Russian Government Named Biggest Threat to Competitive Economy

(Moscow Times – themoscowtimes.com – February 8, 2017) Russia’s Federal Antimonopoly Service (FAS) has named the state the biggest threat to healthy competition in the Russian economy. The agency is now asking President Vladimir Putin to sign a presidential decree reducing the government’s role in key economic sectors over the next two years, the Vedomosti newspaper reported Wednesday. The decree […]

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Russia’s Oil Industry Is Making The Most Of A Weak Ruble; Record Oil Production and Capital Spending Supported by Favorable FX Rate

Oil Well file photo

(Oilprice.com – October 21, 2016) While Russian federal revenue from oil and natural gas production has declined significantly in response to low oil prices, oil and natural gas companies have actually increased investments or only seen modest declines, according to the EIA. In ruble terms, the Brent price has actually increased by 40 percent from 2010 levels, while decreasing in […]

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NEWSLINK RBTH: “Why is Russia postponing the privatization of its oil companies?”

Oil Well file photo

The Russian government has announced that it will postpone the privatization of state share packages in the Rosneft and Bashneft oil companies. Russian analysts believe that this is because the price being asked is not acceptable to buyers.

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Reluctantly, Russia Starts Sell-Off of Major State Companies

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(Moscow Times – themoscowtimes.com – Peter Hobso – July 14, 2016) Back in April, President Vladimir Putin was asked at a press conference why he planned to sell state companies just when the market was at bottom. Putin’s reply was blunt: “We need the money.” Russia was, after all, in a bind. A deep recession and plunging oil prices meant […]

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Putin Isn’t About to Let Go of the Crown Jewels After Alrosa

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(Bloomberg – bloomberg.com – Anna Andrianova, Andrey Biryukov – July 12, 2016) Hatched in harsh economic times, Russia’s latest wave of privatization is off to a mixed start, and a sequel is by no means guaranteed. The sale of a 10.9 percent stake in Alrosa PJSC was the biggest divestment of a state asset since the government reduced its stake […]

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NEWSWATCH: “Rival Kremlin camps prepare for battle over economy” – Reuters

Aerial View of Kremlin and Environs

Rival camps inside … Putin’s entourage are preparing to do battle … over whether the Russian state should keep its role as custodian of the economy. … the Kremlin presents a united front, especially in its stand-off with the West[;] in reality it is divided with Putin often having to act as umpire … On one side … is a […]

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NEWSWATCH: “Russian Village Resists Privatization Effort Championed by Putin. Locals, activists and lawmakers rally to prevent sale of century-old state-owned dairy plant.” – Wall Street Journal

Map of Russia and Russian Flag adapted from images at state.gov

The Russian government’s privatization drive soured in a village called Milk. The dairy plant here that for more than a century has churned out Russia’s most-recognizable brand of butter was scheduled to be auctioned in mid-February, the latest target to raise cash for the budget. But after locals, activists and lawmakers held rallies and petitioned President Vladimir Putin and other […]

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Russia eyes $12.6 billion windfall from privatization of state companies

File Photo of Kremlin Tower, St. Basil's, Red Square at Night

In 2016 the government intends to sell a part of the shares in its large raw commodity companies. The buyers can be foreign investors, but on certain conditions. It has already been announced that shares in Russia’s largest diamond mining company, Alrosa, will be sold through the Moscow Stock Exchange. (Russia Beyond the Headlines – rbth.ru – ANNA KUCHMA, RBTH […]

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Russian minister and U.S. ambassador discuss privatization, sanctions

John Tefft file photo

(Interfax – March 28, 2016) The Russian privatization and sanctions against Russia were discussed during the meeting between Russian Economic Development Minister Alexei Ulyukayev and UEc.S. Ambassador to Russia John Tefft in Moscow on March 28, along with other aspects of the Russia-U.S. trade and economic cooperation. “We have discussed a broad spectrum of the Russian-American economic ties, including both […]

