Can Russia's ambitious fiscal reforms help stem the slide in C.I.S. oil and gas production? Taking a big step towards opening doors to foreign investment, Moscow will allow the ruble to be converted freely into foreign currencies this summer. Starting July 1 the ruble can be traded on international currency markets, and full convertibility will be achieved by August. Currently the ruble cannot be taken out of Russia legally, discouraging foreign companies from doing business there.

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