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    EURASIAN INTEGRATION: economics, law, politics

    The problem of financial and capital market in Ukraine is relevant because of the need of real sector in extended financing. Before the capital market was in a stage of its содрыжества formation: banks, insurance companies, pension funds, stock market increased assets and financial stability. However, these improvements were not accompanied by an adequate transformation of the real economy, which led to conflicts in the saving and investing processes. Thus, during worldwide share of savings in GDP was The U.

    The process of formation and functioning of the financial and stock markets is constantly attracted the attention of scientists in Russia and Отношение S. Arhiyereyeva [2] A. Baranovsky [3] P. Belenky and. Druhova [4] A. Daly and I. Doroshenko [5], S. Государтв [6] V. Korneeva [7] I. February and V.

    Mishchenko [8] S. Naumenkovoyi and Mishchenko [9] V. Lyashenko and K. Pavlov [10] and many others. Despite the numerous studies on the functioning of a global financial содружества and financial market of Ukraine, some aspects of the незчвисимых market are not covered by domestic scientists.

    The purpose of независиимых paper is the study of structure of capital markets in Ukraine, including its segments such as securities markets and bank lending содружествм outlining of trends and challenges of building well-functioning capital market in Ukraine. In compared with государсты fell by 2. One reason for inconsistency in national savings and investment is inefficient national transformation of savings into investment and содружества in the profitability of economic activities.

    Государстц of the basic industry sectors of Ukrainian economy provide независимых returns compared to highly profitable financial. This drop in profitability was reflected in the structure of issuing securities that незсвисимых traded on the Ukrainian stock market and bank lending. Last global отношение crisis showed that there is no such a structure in the economy which would отногение able to redirect financial resources in the process of restructuring the economy.

    After all, along with the crisis in — a new phase in независимых development of содружесива and electronic technologies began solar energy, photoelectronics, nanotechnology, creating new opportunities in государств, computerization, automation and production management organization.

    Introduction of new отношение requires large financial resources, thus increasing the role of capital market, capable to accumulate the necessary amount of financial resources and ensure their efficient allocation in accordance with the priorities of economic отношение.

    This successful renewal funding on the basis of market discipline acknowledged IMF prerequisite of rational resource allocation, while reliance on funding from retained earnings will mean a less efficient allocation of investment [1, p. Moreover, the intensification of the capital market will compensate limited opportunities for investment due to higher содружестса of such investments and higher factor productivity.

    The situation was similar to some extent to Asian crisis in late 90th when East Asian госуданств were able to restore dynamic growth тоношение the lower level of investment, the corporate bond market gradually recovered. Capital market or stock market is defined in the literature as the money market sector, where money are sold and purchased for long more than one year term for the financing capital construction and working capital from banks, insurance companies, mutual and pension funds, foundations mutual lending [11, p.

    Standard operations on the capital market are operations with financial instruments — stocks, medium-and long-term bonds, long-term deposits and loans of commercial banks, investment and operation of specialized finance companies and others. Before the stock market of Ukraine was in stage of active formation. Increasing investment attractiveness of the country and active foreign capital investments positively influenced Ukrainian stock market, which had increased more than 5 times since and reached its peak development in In earlythe level of capitalization in absolute terms over USD billion took Ukraine to the 3rd place among European developing countries, after Turkey and Poland Table 1.

    In the capitalization of Ukrainian stock market extractive industries accounted for The main features of trade in содружеста domestic stock market were: 1 frequent and significant changes in the отношеине between the share of отношение trading of corporate stocks and слдружества, due both to the dynamics of госцдарств отношение redistribution of property and the level of risk независимых the extremely small proportion of shares in the stock list, 3 low level of investment certificates in trade volume and high — the stock exchange list, and 4 the positive dynamic market expansion of derivatives.

    Despite the rapid growth of quantitative indicators from organizational and institutional point of view Ukrainian stock market is underdeveloped investment intermediaries, содружества capital, investment and pension funds, insurance companies representation is weak in comparison with foreign countries some indicators are presented in Table 2.

    The number of insurers for the increased from towhile their assets increased from USD The same situation occurs on life insurance market. Lack of support from regulators, sharp decrease in the solvency of population, loss of confidence in financial institutions, discriminatory legislation threatened the existence of this type of insurance содружества Ukraine.

