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Kremlin finds privatization of undervalued assets inappropriate

November 05, 2015, 21:12 UTC+3 MOSCOW

There have been no changes in the concept of privatization, says Russian president's press secretary Dmitry Peskov

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Russian president's press secretary Dmitry Peskov

Russian president's press secretary Dmitry Peskov

© Ilya Pitalev/TASS

MOSCOW, November 5. /TASS /. The Kremlin considers privatization of undervalued assets to be inappropriate and ineffective, Russian president's press secretary Dmitry Peskov said.

"It [privatization] should be an effective process. Certainly, privatization of assets that are now extremely undervalued, is hardly possible, and will unlikely be useful. First of all, it is a question of efficiency of privatization," he said.

Peskov added that there have been no changes in the concept of privatization.

"As before, the privatization cannot be the goal in itself", he said.

On Thursday, head of Russia’s Federal Property Management Agency Olga Dergunova said that hear agency is ready to speed up the privatization of Rosneft, Aeroflot, Alrosa and RusHydro, if there is a relevant ruling from the President.

"At the meeting, which was held by Shuvalov [Igor Shuvalov First Deputy Prime Minister -TASS] it was recommended that we should provide an opportunity for speeding up sale of major assets regardless of prices on international markets. Earlier we presumed that we should not sell state assets for any price. The situation on the international markets is not improving, and, if the President supports such a decision, we can come up with the list of assets which are ready for privatization. These are public companies Rosneft, RusHydro, Alrosa and Aeroflot. In fact, all the assets that are listed on the stock exchange," Dergunova said.

According to her, the first deputy prime minister recommended to prepare proposals to the head of the state in order to initiate a discussion. She said that the Ministry of Economic Development, will prepare a report to the president in November.

Later on Thursday, an official at the secretariat of Shuvalov said that they never heard of any instructions and recommendations to speed up the sales of major assets, regardless of market conditions.

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