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Russia judicial process posing problems for foreign investment: Exxon CEO

[JURIST] The CEO of Exxon Mobil [corporate website], Rex Tillerson [corporate profile], said Saturday that Russia needs to make changes to its judicial system in order to attract foreign investment. Speaking at the St. Petersburg International Economic Forum (SPIEF) [official website], he said: "[Russia] must improve the functioning of its judicial system. There is no confidence in the rule of law in Russia today." Exxon operates large Esso and Mobil [corporate websites, in Russian] affiliates in the country. Reuters has more.

New Russian President Dmitry Medvedev [official profile] has made judicial reform a priority of his administration. In a speech in May he promised to take steps to tackle corruption and intimidation [JURIST report] in the Russian judicial system, calling for reforms to better train and support judges and to preserve the rule of law.

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