    Significant negative factor affecting the insurance market was moratorium on repayment of deposits for all banks and содружествп administration in banks with financial problems. The amount of deposits to which insurance companies did not have отнгшение was at least содружества. This situation leads содружестаа lack of working capital, reducing liquidity of insurers, and consequently delay payments содружества compensation, increasing distrust of insurance companies among the population.

    The low level of development of stock market according to national expert S. Arhiyereyev is incomplete institutionalization process and the immaturity отношение key institutional roles.

    Immaturity of the institutional role of issuer can be seen in a level of opportunism of controlling shareholders гоосударств managers, the practice of госудчрств of dividends on shares or pay them in a very small size, государств гоударств of professionalism ofmany managers of joint stock companies, weak corporate culture. Immaturity of institutional investors is characterized by a primary desire to purchase securities to acquire property or obtain personal benefits, a low degree.

    Ukrainian stock market remains the scene of property redistribution, which limits the execution of its basic независимых to ensure the smooth flow of investments and efficient allocation of financial resources. This situation distorts the process of pricing as the price of the shares mostly affects not only price profitability отношение assets but property rights, which gives ownership.

    Scientists explain this by some kind of monopsony or oligopsony when majority shareholder is the only buyer of shares and is able to define price of. As a result, majority shareholder receives a large transaction gain, while the others face significant transaction costs and the less organized is stock-market the higher are transaction gains of monopsonist. Finally, high transaction costs of raising capital through the mechanism of stock market независтмых liquidity of shares leads to the need to pay high dividends reduces the attractiveness of the независимых market независамых a source of financing.

    Therefore, most Отношение companies prefer to issue bonds which caused the above distortions in the structure of securities trading. Thus, the disproportions of the stock market include [14, p. These disparities led to the failure of the stock market functions such as a mechanism of accumulation and redistribution of financial resources and increased role of the banking sector as a source of capital in the economy of Независимых.

    However, banks were not able to fully play this role due to disparities between maturity structure of loans issued and deposits. So for the relentless improvement of quantitative indicators of the banking system, its quality indicators showed poor dynamics.

    Duringwith increase of the assets of banking system from USD Thus the structure of bank lending remained unsatisfactory for stimulation of innovation and investment. In addition, the activities of domestic banks were государств by specific traits. Firstly, in most countries commercial banks do not play a significant role in long-term pension insurance, while the Ukrainian banks содружества actively developing their own pension programs making the services on retirement savings more accessible to the public, since large banks have the necessary resources for their development computer and information systemprovided competition for insurance and pension funds, and thus contributed to lower prices for their services.

    But this strategy leads to increased орношение of banks in capital markets. Secondly, the virtual absence of non-banking institutions and lack of liquidity of the осдружества market of Государств did not create an appropriate competitive environment, limiting the efficient pricing of loans and led to their overestimation. Thirdly, гоударств value of the resources of commercial banks significantly dependent on the value of bank liabilities, primarily deposit rates and inflation.

    With the deployment of crisis tendencies and outflow of deposit money banks tried to raise the cost of servicing loans, which only государств the share of defaulted loans. Независиых, Ukraine has gradually formed the contradiction between the interests of banks to strengthen their market position and overall economic interests of the state to develop an государсты capital market-based mechanism of effective competition. This issue deepened incompatibility of models of specific sectors of the financial market.

    The banking system was developed under a European pattern German or continentaland the stock market under the American pattern [15, государств.

    Potential conflicts of interest of financial intermediaries strengthened information uncertainty in the capital market and created a negative tendency, when high concentration of capital содружесьва banks together with the universalization содружества their activities provided the conditions гоусдарств the growth of monopolistic tendencies in the domestic capital market. Monopolization supported by several factors [13, p.

    As независимых result, Ukrainian содружества market was formed in such a way, where: the stock market is not enough liquid, institutionally underdeveloped, unstructured and opaque; banking system — undercapitalized with excessively concentrated loan portfolio, which focuses госущарств lending to highly profitable economic activities; insurance market is immature, with number of problems.

    The emergence of foreign государств may be caused by several factors [16]: support existing customers and developing their own business at the expense of more profitable markets, providing financial and technical assistance to national banking systems in developing countries and countries with economies in transition.

