World
Meet Mikhail Mishustin, Russia’s Prime Minister
By Kester Kenn Klomegah
Plucked from obscurity and little known in wide national political scene, the Head of the Federal Tax Service, Mikhail Mishustin, to become the new Prime Minister was a complete surprise, but not the first time in Russia’s politics.
President Vladimir Putin was pulled up to the top political field, in a similar way, by Boris Yeltsin. In August 1999, Putin was appointed one of three First Deputy Prime Ministers, and later on, was appointed acting Prime Minister of the Government of the Russian Federation by Yeltsin.
Yeltsin announced that he wanted to see Putin as his successor. Readily, Putin agreed to run for the presidency and later approved by State Duma with 233 votes in favour (vs. 84 against, 17 abstained), while a simple majority of 226 was required, making him Russia’s fifth PM in fewer than eighteen months.
On his appointment, few expected Putin, virtually unknown to the general public, to last any longer than his predecessors. He was initially regarded as a Yeltsin loyalist, like other prime ministers of Boris Yeltsin, Putin did not choose ministers himself, his cabinet was determined by the presidential administration.
Now, with a new chapter opening, Mikhail Mishustin eventually replaces Dmitry Medvedev who served as Prime Minister until mid-January 2020. Putin and Medvedev worked together and even switched positions between President and Prime Minister. This switch was termed by many in the media as “Rokirovka”, the Russian term for the chess move “casting” and later Medvedev said he himself would be ready to perform “practical work in the government” with under Putin.
On January 15, in his address to the Federal Assembly, Putin explicitly explained: “Our society is clearly calling for change. People want development, where they live and work, that is, in cities, districts, villages and all across the nation. The pace of change must be expedited every year and produce tangible results in attaining worthy living standards that would be clearly perceived by the people. And, I repeat, they must be actively involved in this process.”
Meeting with the Cabinet thereafter, Putin said: “For my part, I also want to thank you for everything that has been done so far in our joint work. I am satisfied with the results of your work. Of course, not everything was accomplished, but things never work out in full.” He thanked the government and added that Medvedev served as President and for almost eight years now he has been the Prime Minister, which is probably the longest stint in this post in Russia’s recent history.
Further, Putin held a separate working meeting with Head of the Federal Taxation Service Mikhail Mishustin and proposed him to take the post of Prime Minister. Having received his consent, the President submitted the candidacy of Mikhail Mishustin for consideration to the State Duma.
On January 16, the State Duma (lower house) endorsed Mishustin, as the new Prime Minister of the Russian Federation. As many as 383 lawmakers supported Putin’s choice, none were against, and 41 parliamentarians abstained. “Colleagues, the decision has been taken. We have given consent to the appointment of Mishustin Mikhail Vladimirovich as Prime Minister by the president of the Russian Federation,” Duma Speaker Vyacheslav Volodin said, summing up the results of the vote.
President Vladimir Putin has signed a decree appointing Mikhail Mishustin as the country’s Prime Minister. “In accordance with Article 83(a) of the Russian Constitution, Mikhail Vladimirovich Mishustin is appointed as Russia’s Prime Minister,” says the decree published on the Kremlin’s website. The decree comes into force on the day of its signing.
Mikhail Mishustin was born on March 3, 1966 in Moscow to a father of Russian-Jewish origin and a mother of Russian origin. He completed postgraduate studies in 1992. He is married and has three sons. His interest is in sport, playing ice hockey. He is a member of the supervisory board of HC CSKA Moscow.
In 2003, he defended a thesis, headlined “Mechanism of state fiscal management in Russia” and received a PhD in economics. In 2010, he received a doctoral degree in economics at the Academy of National Economy under the Government of the Russian Federation (currently Russian Presidential Academy of National Economy and Public Administration).
Since graduation, he has worked in several enterprises. In February 2009, he joined the personnel reserve of the President of Russia. In 2010, Mikhail Mishustin was appointed as the Head of the Federal Tax Service (FTS). From 2011-2018, he was a member of the Presidential Council for Financial Market Development.
