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Russian Economy Crisis Deepens: Kremlin Forced to Sell State Assets

Published by

TEDDIE

on


The Kremlin is contemplating the privatization of state-owned assets to bolster the Russian economy amid escalating Western sanctions.

The privatization scheme, unveiled by the Finance Minister

Anton Siluanov

, echoes moves made by Russia in 2010 when the nation disposed of government-owned properties to raise billions for the state’s financial reserves.


Siluanov

unveiled plans to sell shares in seven firms with the aim of raising around $3.5 billion.

However,

Vladimir Milov

, a well-known detractor of

Vladimir


Putin

and a previous Russian minister rejected the proposal during an interview with
Newsweek
, saying:
This holds minimal appeal for market participants. Minority stakes necessitate considerable financial commitment yet offer no genuine sway over management practices in firms largely governed by state oversight, rendering such investments essentially frivolous expenditures.

He added:
Nobody wishes to purchase these insignificant minority shares that offer no power or authority. The worth of genuinely privatized assets remains minimal since, for more than twenty years, the Russian government has kept hold of major economic sectors and shows no desire to relinquish ownership of crucial enterprises.

(QG – Source: Daily Express – Image: © Unsplash)

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