Several months into Vladimir Putin’s invasion of Ukraine, a veteran of Russia’s mass privatisations in the 1990s received a call from an “old-time friend”.
“This is privatisation 2.0!” the friend exclaimed enthusiastically, suggesting they join forces “like in the good old times” to get hold of factories owned by western companies that now wanted to pull out of Russia because of Ukraine.
The scramble has parallels with Russia’s first great sell-off following the collapse of the Soviet Union, when Kremlin-connected oligarchs snatched up prime assets at bargain prices.
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