Alibaba, Russian tech firm Mail.ru to launch new venture

Chinese e-commerce giant Alibaba and Russian technology group Mail.ru on Tuesday announced a deal to launch a joint venture in Russia and former Soviet countries.

The two groups, along with the Russian sovereign wealth fund RDIF and telecom operator MegaFon, announced the creation of "a new strategic partnership" as Russia hosts an economic forum in the far eastern city of Vladivostok.

Alibaba and Mail.ru said in a statement this would "integrate Russia's key consumer internet and e-commerce platforms and launch a leading social commerce joint venture in Russia and the CIS (Commonwealth of Independent States)."