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Russia’s Anti-Corruption Moves Draw Renewed Skepticism

Wall Street Journal

Is Russia finally getting serious about corruption?

Russia’s Interior Ministry has taken the rare step of spearheading a high-profile international investigation, charging a former member of the board of directors of the European Bank for Reconstruction and Development with seeking a bribe from a company that wanted a loan.

Yelena Kotova, who sat on EBRD board from 2005 to the end of 2010 as a representative of Russia, Belarus and Tajikistan, denies the allegations.

Coming after the introduction of higher fines for bribery, more investigations, official jawboning on the issue and a higher ranking in the latest Transparency International data, does this signify the turning of a page?

It does not, according to two attorneys who work with companies in Russia.

“It’s good that the Russians are investigating corruption,” said Danforth Newcomb at Shearman & Sterling, but he said he hasn’t detected any significant improvement in the level of corruption there.

Likewise, Daniel Rothstein from a New York law firm with the same name, said his view, partly based on conversations with professional colleagues in Russia, is to “doubt there is a trend toward cleaning up private or public corruption.”

Both lawyers point out corruption investigations in Russia are often used for settling scores. “Unless you’re inside the case, it’s impossible to know the significance of any corruption investigation in Russia,” said Rothstein.