All news

‘Assets worth millions mustn’t be given away for peanuts’: Putin slams 1990s privatization

The Russian Finance Ministry Vladimir Gerdo/TASS
The Russian Finance Ministry
© Vladimir Gerdo/TASS

NOVO-OGARYOVO, February 17. /TASS/. During a meeting with leaders of parliamentary factions on Wednesday, President Vladimir Putin excoriated the way privatization was carried out in Russia in the 1990s.

"Privatization in and of itself, like in the case of [our] early privatization, especially the way it was conducted in the 1990s in some areas is unacceptable for us. It must benefit the economy and improve its structure," the head of state said, commenting on a speech by Gennady Zyuganov, leader of the Communist Party.

Putin added that privatization should be carried out "under certain conditions, so as not to give away assets that are worth millions or maybe even billions for peanuts."

"Any step in this direction must create a more effective proprietor, not formally but in practice," the Russian leader insisted.