Support The Moscow Times!

Chubais Submits Rusnano Sell-Off Plan

Rusnano, the state technology giant, will be fully privatized in seven years and its revenue will increase 10-fold, according to a draft plan submitted to the Cabinet by its head Anatoly Chubais on Tuesday.

The company plans to sell 10 percent of its stock to Russian and foreign private investors by the end of 2013, Izvestia reported, citing the document.

A managing company also called Rusnano will be established in the next two years and become the new structure's executive body. It will absorb the personnel currently working for the state corporation.

Rusnano then will sell up to 20 percent of its stock annually, leaving the company fully privatized by 2020.

The document notes that Russia's annual output in the field of nanotechnology should reach 500 billion rubles ($16 billion) by 2020, while the plan for the current year is 50 billion rubles.

In 2012, Russia's total revenue from the sale of products produced by the sector was 23.4 billion rubles, according to the news site

Rusnano failed to fulfill the previous privatization plan providing for the sale of a 10 percent stake in 2012.

Chubais said earlier that the company plans to catch up with the privatization schedule by the middle of this year.

Rusnano was established in 2007 and became an open stock company as part of the campaign to reorganize state corporations in 2011. Despite that, 100 percent of Rusnano's stock is still owned by the state.

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

Please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world's largest country.