Support The Moscow Times!

Forbes Ranks Sochi #1 for Doing Business

SOCHI — This resort town on the Black Sea сoast is the best city in Russia for doing business, according to new rankings.

Sochi, which will host the Winter Olympics in 2014, topped Forbes magazine's list of the 30 best cities for business, largely thanks to the proliferation of credit and other financial resources available to investors.

Taking second place was Ufa, while the Ural industrial city of Chelyabinsk came in third. Others in the top 10 included Tyumen, Nizhny Novgorod and Dagestani capital Makhachkala.

The list, which also ranked cities on factors including infrastructure, administrative barriers, strength and size of the local workforce, and taxation, was released Wednesday.

The 2012 list shows significant changes from last year, when Sochi neighbor Krasnodar led the list, followed by Khabarovsk and Yekaterinburg.

Sochi has been the focus of massive inflows of investment, especially into the construction sector, in the run-up to the Winter Olympics in 2014.

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

As we approach the holiday season, please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world’s largest country.