189 Business risks in Russia 4.4 CarlO GallO aND TaNya COsTEllO, CONTrOl rIsKs Russia's resource wealth, geographic location and growing educated middle class make it too big ­ and too attractive ­ for some investors to ignore. Furthermore, political stability in recent years, coupled with more consistent policy making and solid economic growth have provided some comfort for those wary of a return to the political and economic tumult that characterized the 1990s. However, the reality of doing business in Russia continues to be complex and challenging. Even the most experienced and sophisticated emerging markets investors can trip up in an uneven investment playing field, where opacity, excessive bureaucracy and often capricious regulation are regular complaints. These obstacles are likely to partly account for