Alibaba signed a new strategic partnership Tuesday with the sovereign wealth fund of Russia, alongside mobile operator MegaFon and internet group Mail.ru.
The partnership is aimed at integrating Russia's key consumer internet and e-commerce platforms, and also launching a leading social commerce joint venture in Russia.
"Collectively, the parties will inject new capital, strategic assets, leadership, resources and expertise to create an unmatched value proposition for merchants, consumers and internet users across Russia and the CIS (Russian Commonwealth), as well as accelerate the development of Russia's rapidly growing digital economy," a press release stated Tuesday.
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