In August of 2012, Russia joined the World Trade Organization as its 156th member. In December 2012, U.S. President Barack Obama terminated the application of the discriminatory Jackson-Vanik amendment to Russia and extended the PNTR status (permanent normal trading relations) to Russia. In the same month, the United States and Russia submitted documents to the World Trade Organization providing for the mutual application of the WTO Agreement to govern the trading relations of the two countries.

The Chairman of the Federation Council’s International Affairs Committee Mikhail Margelov from Russia and his American colleague Bill Bradley discussed the future of inter-parliamentary relations between the two countries.

Igor Sechin, the president of the Russian oil company Rosneft, announced that the oilfields belonging to the company have the potential of providing output for the next 100 years.

Russia’s gas giant Gazprom began the construction of its grand Black Sea pipeline South Stream. Construction was launched in Bulgaria.

Food processing company Nestle, which positions itself as a health and wellness products manufacturer, plans to invest roughly USD80 million into building a new Maggi factory in Russia.

Within the first eight months of 2013, the Russian car market noticeably contracted. In particular, the sales of heavy trucks decreased 6.8 percent.

Fesco, which is a global transportation company, has launched its container cargo transportation service linking the U.S. with St. Petersburg.