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Alibaba Partners With Russia's Mail.ru And Megafon

by money.cnn.com posted 2months ago 22 views
Alibaba has a trio of new partners in Russia. : China's top e-commerce player will form a joint venture with Russia's sovereign wealth fund, telecom company MegaFon and internet firm Mail.Ru Group. Alibaba (BABA) will contribute an unspecified amount of cash and its existing business in the country, AliExpress Russia. The deal was announced in a joint statement during the Eastern Economic Forum, an event in Vladivostok where Chinese President Xi Jinping met Russian President Vladimir Putin. Under sanctions from Europe and the United States, Russia has been looking to build closer political and business ties with China.

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