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.

Revolt forces UES to suspend asset sales


Illarionov: UES's share price collapse
is a national disgrace that has lost
the state $3 billion

Anatoly Chubais, the CEO of Russian utilities monopoly United Energy Systems (UES), bowed to pressure from an odd alliance of minority shareholders and the Kremlin by calling a moratorium on UES asset sales at the end of last month.

Chubais has had to face down a rising tide of criticism as UES share prices took a beating over the past six months. While the leading RTS Russian stock market index has risen by more than 80% since the start of the year, UES has fallen by 60%, wiping some $6 billion off its market capitalization.

Presidential economics adviser Andrei Illarionov lambasted Chubais on the Monday of the last week in September, which kicked off a three-day investment conference in Moscow. "In any other country this result would lead immediately to the resignation of the management," he said.

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