When did Mikhail Gorbachev pass the law on state enterprise in the Soviet Union?
Mikhail Gorbachev passed a law on state enterprise through the Supreme Soviet of the Soviet Union in 1987. This legislation granted work collectives a greater role in running enterprises while private ownership remained essentially illegal throughout that era.
How many people received vouchers during the Russian government voucher program between 1992 and 1994?
The Russian government distributed vouchers to 144 million people between 1992 and 1994. Each voucher corresponded to a share in the national wealth, and around 40 million Russians became shareholders through this program.
What was the loans-for-share scheme adopted by Boris Yeltsin in 1995?
In 1995, Boris Yeltsin adopted a loans-for-share scheme proposed by banker Vladimir Potanin. The government needed funds for the 1996 presidential elections due to severe fiscal deficits, so some largest state industrial assets were leased through auctions for money lent by commercial banks.
Which companies were included in the loans-for-share auctions controlled by insiders?
These assets included shares in Norilsk Nickel, Yukos, Lukoil, Sibneft, Surgutneftegas, Novolipetsk Steel, and Mechel. The auctions lacked competition and were largely controlled by favored insiders with political connections.
When did the Russian government take control of formerly privatized companies in strategic sectors from 2004 to 2006?
From 2004 to 2006, the government took control of formerly privatised companies in certain strategic sectors including oil, aviation, power generation equipment, machine-building and finance. In June 2006, it took 60 percent control of VSMPO-Avisma which accounts for two-thirds of the world's titanium production.
How many businesses have been nationalized since the start of the Russian invasion of Ukraine?
At least 200 businesses have been nationalized since the start of the Russian invasion of Ukraine. This wave represents the reverse of the privatization that occurred after the fall of the Soviet Union and follows shifting economic policies in the 2020s.