News, 26 Dec 18

Russia ranked 31st in the World Bank’s Doing Business 2018 report

Russia scored higher in seven out of ten areas – including starting a business, trading across borders and paying taxes – to climb four places from last year to reach 31st position in the World Bank’s Doing Business 2018 report.

Therefore, Russia has risen 89 positions since 2011 but has failed to reach the goal set by President Putin in that same year of ranking in the top 20 by 2018.

Despite failing to meet the President’s ambitious target, Russia has clearly benefited from a widely improved business environment. The government remains committed to further positive development and, whilst the report assesses only the two largest cities in the country, has initiatives to ensure that similar transformations are enjoyed countrywide.

In our view, Russia has been poorly assessed on certain corporate governance metrics and Prosperity is engaged with the World Bank to discuss these matters with the hope that it will bring investors greater clarity and also drive further improvements to Russia’s position in the Doing Business report in future years.