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Serving two masters is famously difficult, especially two as different as the Kremlin and Wall Street. Yet doing so is the challenge facing Russia's corporate managers.

The virtual destruction last year of Yukos Oil Co., Russia's most dynamic oil producer, demonstrated what can happen when even a 100 percent privately owned company strays too far politically. Moscow business executives do not expect a repeat of the Yukos debacle, but they continue to feel government pressure through seemingly capricious tax audits and apparent favoritism toward state enterprises.

Still, while the Kremlin retains the power to break business giants, it is no longer in the business of making them. The age of parceling out state assets and creating billionaire oligarchs with a stroke of a ministerial pen appears to be over, and the economy is becoming more open....