During this period, the tax service was criticized for its overly strict approach to business, and Mishustin rejected this accusation, citing a significant reduction in the number of inspections. So, with the arrival of Mishustin in 2010, the Federal tax service changed its approach to the organization of control events, focusing on analytical work.
As a result, the number of on-site tax audits has sharply decreased, while their efficiency has increased. If earlier every tenth taxpayer was checked, in 2018, the tax authorities checked only one small business company out of 4,000. The number of inspections of large and medium-sized businesses has also decreased significantly.
“This candidacy comes absolutely unexpectedly, but that does not mean he is a figure who brings about repulsion. Perhaps even the contrary. Not all fiscal heads are likeable and agreeable. In my view, Mishustin is largely seen by the public as agreeable,” Federation Council Deputy Speaker Ilyas Umakhanov told Interfax News Agency.
“This is yet more proof that our president relies on professionals at this difficult, critical moment when the country needs a qualitative leap, primarily in the economic sphere. This is down to new technology, digitalization; this is precisely where Mishustin made a mark as the Russian tax chief. He has huge experience under his belt, which has been embedded into the system,” added Umakhanov.
First Deputy Head of the Federation Council Committee for the Budget and Financial Markets Sergei Ryabukhin, for his part, described Mishustin as a very successful public administrator. “A top professional, a very big statesman and individual who has achieved great successes within the system of public administration in the tax and financial sphere. I think his is a good candidacy,” according to Ryabukhin.
According to experts, the surprise shake-up could have been triggered by launching a reset of the Russian political system and the upcoming power shift. Political Analyst Konstantin Kalachev believes that Putin’s decision to pick Mishustin as the new premier is related to his political neutrality, and he is also known in the business and corporate community. However, the new head of the government is unlikely to become Putin’s successor.
All officials interviewed by Vedomosti have described the choice as a surprise but a good one. Taxation is the only sector that has demonstrated a breakthrough in Russia’s state administration. The Russian Tax Service is one of the best in the world in terms of collecting taxes and developing technologies, an official linked to the financial system said. Mishustin is well-known in the government as a good administrator and his service was a lifesaver during the crisis, according to several media reports.
Mishustin is tasked with fulfilling Putin’s economic program, namely the National Projects to the tune of 26 trillion rubles ($424 billion) up to 2024. The program’s slow implementation and weak economic growth were among the reasons Medvedev’s government came under fire, the paper says. Mishustin’s major achievement is turning the tax-collecting agency into a service tool, said Partner at Taxology Alexei Artyukh.
He reformed the administration of major taxpayers and businesses can coordinate deals in advance in exchange for the Federal Tax Service’s access to companies’ accounting systems. If these approaches are extended to other services, this would result in huge progress, Alexei Artyukh said.
Kommersant, a local Russian newspaper, reported that Russia would remain as a strong presidential republic, and all the upcoming changes are linked to the the upcoming presidential election in 2024. Unreservedly, Mishustin stated during a plenary session of the State Duma that Russia has sufficient funds to achieve all goals set by President Vladimir Putin. Implementation of all the social obligations the president enumerated in his State of the Nation Address would require $64.8 billion.
Russia, with the largest territory in the world, has a wide natural resource base, including major deposits of timber, petroleum, natural gas, coal, ores and other mineral resources that can be used to support the expected economic development and raise the overall living standards of the population.
By Adedapo Adesanya
Social media platform, TikTok’s Chinese owner ByteDance has signed binding agreements with United States and global investors to operate its business in America.
Half of the joint venture will be owned by a group of investors, including Oracle, Silver Lake and the Emirati investment firm MGX, according to a memo sent by chief executive, Mr Shou Zi Chew.
The deal, which is set to close on January 22, 2026 would end years of efforts by the US government to force ByteDance to sell its US operations over national security concerns.
It is in line with a deal unveiled in September, when US President Donald Trump delayed the enforcement of a law that would ban the app unless it was sold.