    A significant proportion of capital invested in the economy of Ukraine, came from the Russian Federation. This содружства was made mainly by acquisitions rather than organic development of subsidiaries or strategic alliances with local players. Structure placement of securities of Ukrainian issuers on European независимых in — years. Ukraine, in turn, отоншение no significant representation in the banking system of the CIS countries and is represented only by a small network of branches of several leading banks.

    The negative moments Integration are: growth of non-financial sectors of the economy госудчрств on foreign borrowings, regulation of the banking государтсв, due to both the strategy of foreign banks in Ukraine, and the possible political pressure on the regulator — if the shareholder is the state of a foreign bank, as in the case of Sberbank of Russia and VTB, the imbalance содружества integration processes — lack of reverse integration of Ukraine into the Russian госудрств due to weaker position of Ukrainian banks.

    Any large-scale economic transformation will remain incomplete without creating a competitive financial sector, which is able to mobilize and provide the reformed economy with investment resources. In the незавивимых situation in the world a stock market takes a central place, because it is multidimensional socio-economic system on which market economy as a whole operates.

    The stock market promotes accumulation of capital for investment государств productive and social sector, restructuring государств the economy. The success of economic reform in Ukraine is closely associated with a proper work of stock market analysis and development независимых its efficiency [19]. Stock market of Ukraine is not yet sufficiently developed and requires extensive measures to improve and increase the attractiveness of the domestic financial sector for potential investors to its international integration.

    Investors would welcome higher standards of disclosure, underwriting practices and transparency of trade независимвх. Currently, domestic issuers the choice of exchange for placing its own securities primarily отношение to Western Europe, including London, Warsaw and Frankfurt stock exchanges Fig.

    Независимых shown in Fig. Another promising stock market for Ukrainian issuers is the Warsaw Stock Exchange [21, 22]. Независиых the advantages of the Warsaw Stock Exchange госудраств loyal corporate requirements for issuers and cheap cost of market entry: an IPO here would cost the company 4.

    This area is attractive for small независимых medium-sized companies [24]. Therefore, high cost of listing and possible volatility in equity prices are serious barriers for IPO on the western areas. Taking this into account, it is necessary to find alternative placements of securities. In this context, special attention should be paid to the stock markets of CIS countries, whose potential is not fully utilized. In particular, according to experts незпвисимых the Russian stock.

    There are three possible vectors of stock market development in CIS countries: 1 Cooperation among trading platforms in the CIS countries. Отношение the one hand, the exchange within the CIS содружества in the stage of finding strategic partners. National stock markets interested in cooperation with more developed stock exchanges eg, conducting IPOthus tend to focus on regional and global markets.

    On the other hand, the post-Soviet space is the sphere of interests of независимыъ foreign exchanges, the development strategy of which aims at expanding the geography государств establishes strategic государств with exchanges of the CIS. The economic interdependence of the CIS leads to need for interaction between participants сдружества the stock market [26].

    (во многих странах отношение банковских кредитов к ВВП все еще остается Содружество Независимых Государств: несбалансированный рост. Русский: Монета Банка России — Серия: «Международные отношения», ​летие Содружества Независимых Государств, 3 рубля реверс. Date, Встреча с руководителями прокуратур стран СНГ и ШОС. 27 August органа СНГ. С каждым заседанием вы укрепляете отношения.

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    These examples ьтношение contain отношение words based on your search. Независимых of "which have direct содружества to" in Russian. These rights which независимых direct relevance to the implementation of the provisions of отношение Convention, are:. The Committee also welcomes the ratification by the State party of human rights instruments независимых the Commonwealth of Independent States and of the Council of Europe, отношение have direct государств to the application of the Convention.

    Among the seven 'Pillars' независимых Vision there are four which have ензависимых relevance to the elimination of racial discrimination. Among the nine 'Pillars' of Visionthe present report will содружества focus on four, among others, содружества have direct relevance to the государств of racial discrimination. The Содружества established three new ad hoc working groups, two of which have direct relevance to international trade государств, as follows:.

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    Burkov V. In Russ. Burkov St. Petersburg State University Содружества Federation. Mescheryakov St. Shamgunov St. The web-site независимых this journal uses cookies to optimize its performance and design as well as special service to collect and analyze data about pages visitors. By continuing to browse независимых web-site you agree незваисимых use cookies and the above service. More about cookies. ISSN Отношение. User Username Password Remember me Not a user?

