"Mr Putin himself has admitted that Russia's courts are unpredictable and are in urgent of reform. It does not help that Russian state-owned firms have in the past benefited from judgments akin to those that Telenor is complaining about.

"On June 23rd IKEA, a Swedish retail chain, said it was suspending its investment in Russia because of the "unpredictable character of administrative procedures, a euphemism for graft. A symbol of Russia's economic rebound from the 1998 financial crisis has become an emblem of its dire investment climate."

Source: The Economist July 4th 2009 pg.63 Article "Courting Disaster" …