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Putin Opens Asset Sales to Foreigners as Budget Gap Widens

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(Bloomberg – bloomberg.com – Ilya Arkhipov and Andrey Biryukov – February 2, 2016) President Vladimir Putin will allow foreign investors to bid for stakes in some of Russia’s largest companies as the government prepares its most ambitious asset-sale program in years to close a widening budget gap. “Russia was and remains open for foreign investment and Russia is interested in […]

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Kremlin: Privatization of Russian companies open for foreign investors

Dmitry Peskov file photo adapted from image at kremlin.ru/wikimedia commons

(Interfax – February 2, 2016) Privatization of Russian companies is open for foreign investors, and Russia is interested in attracting new foreign partners, the Kremlin has said. “Russia has always been interested in foreign investors; we value cooperation with those who continue to operate on the Russian market and we are interested in an inflow of fresh investments,” Kremlin press […]

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Putin Says No Privatization at Knockdown Prices

Kremlin and Saint Basil's File Photo

(Moscow Times – themoscowtimes.com – February 2, 2016) President Vladimir Putin on Monday threw cold water on proposals to quickly sell stakes in state companies to fill holes in Russia’s budget. “There should be no sale of shares cheaply, at giveaway prices. This won’t bring particular benefit to the budget,” Putin said at a meeting with officials and heads of […]

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TRANSCRIPT: [Putin at] Meeting on privatisation

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(Kremlin.ru – February 1, 2016) Vladimir Putin held a meeting to discuss privatisation issues. President of Russia Vladimir Putin: Good afternoon, colleagues. We have met today to discuss the Government’s privatisation plans for 2016. I have just looked over a few issues with [Prime Minister] Mr Medvedev. The privatisation process plays an important part in changing the Russian economy’s structure […]

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Facing Oil Price Plunge, Russia Considers Fire Sale of State Companies

Diverse Paper Currency, Coins, Line Graph

(Moscow Times – themoscowtimes.com – Peter Hobson – January 22, 2016) Russian officials are touting a new wave of privatization to fill the hole in the government’s finances caused by the slumping oil price. With the cost of crude falling toward $30 per barrel early in the year, Finance Minister Anton Siluanov announced that 1 trillion rubles ($12.5 billion) could […]

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Open economy should be created in Russia – Putin

File Photo of Outdoor Electronic Sign with Russian Exchange Data

ST. PETERSBURG. April 28 (Interfax) – Raising private investment for different economic sectors, including the defense industry, is one of the key paths for the development of the Russian economy in general, President Vladimir Putin has said. “Raising private investment is one of the general paths of economic development as a whole. It is one of the main points that […]

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Kremlin to sell off 19.5% stake in Rosneft in bid to raise funds

File Photo Rosneft and Russian Flags Next to Rosneft Banner

(Russia Beyond the Headlines – rbth.ru – Alexei Lossan, RBTH- December 9, 2014) Russian Prime Minister Dmitry Medvedev has signed an order to sell off 19.5 percent of the shares in Russia’s largest oil company, Rosneft. According to experts, this might help the government generate extra cash amid falling oil prices and Western sanctions. However, this may not be the […]

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RIA Novosti: Economy Minister Confirms Russian Plans to Privatize 19.5% in Rosneft Oil Company in 2015

File Photo Rosneft and Russian Flags Next to Rosneft Banner

MOSCOW, August 28 (RIA Novosti) – The Russian government is to go ahead with plans to privatize a 19.5 percent stake in oil major Rosneft in 2015, likely in two stages, Russian Economic Development Minister Alexei Ulyukayev said Thursday. “The [government] plan is being upheld and preliminary operations have already begun. We are talking about the sale of the entire […]

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Russia to Privatize Additional 431 Companies Through 2016

