As noted throughout this report, one of the primary objectives for Russian Railway reform has been to address the serious problem of the deteriorating condition of the system by attracting large and sustainable volumes of private investment. Even this early on, the reforms have shown some success in this regard. To consider their likely impact on investments over the longer term, it is useful to divide potential private investment projects into four separate categories, and to consider the likely effects of the reforms on the incentives to invest in each. The four categories suggested are a) rolling stock for haulage by RZhD or independent train operators, ...