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Today in Russian Business – June 15, 2011

According to the Economic Development Ministry, Russians paid at least $5.9 billion in ‘everyday’ situation bribes last year, almost double the level in 2001.  Analysts at VTB Capital have argued that President Dmitry Medvedev’s decision to replace three deputy interior ministers last week reflects the ‘substantive nature’ of his attempts to combat abuse of power in the police force.   The IMF has some sobering news for Russia with a warning that growth will ‘taper off to less than 4% in the medium term’ unless structural reforms are undertaken.  After a two-week visit to Moscow, the head of the IMF’s Russia mission has argued that attempts to modernize the economy have been insufficient and that it is apparently vulnerable to another recession if oil prices drop.  Will PhosAgro’s global presence make its IPO a winner?