated incomes realised in two phases (summer 2005 and 2006). At this moment, the public debt in currency reaches about 5-6% of the GDP. The political stability, the economic growth, as well as the decrease of the sate debt and the present low debt degree of the country have determined the improvement of the credit assessment of Russia by the three greatest Services of Credit Assessment (Standard & Poor’s, Fitch, Moody’s) during 2006.Currently, the rating of Russia concerning the long-term exchange rate is the following: S&P and Fitch: BBB+, Moody’s: BAA2, with stable performance, respecting all of the three services. There are no intervention foreseen for 2007. The improvement of the of the rating has contributed on the one hand to the intensively expansive dynamic of the monetary debt of the financial enterprises and industries of Russia to the international financial markets: since 30 th

September 2006 the growth of these two fields constitutes the 80% of the total of the external debt of Moscow (+17% since the beginning of the year). On the other hand, the interest of the foreign investors in the country has been increased: the flow of capitals in 2006 reached 42 billion dollars, a record amount which has finally interrupted the fifteen years of “capital loss”. On the contrary, concerning stock exchange, the index RTS (Russian Trading System) in 2006 closed with an increase over 70%, replacing the losses registered during the period May-June and also in September. However, for now the typical instability of the developing markets remains still present, as confirmed by the great differences in the index, which




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characterize the first months of 2007. A dominant title in the stock exchange was without any doubt the share of Gazprom, which has been quoted since January 2006. On the contrary, at this moment the foreign investments are small: 55 billion dollars in 2006 (+3% in relation to 2005), from which less than 25% derives from direct investments. It is also confirmed the limited ability of Russia regarding the attraction of FDI in relation to the other developing economies. The inflation continued to decline and reached 9% in 2006, according to the governmental plans, however, has registered a new increase in the course of the year (initial objective was 7-8,5%). The index of the consumption prices fell under two points for the first time after the collapse USSR : this happened due to the sterilization effect of the Stabilization Fund, as well as due to a monetary policy inspired by the Central Bank of Russia (CBR), which caused a greater flexibility to the exchange rate and a real advance of ruble about 8%. In particular, according to the first estimations of CBR, ruble was revaluated to 14,6% in relation to dollar and to 6,4% in relation to euro. The unemployment rate continues to decline (6,9%) and the living conditions of the population are getting sensibly improved: the average wage reaches 410 US dollars (300 in 2005), while the average available income was raised in real terms to 10,2%. Alarming is also the fact respecting a country that is under an economic development and improvement of the living conditions, that the dynamic of the demographic status registers a gradual decrease of the Russian population: from 145 million inhabitants in 2002 to142,3 in 2006. with respect to the above the data of the life expectancy are also important (72,2 years για for women and 59 for men). The macroeconomic framework seems also favourable for 2007. the estimations concern a small decrease of the GDP, which should be increased to 6%. A greater fall is foreseen for the inflation (6,5-8%), besides in the first two months of the current works, the index of the consumption levels was equal to 2,8% and the Government expected that it could reach the analogous levels of 2006. An attention factor could also be the course of the oil’s price, which after the record prices registered during the summer months, was gradually reduced under 60 dollars per barrel. A certain instability could concern the bank and financial sector, because of the intense growth of the volumes during the last years. Since the beginning of the year the turbulences in the international markets concerned also the stock exchange of Russia, which presented a significant instability. It is also underlined that despite the growth quotas, Russia cannot be entered among the main economies in world level. According to the last statistics of the CB, the country is in the fifteenth position respecting GDP and in the tenth position regarding purchase capacity. Political stability and economic growth have contributed to the rapid growth after the crisis in August 1998. today’s Russia, under the socio-economic profile, is a country a lot different than some years ago, however, with some weak spots because of the uncompleted transition process. More specifically, as underlined by the most important International Financial Organizations (IMF, OSCE, Word Bank, EBRD) the main factors of weakness are: An economy deficiently diversified and extremely depended on the energy sector and the course of the

international oil prices. Delay respecting the realization of structural reforms, more specifically in the sector of administration and

bureaucracy (with negative impacts respecting the corruption level), monopolies, judicial system (with spread lacks respecting the principles of legacy).

Impact on the financial-industrial Groups, which play an important role to the country’s economy and because of difficulties respecting the access in the SMEs’ market their presence is deficient.

A volume of foreign investments lower than the other developing economies due to spread deficiency and obstacles which are set by the administration (on central or regional level), but also due to relevant uncertainties of the legislative reference framework.

Over the last years, an improvement of the functional framework (financial, legislative, regulative) and mainly of the general increase of the average available income determined an intense demand of financial services from the families and enterprises’ side promoting the growth of the system. The total improvement and the support of the system raised the intermediation degree, which is still under the average not only of the industrialized countries, but also of the other economies in transition.

INDEXES 31.12.01 31.12.02 31.12.03 31.12.04 31.12.05 31.12.06 Total of the active balance of trade (billion euros) 119,2 125,2 152,2 188,8 285,1 404,8




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Annual variation % 33,7% 31,2% 35,1% 27,4% 36,6% 44,1% Own means (billion euros) 17,1 17,6 22,1 25,0 36,3 48,8

Annual variation% 58,5% 28,1% 40,2% 16,2% 31,2% 36,3% Credits per client (billion euros) * 49,9 54,3 73,0 102,8 159,5 231,5

Annual variation % 56,2% 35,7% 49,5% 44,8% 40,3% 47,3% Deposits of natural entities (billion euros) 25,6 31,1 41,2 52,3 80,5 109,3

Annual variation % 52,1% 51,9% 47,4% 30,3% 39,3% 37,7% Source: Central Bank of Russia

b) Foreign market and foreign investment openingRussia is gradually being opened towards the international trade and the foreign investments. As a main exporter in world level of natural gas and petroleum, Moscow seems to have an increasingly significant role as energy supplier, however needs greater sources (financial and technological) in order to develop new deposits, raise the production and respond efficiently to the increased demand, also internal, of hydrocarbons. The favourable economic status and the growth of the available income raised sensibly the demand of commodities and quality products rendering Russia one of the most important trading market for the foreign manufacturing enterprises, which export here increased quotas of their production.To confirm the gradual integration of Russia, we should refer to the constant growth of the transactions with the countries that do not belong to CIS and which surpassed the 80% of the total transactions volume realised by Russia. Only in 2006, this trade rate registered a 30% increase due to the intense increase of the imports (+45%) from China, USA and EU.EU is the first trade partner of Russia with a total quota 53%, which results from the 57% of the Russian exports to the European market and the 44% of the Russian imports in products coming from the 25 member states of EU. Among which Germany, is in the first place, followed by Holland and Italy. In fact, Italy, as well known among the Russian authorities, is the second trade partner: the statistic data do not correspond accurately to the real dimensions of the transactions with some countries, among which Italy, concerning the main destinations of the country’s exports and imports of the country in transition. For this reason, there is an intense overvaluation of the Russian transactions with the neighbouring countries, as well as selected countries, such as Holland.

Trade Transactions of Russia with the most important trade partners in 2006 (data in million US Dollars)

2006 2006/05 (variation%) Quota % of the total 2006Total Exports Imports Total Exports Imports Total Exports Imports

Total 439.524 301.976 137.548 29,2% 25,1% 39,3% 100% 100% 100% of which:

Non CIS countries 374.891 259.691 115.200 29,9% 24,3% 44,5% 85,3% 86,0% 83,8%

of which:EU 231.619 171.043 60.576 30,9% 28,3% 38,8% 52,7% 56,6% 44,0%

of which:Germany 42.929 24.493 18.436 30,1% 24,1% 38,9% 9,8% 8,1% 13,4% Italy 30.830 25.111 5.719 31,4% 31,8% 29,5% 7,0% 8,3% 4,2% Netherlands 38.542 35.862 2.680 45,1% 45,7% 38,0% 8,8% 11,9% 1,9% Poland 14.879 11.479 3.400 30,9% 33,1% 23,8% 3,4% 3,8% 2,5% United Kingdom 14.034 10.362 3.671 26,9% 25,1% 32,3% 3,2% 3,4% 2,7%

