(CORRECTION) RUXX: Western Companies Appeal to Russian President To Curb Corruption

New York -- Western companies doing business in Russia often find themselves in courts against their former Russian partners. According to statistics compiled by RUXX, index that tracks Russian companies traded overseas, more than 75 percent of court rulings in Russia are against Western companies. The percentage in even higher in courts outside of Moscow.

Several large corporations have appealed to Russia’s leaders trying to bring their attention to possible “managed” court rulings. Italcementi, one of the world’s largest makers of cement, expects to see its dispute with Russian cement maker Siberian Cement over EUR 50mn forfeited commitment fee to go before Russia’s Supreme Arbitration Court. Even though the Italian company was in the right to withhold the deposit, it may see its appeal denied one more time by the Russian court.

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