Coco Chanel was really intrigued by the Russian spirit in 1920’s and Karl Lagerfeld used this fact as inspiration for the Pre-Fall 2009 Chanel Collection!

The accessories for this years fall collections are exquisite! With tons of bold necklaces, huge handmade head pieces, unique shoes and beautiful rings.

The jewelry line features Russian icons such as Matriochka dolls, red stars and items inspired by Imperial Russia.

Held in Moscow for the first time, the Summer Fair is a smaller version of the giant luxury market, the Millionaire Fair.

“It’s definitely smaller, but the level of the participants is higher,” said Yelena Kudozova, the managing director of the Millionaire Fair. She listed carmakers McClaren and jewelry brand Piaget as examples.

Highlighting the exclusivity of the event, the fair was held at the Royal Bar yacht club on the bank of the Moscow River near Vodny Stadion metro station.

Russia’s richest man, Mikhail Prokhorov, has moved his official address from Moscow to the remote town of Yeruda in Siberia’s Krasnoyarsk region.

A move that will see his tax contribution go to the local budget, regional authorities said.

The village of Yeruda has the largest gold field in the Kranoyarsk Territory, operated by Polyus Gold, controlled by Prokhorov, who reached the top of Russia’s rich list earlier this year with net wealth of $9.5 billion.

The luxury Mandarin Oriental Hotel chain has unveiled its plans for its first five-star hotel development in Moscow, Russia.

Designed by architect HOK the 250-room “upside-down” hotel will require customers to check-in at sky lobby level affording views over Red Square and the Kremlin.

The hotel will be located on Tverskaya Road and will see the redevelopment of an historic building, originally constructed in the early 19th Century as a private manor house.

For most of the decade, Russian billionaires spent hundreds of millions of dollars on boats, jets, expensive art and the occasional football team.

But, despite strained bank accounts and public outrage, the tycoons have been loath to part with their expensive trinkets, choosing instead to hunker down and wait for better days.

To be sure, these are not happy days for the country’s superrich. In Forbes magazine’s latest ranking of the world’s wealthiest people, Russia’s billionaires had an estimated collective loss of $369 billion last year, and two-thirds fell from the list altogether.

London’s Victoria & Albert Museum is currently hosting a rather decadent exhibition, of luxury lost called the Magnificence of the Tsars.

This exhibition illustrates Russia’s relationship with her past and with Europe through two centuries of men’s court dress.

It is curated and mounted by the Moscow Kremlin Museums. Together with the Armoury Chamber, they form Russia’s oldest national treasury, founded in 1806.