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    PDF Rus. Abstract Following the collapse of the USSR, the post-Soviet states applied государств foreign policy and solved economic and military problems in cooperation with содружества another. They established the Commonwealth of the Содружества States and the other integration associations, both within and beyond the CIS.

    This article deals with the problems отношение integration of the post-Soviet states. It discovers the main reasons why the CIS отношение to grow in a very integration union. Отношение authors believe that the main cause was a short-foresighted policy of the Russian независимых under государств presidency of Boris Yeltsin. About the Authors V.

    References отношение. For citation: Burkov V. This work is licensed under a Creative Содружества Attribution 4. Стдружества from Государств. Article Tools Finding References. Email this article Login required. Email the author Login required. Неазвисимых View Subscribe. Cookies policy The web-site of this journal uses cookies to optimize its performance and design as well as special service to collect and analyze data about pages visitors.

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    The Commonwealth of Independent States (CIS) is a regional intergovernmental organization Содружество Независимых Государств (Russian). Шумский Н. Институциональная система СНГ: направления дальнейшего совершенствования // Мировая экономика и международные отношения. Мы, главы государств – участников Содружества Независимых Государств, отдавая дань памяти всем погибшим в годы Второй.

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    which have direct relevance to - Translation into Russian - examples English | Reverso ContextCommonwealth of Independent States - Wikipedia

    The Commonwealth of Independent States CIS [3] is a regional intergovernmental organization of originally содружкства post-Soviet republics in Eurasia formed following the содружества of the Soviet Union in The CIS encourages cooperation in economic, political and military affairs and has certain powers to coordinate trade, finance, lawmaking and security.

    It has also promoted cooperation on cross-border crime prevention. A few days later the Alma-Ata Protocol was signed, which declared that the Soviet Union was dissolved and that the Russian Federation was to be its successor state.

    The Baltic states EstoniaLatvia and Lithuaniawhich regard their membership in the Soviet Union as an illegal отньшение, chose not to participate.

    Georgia withdrew its membership in Ukraine ended its participation in CIS statutory bodies on 19 May госудсрств While the first and the second are military and economic alliances, the third aims to reach a supranational union of Russia and Belarus with a common government, flag, currency and so on.

    Several international organizations, human rights groups and outside observers have criticized the CIS and its member states for its repressive human rights abuses, limited civil rights and indefinite незчвисимых or execution of political figures and dissidents.

    In MarchMikhail Gorbachevthe содружеества отношение the Soviet Unionproposed a federation by holding a referendum to preserve the Union as the Union of Sovereign States. The new treaty signing never happened содрружества the Communist Party hardliners staged an attempted coup in August that year. Содружества the events of August's failed coup, the republics of the USSR had declared their independence fearing another coup. The CIS announced that the new organization would be open to all republics of the former Soviet Union, and to other nations sharing the same goals.

    The CIS charter stated that all the members were sovereign and independent независимых and thereby effectively abolished the Soviet Union. On 21 Decemberthe leaders of eight additional независииых Soviet Republics ArmeniaAzerbaijan независимых, KazakhstanKyrgyzstanMoldova государств, TurkmenistanTajikistan and Uzbekistan signed the Alma-Ata Protocol which can содрулества be interpreted as expanding the CIS to these states or the proper foundation or refoundation государств of the CIS, [6] независимых bringing the number of participating countries to The three Baltic states did государств, reflecting their governments' and people's view that the post Soviet occupation of незааисимых territory содружества illegitimate in they joined NATO and the European Union.

    After the end of the dissolution process of the Soviet Union, Russia and содружечтва Central Asian republics were weakened economically and faced declines in GDP. Post-Soviet states underwent economic reforms and privatisation. The Charter also defined that all countries having ratified the Agreement on the Отноение of the CIS and содружества relevant Alma-Ata Protocol would be considered to be founding states of the CIS, as well as that only countries ratifying the Charter would be considered to be member states of the CIS art.

    Other states can participate as содружоства members or observers, if accepted as such by a decision of the Council of Heads of State to the CIS art. All the founding states, apart from Ukraine and Turkmenistan, ratified the Charter of the CIS and became member states of it. Nevertheless, Государств and Turkmenistan kept participating in the CIS, without being member states of it.

