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Russia hires Goldman to get rid of graft perceptions

- The Washington Times - Tuesday, February 5, 2013

Russia — hoping to overcome its global reputation as a breeding ground for graft — has hired Goldman Sachs Group Inc. to advise on government communications and investor dealings.

President Vladimir Putin ordered the government in 2012 to boost the country's standing in the World Bank's Doing Business rating to No. 20 by 2018, Bloomberg reported. By October, the country was listed as No. 12 — up eight notches. The nation still rates the worst among major economies for graft, according to an annual Corruption Perceptions Index report from Transparency International.

"We don't know how to communicate with investors," said Deputy Economy Minister Sergei Belyakov, according to Bloomberg.

Goldman has entered a three-year agreement with Russia's Economy Ministry and the Russian Direct Investment Fund, Bloomberg reported.

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