Russia confirms $30bn sale of state assets

Russia plans to raise up to $30bn through asset sales over the next three years in the biggest privatisation programme since the frenzied disposals under former leader Boris Yeltzin.

The sales were first announced a year ago; however the final list of state assets under the hammer has yet to be finalised. Russia's economic development ministry has issued a provisional list of 11 companies to be privatised.

Unlike the sales in the early 1990s, none of the state-owned assets will be fully privatised. Moscow plans to keep a 51% stake in all the companies.

"We will sell a significant stake in state companies on the market," Russian finance minister Alexei Kudrin says. "We plan to keep controlling stakes."

The economic ministry says the privatisation proposal will not be passed until the end of November.