Russia's Oil Barons and Metal Magnates: Oligarchs and the by S. Fortescue

By S. Fortescue

Russia's Oil Barons and steel Magnates incorporates a severe research of the claims made opposed to oligarchs. In doing so, it offers a close research of where of the oligarchs in either the metals area and within the Russian political economic system.

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Extra info for Russia's Oil Barons and Metal Magnates: Oligarchs and the State in Transition

Sample text

26 There is little doubt that the main function of his NTTM was to provide a structure for the transformation of enterprises’ beznalichnye funds into fully negotiable cash. Beznalichnye money refers to the funds held by enterprises which were used for transactions between state-owned entities. It was held purely as an accounting entry. State-owned enterprises had not been able to turn such funds into cash. 27 The NTTM business was threatened when a decree was issued forbidding enterprises to grant credits to such structures.

42 Khodorkovsky and Yukos are not specifically mentioned in the report. An earlier, November 2004 report from the World Bank’s Moscow office had been even more careful in referring to tax issues within the sector: [I]ncentives in the oil sector currently suffer from an overall high degree of uncertainty over future tax and regulatory conditions. The investment climate would certainly profit from a clarification of stable conditions for the future division of profits between oil companies and the government.

They misuse relational capital and corrupt and bully both elected and appointed officials. They expropriated state assets through rigged privatization deals and dispossessed minority shareholders through corporate governance abuses. They then stripped the assets they had so dubiously obtained through transfer pricing, capital flight and tax evasion on a monumental scale. They ensure that the Russian economy remains highly dependent on low value-added commodity resource exports, but keep the lion’s share of the profits to themselves, indeed to the degree not just that the state and society are deprived of a just return, but that the assets themselves are run down and depleted.

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