The book begins by examining the overall trade and investment outlook in Russia and Eurasia. It then takes up critical sectors: energy, aerospace, automobiles, agriculture, and telecommunications. It turns to current institutional impediments to trade and investment such as problems in corporate governance, the banking system, and the rule of law. The final chapters look to the future and assess the prospects for economic reform, the movement to join the World Trade Organization, and the impact of political dynamics in the region.

The experts are joined by Georgian President Eduard Shevardnadze and former Russian Prime Minister Yegor Gaidar, who in their forewords acknowledge not only the crucial importance of trade and investment for the future but also the necessity of bringing the integrity of institutions up to international standards. A third foreword by the former chairman of the House Foreign Affairs Committee, Congressman Lee H. Hamilton, stresses the place of commerce in economic growth and in the integration of Russia and Eurasia with the world community.

Jan H. Kalicki is Public Policy Scholar at the Woodrow Wilson International Center for Scholars. Eugene K. Lawson is president of the U.S.-Russia Business Council.


Eurasian Foreword
Eduard Shevardnadze

American Foreword
Lee H. Hamilton

Russian Foreword
Yegor Gaidar


Jan H. Kalicki and Eugene K. Lawson

Part I. Commerce with Russia
1. Russia's Investment Outlook
Z. Blake Marshall
2. Expanding U.S.-Russian Trade
Susanne S. Lotarski
3. Regionalism or Globalization?
Maxim Y. Medvedkov
Russian Commentary
German O. Gref, Minister of Economic Development and Trace of the Russian Federation

Part II. Commerce with Eurasia
4. The Investment Climate in Central Asia and the Caucasus
S. Frederick Starr
5. Trade Issues in U.S. Dealings with Eurasia
Sarah C. Carey
6. Caspian Futures
Steven R. Mann
Eurasian Commentary
Temur Basilia, Assistant to the President of Georgia on Economic Issues

Part III. Economic Drivers
8. The Energy Locomotive
Paul F. Hueper
9. Aerospace
Ruth R. Harkin
10. Automotive Sector
Scott M. Blacklin
11. Agriculture and Agriculture
Christian J. Foster and Asif J. Chaudry
12. Telecommunications
Augie K. Fabela II
Eurasian and Russian Commentary
Vladimir Shkolnik, Minister of Energy and Mineral Resources and former Deputy Prime Minister of Kazakhstan

Part IV. The Constraints for Russia and Eurasia
13. Systemic Risk Factors in Russia and Eurasia
Mark F. Brzezinsky
14. Corporate Governance and Rule of Law
Richard N. Dean
15. The Banking System
Juliet Johnson
16. Oligarchic Capitalism in Russia
David E. Hoffman
Russian and Eurasian Commentary
Dmitry V. Vasiliev, former Chairman, Russian Federal Commission on the Securities Market

Part V. Prospects for the Future
17. Eventual Success of Market Reform
Anders Åslund
18. Trade Agreements and the WTO
Catherine A. Novelli
19. The Political Dynamic
Toby T. Gati and Tapio L. Christiansen
Eurasian Commentary
Sodiq S. Safaev, Foreign Minister of Uzbekistan
Russian Commentary
Yevgeniy G. Yasin, former Russian Minister of Economy
20. Conclusion
Jan H. Kalicki and Eugene K. Lawson


“This timely and valuable book provides a fresh and highly informative understanding of Russia’s and Eurasia’s integration with the world economy. It does so at a critical time, in light of new strategic and economic realities.”—Daniel Yergin, Chairman, Cambridge Energy Research Associates

“This book covers an enormous amount of ground in a very accessible way. It should be of value to anyone in the field, generalist or specialist.”—Jeffrey L. Garten, Dean, Yale School of Management

“This excellent book from a star quality cast of contributors in an invaluable guide to both the perplexed and the proficient investor and trader. Never before has so much useful information on the recent history and analysis of the investment and trade picture and climate in Russia been brought together. This is a ‘must read’ for anyone interested in doing serious business in the new and emerging Russia and the former states of the old Soviet Union.”—Thomas R. Pickering, Senior Vice President, Boeing Company, and former Under Secretary and U.S. Ambassador to the Russian Federation