Finland 13.199 9.201 3.998 22,8% 20,3% 29,0% 3,0% 3,0% 2,9% France 13.453 7.602 5.852 37,5% 24,4% 59,3% 3,1% 2,5% 4,3% China 28.639 15.751 12.889 41,0% 20,7% 77,4% 6,5% 5,2% 9,4%USA 15.320 8.922 6.397 40,7% 41,1% 40,2% 3,5% 3,0% 4,7% CIS 64.633 42.285 22.348 25,2% 29,6% 17,6% 14,7% 14,0% 16,2%




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of which:Byelorussia 19.934 13.084 6.850 25,9% 29,3% 19,8% 4,5% 4,3% 5,0% Kazakhstan 12.808 8.969 3.839 31,2% 37,3% 19,0% 2,9% 3,0% 2,8% Ukraine 24.197 14.979 9.218 19,7% 20,8% 17,9% 5,5% 5,0% 6,7%

Source: GosKomStat-RosStat

During the last years, the random expansion of the transactions was followed by an increase of the FDI. An internal demand in constant growth motivated a lot of foreign enterprises to establish their production units in Russia, even though the persistent presence of many and spread barriers of various forms (tariff, administrative, legislative and customs barriers) does not give any incentives to the Foreign Direct Investments. The regulated framework is under gradual improvement due to the administration’s motivation, which has set as a goal the full integration of the economy to the world markets and the foreseen accession of Russia in WTO. In the future, Russia tends to enforce its cooperation with the EU, in order to create a Common European Economic Space and a greater cooperation in the energy field (EU is the first buyer of natural gas and Russian oil). The barriers are interpreted as a limited capacity of Moscow to attract capitals for productive investments in relation to other developing economies: 55 billion dollars in 2006, from which less than 14 concerned Foreign Direct Investments. In general, the total volume of the sources invested in the country since the 90s will be equal to just 143 billion dollars, from which less than 50% is referring to the Foreign Direct Investments. However, the data are indicative to the real origin of the financial sources, of which a bigger part of the foreign capitals invested in Russia, are Russian repatriated capitals. Many investments are realized by off shore zones or under favourable fiscal statuses. This circumstance explains the presence of countries in the first positions, although, they do not acquire the necessary financial profile.

c) Trade performance regarding Italy and bilateral foreign direct investments performanceThe bilateral trade relations between Italy and Russia reached excellent levels. In particular, in 2006, the transactions volume surpassed 21 billion euros (+19% in relation to 2005). The Italian exports to Russia registered the biggest increase in the context of the extra communitarian countries (+26%). The Italian imports from Russia also raised, however in a lower degree (+16%). This course is confirmed also during the last year: according to the data of the National Statistic Service of Italy (ISTAT), in January 2007, the transactions raised to 9% with respect to January 2006. The most important fact concerns the increase in 19% of our exports, in relation to a more limited raise of the imports (+5%). Despite all these, the trade balance remain negative and the deficit is not going to decline in a significant degree in the direct future for two reasons, the first of which is of a structural nature: the intense dependence of Italy on the imports of energy products and raw materials and the increased prices of these in the international markets.

Course of trade transactions Italy-Russia (2003-2006)

2003 2004 2005 2006million Є variation % million Є variation% million Є variation % million Є variation%

Trading 12.077 3,1% 14.679 21,5% 17.779 21,1% 21.230 19,4% Exports 3.847 1,2% 4.963 29,0% 6.075 22,4% 7.639 25,7% Imports 8.230 4,0% 9.716 18,1% 11.704 20,5% 13.591 16,1%

Balance 4.383 6,6% 4.753 8,4% 5.629 18,4% 5.952 5,7% Source: ISTAT

The favourable dynamic of the bilateral relations increases during time the importance of Russia as a trade partner of Italy among the extra communitarian countries: the transactions with Moscow reach 9% of the total. Data even more relative to the Italian manufacturing enterprises are those related to the exports: 5,6% of the Italian products (5% in 2005) has Russia as destination market. As far as the composition of the products’ sectors is concerned, the three most important sectors of the Italian exports are the sector of machines (29% of the total), the sector of textile products and clothing (17%) and furniture (10%). About 72% of the Italian imports concerns as known energy products. An important share on the market have also the cosmetic products, whose selling data are more than positive. The share of the vehicles of the companies Ferrari and Maserati destined to the Russian market is sold since years in




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advanced payment, the high quality ornaments and furs are in their largest part Italian products. The affluent imports towards the Russian market contributed to the new promotion of the Italian shipbuilding, after years of stagnation. It is important to be mentioned that it concerns however, Russian clientele either in case that the purchases of the products are realized in Russia, re-entering this way in the statistics of the trade transactions, or in case that the purchases are realized directly from Italy or other countries, and so they are not included in the transaction data.

d) Trade performance regarding Greece and bilateral foreign direct investments performance

Course of trade transactions Greece-Russia (2003-2006)

2003 2004 2005 2006million Є variation % million Є variation% million Є variation % million Є variation%

Trading 2.662 -2,7% 2.571 -3,4% 3.664 +3,6% 4.018 +9,6%Exports 0,285 -8,0% 0,268 -5,9% 0,275 -2,6% 0,441 +60,3%Imports 2.377 -2,0% 2.303 -3,1% 3.389 +47,1% 3.577 +5,5%

Balance - 2.092 -1,1% - 2.035 -2,7% - 3.114 +53,0% - 3.136 +0,7%Source: EUROSTAT

2. 2 Intervention fields

a) Assessment of commercial penetration of Italian products in the domestic marketItaly has an intense presence in the commerce sector, however, has to confront also the competition of the emerged countries as far as quantity level as well as middle-low prices of the commodities are concerned.Italy has conquered quotas in the market of capital goods (machines for the processing of wood, plastic goods and food packaging materials). These sectors place Italy in the second position, after Germany. Moreover, intense is also the constant presence in consumer goods (furniture, footwear, textile, clothing and accessories) due to the large influence of the Made in Italy products on Russian consumers. The place of Italy in the field of capital and consumer goods, more specifically those of low quality, is threatened by the competition of the Chinese and Indian products, as well as the products of other countries, which look dynamically to the Russian market. This dynamics has taken great dimensions also because of the fact that in Russia the copyright law and the registered trade marks are not yet fully protected and this favours the trading of counterfeit products. It should also be underlined the fact that the commercial presence of Italy remains weak out of Moscow and St. Petersburg and this marginalizes the Italian products in relation to these new dynamic markets.In addition, Russian provinces have been also favoured during the last years by the economic growth and have registered increase of the living standard as well as the creation of a new middle class, with a predisposition to the consumption of west type products. A large number of initiatives that the Italian side has promoted could address to the other regions of the Russian Federation. An obstacle regarding the growth of the commercial penetration of the Italian products results from the absolute absence of Italy in the sector of large commercial distribution, where there have already been established many enterprises (Swedish, German, French and Turkish). Moreover, it seems necessary that the packages of Financial Aid, insurances and promotion by the public Institutions (SACE, SIMEST, etc.) for the support of the enterprises should be more competitive in relation to the other countries’ packages

b) Assessment of direct investments to and from ItalyThe volume of the Italian investments in the Russian Federation is still small. Some Italian enterprise, mainly of small dimensions, have realised certain investments in Russia (Marazzi and Concorde in the ceramics sector, Perfetti in the food sector, Indesit, Merloni Termosanitari and Candy στον in the sector of domestic electrical appliances, Mapei and Tegola Canadese in the construction sector). The individual sectors’ analysis and the natural similarity of the two economies show that the productive presence of Italy in this country presents improvement opportunities.




