Russia will continue to develop its economy in the near future, and U.S.-Russian economic ties will only increase as a result of this growth, according to Helen Teplitskaia, president, American-Russian Chamber of Commerce and Industry; executive vice president, Imnex International, Inc.; and adjunct associate professor, Kellogg School of Management, Northwestern University. Speaking at a Kennan Institute lecture, Teplitskaia described the extent to which the Russian economy has improved under Vladimir Putin.

In 2007, Russia's GDP grew 7.6 percent, matching its average rate of growth since 2000. One of the more successful economic reforms of the Putin years was the implementation of the 13 percent flat tax, Teplitskaia noted. Although inflation was high compared with developed countries, it was still a manageable 12 percent, she argued. The major economic priorities of the government have and will continue to be increasing GDP, curbing inflation, struggling to reduce poverty, balancing the economy, increasing competitiveness, implementing administrative reform, reducing bureaucracy, and joining the WTO.

According to Teplitskaia, Putin's first term as Russian president was tremendously successful, leading to his re-election in 2004 with 71 percent of the vote. Putin has been credited with returning stability to Russia and now enjoys an 87 percent approval rating. Currently, the party he leads, "United Russia," holds 64.3 percent of the seats in the Russian parliament, which is followed by the Communist Party with 11.6 percent of the seats, the Liberal Democratic Party with 8.1 percent, and "Fair Russia" with 7.7 percent. Putin was so successful that Time magazine named him man of the year in 2007.

As a result of his economic and political success, Putin has been able to leverage Russia's improved international standing, Teplitskaia said. On the level of geopolitics, Russia has been increasingly vocal in stating its desire to promote a multi-polar world as an alternative to U.S. hegemony. Although there are conflicts on a number of issues between Russia and the West, including the status of Kosovo and the stationing of a missile defence system in Europe, Teplitskaia predicted that Russia will reach out to the West when the new leadership takes over.

Russia-EU trade grew 25.7 percent in 2006 to a total of 209 billion euros and overall economic ties with the United States are increasing, Teplitskaia said. Russian companies are increasing their investments in the United States, and American companies are increasingly doing business in Russia as well. For example, Lukoil gas stations are appearing across the United States. She noted the importance of WTO accession for the Russian Federation. In order for this to happen, Russia first needs to be graduated from the provisions of the Jackson-Vanik Amendment. This act was developed a long time ago in response to a problem which no longer exists, Teplitskaia asserted. When this happens, the economic links between Russia and the United States, which have already increased dramatically, can develop even further. This will result in closer ties overall between the countries.