With a flurry of IPOs announced in the first two weeks of January, a promised $50 billion privatization programme in the offing and a proposed BP-Rosneft share swap making headlines mid-month, Russian capital markets have started the year on a high note. Yet some experienced Russia watchers are warning that, in the rush to call a tipping point in the country’s corporate sector, the lack of genuine structural reform might once again be being overlooked.
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