Khasis didn't say how that might happen, but if Wal-Mart's strategy in India and China is any indication, the expansion will start small and happen slowly. The discount chain began operating in India in late May through a joint venture with Bharti Enterprises that was years in the making. But Wal-Mart's logo and low prices aren't on display. Instead, the U.S. company is providing back-end support and offering distribution and inventory expertise to the JV. This will allow Wal-Mart to build local relationships and study local tastes.

Wal-Mart has been firmly established in China since 1996, and relationship building has been its top priority, according to Wal-Mart's senior director of M&A Luis Castellanos-Torres. Speaking at The Deal's Corporate Dealmaker Forum last fall, Castellanos-Torres said, "In China it takes patience, focus and discipline."

Those qualities will surely serve Wal-Mart well in Russia as well. - Suzanne Stevens