Though Russia has singled out improving the investment climate as a priority, corruption still remains a major barrier to investment, according to a report by U.S. Trade Representative Demetrios Marantis released Monday.
The annual report, called the 2013 National Trade Estimate Report on Foreign Trade Barriers, names "corruption in commercial and bureaucratic transactions as a barrier to investment," according to the report.
The report, which covers more than 60 countries as well as the European Union, dedicates several pages to Russia, criticizing the country for "confusing and contradictory" investment regulations.
Russia created an anti-corruption council in 2008 and passed anti-corruption legislation in 2011, but "little progress" has been made, the report said.
The report also names "inadequate dispute resolution mechanisms, weak protection of minority stockholder rights" among obstacles to investment.
Other factors include the "absence of requirements" for companies and banks to follow international accounting standards and problems with the rule of law.
The report also mentions complaints by U.S. businesses who have said that the country does not publish all court decisions and administrative rulings on custom matters despite being required to do so as a member of the World Trade Organization.
According to the report, the U.S. trade deficit with Russia decreased by $7.7 billion to $18.6 billion in 2012. U.S. imports from Russia were $29.3 billion, down 15.4 percent, in 2012.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
