In Russia, getting arrested isn’t personal. It’s just business.

Late last month, Russia’s largest private equity firm took the extremely unusual step of publishing an open letter to President Vladimir Putin. The case has triggered international shock waves, with many suspecting Mr. Calvey’s arrest and ongoing detention are somehow connected to the escalating geopolitical acrimony between the US and Russia. Rather, he has become a victim of Russia’s vicious business environment – a reality that Putin has described and railed against repeatedly, most recently a few weeks ago in his State of the Nation address.

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