In the memo, TikTok said the deal will enable “over 170 million Americans to continue discovering a world of endless possibilities as part of a vital global community”.
Under the agreement, ByteDance will retain 19.9 per cent of the business, while Oracle, Silver Lake and Abu Dhabi-based MGX will hold 15 per cent each.
Another 30.1 per cent will be held by affiliates of existing ByteDance investors, according to the memo.
The White House previously said that Oracle, which was co-founded by President Trump’s supporter Larry Ellison, will license TikTok’s recommendation algorithm as part of the deal.
The deal comes after a series of delays.
Business Post reported in April 2024 that the administration of President Joe Biden passed a law to ban the app over national security concerns, unless it was sold.
The law was set to go into effect on January 20, 2025 but was pushed back multiple times by President Trump, while his administration worked out a deal to transfer ownership.
President Trump said in September that he had spoken on the phone to China’s President Xi Jinping, who he said had given the deal the go ahead.
The platform’s future remained unclear after the leaders met face to face in October.
The app’s fate was clouded by ongoing tensions between the two nations on trade and other matters.
By Kestér Kenn Klomegâh
Despite the complexities posed by Russia-Ukraine crisis, United States has been taking conscious steps to improve commercial relations with Russia. Unsurprisingly, Russia, on the other hand, is also moving to restore and normalise its diplomacy, negotiating for direct connections of air-routes and passionate permission to return its diplomats back to Washington and New York.
In the latest developments, Kirill Dmitriev, Chief Executive Officer of the Russian Direct Investment Fund (RDIF), has been appointed as Russian President’s Special Envoy to United States. This marked an important milestone towards raising bilateral investment and economic cooperation. Russian President Vladimir Putin tasked him to exclusively promote business dialogue between the two countries, and further to negotiate for the return of U.S. business enterprises. According to authentic reports, United States businesses lost $300+ bn during this Russia-Ukraine crisis, while Russia’s estimated 1,500 diplomats were asked to return to Moscow.
Strategically in late November 2025, the American Chamber of Commerce in Russia (AmCham) has awarded Kirill Dmitriev, praised him for calculated efforts in promoting positive dialogue between the United States and Russia within the framework decreed by President Vladimir Putin. Chief Executive Officer of Russian Direct Investment Fund (RDIF) Kirill Dmitriev is the Special Representative of the Russian President for Economic Cooperation with Foreign Countries. Since his appointment, his primary focus has been on United States.
“Received an American Chamber of Commerce award ‘For leadership in fostering the US-Russia dialogue,’” Dmitriev wrote on his X page, in late November, 2025. According to Dmitriev, more than 150 US companies are currently operating in Russia, with more than 70% of them being present on the Russian market for over 25 years.
In addition, Chamber President Sergey Katyrin and American Chamber of Commerce in Russia (AmCham) President Robert Agee have also been discussing alternatives pathways to raise bilateral business cooperation. Both have held series of meetings throughout this year, indicating the the importance of sustaining relations as previously. Expectedly, the Roscongress Foundation has been offered its platforms during St. Petersburg International Economic (SPIEF) for the American Chamber of Commerce (AmCham).
On December 9, Sergey Katyrin and Robert Agee noted that, despite existing problems and non-economic obstacles, the business communities of Russia and the United States proceed from the necessity of maintaining professional dialogue. Despite the worsening geopolitical conditions, Sergey Katyrin and Robert Agee noted the importance of preserving stable channels of trade and pragmatic prospects for economic cooperation. These will further serve as a stabilizing factor and an instrument for building mutual trust at the level of business circles, industry associations, and the expert community.
The American Chamber of Commerce (AmCham) will be working in the system of the Chamber of Commerce and Industry (CCI) in the Russian Federation, which currently comprises 57,000 legal entities, 130 regional chambers and a combined network of representative offices covering more than 350 points of presence.