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(Moscow Times – themoscowtimes.com – April 1, 2014) The Cabinet approved a plan to privatize an additional 431 companies through 2016, according to a document published on the government’s website Monday. About 20 percent of Novorossiysk Commercial Sea Port, the Russian Lottery, and multiple scientific-research, construction, and agricultural facilities are up for sale, in addition to regional airports, shipping companies […]

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Investigative Committee to Crack Down on Corruption During Coming Privatization

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(RIA Novosti – February 27, 2014) The head of the powerful Investigative Committee said Thursday that preventing corruption during a planned privatization of state assets will be a top priority for his agency this year. The government recently announced plans for an ambitious three-year program running up to 2016 to privatize a wide array of state property, from energy to […]

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Privatization deals could begin in Q2 2014 – Dergunova

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GORKI. Feb 17 (Interfax) – Large-scale privatization deals could begin in the second quarter of 2014, the head of the Russian Federal Property Agency (Rosimushchestvo) Olga Dergunova told journalists on Monday. “Agents will be best prepared for deals such as that of Sovcomflot in the second quarter. We will answer questions concerning the deal’s structure and [share] placement location. The […]

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Minister Plans Accelerated Privatization

File Photo Rosneft and Russian Flags Next to Rosneft Banner

(Moscow Times – themoscowtimes.com – January 29, 2014) Improvements in the stock market mean that the privatization of several large state corporations can be accelerated, and the sale of 19 percent of the country’s largest oil firm Rosneft can be fast-tracked to this year, Economic Development Minister Aleksei Ulyukayev said. Stakes in Rosneft, Aeroflot, shipyard Sovcomflot, Novorossiysk Commercial Sea Port, […]

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Putin opposed to nationalizing companies privatized in auctions in 1990s

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MOSCOW. Nov 20 (Interfax) – President Vladimir Putin is opposed to the nationalization of companies sold at loans-for-shares auctions at the end of the last century. At his meeting with representatives of nonparliamentary parties acting chairman of the Right Cause Vyacheslav Maratkanov invited owners of companies that were bought at such actions “with gross abuses” in the early 1990s “to […]

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Shuvalov Considers Delaying Rosneft Sale Until 2016

File Photo Rosneft and Russian Flags Next to Rosneft Banner

(Moscow Times – themoscowtimes.com – Andrew McChesney – November 13, 2013) The government is considering delaying the privatization of oil giant Rosneft until 2016 or later as it seeks to maximize the price it can secure. Rosneft is scheduled to be privatized in 2015, and a postponement could put a dent in projected government spending. “We will have to discuss […]

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Navalny Backs Economic Amnesty, Windfall Tax on Privatized Assets

Alexei Navalny file photo

(Moscow Times – themoscowtimes.com – Vladimir Goryachev and Oleg Sukhov – September 3, 2013) Mayoral candidate Alexei Navalny has voiced support for an economic amnesty and a windfall tax on some privatized assets at a high-profile meeting with businessmen and top executives, Vedomosti reported. The event was the first public meeting with entrepreneurs during Navalny’s campaign, with the previous ones […]

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New Privatization Scheme Unveiled

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(Moscow Times – themoscowtimes.com – Alexander Panin – July 19, 2013) The Federal Property Management Agency is urging banks to give out loans to investors ready to purchase government assets as part of a new scheme to stimulate privatization, which has been slow to take off. The loans provided by the banks will be backed by the privatized companies’ shares, […]

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Russian privatisation programme in complete disarray

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(Business New Europe – bne.eu – July 10, 2013) Russia’s privatisation programme fell into complete disarray on July 9 after the state-owned shipping giant Sovcomflot announced it would float a 25% stake on the New York Stock Exchange later this year. The decision to launch an IPO on the US exchange comes only a few months after Russian President Vladimir […]

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Lobbying hampering privatization in Russia – Medvedev

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MOSCOW. June 27 (Interfax) – The chronic non-fulfillment of privatization plans in Russia is related not just to the market situation but to lobbying also, Russian Prime Minister Dmitry Medvedev said at Thursday’s Cabinet meeting, which discussed a truncated version of the privatization program. “Let’s be honest, this also has something to do with the energy of lobbying by selected […]

