Russia’s accession to the WTO is back in the news and, not for the first time in the past decade, it seems that membership talks might now be concluded at some point within the next twelve months. We have, of course, been here before. But even so the key point is that, unlike other large emerging markets, the major benefit of WTO membership for Russia – if and when it does materialise – will come via the potential for increased foreign investment rather than the usual gains from trade. Accordingly, the full benefits of WTO membership will only be realised if accession acts as a spur for much-needed reforms to the business environment.