Russian economy meltdown continues as Kremlin forced to sell state assets

The Kremlin is considering privatizing public assets to strengthen the Russian economy as Western sanctions continue to escalate.

The privatization plan, announced by Finance Minister Anton Siluanov, mirrors similar actions taken by Russia in 2010, when the country sold public assets to generate billions in revenue for the national budget.

Siluanov revealed that stakes in seven companies would be sold, aiming to raise approximately $3.5 billion.

However, Vladimir Milov, a prominent critic of Vladimir Putin and a former Russian minister, dismissed the plan in an interview with Newsweek, saying: "This is of little interest for market players. Such minority ownership requires significant investment but doesn't provide any opportunity for real influence over governance in companies still dominated by state control, and therefore remains simply a waste of money."

He added: "No one wants to buy such useless minority stakes, which give zero influence and control. The value of assets actually privatized is negligible because, for over two decades, the Russian government has maintained control over key economic industries and does not want to let go of ownership of strategic players."

(QG - Source: Daily Express - Picture : © Unsplash)