According to reports obtained by this article author from the AmCham, promising sectors for Russian-American economic cooperation include healthcare and the medical industry, civil aviation, communications/telecom, natural resource extraction, and energy/energy equipment. The United States and Russia have, more or less, agreed to continue coordinating their work to facilitate the formation of a more favorable environment for Russian and American businesses, reduce risks, and strengthen business ties. Following the American-Russian Dialogue, a joint statement and working documents were adopted.
By Kestér Kenn Klomegâh
The Executive President of the Indian Business Alliance (IBA), Sammy Manoj Kotwani, discusses the landmark moment in deepening Russian-Indian collaboration. Kotwani explains the groundbreaking insights into President Vladimir Putin’s working visit to India, the emerging opportunities and pathways for future cooperation, especially for the two-sided economic collaboration. Follow Sammy Manoj Kotwani’s discussions here:
Interpretation of the latest development in Russian-Indian relations
From my viewpoint in Moscow, this visit has effectively opened a new operational chapter in what has always been described as a “Special and Privileged Strategic Partnership.” It did not just reaffirm political goodwill; it translated that goodwill into a structured economic roadmap through Programme 2030, a clear target to take bilateral trade to around USD 100 billion by 2030, and concrete sectoral priorities: energy, nuclear cooperation, critical minerals, manufacturing, connectivity, fertilizers, and labour mobility.
On the ground, the business community reads this summit as a strong signal that India and Russia are doubling down on strategic autonomy in a multipolar world order. Both sides are trying to de-risk their supply chains and payment systems from over-dependence on any single centre of power. This is visible in the focus on national currencies, alternative payment mechanisms, and efforts to stabilise Rupee–Ruble trade, alongside discussions on a Free Trade Agreement with the Eurasian Economic Union and the reinforcement of corridors like the INSTC and the Chennai–Vladivostok route.
In short, my interpretation is that this summit has moved the relationship from “politically excellent but structurally imbalanced” towards a more diversified, long-term economic framework in which companies are expected to co-produce, co-innovate, and invest, not just trade opportunistically.
Significance of the visit for Indian business in Russia and for the Indian Business Alliance (IBA)
For Indian business operating in the Russian Federation, the visit has three immediate effects: confidence, clarity, and continuity. Confidence, because Indian entrepreneurs now see that despite external pressure, New Delhi and Moscow have explicitly committed to deepening economic engagement—especially in energy, fertilizers, defence co-production, nuclear, and critical minerals—rather than quietly scaling it back.
Clarity, because the summit outcomes spell out where the real opportunities lie:
Energy & Petrochemicals: Long-term crude and LNG supply, but also downstream opportunities in refining, petrochemicals, and logistics, where Indian EPC and service companies can participate.
Pharmaceuticals & Medical Devices: Russia’s import substitution drive makes high-quality Indian generics, formulations, and even localized manufacturing extremely relevant.
IT, Digital & AI: There is growing appetite in Russia for Indian IT services, cybersecurity, and digital solutions that are not dependent on Western tech stacks.
Fertilizers, Agro & Food Processing: New joint ventures in fertilizers and agriculture supply chains were explicitly flagged during and around the summit, which is important for both food security and farm incomes.
Continuity, because the Programme 2030 framework and the expected EAEU FTA give businesses a medium-term policy horizon. Tariff reductions, improved market access and predictable regulation are precisely what Indian SMEs and mid-sized companies need to justify long-term investments in Russia.
For the Indian Business Alliance (IBA), this inevitably means more work and more responsibility. We already see increased incoming requests from Indian firms—from large listed companies to first-time exporters—asking very practical questions: Which Russian region should we enter? How do we navigate compliance under the sanctions environment? Which banks are still handling Rupee–Ruble or third-currency settlements? How can we structure joint ventures to align with Russia’s import substitution goals while protecting IP and governance standards?
IBA’s role, therefore, becomes that of economic diplomacy in action: translating high-level summit language into actual B2B meetings, sectoral delegations, regional partnerships, and deal-making platforms such as the India–Russia Business Dialogue in Moscow. This visit will undoubtedly stimulate and intensify IBA’s work as a bridge between the two ecosystems.
