Montenegro becomes Russia's window of opportunity

BUDVA, Montenegro: The global financial crisis has buffeted the balance sheets of Russia's legion of billionaires. But suitcases of cash, and a flotilla of Russian-owned luxury yachts, keep arriving in this idyllic town on the Adriatic, helping to earn Montenegro the nickname Moscow-on-the-Sea.

Among the biggest investors is the Russian developer Vyentseslav Leibman, a young millionaire who is pressing ahead with investments of €240 million, or $313 million, including plans for a 27-floor modernist hotel, luxury seaside villas, docks for the pleasure boats of the Russian super-rich and a water park for their children. Read more...

By Dan Bilefsky
Published: October 31, 2008
International Herald Tribune