Related Articles
Leaders
Forward article link
Share PDF with colleagues

Selling more silver

Needing cash, the Kremlin is willing to sell a stake in Bashneft and maybe even Rosneft

A combination of sanctions and a low appetite for Russian risk will make the latest privatisation programme, including a majority stake in oil-producer Bashneft, a hard sell – but the Kremlin is betting strategic buyers will swoop in to buy energy assets at bargain prices. Russia’s privatisation track record is hardly studded with glory. Ordinary Russians are still furious that a handful of sharp operators ended up with the Soviet Union’s corporate gems through the flawed vouchers-for-shares schemes of the 1990s. So-called “people’s IPOs” of oil-producer Rosneft and lender VTB a decade later were also unpopular – share prices sank following the initial listings. This time around the sale w

Also in this section
Venezuela going for broke
16 January 2018
The Maduro government wants a new deal on its debt. Things are going to get messy
Iraqi Kurdistan sinking fast
11 January 2018
The future of the KRI's oil sector is uncertain, with the federal government determined to bring all the country's production and exports back under its wing
Iraqi Kurdistan's wrong turn
11 January 2018
Burdened by political and economic crises at home, the autonomous region faces difficult talks with a newly confident federal government in Baghdad