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Energy sector As far as natural gas is concerned, Italy has a constant presence in Russia based on the strategic relation between Gazprom and ENI, which in the past has performed significant contracts such as the realization of the gas pipeline “Blue Stream” and the construction by SAIPEM of an oil pipeline and an “offshore” gas pipeline in the island of Sakhalin.First of all, ENI and Gazprom have also concluded since last November a strategic Cooperation Agreement, which provides the exchange of assets that can guarantee to the Italian Group the access in the exploitation and development of deposits in Russia (“upstream”) and to the Russian monopoly the access in the distribution market of Europe (“downstream”). Relevant opportunities are being examined for the foreign investors in the context of the following structural reform of the electric power sector. ENEL possesses a significant experience in Russia, particularly, through the contract-in 2004- for the management and the modernization of the central thermoelectric station southwest of St. Petersburg. The position of ENEL is much more enforced by the purchase of the 45% of RusEnergoSbyt (a company operating in the field of electric energy trading participating in the Russian group RAO-UES), realized in July 2006 for 105 million dollars. The relevant Russian demands turn to ENEL as an interlocutor in the context of the process for the liberation of the electric power sector. Recently, some opportunities arise also in the sector of nuclear power in sight of the Cooperation Memorandum concluded between ANEL and Rosatom. The entry into force of the Kyoto’s Protocol includes also opportunities for bilateral cooperation in the field of the energy sufficiency and environmental protection programs. Aircraft Construction The group Finmeccanica has consolidated its cooperation with the Russian companies in the fields of aircraft construction, defense and telecommunications.In the field of aircraft construction, Alenia Aeronautica has signed an agreement with the main producer in the field of Russian aircraft construction (Sukhoi) for the construction of a middle range aircraft for the transport of passengers: “Superjet 100”. During the recent intergovernmental Conference in Bari has been signed the Protocol of Cooperation for the realization of the project “Superjet 100”: last procedural process before the start of the works. Moreover, the companies Aermacchi and Alenia Aeronautica (both belong to Gruppo Finmeccanica) have signed Pacts of Industrial and Commercial Cooperation with Yakovlev (Irkut Group) in the field of training aircrafts. Finmeccanica and Irkut have later signed an Agreement for the study concerning the matter of aircrafts without pilot using the platform of Yak 130. Finally, it was founded the mixed company Alenia Aeronautica/Irkut for the development of joint programs in the field o civil aviation. Finmeccanica Group was later interested in selling in the Russian market the system of protected telecommunications Tetra, a product of OTE. After the conclusion of an Agreement between OTE and the Russian company Tetraprom, in last July has been founded a mixed company for the production of radio-mobile communication based on the Tetra standards. In 2004, OTE has developed a pilot project (of a 25 million euros value) for the supply of Tetra standards communication appliances to RAO UES in the province of Middle Volga. Among the other companies of the Finmeccanica Group, are also mentioned Elsag, occupied with a competition of the Russian post offices in the field of postal automatisms and Alenia Spazio which in the past has supplied various satellites for the telecommunications.Construction , infrastructure and transport Sector Without a doubt Italy has the opportunity to improve its position in the sector of construction materials (in the Russian market operate Tegola Canadese, which has inaugurated its facilities for the production of constructive materials and Mapei, company which produces soldering materials) and infrastructures both sectors of an intense development (during the last years Codest has accepted various orders, while to Merloni Progetti have been recently assigned important infrastructure projects).In the field of transports are deriving important perspectives concerning road transports (for example the Russian Government has expressed an interest in the Italian expertise respecting toll road network), railway transports (Finmeccanica Trasporti has signed a bilateral cooperation Agreement with Russian Railways for the supply of regional high speed trains, signaling, control and security mechanisms and systems) and river transports (Pietro Barbaro company has recently bought a river fleet for the transport of the oil from Volga). Lately, has arise the possibility of supply to Russian railways of the Pendolino train, whose most parts have been constructed in Italy, however, at this moment it belongs to the French Alstom. Metallurgy sector




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The Italian presence in other industrial sectors such as metallurgy is still powerful but in a lower degree in relation to the past (Techint operates in the field of pipelines construction), iron industry (in 2005 Danieli was assigned with an order for the production of steel and since years has an important presence in Russia with the supply of ready for delivery facilities and machines). Auto - industry sector FIAT Auto has recently signed with Severstal Avto an Agreement of a double profile, industrial and commercial. The industrial agreement provides the assemblage of the FIAT models “Albea”, “Doblo’” και “Ducato” in the new facilities in the city of Yelabuga, in Tatarstan. The construction will be realized in Turkey by Tofas, a mixed company of FIAT and the Turkish Group Koc Holding, and will be imported in Russia for assemblage.Since 2009-when the operation will be complete- the facilities will produce 75.000 vehicles per year. The products intend to cover 5% of the Russian vehicle market of middle and small cylinders within 2010. The commercial agreement provides that Severstal Avto will undertake the imports and commercialization in Russia of the main models of FIAT range: “Grande Punto”, “Panda”, “Croma” and the new “Doblo’”. In this context, it will be realised a distribution and support network consisted of 30 selling points of the FIAT vehicles in the main Russian cities, of which 10 in Moscow and 4 in St. Petersburg. This will guarantee to the Group of Torino a spread presence in the area, the lack of which-together with the absence of efficient post-selling services-constitutes so far one of the main problems for the operation of FIAT in Russia. Petrochemical sector To Tecnimont have been assigned important contracts of the construction of polyethylene and polypropylene facilities. Domestic electric appliances sectorAmong the services that have realized important production investments in Russia is referred Indesit (acquisition of the construction factory of refrigerators, Stinol, construction of facilities for the production of washing machines and creation of a supply chain), Candy (acquisition of the domestic electric appliances production factory, Vyksa) and Merloni Termosanitari (electric- heaters production). Ceramic sectorAnother field, where Italian enterprises are especially dynamic is the ceramic sector. Marazzi, after the purchase of Welor Kerama, successfully operated since years in the Russian market, has completed its new facilities in the Province of Moscow. Another Italian enterprise of this sector which has realized a productive investment of important dimensions is Concorde. Agricultural production sector Another sector in which there are great opportunities for the Italian enterprises is the agricultural production sector, where are present Parmalat Group, which owns two establishments for the production of milk and juices (Ekaterinburg and Belgorod), Perfetti, which is going to open new gum and caramel production facilities, as well Ferrero (only commercial presence). Bank sector In the bank and finance sector, among the main investors is Banca Intesa, which has established its first bank with exclusively Italian funds (ZAO Banca Intesa) and enforced its presence in the Russian market with the acquisition of the control package of KMB-Bank, specialized in credits towards SMEs (the rest 25% of the capital was bought by EBRD).The same bank intends to found-together with Vnesheconombank – an Italo-russian Bank which will be competent for the financing of entrepreneurial activities in Russia, as well as in Eastern Europe and in the CIS countries. On its own behalf the Group Unicredito controls the eight Russian bank, International Moscow Bank (IMB), due to the acquisition of the German HVB. This last is also present with a leasing company, Locat, and has recently bought a Russian investment bank (Aton Group). Industrial Districts In November 2003, after the conclusion of a Special Memorandum, was founded “Task Force” assigned with the facilitation of a possibly creation of Italian industrial districts in Russia. In average “Task Force” meets twice a year, alternatively in Russia and Italy. At this moment is in process a conversation phase between the two Governments for the reorientation of the activities’ framework of “Task Force”, which has been invited to be occupied with the promotion of the Italian investments in Russia- and get involved in a higher degree in the investments world-mainly to the direction of the Special Economic Zones (SEZ), as well as the Russian investments in Italy. The foundation of SEZ, in 2005, gave a new impetus to the districts project, and taking into consideration the fact that one of the districts that has been indicated by the Russians is the district of Lipetsk, where there is the seat of the




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production unit of Merloni Elettrodomestici and which could be considered as a “white area”. In the region of Moscow is also in a foetal form a ceramics industry in Stupino, where operate also the Marazzi Group and Mapei (soldering materials), as well as Concorde group. “Task Force” has indicated interesting perspectives of cooperation with the District of Vladimir (supply chain sector) and the Republic of Tatarstan (oil derivatives, lorries and tyres production). Special interest for the Italian navigation presents also the intention of the creation of a special typology SEZ, which will include the harbour areas. There are important financial and fiscal facilities for the modernization of the infrastructures and the management systems of some certain Russian harbours of middle and large dimensions, including the creation of infrastructures for tourist embarkation and disembarkation concerning the new but already remarkable private fleet.

