The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Russia: FIGs tighten their grip on Russia

Who is going to end up in control of Russia's leading industrial companies when the period of restructuring that has followed privatization finally draws to a close? More evidence emerged in December that it's likely to be the 46 financial-industrial groups (Figs) that have sprung up over the past three years. Last month two of them, Most Bank and Alfa Bank, came forward as the leading contenders for a large stake in a new holding company that will control the telephone sector. The Figs already link together over 60 banks and 20 other major financial institutions as well as 650 industrial giants including Norilsk Nickel, the world's largest nickel producer, and oil company Yukos.

The latest tender signals a turnround in the government's approach to telecommunications. Until a year ago it seemed that it would follow the example of central Europe and entrust the restructuring of its network to foreigners. Three years' work by a group of advisers led by NM Rothschild culminated in November 1995 when Stet of Italy bid to take a stake in Svyazinvest, a holding company for regional telephone companies. But the deal turned sour one month later with Stet accusing the Russians of obfuscation.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree