Managing teams across distance and cultures is hard and requires commitment - commitment that seems to vanish when hard things happen - remember when hiring programmers in Ukraine was a no-brainer? How many development teams got pink-slipped and how many got airlifted out with their families? Which one is showing the commitment ?
I applaud andrei512 for his entrepreneurial edge and desire to bring some of the world's cash to his home town.
But I wish that all those companies seeing 10% of cost of a London team will have backbones in a years time. I doubt they will. Backbones are expensive and these guys are looking for cheap.