Placating the bully

12 August 2008 By Martin Hutchinson

Its military success in Georgia may cause near abroad states to pay greater political and economic mind, and become less welcoming to Western business and investment. Only Ukraine as long as its proWestern government lasts and the Baltic states may be exceptions.

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Russian president Dmitri Medvedev declared a ceasefire in Georgia August 11, after Russia had taken control of the rebel provinces of Abkhazia and South Ossetia.

Ukrainian president Viktor Yuschenko visited Tbilisi August 12, accompanied by the presidents of Poland, Estonia and Latvia. Ukraine's foreign minister Volodymyr Ohryzko arrived in Tbilisi August 10. Ukraine has questioned the use of Russia's Black Sea fleet, stationed in Ukraine, for military operations in Georgia.

Vimpelcom paid $562m July 11 to increase its stake in Kazakhstan's second largest cellphone company from 50% to 75%, buying out a US private equity investor. Severstal bought 100% of the Balazkhal gold field, with probable reserves of 3040 metric tons, on August 11.

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