Case Study of Slavneft’
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Following Putin’s victory in the presidential elections of March 2000, he defined a new modus operandi for relations between the state and big business. Accordingly, in exchange for the withdrawal from politics of big business, the latter could retain property that had been acquired through questionable means. Representatives of big business would no longer receive any preferential treatment from the state, and their interactions with state officials would take place through formal, institutionalized channels instead of through biased, personal relationships. In this regard, it was expected that privatization under Putin would be qualitatively different from that under Yel’tsin. Indeed, the first major privatization under Putin, the sale of ONAKO oil company in September 2000, was hailed as the ‘best privatisation Russia … had’1 until then, given that it was ‘honest, open and absolutely competitive’2 and based on ‘a competition between financial proposals’3 instead of political connections.
KeywordsPresidential Election Liberal Democratic Party Investor Sentiment World Market Price Russian Government
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