c) Assessment of trade and industry cooperation in priority high-tech sectors There are perspectives for the development of the commercial and industrial cooperation forms concerning the high tech sectors, taking into consideration the fact that the Russian Federation still disposes excellent facilities. Among the potential cooperation sectors are mentioned aviation, energy, telecommunication, biotechnology, physics and laser technology, new technologies for the re-use of hydrocarbons and lubricants, the development of new materials and genetics. In the aviation sector is valid a bilateral Agreement for the peaceful exploitation of the extra atmospheric space. In addition, the Italian Aviation Service and the Russian Aviation Service have started a joint action in the sector of space launchings and for the promotion of the space sector as well as the aviation sector, based on a Cooperation Memorandum signed in 2002. As already mentioned, Finmeccanica has concluded co-operations with Russian Groups in various sectors of high technology: aviation, railways, postal automatisms, protected telecommunications. After the ratification of the Kyoto’s Protocol by Russia, it is possible the development of a cooperation in the energy sufficiency and environmental protection programs, where Italy has excellent qualifications. Italy and Russian Federation have signed, in the context of the “Global Partnership” program, Pacts for the distraction of the Russian nuclear weapons (already into force) and the Russian chemical weapons productions facilities. The value of the Italian contribution for the realization of the two Pacts reaches 720 million euros in total within a 10 years period. In the army sector, Marconi Selenia Communications is present and supplies to Russia its telecommunication systems for continental, marine or aerial use as well as crucial infrastructures for the national security. There are also opportunities for Fincantieri (navigation constructions) and Galileo Avionica (aviation systems).

d) Suggestions on granting public financing and security in line with SACE and SIMEST SACE promoted Russia in the fourth position regarding risk category: for both short-term and long-term period is provided the opening of Russia without any special limitations as far as the contracting parties , private and public, are concerned. The operational opportunities for SACE are remarkable in sight of the enlargement of the entrepreneurship, which in past was addressed to the main contracting Russian banks Vneshtorgbank, Sberbank andAlfa Bank.This service is now undertaking the assessment and eventual reliance on the contracting local banks as well as the assumption of direct risks from the local banks in order to correspond to the Italian exporters’ demands. The interaction with the Russian banks is expanded to a total of 51 credit institutes, 24 of which have already used the aid of SACE of 580 million euros total value. Within the scope of the enterprises’ promotion and support actions, SACE has also signed a Framework of Assurance Contracts with various Italian banks. The payment in advance of the debt of Russia towards the “Club of Paris” in July 2006 has affected Russia in relation to SACE. First of all, as a result of the improved rating of the country, the premiums were reduced (in average 5-10%) and this will allow the assurance of a bigger number of enterprises. Simest has also adopted an open attitude as far as the Russian federation is concerned, financing enterprises and using a wide range of financial aids, such as investment facilities (law 100/90), commercial penetration attempts (law 394/81), facilities respecting export credits (legislative decree 143/98), as well feasibility studies and technical assistance programs (legislative decree 143/98). From 1999 to 2005 Simest deliberated 89 enterprises for a value of 1.509 million euros. Simest introduced together with Mediobanca and Vneshekonombank a loan range of 1,5 bil. Euros value for the financing of great industrial projects.




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Simest has also grant an “ad hoc” capital of 70 million euros to Russia and Ukraine for the financing of mixed enterprises (total quota 49%) based on which at this moment there have been established 11 enterprises in Russia. This capital is available to all the Italian enterprises without developed entrepreneurial relations. The interventions for the raise of the capital derive from Simest within the framework of the ACT 100/90.

2.3 Trade and market access policy

α) Tariff BarriersIn general, the average level of Russian duties, equal to 11-12%, is in compliance to the other WTO member states’ levels. However, Russia imposes increased duties in certain sectors of Italian interest (furniture, footwear, clothing, ceramics, and drinks) and also implies duties regarding the export of products such as unprocessed leather and non ferrous minerals, which lead to increased costs for the Italian enterprises of iron and tanning industry. The situation is improved thanks to the conclusion of the bilateral Protocol with the European Commission, which determines the accession in WTO status of Russia. Moscow accepted to reduce the duties, including the light reduce of the high duties regarding the sectors of strategic importance for Italian industry (auto-industry, aviation, navigation, steel). The average taxation of the industrial products will be equal to 7,6%, a value sensibly lower than the 8,9% that implies for China, by the accession in WTO. The average taxation of the agricultural products will be reduced to 13,5% in comparison to the 15% resulted by the negotiations with the Chinese. It is underlined that certain tariff reduce agreed, concern products imported from Italy, such as furniture (from 20% to12,5% within a five years period), wine (from 20% to 12,5% within 3 years), olive oil (from 15% to 5%) and footwear.

b) Non tariff barriersIn Russia remain various non tariff barriers, with numerous technical obstacles for the trading of industrial and agricultural products. The Russian system of certification and standards, customs regulations, phytosanitary controls, registration procedures and license issuance is complex, expensive, opaque and does not comply to the international regulations, as far as these matters are concerned. In addition, the legislative framework of certifications is opaque and deficient. The certification by private Institutions is rarely acceptable, while exists also the spread use of necessary certificates by third parties and the licenses have a limited duration. The exporters are obliged to confront difficult controls and expensive processes for the registration and permissions acquisition, with the consequence of often delays. The state Authorities (State Institute Gostandard and individual technical ministries) usually do not accept the community certifications (for example ISO 9000), and demand “ad hoc” quality and compatibility certifications imposing complex registration procedures. Moreover, foreign enterprises that have invested in Russia often meet difficulties in requiring by the local authorities the necessary administrative permissions (in the context of health, environment, building constructions as well as water and electric power supply services).In a general level, it is underlined that one of the main problems is the deficient cooperation among bureaucracy procedures concerning the application of the foreseen simplifications of the modified laws of the administrative system. Another non tariff barrier is the chronic problem of the customs services. Although, the new Customs Code, which provides the simplification and reduce of discretion in procedures (for example defining deadlines for customs clearance), is set into force, the situation remains problematic.

c) Violations against copyright law The violations of the copyright law are still often: within the scope of the negotiations for the accession in WTO. This problem was set off mainly by the USA, which have been negatively affected by the counterfeighting in industrial scale of audiovisual means and softwear (CD Rom, DVD and video). Moreover, is still deficient the protection offered by the local authorities as far as the consolidation of trade marks and patents, the origin naming and the geographical indications is concerned. Italy has been damaged in the Russian market by the counterfeighting-with China’s responsibility- of capital goods of low technology and consumer goods of low quality.




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d) Concerns regarding foreign investments in the countryOne of the most crucial problems which have to confront the Italian investors is the incomplete functions of the State of fairness, because of the absence of a specific legislative framework and the weakness of the judicial power. Despite the uncontested legislative improvements introduced over the last years, the foreign enterprises often find that the protection from the judicial Authorities is deficient. The cases of controversies are numerous and of a wide range due to the lack of contracts during the expropriation procedure by the Russian partner’s side. The judicial power appears sometimes inclined to external influence, while it is proved that the judicial authorities do not always recognize the sentences of the International Arbitration Courts. A certain concern is also manifested for the controversies regarding mixed companies, where one of the counterparties seems to be the local Authorities, which at this moment turn to hostile actions, including the real use of the bankruptcy procedure. Another mechanism, which is sometimes used is the system of the so said “empty box”, based on which the Russian partner in a mixed company and / or the Russian debtor company transfer their shares to other companies. In this case, the sentences of the local Tribunals have no real effect, because the creditor company cannot turn against the counterparty, which remains without shares. In addition, Russian owners submitted under the control of a mixed company, often have no knowledge of their contractual obligations concerning the foreign partner. Russian Government accepted the suggestion of Italy for the constitution of a “Tutor”, an authority to which Italian enterprises could address in order to prevent, and when necessary, solve the trade and financial disputes, avoiding the interference of Tribunals. In some recent cases the intervention of the “Tutor” proved efficient and gave a solution to the plaintiff, however, it is also confirmed that it is an organ used only in case the controversy involves public institutions.

