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"This agreement illustrates our commitment to investing in Russia, where online advertising is currently experiencing rapid growth," read a canned Mohammad Gawdat, Google's managing director for emerging markets. "We are very excited about the opportunity to deliver more relevant search and ads to users and provide advertisers and publishers with better advertising technology to help them succeed in their own businesses."
Techcrunch [techcrunch.com] has the story from the 18th also, with a little more info. Among other things that The contextual advertising market in Russia is worth $225 million [uk.techcrunch.com]
[edited by: Rumbas at 12:19 pm (utc) on July 21, 2008]