India’s current economic presence in the Russian Federation
If we look beyond the headline trade figures, India’s economic presence in Russia today is significant, but not yet commensurate with its potential. Bilateral trade has grown sharply since 2022, largely on the back of discounted Russian oil and coal, making India one of Russia’s top energy customers. However, the structure is still heavily skewed: Russian exports to India dominate, while Indian exports and investments in Russia remain relatively modest and under-diversified.
On the ground in Moscow and across the regions, we see several strong Indian footholds:
Pharmaceuticals: Indian pharma is well-established, respected for its affordability and quality, and poised to deepen localization in line with Russian import substitution policy.
Tea, Coffee, Spices & Food: Traditional segments with deep historical roots, now expanding into ready-to-eat, wellness, and ethnic food categories.
IT & Services: Still under-represented, but with growing interest as Russian entities look for non-Western software, integration, and outsourcing partners.
Diamonds, Textiles, Apparel, and Light Engineering: Present but fragmented, with enormous room to scale, especially if logistics and payment challenges are addressed.
Where India is still behind is on-the-ground investment and manufacturing presence compared to countries like China. Russian policymakers today are clearly favouring investors who help them achieve technological sovereignty and local value addition. For serious Indian companies willing to commit capital, adapt to Russian standards, and accept the complexities of the current environment, this is a period of unusual opportunity. For purely transactional players looking for quick arbitrage, it is becoming progressively harder.
So, I would characterise India’s economic presence as: strategically important, quickly growing in value, but still under-leveraged in terms of depth, diversification, and localization.
Geopolitical pressure from Washington and future predictions
Pressure from Washington—through sanctions, secondary sanctions risk, financial restrictions, and now even tariff measures linked to India’s energy purchases from Russia—is undoubtedly a real and continuing challenge. It affects everything from shipping insurance and dollar transactions to technology transfers and the risk appetite of global banks. In practical terms, it can complicate even a simple India–Russia trade deal if it touches a sanctioned bank, vessel, or technology.
However, my own assessment, based on 35 years of living and working in Russia, is that this pressure will not fundamentally derail India–Russia friendship, but it will reshape how the relationship functions. India’s foreign policy is anchored in strategic autonomy; it seeks strong ties with the United States and Europe, but not at the cost of abandoning a time-tested partner like Russia. Russia, for its part, sees India as a crucial Asian pole in an emerging multipolar world order and as a long-term market, technology partner, and political counterpart in forums like BRICS, SCO, and the G20.
Looking ahead, I see a few clear trends:
Normalization of alternative payment and logistics systems
We will see more institutionalised use of national currencies, alternative messaging systems, regional banks outside the direct sanctions line, and maybe even digital currencies for specific corridors. Rupee–Ruble trade mechanisms that are today seen as “workarounds” will gradually become part of the normal infrastructure of bilateral commerce.
Shift from pure trade to co-production and joint innovation
To reduce vulnerability to sanctions, both sides will push for manufacturing in India and Russia rather than simple exports: defence co-development, localized pharma and medical devices, high-tech and AI collaborations, and joint ventures in critical minerals and clean energy.
Greater role for regions and business associations
Regional governments in Russia (Far East, Arctic regions, industrial hubs) and Indian states will increasingly drive project-level cooperation, supported by platforms like IBA. This “bottom-up” economic diplomacy will make the relationship more resilient than if it relied only on central governments.
Managed balancing by India
India will continue to deepen technology and investment ties with the West while maintaining energy, defence and strategic cooperation with Russia. The challenge will be to manage U.S. and EU expectations without compromising its core national interests. My prediction is that India will stay firm on this course of balanced engagement, even if it means occasional friction with Washington.
In essence, external pressure may complicate the methods of Indo-Russian cooperation, but it is unlikely to overturn the foundations of trust, mutual interest, and long-term complementarity that have been built over decades.
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