3. MAIN TRADE FLOWS

Reference country: RussiaFlow: Exports

(values in million US dollars)




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Countries 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005Non defined areas . 56 14 242 - 9.622 9.942 241 2 40.392

Netherlands 3.272 4.553 3.997 3.677 4.345 4.470 6.935 8.253 14.829 23.744 Italy 2.729 3.564 3.225 3.759 7.259 6.973 7.067 5.788 8.931 14.652 Germany 6.543 6.531 5.734 6.256 9.243 8.376 7.600 6.345 8.768 13.046 China 3.964 3.981 3.209 3.555 5.279 3.878 5.310 7.815 8.376 11.217 Ukraine 7.525 7.240 5.569 4.800 5.030 6.854 6.788 6.266 9.102 11.017 Byelorussia 3.357 3.153 4.623 3.767 5.535 5.249 5.922 7.602 11.219 10.094 Switzerland 3.557 3.752 3.259 3.485 3.979 1.473 3.089 3.561 5.158 7.741 Turkey 1.676 1.983 1.941 1.641 3.100 3.028 3.136 3.131 5.551 7.531 Poland 2.123 2.515 2.789 2.616 4.464 4.106 3.692 3.719 4.897 7.386 United Kingdom 2.848 3.055 3.032 2.890 4.676 3.115 2.944 3.905 4.399 7.315 Finland 2.581 2.774 2.079 2.420 3.113 3.165 2.931 3.727 5.222 6.968 Kazakhstan 2.389 2.472 1.971 1.227 2.249 2.672 2.569 3.096 4.507 6.412 USA 3.848 4.486 5.153 4.764 4.686 2.876 3.026 3.074 5.490 5.115 Cyprus 345 631 397 182 1.750 1.397 1.507 4.243 5.693 4.962 Lithuania 1.127 1.337 1.067 1.166 2.069 1.783 1.746 1.932 2.682 3.747 Japan 2.479 2.935 2.196 2.130 2.767 2.021 1.743 2.250 3.171 3.521 France 1.447 1.626 1.460 1.225 1.919 1.995 2.381 1.686 2.233 3.202 Hungry 1.728 1.854 1.487 1.561 2.411 2.203 2.060 1.453 1.913 3.151 Spain 409 630 554 502 1.069 891 1.099 1.308 1.748 2.823 GLOBALLY 88.703 85.889 72.280 72.889 103.097 100.653 106.712 133.647 181.634 241.244 Source: elaborazioni ICE su dati ONU-COMTRADE

Reference country: RussiaFlow: Imports

(values in million US dollars)

Countries/ areas 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005ΕU 25 31,51 36,46 43,99 43,14 39,31 43,28 46,83 45,94 44,63 43,96 Germany 8,55 10,02 12,61 13,90 11,50 13,85 14,26 14,13 13,98 13,44 Italy 3,86 3,98 4,18 3,85 3,58 4,07 4,80 4,18 4,21 4,43 France 2,09 2,40 3,67 4,11 3,52 3,66 4,10 4,08 3,87 3,71




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Finland 2,76 2,82 3,32 3,15 2,84 3,07 3,28 3,22 3,08 3,13 United Kingdom 1,84 2,27 2,83 2,26 2,56 2,37 2,42 2,49 2,68 2,79 Poland 1,53 2,04 2,40 1,99 2,11 2,29 2,81 2,98 3,05 2,77 Netherlands 1,67 1,82 2,11 2,29 2,19 2,04 2,29 2,19 1,82 1,96 Sweden 0,92 1,32 1,63 1,60 1,40 1,72 2,20 2,10 2,13 1,88 Belgium . . . 1,49 1,43 1,55 1,65 1,55 1,52 1,49 Spain 0,59 0,80 0,95 0,82 0,93 1,18 1,25 1,33 1,16 1,24 Austria 1,10 1,07 1,18 1,34 1,25 1,30 1,31 1,38 1,21 1,23 EAST AND CENTRAL EUROPE 17,59 13,55 20,54 20,96 23,70 20,36 16,92 17,64 18,09 15,09 Ukraine 10,32 6,00 7,52 8,36 10,78 9,10 6,91 7,67 8,02 7,85 Byelorussia 4,80 5,03 10,51 10,64 10,94 9,49 8,61 8,51 8,58 5,80 OTHER EUROPEAN COUNTRIES 2,17 2,62 2,69 2,55 2,37 2,68 3,12 3,12 3,11 3,42 Turkey 0,95 1,20 1,19 1,04 1,03 1,23 1,57 1,61 1,62 1,75 NORTH AFRICA 0,12 0,11 0,39 0,45 0,22 0,16 0,18 0,21 0,20 0,24 OTHER AFRICAN COUNTRIES 0,43 0,45 0,56 1,08 0,90 0,82 0,89 0,81 0,78 0,73 NORTH AMERICA 5,33 6,62 9,94 8,48 8,57 8,31 6,93 5,67 4,68 5,14 USA 4,77 6,12 9,45 7,91 7,99 7,73 6,44 5,17 4,24 4,63 CENTRAL AND SOUTH AMERICA 1,83 2,27 4,13 5,39 3,55 4,77 4,96 4,39 3,46 4,16 Brazil 0,34 0,70 1,50 2,37 1,14 2,22 2,82 2,58 1,81 2,38 MIDDLE EAST 0,80 1,18 1,14 1,11 1,36 0,95 0,95 0,98 0,85 1,06 CENTRAL ASIA 7,70 7,71 7,86 9,53 12,62 7,90 6,39 6,23 6,50 5,30 Kazakhstan 4,78 4,14 4,31 4,61 6,49 4,37 3,89 3,86 4,24 3,09 EASTERN ASIA 5,89 5,97 8,22 6,90 6,99 9,67 11,71 13,61 16,33 19,94 China 1,65 1,90 2,66 2,95 2,80 3,89 5,19 5,76 6,26 7,35 Japan 1,61 1,49 1,89 1,53 1,70 1,96 2,12 3,28 5,14 5,92 S. Corea 1,32 1,26 2,31 1,05 1,06 1,90 2,01 2,32 2,68 4,06 OCEANIA 0,41 0,49 0,66 0,57 0,59 0,43 0,34 0,27 0,28 0,32 REST OF THE WORLD . . . . . . . . . - GLOBALLY 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 Source: elaborazioni ICE su dati ONU-COMTRADE

4. FINANCIAL EVENTS IN RUSSIA

4.1 Exhibition Calendar 2008 in Moscow

EXHIBITION SEAT PERIOD TYPOLOGY ORGANIZER

MOSSHOES 2008 Moscow January Footwear and leather products GOSTINNIY DVOR-103012, ul.Iliynka 4 tel.095 2985544 fax 095 2980025

CONSUMEXPO 2008Moscow January

Wide consumption products EXPOCENTR-123100, Krasnopresnenskaya Naberezhnaya, 14 tel: 095 2553799, fax: 095 2057210

INTERPLASTICA 2008Moscow January

Chemicals EXPOCENTR-123100, Krasnopresnenskaya Naberezhnaya, 14 tel: 095 2553799, fax: 095 2057210

UPAKOVKA - UPAKITALIA 2008Moscow January Machines, equipment and packaging

equipment

EXPOCENTR-123100, Krasnopresnenskaya Naberezhnaya, 14 tel: 095 2553799, fax: 095 2057210

CSTB - 2008 Moscow February Telecommunications and equipment KROKUSEXPO-Mosca www.crocus-expo.ru

PRODEXPO 2008Moscow February

Food productsEXPOCENTR-123100, Krasnopresnenskaya Naberezhnaya, 14 tel: 095 2553799, fax: 095 2057210




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AGROTECNOLOGIA Moscow February Food industry equipment KROKUSEXPO-Mosca www.crocus-expo.ruAUTOTECH 2008 Moscow February Transports KROKUSEXPO-Mosca www.crocus-expo.ruISPO RUSSIA Moscow February Sports equipment KROKUSEXPO-Mosca www.crocus-expo.ruKIDS & JUNIOR FASHION Moscow February Child products KROKUSEXPO-Mosca www.crocus-expo.ruTECHTEXTIL ROSSIA 2008 Moscow March Footwear and textiles KROKUSEXPO-Mosca www.crocus-expo.ru

CPM - PREMIERA MODA VESNA MOSCA

Moscow MarchClothing and textiles

EXPOCENTR-123100, Krasnopresnenskaya Naberezhnaya, 14 tel: 095 2553799, fax: 095 2057210

SWE - MIR OKON IDVEREIMoscow March Doors, windows, construction material,

organs, new production technology

SOKOLNIKI-107113 Sokolnicheskiy Val, 1 tel: 095 2686323/ 2680709 fax 095 2680891 2687603

MOSCOW FASHION EXPO Moscow March Textile, footwear, bags, clothing, KROKUSEXPO-Mosca www.crocus-expo.ru

SHINY RTI KAUCHUKMoscow March

Rubber productsEXPOCENTR-123100, Krasnopresnenskaya Naberezhnaya, 14 tel: 095 2553799, fax: 095 2057210

