THE RUSSIAN GOVERNMENT’S renationalization of Yukos, once the country’s largest oil company and best-performing stock, has depressed Moscow investors. Ian Hague, co-founder of Firebird Management, which has $850 million invested in Russian equities, says: “Outside of 1998, this has been the most confidence-destroying step the government has taken.”
The government might well have had a case against Mikhail Khodorkovsky’s interference in politics – the problem was that it went after Yukos instead of targeting him, and Yukos didn’t belong solely to him but also to many western minority investors.
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