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 n...