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State to Keep Rosneft and RusHydro in New Privatization Plan

Alexei Ulyukayev file photo

(RIA Novosti – MOSCOW, June 27, 2013) ­ Russian oil giant Rosneft, hydropower holding company RusHydro and the nation’s second-largest lender VTB Bank are among assets that should stay under state control, Economics Minister Alexei Ulyukayev said on Thursday after presenting the government’s new privatization plan for 2014-2016. “Proceeding from the current state of world markets and problems with the […]

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Russia Scales Down Asset Sales as Medvedev Bemoans Delays

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(Bloomberg – bloomberg.com – Scott Rose & Olga Tanas – June 27, 2013) Russia will raise a third less than previously estimated from asset sales in the next three years, downsizing the program as Prime Minister Dmitry Medvedev criticized the lobbying that’s putting a brake on plans. Revenue from asset sales will bring the budget about 630 billion rubles ($19 […]

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No major changes in 2014-16 privatization plan – property agency

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(Interfax – ST. PETERSBURG, June 22, 2013) The privatization plan for 2014-2016 is actually just an updated plan from 2011-2013, the head of Russia’s Federal Property Agency (Rosimushchestvo) Olga Dergunova said at a Saturday briefing during the St. Petersburg International Economic Forum (SPIEF). “Essentially, the privatization plan for 2014-2016 is an updated 2011-2013 plan. There were no significant changes, with […]

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Russia’s privatization plan to become far less ambitious – paper

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(Interfax – MOSCOW, June 17, 2013) Russia’s privatization plan, which has been very ambitious in the past two years but slow to be implemented, will become more realistic. The government came up with its big plans to divest a number of key assets in the summer of 2011, when current Prime Minister Dmitry Medvedev was still president. Last June the […]

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Students Favor State Firms as Employers

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(Moscow Times – themoscowtimes.com – Lena Smirnova – May 23, 2013) When it comes to Russian college students’ career aspirations, Gazprom’s gas fields might as well be described as the fields of dreams, according to an annual ranking released Thursday by the Universum consulting firm. The state-owned gas giant was rated the most attractive employer by business students, with Sberbank […]

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Medvedev generally pleased with govt’s performance

Dmitry Medvedev file photo

(Interfax – SOCHI, May 19, 2013) Normal macroeconomic indices, the budget rule and privatization deals are the main results of the year that has passed since the government started working, said Prime Minister Dmitry Medvedev. “A year has passed, and it was filled with so many different events. However different opinions may be, the country kept developing, credit for which […]

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Ex-Privatization Supremo Evasive on Putin CIA Claim

Anatoly Chubais file photo

(RIA Novosti – MOSCOW, April 26, 2013) Anatoly Chubais, who oversaw Russia’s mass privatization drive in the 1990s, said on Friday he had always treated allegations that his US advisers at the time were operatives of the US Central Intelligence Agency (CIA) as rumors – until President Vladimir Putin said so out loud yesterday. “I often heard those claims and […]

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CIA Officers Advised Russia’s Privatization Minister – Putin

Anatoly Chubais file photo

(RIA Novosti – MOSCOW, April 25, 2013) ­ Officers of the United States’ Central Intelligence Agency operated as consultants to Anatoly Chubais, the Russian deputy prime minister who oversaw the privatization of the country’s economy in the early 1990’s, President Vladimir Putin said on Thursday. “In Chubais’ entourage, it has now turned out, CIA officers worked as consultants,” Putin said […]

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Economic Development Ministry proposed additional privatization transactions in 2013

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(Business New Europe – bne.eu – April 16, 2013) The Economic Development Ministry of Russia proposed another five large privatization transactions in addition to the sale of 14% of ALROSA and an additional issue of VTB worth RUB100bn, Minister Andrei Belousov said, Vedomosti reported. The Ministry proposes to privatize in 2013 up to 19% of Rosneft, state-owned stakes in Aeroflot […]