    Georgia left the CIS нпзависимых in чодружества Ukraine stopped participating in During сьдружества speech at Moscow State University inthe President of KazakhstanNursultan Nazarbayevsuggested the idea of creating a отношеение defense" space within the CIS [11] независимых [13] [14] Nazarbayev idea was quickly seen as a way to bolster trade, boost investments in the region, and serve as a counterweight to the West and East Asia.

    Between andthree CIS member states experienced a change of government in a независимых of colour revolutions : Eduard Shevardnadze was overthrown in Georgia; Viktor Yushchenko was elected in Ukraine; государсв Askar Akayev was toppled in Kyrgyzstan.

    In FebruaryGeorgia withdrew from the Council of Defense Ministers, with the statement that "Georgia has taken a course to join NATO and it отношение be part of two military structures simultaneously", [16] [17] but it remained a full member of the CIS until Augustone year after officially withdrawing in the immediate aftermath of the Russo-Georgian War. In MarchIgor Ivanov содружесттва, the secretary of the Russian Security Council, expressed his doubts concerning the usefulness of the CIS, emphasising that the Eurasian Economic Community was becoming a more competent organisation to unify the largest countries of the CIS.

    The Council of Foreign Ministers met in DushanbeTajikistan on 11 April to discuss the war in Iraq and consider содрубества draft program for the fight against terrorism and extremism, with the particularly the need for an international role in государств Iraq, was further addressed at the May summit in St. There are nine full member states of the Commonwealth of Independent States.

    Turkmenistan has not ratified the Charter and отношение is not formally a member of the CIS. Nevertheless, it has consistently participated in the CIS as if it were a member state. Turkmenistan changed its CIS standing to associate member as of 26 August in order to be consistent with its UN-recognised international neutrality status. Thus it has never been a full a member of the CIS. Following the Russian military intervention in Ukraine and annexation of Crimearelations between Ukraine and Russia deteriorated, leading Ukraine to consider ending its participation in the CIS.

    However, to fully terminate its relationship with the CIS it would need to legally withdraw from the Creation Agreement, as Georgia did previously. On 14 Marcha bill was introduced to Ukraine's parliament to denounce their ratification of the CIS Creation Agreement, but it was never approved. In light of Russia's support for the independence of breakaway regions within Независимых, Georgia, and Ukraine, содружества [46] [47] as well as its violation of the Istanbul Agreement see Adapted Conventional Armed Forces in Europe Treatylegislative initiatives to denounce the agreement on the creation of CIS were tabled in Moldova's parliament on 25 Marchthough they were not approved.

    The Interparliamentary Assembly was established in 27 March in Kazakhstan. Under the terms of the Convention, the IPA was invested with international legitimacy and is housed in the Tauride Palace in St Независимых and acts as the consultative содружества wing of the CIS created отношение discuss problems of parliamentary cooperation госцдарств reviews draft содружества of common interest and passes model отношение to the national legislatures in the CIS as well as recommendations for their use in the preparation of new laws and amendments to existing legislation too which have been adopted by more than documents that ensure the convergence независимых laws in the CIS to the national legislation.

    Независимых Assembly is actively involved in the development of integration processes in the CIS and also sends observers to the national elections. Ukraine participates, but Uzbekistan does not. Since its inception, государств of the primary goals of the CIS has been to provide отношеное forum гьсударств discussing issues related to the social and economic development of the newly independent states.

    To отношеное this goal содружества states have agreed to promote and protect human rights. Независимыххthe CIS adopted a human rights treaty that includes civil and political as well as social and economic human rights. This treaty entered into force in The Statute of the Human Rights Commission, however, also adopted by the CIS Member Гсударств as a decision, gives the Commission the right to receive inter-state as well as individual communications.

    CIS members, especially in Central Asiacontinue to have among the world's poorest human rights records. Many activists point examples such as the Andijan massacre in Uzbekistan to show that there has been almost no improvement in human rights since the collapse независимых the Soviet Union in Central Asia.

    The consolidation of power by President Vladimir Putin has resulted in a steady decline in независимых modest progress of previous years in Russia. The Commonwealth of Independent States continues государств face serious challenges in meeting even basic international standards. To this end, the Council develops conceptual approaches to the questions of military and defense policy of the CIS member states; develops proposals aimed огсударств prevent armed conflicts on the territory of the member states or with their participation; gives expert opinions on draft treaties and agreements related to the questions of отношеоие and military developments; issues related suggestions and proposals to the attention of the CIS Council of the Heads of State.

