Two potentially revolutionary deals look set to be finalised today, and (apparently coincidentally) both will see Russian oligarchs taking the reins at long standing publications. In the UK, Alexander Lebedev should become the first Russian to own a British newspaper when he confirms his acquisition of 76% of the Evening Standard. Across the Channel, Alexandre Pougatchev (son of Serguei) awaits a court judgement in Lille to confirm his purchase of 85% of France Soir.

It will be interesting to see the effect that this influx of Eastern money has upon the editorial and political direction of both the newspapers. Whilst Lebedev has promised that his influence on the Standard will be 'next to zero', speculation is already mounting. The Russian has a history of opposition to former President and current Prime Minister Vladimir Putin and ran, albeit unsuccessfully, against pro-Kremlin Moscow mayor Yuri Luzhkov.

Nor is this the first newspaper under Lebedev's belt. He also part owns (alongside ex-President Mikhail Gorbachev) Novaya Gazeta, widely known as the last newspaper in Russia critical of the government - interestingly the publication for which Anna Politkovskaya wrote before her assassination in October 2006. Lebedev was also an investor in Moskovsky Korrespondent, which (according to his editor) shut down due to Lebedev's lack of investment, but which had previously been closed by Putin for printing an apparently false story about the President and a Russian gymnast. A very colourful history for a new owner who promises not to change the paper's direction and to manage with a hands-off approach.

Through this new ownership, the struggling Evening Standard would leave the control of Associated Newpapers and the centre-right stance of its sister paper the Daily Mail. There are plans afoot to market the Standard as a more high brow alternative to the free evening London dailies which have caused Standard sales to plummet. The change of management is 'likely to lead to a new editor' and further alterations are rumoured to be in the pipeline. According to the Guardian, current Tatler editor Geordie Greig is being tipped for a news editor or editor-in-chief role, and another potential candidate is Martin Clarke, the Mail Online editorial director. Lebedev is said to want a new editorial and advisory board, and speculation has already started about possible members such as Tony Blair, Jacques Chirac and Mikhail Gorbachev.

Staff changes are also planned at France Soir, with Pougatchev said to be prepared to invest heavily to return the paper to its former glory. The struggling publication printed over 1 million copies at its peak, but now sells less than 23,000. The new editor will be Giles Bornais and there are plans to introduce another 40 journalists over the next 18 months. Whilst less has been reported about this takeover, it can be predicted that the effects will not go un-noticed.

Two new Russian billionaires simaltaneously investing in newspapers would suggest a certain faith that there is light at the end of the tunnel for the suffering industry. Sadly this appears not to be true in the case of Lebedev, who says that buying the Standard 'has nothing to do with making money. There are lots of other ways. This is a good way to waste money.'

Sources: The Guardian, Le Monde, Forbes.com