Andrey Yakunin

Sep 9

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Friendliness and Friendship

“Дружба подобна сокровищнице: из нее невозможно

почерпнуть больше, чем ты в нее вложил.”

Осип Мандельштам

“Friendship is like a treasure trove, you cannot extract

from it more than you have put in.”

Osip Mandelstam

A recent survey in Travel + Leisure magazine placed my hometown, St Petersburg, among the five ‘most unfriendly’ cities in the world, a fact remarked upon by the Economist’s ‘Gulliver’ business travel blog. While Petersburgers like myself might take comfort from the fact that we at least finished two places above Moscow which was last in the list (as well as the fact that there is little shame in appearing in a ‘bottom’ ten alongside destinations like Marseilles, New York City and Cannes) I nevertheless wish to offer a different point of view. Continue reading

Jul 31

Op-ed: Business links going back centuries give UK-Russian relations resilience

I have commented in the past that trade, culture, and science have served as fundamental links between Russia and Britain, fostering and maintaining relationships between the two countries over centuries. It is important that such collaborations and exchanges continue.

In my latest op-ed, published in Russia Beyond the Headlines, I consider the historic economic cooperation between Britain and Russia, and how this has recently changed. Mutual business ties have suffered, and there have been references to a ‘new Cold War’.

But behind the media headlines, investors and businesses are keen to keep trade going. The business community should therefore take on greater responsibility to re-establish stability and restore trust and cooperation between these nations.

You can read the full article on RBTH here: Business links going back centuries give UK-Russian relations resilience

Jul 15

Reforms to Tax on Debt: Caution Advised!

A series of articles in the Economist propose a radical revision of existing capital and debt structures. The newspaper explains that it considers subsidies on debt holdings offered by governments worldwide to be ‘senseless’. As ever, the articles present thought-provoking and valuable insights regarding the way in which these subsidies affect borrowing habits and therefore wider society. However, I would like to suggest that any reforms be approached warily for two reasons. Firstly, as many in PE will observe, any such changes will be hugely complex and disruptive throughout the finance industry. Secondly, and potentially more importantly, this disruption would likely spread to curtail investment in innovation across the western world: the issue of how these reforms will affect various borrowing and innovation ‘cultures’ globally must therefore be taken into account. Continue reading

Jul 7

Outcomes from SPIEF: continuing conversations and the wisdom of Jack Ma

In an earlier post I provided some background to this year’s St Petersburg Economic Forum (SPIEF) and focused on the event’s growing Asian connections. As expected, the 19^th Forum did indeed produce a number of new deals in Asia, as well as globally. In this post I will discuss a number of key developments and reflect on the overall sentiment of participants at SPIEF, including that of Alibaba Chairman Jack Ma who shared some valuable insights on the state of Russian investment. Continue reading

Jun 17

SPIEF: A window into Europe, Asia or both?

‘From here by Nature we’re destined
To cut a door to Europe wide,
To step with a strong foot by waters.
Here, by the new for them sea-paths,
Ships of all flags will come to us –
And on all seas our great feast opens’

Pushkin – The Bronze Horseman

When people ask me to describe the difference between St. Petersburg and Leningrad in a few words, I always suggest that they look at the origins of the city’s two faces.

Leningrad was borne in the flames of the Bolshevik revolution and the name paid tribute to one of the most tragic and controversial people in the history of the country. However, St. Petersburg was envisaged as a merchant port and a centre of commerce for the Russian Empire back in 1703. Few but the experts recognise that the port of St. Petersburg was on par with other great merchant ports of Europe at the dawn of World War I. However even fewer realise that long before then, the moors and swamps on the banks of the river Neva formed the starting point of the trade route between the Vikings and the Byzantine Greeks, making it one of the most lucrative trading routes of medieval Europe. As such, I find it only natural that the country’s most significant international event, the St. Petersburg International Economic Forum (SPIEF), is hosted by my hometown (18-20 June) and is in its 19^th year.

Jun 5

Weekly Digest – 5 June 2015

This is what I found interesting in the press this week…

The EMPEA has published its annual LPs investment opportunities perception survey which provides insights into how the industry’s major sources of capital value the risk/reward trade off in emerging markets.

This week, the Rouble weakened further than any other time this year. However, the current volatility of the Russian currency strangely coincided with two media events, both occurring towards the end of the week Continue reading

May 29

Weekly Digest – 29 May 2015

I come across a number of interesting articles on a weekly basis, and I would like to start sharing some of them. These articles might provide interesting insight, or an alternative angle to a particular topic or issue. Continue reading

May 26

A Platform for Cooperation

It is refreshing to be reminded of the ongoing ties which demonstrate how much European countries – including Russia – have to offer one another. This is why I was particularly glad to read recent news of some very promising Russian-German cooperation in the tech sector.

May 22

Personal growth, economic growth

“Недавно я познакомилась с одним школьным учителем. Он учит детей страшным вещам. Он учит их, что работать гораздо интереснее, чем развлекаться. И они верят ему….”

А. и Б. Стругацкие «Стажеры» (1960)

“I recently met a school teacher. He teaches children terrible things. He teaches them that work is much more interesting than having fun. And they believe him…”

A. and B. Strugatsky, “Space Apprentice” (1960)

In two Vedomosti articles, economists Vladimir Mau and Alexey Ulyukaev discuss the origins of the 2008 global financial crisis and describe the associated ‘lessons from history, which they feel we should learn. Referring to previous financial crises, the authors state that “the task of economists and politicians is to find additional tools to regulate economic development which will allow us to avoid long periods of stagnation on a background of low inflation.” The measures they suggest for achieving this include: ensuring the competitiveness of producers, both domestically and internationally, working towards a more streamlined manufacturing base, and developing an institutional framework for new branches of industry to evolve. Whilst important, I believe that these measures miss a crucial element. Underpinning any long-term response to the new global economic landscape should be the development of intellectual and human capital.

May 13

Russia and Europe: shared recovery

A recent article about the renewed sense of enthusiasm towards European economies’ ‘recovery’ caught my attention. The piece in the Economist cautions against excessive optimism despite the improvements in several Eurozone countries, and warns that there is still a long way to go before the green shoots of economic growth start to bear fruit. Europe still has several significant challenges ahead, most notably in the case of Greece and a possible ‘Grexit’ from the Eurozone. Yet no mention is made of Russia, whose trade and financial ties with Europe will prove decisive for both parties. Continue reading