Orlova still expects headline inflation to fall to 7.7% by September and remain flat in the remainder of 2011.

FORBES: Russian Economic Indicators Improving

Tatiana Orlova, a strategist and economist at Nomura in Moscow, believes that Russia is really not all that gung-ho about the WTO.

FORBES: For Russia's WTO Bid, Who Said it Would be Easy?

It seems that Russia has become less vulnerable to financial and currency shocks and that it is still highly exposed in the event of an adverse oil price shock, writes Tatiana Orlova, a Russian strategist at Nomura in London.

FORBES: As EU Crisis Unfolds, Russia Bracing For The Worst