Word: illarionov
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...Illarionov: The strengthening of the corporativist state model and setting up favorable conditions for quasi-state monopolies by the state itself hurt the economy. Like Gazprom purchasing Sibneft, and another state monopoly purchasing other private company. The state generated some $30 billion in debt to do just that. Or take the case of RAO UES (the electricity monopoly) buying a sizable part of the Power Machines Plant. When the state unraveled Yukos, officials insisted it was a single such case rather than a trend. But it soon became obvious that Yukos was not a single case, that this concerns...
...Illarionov: One can assume that it'll be an economy, controlled by quasi-state corporations in energy, infrastructure, in all the cash flow realms...
...Illarionov: Our Stabilization Fund is $40 billion now. This is 6% of the annual GDP. But Norway's Stabilization Fund makes 70% of the GDP. China imports oil, but its hard currency reserves have grown by 22%. Russia's GDP is worth $200 billion. Some $100 to 110 of it comes from the oil windfall profit. According to Russia's Central Bank, the export of capital this year has reached some $40 billion...
...Illarionov: Thank you for having noticed this. Indeed, this is important. What we witness is a case of corporations that have the status of state-owned, and indeed their stock belong to the state. But the way they operate has quite little in common with the state interests. Quite to the contrary, they do act against the state interests. Take the case of Rosneft (the state-owned oil company). Now, Rosneft is preparing its IPO, which is advertised as a major event for the Russian economy. Rosneft will issue dozens millions worth shares to cover its assets-with...
...Illarionov: By using economic weapons-particularly, energy as a weapon-RAO UES bought a power station in the Transdniester Republic (a breakaway Moldova province, very much under Moscow's influence), and then cut off Moldova from this key power supplier, until Moldova met its terms. Transneft (Russia's state-owned oil pipe monopoly), blocked oil flowing from Kazakhstann to Lithuania, because Russia coveted Lithuania's oil refinery. The latest such case is abruptly raising natural gas prices fourfold for Ukraine...