Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

$36Bln of State Assets a Year to Sell

The Economic Development Ministry expects to earn 1 trillion rubles ($35.6 billion) a year under an expanded asset-sale program, Economic Development Minister Elvira Nabiullina was cited as saying Saturday.

The government's previous plan called for a total of 1 trillion rubles of asset sales over the next three years. President Dmitry Medvedev ordered the government last month to amend the list by Aug. 1, saying the plan was "too modest."

"We're discussing about 1 trillion rubles annually from state asset sales and keeping a 'golden share' in a number of the companies," RIA-Novosti reported, citing Nabiullina. "For infrastructure companies, we're not proposing going below less than 50 percent plus one share."

The economy ministry wants to sell a 10 percent stake in Rusnano as part of the program, the minister was cited as saying. The government continues to discuss changes to the asset sale plan, Nabiullina was cited as saying.

The government may propose a "transition period" after which it might relinquish the golden shares, which allow the state to block major decisions, Nabiullina was cited as saying. A list of companies will be ready nearer to Medvedev's Aug. 1 deadline, she was cited as saying.

The economy ministry expects capital outflow this year rather than inflow of as much as $10 billion as previously forecast, Nabiullina was also cited as saying.

"We believed that, in the second half, there could be a big inflow of capital," Nabiullina was cited as saying. "We believe that inflow is possible, in part as companies increase borrowing, but nonetheless we're going to reconsider" the full-year forecast.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more