INTERLAKOKRASKA Moscow March

Colors, varnishes EXPOCENTR-123100, Krasnopresnenskaya Naberezhnaya, 14 tel: 095 2553799, fax: 095 2057210

VESENNIY MEBELNIY SALONMoscow March

FurnitureEXPOCENTR-123100, Krasnopresnenskaya Naberezhnaya, 14 tel: 095 2553799, fax: 095 2057210

GEOFORM 2008Moscow March

Environment, ecology, civil protection

SOKOLNIKI-107113 Sokolnicheskiy Val, 1 tel: 095 2686323/ 2680709 fax 095 2680891 2687603

MIIT - PUTESHESTVIYA TURISM Moscow March

Tourism fairEXPOCENTR-123100, Krasnopresnenskaya Naberezhnaya, 14 tel: 095 2553799, fax: 095 2057210

TEXTILEXPO 2008 Moscow March Textiles and accessories VVC-129223, Prospect Mira, 14 tel: 095 1819505, fax: 095 7483480

OBUV MIR KOZHIMoscow

April Footwear, leather productsEXPOCENTR-123100, Krasnopresnenskaya Naberezhnaya, 14 tel: 095 2553799, fax: 095 2057210

KARTA VIN 2008 Moscow April Drinks and food products KROKUSEXPO-Μόσχα www.crocus-expo.ruEXPOELECTRONICA Moscow April Electronics and telecommunications KROKUSEXPO-Μόσχα www.crocus-expo.ru

JUVELIR 2008Moscow

May Ornaments and production equipment SOKOLNIKI-107113 Sokolnicheskiy Val, 1 tel: 095 2686323/ 2680709 fax 095 2680891 2687603

TECHTEXTIL ROSSIA 2008 Moscow May Textiles and accessories KROKUSEXPO-Μόσχα www.crocus-expo.ruSEAFOOD RUSSIA Moscow June Food products KROKUSEXPO-Μόσχα www.crocus-expo.ruLUXURY WORLD Moscow June Gifts, cosmetics, watches KROKUSEXPO-Μόσχα www.crocus-expo.ru

CPM - PREMIERA MODA OSEN 2008Moscow

September Clothing and textilesEXPOCENTR-123100, Krasnopresnenskaya Naberezhnaya, 14 tel: 095 2553799, fax: 095 2057210

MOSCOW FASHION EXPO Moscow September Clothing and textiles KROKUSEXPO-Μόσχα www.crocus-expo.ru

WORLD FOOD 2008Moscow September

Food productsSOKOLNIKI-107113 Sokolnicheskiy Val, 1 tel: 095 2686323/ 2680709 fax 095 2680891 2687603

ARFFEX 2008Moscow September

Furniture designSOKOLNIKI-107113 Sokolnicheskiy Val, 1 tel: 095 2686323/ 2680709 fax 095 2680891 2687603

TEXTILEXPO 2008 Moscow September Textiles and accessories VVC-129223, Prospect Mira, 14 tel: 095 1819505, fax: 095 7483480

TEXTILEGPROM 2008 Moscow September Clothing, footwear, textile and accessories KROKUSEXPO-Μόσχα www.crocus-expo.ru

EXHIBITION SEAT PERIOD TYPOLOGY ORGANIZERPIR 2008 Moscow October Food products KROKUSEXPO-Μόσχα www.crocus-expo.ru

INTERDRINKMoscow

November Wine, drinks EXPOCENTR-123100, Krasnopresnenskaya Naberezhnaya, 14 tel: 095 2553799, fax: 095 2057210

MEBELNYI KLUB Moscow November Furniture KROKUSEXPO-Μόσχα www.crocus-expo.ru

MEBEL 2008Moscow November

FurnitureEXPOCENTR-123100, Krasnopresnenskaya Naberezhnaya, 14 tel: 095 2553799, fax: 095 2057210

INCOEXPOMoscow November

Industrial colors and varnishesSOKOLNIKI-107113 Sokolnicheskiy Val, 1 tel: 095 2686323/ 2680709 fax 095 2680891 2687603

INDUSTRIA PLASTMASSMoscow November

chemicalsEXPOCENTR-123100, Krasnopresnenskaya Naberezhnaya, 14 tel: 095 2553799, fax: 095 2057210




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4.2 Exhibition Calendar 2008 in other Russian countries


URALAGRO Ekaterinburg

October

Food products and drinks

URAL EXPO-620049, ul. Komsomolskaya, 18 tel. 3432 493017, 493027 fax 3432 493019 E-mail: [email protected] www.uralexpo.mplik.ru

DEREVOOBRABOTKA Ekaterinburg

October

Mechanism and facilities for wood processing

URAL EXPO-620049, ul. Komsomolskaya, 18 tel. 3432 493017, 493027 fax 3432 493019 E-mail: [email protected] www.uralexpo.mplik.ru

BAIKALTOUR Irkutsk February International Tourism FairSIBEXPOCENTR-664050, ul. Bajkalskaya, 253a tel: 3952 352239 fax: 3952 358223 E-mail: [email protected]

DEREVOOBRABOTKA Irkutsk September Wood processing equipmentSIBEXPOCENTR-664050, ul. Bajkalskaya, 253a tel: 3952 352239 fax: 3952 358223 E-mail: [email protected]

UMIDS Krasnodar March Office and home furnitureKRASNODAREXPO-350010, Zipovskaya, 5 uff. 39 tel/fax: 8612 2109892/93/16/17 E-mail: [email protected]

VINA I NAPITKI Krasnodar April Wine and DrinksKRASNODAREXPO-350010, Zipovskaya, 5 uff. 39 tel/fax: 8612 2109892/93/16/17 E-mail: [email protected]

MAYDAN Krasnodar May Clothing and FootwearKRASNODAREXPO-350010, Zipovskaya, 5 uff. 39 tel/fax: 8612 2109892/93/16/17 E-mail: [email protected]

UGAGROPROM UGAROPRODMASH Krasnodar November Food products

KRASNODAREXPO-350010, Zipovskaya, 5 uff. 39 tel/fax: 8612 2109892/93/16/17 E-mail: [email protected]

PRODOVOLSTVIE Krasnoyarsk March Food products

ZAO KRASNOYARSKAYA YARMARKA-660049, A/JA 25226 Tel: 3912 363287, 364217 Fax: 3912 363329, 362425 E-mail: [email protected] Web: www.krasfair.ru

TERRITORIA MODY - VESNA + LETO Krasnoyarsk April Clothing and textiles


PRODOVOLSTVIE 2008 Krasnoyarsk October Food products


GASTRONOMY SIBIRI Novosibirsk 18/4Equipment and technologies for the production of beer, food products and raw materials

SIBIRSKAYA YARMARKA-630049, Krasniy Prospekt, 220/10 Tel: 3832 106290 Fax: 3832 259845 E-mail: [email protected]

SIBINTERNET Novosibirsk 11/9 Information technologiesSIBIRSKAYA YARMARKA-630049, Krasniy Prospekt, 220/10 Tel: 3832 106290 Fax: 3832 259845 E-mail: [email protected]

OMSKPROD Omsk 27/3 Food products

INTERSIB-644033, Krasniy put, 155, korp. 1 Tel: (3812) 258487 Fax: (3812) 257202 E-mail: [email protected] Web: www.intersib.omsk.ru

TEKHNODREV Perm 19/6 Wood processing mechanisms

PERMSKAYA YARMARKA-614077, boulevard Gagarina, 65 Tel: (3422) 625833, 625847 Fax: (3422) 625833 E-mail: [email protected] Web: www.fair.perm.ru


TEKHNOEXPO 2008 Saratov 26/9 Industry technologies

SOFIT-EXPO-410004, ul. Chernishevskogo, 60/62 Tel: 8452 227470 Fax: 8452 227839 E-mail: [email protected] Web: www.sofit.ru/expo

AGROPRODEXPO Tjumen 13/3 Food products and agricultural production equipment

TJUMEN-EXPO-625013, ul. Sevastupolskaya, 2 Tel: (3452) 310188, 415575 Fax: (3452) 415574, 310078 E-mail: [email protected] www.tyumfair.ru

MEBEL INTERIER Tjumen 24/4 Furniture

TJUMEN-EXPO-625013, ul. Sevastupolskaya, 2 Tel: (3452) 310188, 415575 Fax: (3452) 415574, 310078 E-mail: [email protected] www.tyumfair.ru

