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Russia faces long road to diversify economy

MOSCOW (Reuters) - Russia must deliver on pledges to reform the tax system and encourage the creation of home-grown seed capital if it wants to make long-standing dreams of reducing its reliance on oil a reality.

Economic diversification has for years been the holy grail for a Russian economy that grew fat on the proceeds from oil, gas and metals revenues, but these goals have proved just as elusive in the financial crisis as they did in the boom years.