Russia goes from bad to worse

Two frightening events last week showed the unbridled contempt with which the neo-Soviet regime of proud KGB spy Vladimir Putin views the rule of law.First, a Russian court in Siberia entered a $1.7 billion judgment against the Norwegian telecommunications firm Telenor, wiping out its stake in the major Russian telecom entity, Vimplecom.  One Russian investment analyst said the ruling "makes the flesh creep."  That's because "Western banks and companies are owed $453 billion by Russian corporations, an amount three times as much as they are owed by Chinese, Indian and Brazilian companies combined," and it does not appear that Putin's Kremlin is inclined to tender repayment now that Russia is mired in a horrific recession that has seen 75% of the stock market's equity vanish and the currency lose one-third of its value.The proceedings in Siberia were a sham, reminiscent of the Soviet show trials and very similar to those that sent Kremlin-critical oil...(Read Full Article)

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