PRODOVOLSTVENNYI RYNOK VESNA 2008

Volgograd 3/4 Food products TSARITSINSKAYA YARMARKA-400005, pr. Lenina, 88, uff. 504 Tel: 8442 33377 Fax: 8442




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65034 E-mail: [email protected] Web: www.zarexpo.ru

TARA UPAKOVKA Volgograd 3/4 Food product packaging

TSARITSINSKAYA YARMARKA-400005, pr. Lenina, 88, uff. 504 Tel: 8442 33377 Fax: 8442 65034 E-mail: [email protected] Web: www.zarexpo.ru

TSARITSINSKAYA VESNA 2008 Volgograd 10/5 Clothing and footwear


MEBELNYI SALON 2008 Volgograd 6/6 Furniture and decoration


PRODOVOLSTVENNYI RYNOK OSEN' 2008 Volgograd 23/10 Food products


TARA UPAKOVKA OSEN' 2008 Volgograd 23/10 Food product packaging


5. USEFUL INFORMATION AND LINKS

5.1 In ItalyRussian Embassy in ItalyAmbassador: Alexey Meshkov

Via Gaeta 500185 RomaTel.: 0039(06)4941680 – 0039(06)4941681Fax: 0039(06)491031e-mail: [email protected] website: www.ambrussia.it

Russian Trade RepresentationResponsible: Sergey Ivanov

via Clitunno 4600198 RomaTel: 0039(06)8555456 – 0039(06)8842187Fax: 0039(06)8848296e-mail: [email protected] - [email protected]: www.rcrussia.it

Consular Office of the Russian Embassy in Rome Via Nomentana 11600161 RomaTel.: 0039(06)44235625 - 0039(06)44234149Fax.: 0039(06)44234031e-mail: [email protected]: www.ambrussia.it/idxconsrom.html

Russian General Consulate in Milan Via Sant'Aquilino 320148 MilanoTel: 0039(02)40092113 - 0039(02)48706041Fax +39 02 4009 0741e-mail: [email protected] website: http://users.iol.it/consolato.russo.mi

Russian Consulate in Genova Via G. Pescetto 1616167 GenovaTel. 0039(010)3726047 - 0039(010)3726304Fax 0039(010)3741361e-mail: [email protected]: http://space.tin.it/viaggi/ivorobie

General Consulate in Palermo Via Salvatore Meccio, 16, int. 4, piano secondo90100 PalermoTel/Fax: 0039(091)329379




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http://space.tin.it/viaggi/ivorobie

mailto:[email protected]

http://users.iol.it/consolato.russo.mi


http://www.ambrussia.it/idxconsrom.html


http://www.rcrussia.it/


http://www.ambrussia.it/





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e-mail: [email protected] Cultural Institute in Italy Via Farini, 62,

00185 Roma Tel. 0039(06)4870137Fax. 0039(06)4870721e-mail: [email protected] website: http://www.italia-russia.it/

Italian-Russian Chamber of Commerce Viale Tunisia, 3720124 – MilanoTel. 0039(02)6595795Fax. 0039(02)29012385

5.2 In GreeceRussian Embassy in GreeceAmbassador: Andrey Vdovin

28, rue Nikiforou Litra154 52 PsychicoTel.: 0030(210)67252.5 - 0030(210)6726130Fax: 0030(210)6749708e-mail : [email protected] : www.greece.mid.ru

Russian General Consulate in Athens Functions supervised by the Embassy

5, rue Tzavella152 32 HalandriTel.: 0030(210)6742949Fax: 0030(210)6729157

Consulate in ThessalonikiGeneral Consul: Mikhail Khatkevich

5, rue Dimosthenous546 24 ThessaloniqueTel.: 0030(2310)257201Fax: 0030(2310)257202

Consulate in Crete and DodecaneseHonorable Consul: Nicolaos Daskalantonakis

16, rue Papalexandrou, Platia Mousiou712 02 Héraklion - CrèteTel.: 0030(2810)281456Fax: 0030(2810)280787

Consulate in CorfuHonorable Consul: Nikolaos Kanoulas

1, rue Lochagou Petsali491 00 CorfuTel.: 0030(26610)81970Fax: 0030(26610)81972e-mail: [email protected]

5.3 In Russiaa. Italian representationItalian Embassy in MoscowAmbassador: Vittorio Claudio Surdo

Denezhny Pereulok, 5 121002 Μόσχα, RussiaTel. 007(495)7969691 – 007(495)2411533-34-35Fax 007(495)2539289website: www.ambΜόσχα.esteri.it/e-mail: embitali@ambΜόσχα.ru; [email protected]

Consulate Chancellery of the Italian Embassy in MoscowResponsible of the Consulate Chancellery : Stefano VerrecchiaItalian Embassy in Moscow is competent for the entire region of the Russian Federation, including Leningrant (city of St. Petersburg), Murmansk, Pskov, Novgorod, Vologda and Arcanghelsk as well as for the Independent Republic of Karelia,for which is competent the Italian Consulate in St. Petersburg. The Italian Embassy in Moscow is also

Jakimanskaya Naberezhnaya, 10109180 Μόσχα Tel. 007(495)9165452Fax: 007(495)9165420e-mail: consitaly@ambΜόσχα.ru




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http://www.ambmosca.esteri.it/

http://www.italia-russia.it/

mailto:[email protected]%20%3CBR%3E%3CFONT%20FACE%3D




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competent for Turkmenistan. Consulate General in St. PetersburgConsul General: Massimo Drei

Teatralnaja pl.10190068 San PietroburgoTel. 007(812) 3123217/3106 – 007(812)7188095Fax 007(812)5715150 – 007(812)3122896 (ufficio visti)e-mail: [email protected]: www.conssanpietroburgo.esteri.it

Consulate in Samarafor the region of Volga as wellGianguido Breddo

Ulitsa A. Tolstogo, 78443099 SamaraTel.007(846)3106401/03 Fax.007(846)3106402e-mail: [email protected]

Consulates in the cities ofVolgograd, Saratov, Astrakhan Ferdinando Camoirano

c/o campo abitativo J.V. Volit,404130 Volzhki - Regione VolgogradTel. 007(844)3586666Fax 007(844)3586166

Italian Honorable Consulate in EkaterinburgHonorable Consul: Massimo Denti(competent for the Republics of Bashkiria and Udmurt, provinces of Chelyabinsk, Kurgan, Orenburg, Perm, Tyumen and Ekaterinburg, independent regions of Khanty-Masni and Yamalo-Nenetsi)

Kirov Street, 28, GSP-715 620219 Ekaterinburg Telefoni 007(3432)427103 – 007(3432)453694 – 007(3432)427108 e-mail: [email protected]

Honorable Consulate in KaliningradHonorable consul: Fiorenzo Sperotto(competent for the homonymous prefecture )

1,Ulitsa Geologicheskaya, Uff. 404236006 KaliningradTel./Fax: 007(4012)219939e-mail: [email protected]

Honorable Consulate in AshgabadHonorable consul: Luigi Fontanabona

c/o Hotel Nissa, Ulitsa 1995, 70Ashgabat – TurkmenistanTel.: 0099(312)221025Fax: 0099(312)221023e-mail: [email protected]

Italian External Trade Institute-ICE in Moscow Krasnopresnenskaja nab., 12 - ufficio 1202123610 - Μόσχα Tel.: 007(495)9670275/77/78 Fax : 007(495)9670274/9670279e-mail: Μόσχα@Μόσχα.ice.it website: www.ice.it/estero2/russiawebsite: www.businessitaly.ru

Representation of ICE in Tbilisi Ul. Gogebashvili 43a, int. 9380009, Tbilisi, GeorgiaTel/Fax: 00995(32)537244e-mail: [email protected]

Representation of ICE in Erevan Ul. Italii, 5375010, Erevan, ArmeniaTel: 0037(41)542335; 0037(41)542336; 0037(41)542345Fax: 0037(41)542341; 0037(41)542301e-mail: [email protected]

Representation of ICE in St. Petersburg Teatralnaia ploschad, 10190125 S. Pietroburgo – RussiaTel. 007(812)3123216/3123356Fax 007(812)3148082e-mail: [email protected]

