Yulia Latynina’s column in the Moscow Times points out that Renaissance was also put through the wringer with the same FSB/Interior Ministry scam that Hermitage was … but chose to stay quiet in order to stay in business.  Always a Faustian bargain.

What’s more, Klyuyev had a distant relationship with the security service of the Renaissance Capital investment bank, which, as Browder explained, suffered the same type of raid that the Hermitage subsidiaries suffered.

Renaissance did not lodge a formal complaint for understandable reasons. It was obvious that any group capable of making a tax refund using phony structures had ties that are better left unchallenged. Renaissance understood that crossing the siloviki could be very dangerous.