Russia's security markets still lack a stable legal and institutional framework. The state is trying to sort out the mess, but its regulatory approach leaves much to be desired You have reached a premium content area of TOL. To read this entire article please login if you are already a TOL subscriber. Not a subscriber? Annual membership costs only $55 per year for individuals ($33 for students) and organizational subscriptions start at $141 per year. Subscribe today for access to: Full access to the website, including premium articles videos, country reports and searchable archives (containing over 25,000 articles). You can subscribe here to gain access to the entire website.