From Left to Right: Naum Moksin, Padma Chebrolu, and Mark Conover
Business Culture of Russia:

As a foreigner, you are expected to be on time to all business appointments. However, your Russian counterpart may be late. Patience is an extremely important virtue among Russians; punctuality is not. Do not expect an apology from a late Russian, and do not demonstrate any kind of attitude if your business appointments begin one or two hours late. 

Realize that "final offers" are often not actually the end of the negotiations. Often times the outcome will be more beneficial and attractive if you hold out. It is extremely difficult to do business in Russia without help from a local. Be sure to have plenty of business cards with double sides of information: one side printed in English, the other in Russian.  Speaking or laughing loudly in public is considered rude, as Russians are generally reserved and somber.
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RunTime: 21:58