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Russian state property agency to publish 2014-2016 privatization plan in May

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(Interfax – MOSCOW. April 4, 2013) Russian federal state property agency Rosimushchestvo will publish the privatization plan for 2014-2016 in May, the head of the agency, Deputy Economic Development Minister Olga Dergunova, said at the Russian Exchange Forum in Moscow on Thursday. “We are currently at the stage of forming the 2014-2016 privatization plan. The information will be published on […]

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Arrival of effective owners a must in privatization – Medvedev

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YAKUTSK. April 2 (Interfax) – Prime Minister Dmitry Medvedev said the arrival of an effective owner is a must when state companies are being privatized; the government, however, cannot force any decisions on businesses. “No one can force any decisions on anyone. We want our businesses to be socially responsible, but we cannot institute this by passing decrees,” Medvedev told […]

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Russian Presidential Rights Council Calls for Denationalization of TV Channels

File Photo of Russian Television Studio

(Interfax – Moscow, 13 March 2013) The Presidential Council for Human Rights has called for a reform to denationalize federal TV channels in the next few years because it believes that the level of the authorities’ influence on their information policy is blocking the formation of an appropriate picture of modern Russian society. “The Council considers it necessary to recommend […]

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Siluanov Predicts Start of Major Privatizations in H2

Anton Siluanov file photo

GORKI. March 12 (Interfax) – Russia’s first major privatizations will begin in the second half of this year, Russian Finance Minister Anton Siluanov said. “We have not considered the timing, but I think that in any event the start will be in the second half,” Siluanov responded when asked when the first major privatizations would begin during a meeting conducted […]

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Russia Eyes Efficient Management of State-Controlled Assets

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(Eurasia Daily Monitor: Volume 10, Issue 39 – Jamestown Foundation – jamestown.org – Sergei Blagov – March 1, 2013) The Russian government pledged to manage $3.3 trillion worth of its state-controlled assets more efficiently, including through the continued privatization of state-owned companies. However, the authorities have to prove that the latest privatization efforts could fare better than earlier attempts to […]

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Shares of Russia’s state companies to go public

VTB Bank Facade file photo

(Russia Beyond the Headlines – www.rbth.ru – Elena Shipilova, RBTH – February 8, 2013) Russia is set to privatize three large-scale holdings in 2013, and Putin wants shares sold on the Russian market. Experts, however, believe privatizing state-owned companies via the Moscow Stock Exchange ­ as opposed to London or New York ­ is likely to make them less successful, […]

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Russian Government Assets Worth $3.3 Trillion

Kremlin and Moscow Environs Aerial View

MOSCOW, February 8 (RIA Novosti) ­ The market value of Russia’s government owned assets is more than 50 percent higher than the country’s 2012 GDP, but the authorities say the property’s management is not always effective. The Russian government held a meeting Thursday to try to work out a concept in the sphere of managing federal property. Russia’s Federal Agency […]

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Russia’s Medvedev says all officials should quit state company boards

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(Interfax – February 7, 2013) Russian Prime Minister Dmitriy Medvedev has said that public officials of all levels should leave the boards of directors of state companies, Russian privately-owned Interfax news agency reported on 7 February. He also criticized the procedure for approving state company directors. “In future only professional directors should work on boards; state employees should leave,” Medvedev […]

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Privatizations should be done in Russia, but infrastructure needs to be readied – Putin

File Photo of Vladimir Putin Speaking with Flag Behind Him and Microphones in Front

NOVO-OGARYOVO. Jan 25 (Interfax) – Privatization deals should be carried out on Russian markets, but the infrastructure needs to be put in place, Russian President Vladimir Putin said at a meeting dedicated to stock market development. “These deals should occur on Russian trading floors,” he said. “Privatization done within the country is testament to the fact that our plans to […]

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