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Foreign investment in Russia

Foreign investment in Russia

Mar 23rd 2006
From The Economist print edition

THERE are two kinds of money in Russia. The first is the kind that boosts the overall economy and (eventually) finds its way into the pockets of ordinary people. The second is the sort that corrupt bureaucrats and their businessmen accomplices are able to purloin. As the manager of a big Russian investment fund, Bill Browder has contributed to the circulation of the first kind of money—as well as making a packet for himself, and making his rich clients even richer. But he has also interfered with the supply of the second sort of money—and been punished.

Since Vladimir Putin became Russia's president, Mr Browder has been among his most vocal cheerleaders, regularly assailing The Economist and others for their more sceptical stance. For instance, Mr Browder always maintained that Mikhail Khodorkovsky, the ex-oligarch now in a Siberian labour camp, had it coming. So he was puzzled when—as became known this week—last November he was turned back from Russia when he landed at a Moscow airport. It at first seemed that he had been confused with a troublemaking human-rights lawyer with a similar name; but it later transpired that the fund manager had himself been blacklisted as a threat to national security.

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