Letter: Hope for Russia

Sir: The latest wash of financial speculation which has driven down the Russian stock market and overwhelmed the rouble has also given rise to a flood of stories about the state of Russia and the despair of its citizens.

What is neglected is the real transformation of the economy, from a fictional construct of political theorising to one which is vigorous and fast growing. How is it that these changes, which are so startlingly visible, are not noticed or referred to?

Perhaps public appreciation of the true circumstances in Russia would be transformed if future changes in tax regulations brought the "grey" economy, which is where activity and growth are focused, into the compass of official statistics.

Having established my company in Russia in 1992, I have found educated Russians to combine intellect and skill with an extraordinary capacity for hard work. With this kind of capital, and the many natural advantages of the country, the long-term prognosis for Russia should be one of great optimism.

NICK MARIS

Maris Multimedia

London E1