Euromoney’s 2012 FX survey results

Euromoney’s 2012 FX survey results

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China’s $1.7 trillion hangover

China’s $1.7 trillion hangover

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Skip Navigation LinksHome :: Russia: Muscovites learn to love Luzhkov-onomics

September 1997

Russia: Muscovites learn to love Luzhkov-onomics


Regional governments are taking back control of local businesses in the name of saving jobs and preventing foreign speculators from taking over. While some observers regard this as an undesirable move, things could be worse. Renationalization, the bogey which haunted Russia's first few years of market reform, has melted away as the Kremlin moves to sell whatever mineral fortunes it has left. But relocalization is just gathering steam.


RUSSIA: THE NEXT CHAPTER

Regional governments all over Russia are looking to repossess the manufacturing in their neighbourhood, under the banner of saving jobs and staving off rapacious speculators. In the east Siberian province of Krasnoyarsk, the governor's office fights Unexim Bank for control of a big metals smelter. The government of Tatarstan recently swapped tax debt for a controlling stake in Russia's largest truck maker, KamAZ.

But by far the most ambitious and influential state industrialist is Moscow mayor Yuri Luzhkov. Besides governing a raucous, crumbling capital of about 9 million people, Luzhkov actively manages two automotive companies, an oil refinery and a cluster of banks. He has commanded the currently moribund Moscow Stock Exchange...


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