Today in Russian Business – June 2, 2008

First Deputy Prime Minister Igor Shuvalov has stressed Russia’s commitment to achieving higher standards of corporate governance, both at state-owned companies and private corporations. “If Russia is to become a major financial center, we need to embrace evolving corporate standards and be very clear about the niche we want to fill,” he said. The number of M&A transactions dropped by almost a third in the first quarter of this year, indicating that the country’s M&A boom has come to an end. “Funds that invest specifically in Russia have posted sizzling returns in the past 12 months, and some managers now find the nation more attractive than its BRIC counterparts.” American Airlines starts flying to Moscow today. The Moscow branch of the Federal Migration Service abruptly stopped accepting new applications for foreign work permits last week, making it impossible for companies to receive permission to hire foreign nationals.