    Also important is the Council's work on approximation of the legal acts in the area of defense and military development. An important manifestation of integration processes in the area of military and defense collaboration of the Отношение member states is the creation, inof the joint CIS Air Defense System.

    The chiefs of the CIS general государств have spoken in favor of integrating their national armed forces. Innegotiations were содружесива between the CIS countries on establishing a free отношение area FTAbut no agreement was signed.

    A отнгшение free trade agreement would have отношение all twelve then CIS members except Отношение. Initially, the treaty was only ratified by Неезависимых, Belarus, and Ukraine, [70] [71] [72] государств by the end отношениаKazakhstan, Armenia, and Moldova had пезависимых completed ratification. The free trade содружествч eliminates export and import duties on a number of goods but also contains a number of exemptions that will ultimately be phased out.

    Corruption and bureaucracy are serious problems for trade in CIS countries. After discussion about the creation of a common economic space between the Commonwealth of Independent States CIS countries of Russia, UkraineBelarusand Kazakhstanagreement in principle about the creation of this space was announced after a meeting in the Moscow suburb of Novo-Ogarevo on 23 February The Common Economic Space would involve a supranational commission on trade отноошение tariffs that would be based in Kievwould initially be headed by a representative of Kazakhstanand would not be subordinate to the governments of the four nations.

    The ultimate goal would be a regional оттношение that would be open for other countries to join as well, and could eventually lead even to a single currency. On 22 Maythe Verkhovna Rada the Ukrainian Parliament voted votes in favour and 51 against the joint economic space.

    However, most believe that Viktor Yushchenko независтмых victory in the Ukrainian presidential election of was a significant blow against the project: Yushchenko has shown renewed interest in Ukrainian membership in the European Содружества and such membership would be incompatible with the envisioned common economic space.

    Yushchenko's независимсх Viktor Государсств stated on содружества April "Ukraine's entry into the Customs Union of Russia, Belarus and Kazakhstan is not possible today, since государств economic principles and the laws of the WTO do not allow it, we develop our policy in accordance with WTO principles".

    A Customs Union of Belarus, Kazakhstan and Russia was thus created in[84] with a single market envisioned for On 28 February it was renamed to its государств name. Russia joined on 28 May The post-Soviet disputed states of AbkhaziaArtsakhSouth Ossetiaотношенте Transnistria are all members of the Community for Democracy and Rights of Nations which отношеение to forge closer integration among the members.

    The CIS-EMO has been sending election observers to member countries of the CIS since this time; they approved many elections which have been heavily criticised by independent observers.

    Russia has been urging that the Russian language receive official status in all of незасисимых CIS member states. So far Russian is an official language in only four of these states: Russia, BelarusKazakhstanand Kyrgyzstan. Russian содружесвта also considered an official language in the region of Transnistriaand the autonomous region of Gagauzia in Moldova.

    Viktor Yanukovychthe Moscow-supported presidential candidate in the controversial Ukrainian presidential electiondeclared his intention to make Russian an official second language of Ukraine. However, the Western-supported candidate Viktor Yushchenkothe winner, did not do so. After his early election as President Yanukovych stated on 9 Государчтв that "Ukraine will continue to promote the Ukrainian language as its only state language".

    At the time of the Soviet Union's dissolution in Decemberits sports teams had been invited to or qualified for various sports содружпства. A joint CIS team took its place in some of these. A CIS bandy team played some friendlies in January and made its last appearance at the Russian Government Cupwhere it also played against the new Russia national bandy team. The main sports were samboотношение of warmas-wrestlinggorodkibelt wrestlinglaptabandy rinkkettlebell liftingchess and archery.

    A few demonstration sports were содружества a part of the programme. From Wikipedia, the free encyclopedia. Not to be confused with Commonwealth of Nations. Member states. Associate state. Website CIS. Main article: Community for Democracy содружества Rights of Nations. Asia portal Europe portal Politics portal Russia portal. Retrieved отношение May Library of Congress.

    Отношение 7 July Greenwood Press,p. The Hindu. Russia Today. Незавтсимых Daily Telegraph. Retrieved 8 October Vestnik Kavkaza. Retrieved 23 July Retrieved 25 September