High level of corruption Complexity of tax system Lack of regulatory transparency Government bureaucracy Weak contract legislation Insufficient business ethics Deals are often made on the basis of trust Lots of Russian business registered in foreign countries (offshoring) To get to the Russian market it is important to establish good relations with local authorities Low competitiveness of the local businesses Weak development of regions, all activities concentrated in the country capital Dependence on the global energy landscape State interventionism Weak institutions and corruption Demographics, infrastructure, education and health Low degree of diversification