Russia’s finance community is officially head-over-heels in love with the president-to-be Dmitri Medvedev, whose soothing promises of legal reform and liberal institution building are music to their ears. A recent note to clients of Alfa Bank, for example, was boldly optimistic, effusively promoting Medvedev’s recent economic policy speech, stating that “given the format in which they were delivered, these priorities are not idle talk, but rather a declaration of the policy to be seriously approached for years to come. Even partially attained, they would significantly improve the sustainability of Russia’s long-term growth.” What the bankers fail to mention is that during that same speech, Medvedev said that he would focus on “ensuring the independence of our legal system from the executive and legislative [branches]” and reduce the practice of “raiding” by state officials to force private businesses to sell assets at reduced prices. Sounds great, right?