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...push up unemployment levels in one of the regions already hardest hit by the economic crisis. In Russia, an estimated 400,000 people will be put out of work, and in Ukraine, "overnight, 200,000 workers have been left without a job," says Hryhoriy Trypulsky, vice president of the Ukrainian Association of Gambling Operators. "The legislation has been rushed through without any thought of the consequences...

Author: /time Magazine | Title: All Bets Are Off: Russia and Ukraine Ban Gambling | 7/2/2009 | See Source »

...Russia had been planning its ban for some time, with parliament passing legislation in 2006 that would restrict gambling to four remote areas as of July 1 this year. But Ukrainian lawmakers were slower off the mark and only sprang into action in May, after nine people were killed in a fire at a slot-machine hall in Dnipropetrovsk in eastern Ukraine. After the fire brought national attention to an industry that was already widely frowned upon, lawmakers pounced. The legislation they passed places a temporary ban on gambling while plans are drawn up to restrict gambling to special zones...

Author: /time Magazine | Title: All Bets Are Off: Russia and Ukraine Ban Gambling | 7/2/2009 | See Source »

...Supporters of Ukraine's new law have little sympathy for the crippling effect it will have on the industry. "Gambling has become an epidemic that can be compared with AIDS and tuberculosis," says the law's author, Valeriy Pysarenko, a parliamentary deputy from Ukrainian Prime Minister Yulia Tymoshenko's party. "It is destroying the Ukrainian nation on a moral level." Gambling has boomed across Russia and Ukraine since the collapse of the Soviet Union in 1991; before the ban, Ukraine boasted more than 100,000 legal gambling establishments, ranging from flashy casinos to dingy slot-machine halls. (See a video...

Author: /time Magazine | Title: All Bets Are Off: Russia and Ukraine Ban Gambling | 7/2/2009 | See Source »

...start. But this calm was not to last.On September 15, 2008, Lehman Brothers filed for Chapter 11 bankruptcy protection. This sudden collapse marked the start of a financial chain reaction that reached across the oceans, bringing down parliamentary governments in Iceland and Latvia, and forcing the Hungarian and Ukrainian governments to appear hat-in-hand before the International Monetary Fund. We also watched—with some concern—as growth forecasts in several important emerging markets, like China, dipped for the first time in decades. We encouraged American and European policymakers to take aggressive action to forestall...

Author: By The Crimson Staff | Title: Challenges and Opportunities | 6/2/2009 | See Source »

...Kremlin certainly has plenty of levers to pull in Ukraine to make its views felt, with its control over gas supplies, alongside the popularity of Russian state-controlled TV in the east and south of the country, where pro-Russian sentiment is strongest. "In certain sections of the Ukrainian political and business élite, there are links with Russia stretching back to Soviet times," says Paliy from the Institute of Foreign Policy. "There are also a large number of Russian-sponsored think tanks in Ukraine, which function freely and push the Kremlin's views...

Author: /time Magazine | Title: Putin to the West: Hands off Ukraine | 5/25/2009 | See Source »

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