Navalny’s ominous warnings for US investors 

Announcement by Alexei Navalny death Friday’s incident in a remote Arctic prisoner-of-war camp made the prospect of such a situation serious and even foreseeable under President Vladimir Putin’s brutal regime. was a shock.

As those who knew Mr. Navalny have already said movingly: Especially my wife Yulia, He was a powerful force for democracy and human rights, and he struck fear into the heart of the Kremlin.

As a man willing to sacrifice personal comfort and security for his ideals, Mr. Navalny has criticized Putin and his inner circle for their vile self-enrichment and their barbaric crackdowns to suppress a modicum of power. It had moral authority in contrast to the unchecked use of Implied political opposition. Until the end, Mr. Navalny rebelled against the regime with courage worthy of the greatest figure in the history of the struggle for freedom, justice and human dignity.

I had the privilege of hosting Alexei Navalny twice when I was chairman of the US-Russian Business Council (USRBC). The first was a forum focused on the rule of law held in Philadelphia in 2009. At the time, Navalny led an organization dedicated to protecting shareholder rights in Russia’s murky securities regulatory system. Although he was still relatively unknown outside Russia, his eloquence and clarity of vision were evident to American business audiences.

The gist of Navalny’s remarks was that minority shareholders in listed state-owned companies should use their voting rights and shareholder meetings to force transparency and accountability from those companies. Russian gas monopoly Gazprom was right under his nose..

It was clear to me that he was a man who would get under the skin of the Kremlin and make history in the process.

The second time I met Mr. Navalny was at the USRBC annual meeting in Chicago in 2011. Russia’s keynote speaker was then Deputy Prime Minister Igor Shuvalov, and I invited Mr. Navalny so that members could hear constructive dissent. By then, Mr. Navalny had rapidly risen to become the leading figure in “.non-systemic” Political opposition.

Mr. Navalny’s remarks emphasized the role that private business and foreign investment can play in countering the crony capitalism that has taken over much of Russia’s industrial dominance. Shuvalov’s haunting remarks were followed by a question-and-answer session in which Navalny asked tough questions about corruption and the government’s economic incompetence. It was a typical demonstration of Navalny’s sharp questioning and oratory skills.

Navalny’s vision for Russia’s economic transformation is embodied in his campaign 2018 Presidential Election Campaign Platform. Mr. Navalny’s actions included measures that foreign investors, international financial institutions and economic analysts have long advocated. These include monopolizing the economy, privatizing state-owned enterprises, reducing the tax burden on small and medium-sized enterprises, reducing the size and power of the federal bureaucracy, opening up the banking sector to competition to lower borrowing costs, and local governments. This includes tax revenue distribution. Strengthening government at the federal level and increasing government spending on infrastructure, education, and health care.

However, Navalny’s candidacy was officially canceled for the following reasons: false conviction Charges of financial misconduct deprived Russian voters of a chance to test Mr. Navalny’s ambitious plans.

The fight against corruption was key to Navalny’s rise as a politician and his political status. Video highlighting the sexuality of President Putin and his inner circle He burst onto the world stage as President Putin’s biggest political opponent. This message resonates with many people in Russia and others like Bill Browder, who discovered how Russian financial regulators, criminal prosecutors, and the judicial system work together to protect rogue insiders. The project resonated with foreign investors in the department. difficult road.

Navalny’s 2018 campaign promise also called for the establishment of an independent judiciary, which he said would “protect private property from illegal takeovers and the tyranny of state institutions.”

One last thing board The content of this platform is particularly relevant to another topic dominating today’s headlines: the Russia-Ukraine war.

“We will make peace with the civilized world, stop the invasion of Ukraine, and thereby achieve the lifting of sanctions that prevent our entrepreneurs from trading and profiting from the outside world.” […] Loans in the world’s financial markets. ”

Throughout his time in prison, Navalny continued to demand an end to Putin’s war against his neighbor, no doubt further angering the Kremlin.

Despite Putin’s efforts to discredit him, Mr. Navalny’s greatest legacy may be that he shined a bright light on the dark side of Putin’s regime.

Edward S. Verona is a former U.S. diplomat, business executive, and former president and CEO of the U.S.-Russia Business Council (2008-2013). He is currently in Kiev, Ukraine.