Representation of ICE in Novosibirsk Krasnij prospekt, 29 ufficio 52-5363099 Novosibirsk – Russia




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http://www.businessitaly.ru/







http://www.conssanpietroburgo.esteri.it/





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Tel. 007(3832)220229Fax 007(3832) 221305e-mail: [email protected]: www.ice.gov.it/estero2/novosibirsk/

Representation of ICE in Ekaterinburg ul. Studencheskaya, 3ufficio 109620066 EkaterinburgTel./Fax 007(3433) 413733e-mail: [email protected]

Italian Culture Institute in Moscow Malyj Kozlovskij per., 4107078 ΜόσχαTel. 007(495) 9160 5492Fax. 007(495) 9160 5268e-mail: iicΜόσχα@esteri.it

b. Greek representationHellenic EmbassyAmbassador: Ilias Klis

Leontiefski Perculok. 4125009 MoscowTel.: 007(495)2901446 - 007(495)7753700Fax : 007(495)7716510e-mail : [email protected]

Trade Section of Hellenic EmbassyReponsible: Ioannis Markos

Spiridonovka ul. No 14123001 MoscowTel.: 007(495)6443270-4Fax : 007(495)6443275E-mail : [email protected]

General Consulate in MoscowGeneral Consul: Konstantinos Oikonomidis

Spiridonovka 14123001 MoscowTel.: 007(495)7392204Fax : 007(495)7392208e-mail : [email protected]

General Consulate in St. PetersburgGeneral Consul: Dimitrios Letsios

17, Chernyshevskogo Prospect191123, St. PetersburgTel.: 007(812)3343586Fax : 007(812)3343587e-mail: [email protected]

General Consulate in NovorossiskGeneral Consul: Theodoros Oikonomou-Kamarinos

2, Icaeva str, Hotel Novorossiysk353905 NovorossiyskTel.: 007(8617)631558 - 007(8617)606520Fax: 007(8617)631567e-mail : [email protected]; [email protected]

Honorable Consulate in KaliningradHonorable Consul: Vladimir Ivanovich Scherbakov

Ul. Ogariova uilding 33Kaliningrad, Russian FederationTel.: 007(4112)516027 - 007(4112)448969Fax: 007(4112)448772E-mail : [email protected]

6. USEFUL WEBSITES

Russian institutions and Organizations

Supreme Economic Court ( Russian, English )




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www.arbitr.ru

Information Centre for Credit Assessment ( Russian , English ) http://banker.rating.ru

Central Bank ( Russian, English ) www.cbr.ru

Federation Council ( Upper House ) ( Russian , English ) www.council.gov.ru

GTK ( National Customs Organization of Russia ) ( Russian ) www.customs.ru

Lower House of the Russian Parliament ( Russian ) www.duma.ru – Duma

Ministry of Economic Development and Trade ( Russian ) www.economy.gov.ru

Economic Expert Group through the Ministry of Finance ( Russian , English )

Service for the Restructure of the Financial Organizations ( temporary only in Russian ) www.gk-arco.ru

Goskomstat ( National Statistic Service of Russia ) ( Russian , English ) www.gks.ru

Gosstandart ( National Russian Service of Standards and Metrology ) ( Russian , English ) www.gost.ru

Governmental Websites ( Russian , English )www.gov.ru

Government ( Russian, English ) www.government.gov.ru

Stock Exchang e ( Russian, English ) www.micex.com

Ministry of Internal Affairs (multilingual)www.mid.ru

Ministry of Finance ( Russian , English ) www.minfin.ru

Government of Moscow ( Russian) ) www.mos.ru

Presidency of Russian Federation (Russian) www.president.kremlin.ru

Russian-European Centre for Financial Policy (English) www.recep.org

Rospatent (Russian Service for Patents and Trade Marks) – Fips – (Federal Organization of Industrial property) (Russian, English) www.rupto.ru

Ministry of Justice (Russian ) www.scli.ru

Consular Office of the Russian Embassy in Rome ( Italian ) www.space.tin.it/viaggi/vlysunki/

Supreme Court ( Russian, English ) www.supcourt.ru

VEDI ( Analysis and Financial Statistics ) ( Russian , English ) www.vedi.ru

VNIIS ( Scientific Research Institution for Certification ) ( Russian , English ) www.vniis.ru

Russian Legislationwww.relcom.ru/win/Internet/ComputerLaw/RussiaLaws/ (russian)




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http://www.relcom.ru/win/Internet/ComputerLaw/RussiaLaws/

http://www.vniis.ru/

http://www.vedi.ru/

http://www.supcourt.ru/

http://www.space.tin.it/viaggi/vlysunki/

http://www.scli.ru/

http://www.rupto.ru/

http://www.recep.org/

http://www.president.kremlin.ru/

http://www.mos.ru/

http://www.minfin.ru/

http://www.mid.ru/

http://www.micex.com/

http://www.government.gov.ru/

http://www.gov.ru/

http://www.gost.ru/

http://www.gks.ru/

http://www.gk-arco.ru/

http://www.economy.gov.ru/

http://www.duma.ru/

http://www.customs.ru/

http://www.council.gov.ru/

http://www.cbr.ru/

http://banker.rating.ru/

http://www.arbitr.ru/




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www.rg.ru/oficial/#doc - Sito della pubblicazione Giornale Russo (russian)

Information Sources

Russian Legislation mainly about SMEs ( russian ) www.conseco.ru

Guide for the USA enterprises in Russia and in countries of recent independence (Russian, English) www.bisnis.doc.gov

Weekly Financial Newspaper (Russian ) www.expert.ru

Political-financial Newspaper ( Russian , English ) www.gazeta.ru

New Agency Itar-Tass ( Russian, English ) www.itar-tass.com

On-line news ( Russian, English ) www.lenta.ru –

Informative TV Channel Ntv (russian) www.ntv.ru

News Agency Ria Novosti ( multilingual ) www.rian.ru

Weekly Newspaper of analysis and finance in English by Russian commendators (english) www.russiajournal.com

the most popular Russian newspaper in English www.themoscowtimes.com

Television Network Tv 6 transmitting via satellite ( russian ) www.tv6.ru -

Browserswww.aport.ru (Russian)www.rambler.ru (Russian)www.yandex.ru (Russian, English)




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http://www.yandex.ru/

http://www.rambler.ru/

http://www.aport.ru/

http://www.tv6.ru/

http://www.themoscowtimes.com/

http://www.russiajournal.com/

http://www.rian.ru/

http://www.ntv.ru/

http://www.lenta.ru/

http://www.itar-tass.com/

http://www.gazeta.ru/

http://www.expert.ru/

http://www.bisnis.doc.gov/

http://www.conseco.ru/

http://www.rg.ru/oficial/




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7. USEFUL INFORMATION

7.1 International calling code007 country’s code;95 Moscow812 St. Petersburg

7.2 Time-zone+3 hours respecting Greenwich time, in Moscow and in St.Petersburg (+ 2 hours respecting Italy, + respecting Greece). +10 hours respecting Vladivostok. In the country are valid 8 different time zones.

7.3 DocumentationFor the entrance in the country it is necessary a passport of at least six months duration and a visa that is issued by the Russian Embassy in Rome or through the General Consulates. It is highly recommended not to enter Russia without the necessary documents because there it is practically difficult to regulate your position towards the Local Authorities and likely you are going to be sent to the borders and return to your country on your own expenses, paying a high enough fine.

7.4 Working DaysServices: Monday to Friday from 9.00 to 18.00Banks: Monday to Friday from 9.00 to 13.00Stores of wide consumption products: Monday to Saturday from 10.00/11.00 to 20.00/21.00;Department Stores: Monday to Saturday from 8.00 to 20.00.

7.5 Official Holidays1st and 2nd January (New Year)7th January (Orthodox Christmas)14th January (Orthodox New Year)23th February(Anniversary of Country’s Defenders)8th March (International Lady’s Day) 6th April (Orthodoxy Celebration)9th April (Monday of Orthodox Easter)1st May (Labour day)9th May(Anniversary for the Victory during the Second World War)12th June(Celebration of the Russian Federation Independence)4th November (Popular Unity Anniversary)




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Analisi Mercato RUSSIA€¦ · Web view4. FINANCIAL EVENTS IN RUSSIA 19 4.1 Exhibition Calendar...

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