Skip to main content
Fachgebiete
Automobil + Motoren Bauwesen + Immobilien Business IT + Informatik Elektrotechnik + Elektronik Energie + Nachhaltigkeit Finance + Banking Management + Führung Marketing + Vertrieb Maschinenbau + Werkstoffe Versicherung + Risiko
DE
EN
Bücher
Zeitschriften
Themenseiten
Organisationspsychologie Projektmanagement Marketing Smart Manufacturing
Weitere Formate
Podcasts Webinare Technik Webinare Wirtschaft Kongresse Veranstaltungskalender Awards
Jetzt Einzelzugang starten
Zugang für Unternehmen
Referenzkunden
SLX-Digitalkonferenz: Zukunftswerkstatt 2024

Mehr Umsatz mit Top-Kontakten

Am 7. Mai erfahren Sie, wie Vertriebsteams Leadgenerierung, Leadnurturing und Leadstrategien effizient steuern können.
Erweiterte Suche
Anmelden
nach oben
Erschienen in:
From Alexander II to Gorbachev: The Economic History of Modern Russia Kapitel lesen Erstes Kapitel lesen

2021 | OriginalPaper | Buchkapitel

2. Post-Soviet Industrial Policy: From the Red Directors to the New State Oligarchs

verfasst von : Albrecht Rothacher

Erschienen in: Putinomics

Verlag: Springer International Publishing

Einloggen

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config
loading …

Abstract

The three stages of post-Soviet industrial policies are outlined: The early stage of “red directors”, who simply took over their companies, followed by the wild privatization of the Yeltsin oligarchs, whose conglomerates were then integrated into Putin’s system of state-monopoly capitalism. The fascinating story of purged and surviving old oligarchs is researched in detail as are the careers, profiles and business practices of the new state-oligarchs, and the re-emerging role of the central state. The new state-oligarchic interplay is made visible in Russia’s decisive energy export policy. The fate of foreign investors is reviewed in Bill Bowder’s Heritage Fund as a suitably instructive case study.

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

  • über 102.000 Bücher
  • über 537 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Maschinenbau + Werkstoffe
  • Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 340 Zeitschriften

aus folgenden Fachgebieten:

  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Versicherung + Risiko




Jetzt Wissensvorsprung sichern!

Jetzt informieren
Vorheriges Kapitel From Alexander II to Gorbachev: The Economic History of Modern Russia
Nächstes Kapitel Putin’s Autocracy: Siloviki Rule and Their Kleptocracy
Fußnoten
1
Harley Balzer “Vladimir Putin on Russian Energy policy” The National Interest, November 2005.
 
2
Erich Follath, Matthias Schepp. “Der Konzern des Zaren” Der Spiegel 5.3.2007.
 
3
Chrystia Freeland. Sale of the Century. The Inside Story of the Second Russian Revolution. London: Abacus 2005, p. 52.
 
4
Financial Times 6.8.2002.
 
5
Chernomyrdin in 2001–2009 was appointed ambassador to the Ukraine. In a famous incident he met in Kiev with US businessmen, one of whom asked: “How would you invest 5 million US$ in the Ukraine?” Through an error in translation Chernomyrdin misunderstood and felt insulted: He did not own a mere 5 million US$, but 5 billion US$. He was also famous, when in office for sayings like: “We wanted the best, but it turned out as always”.
 
6
Freeland. Op. cit., p. 172 et seq.
 
7
Freeland. Op. cit., p. 277.
 
8
Marshall I. Goldman ‘Putin and the Oligarchs’ Foreign Affairs Nov/Dec. 2004.
 
9
“Luxuskur von 1.5 Millionen” Österreich 16.11.2006.
 
10
Andrew Jack “A map of Russia’s new Empires” Financial Times 7.4.2004, Christian Caryl “Tycoon Takeover” Newsweek 19.4.2004.
 
11
International Herald Tribune 9.4.1999.
 
12
Financial Times 16.6.2004.
 
13
Elfie Siegl “Putin und die Oligarchen” Frankfurter Allgemeine 8.7.2000.
 
14
“Die Zukunft der Oligarchen ist Putins Lackmustest” Handelsblatt 27.3.2000.
 
15
Le Monde 25.4.1997.
 
16
The Economist 14.11.1997.
 
17
The Economist 18.9.1999, Süddeutsche Zeitung 15.9.2000.
 
18
Süddeutsche Zeitung 2.2.2001.
 
19
Financial Times 8.2.2007.
 
20
Die Presse 14.4.2007, Frankfurter Allgemeine 22.6.2007; Gerald Hosp Ein harter Brocken wird weich” Frankfurter Allgemeine 4.8.2007.
 
21
Die Presse 15.5.2016.
 
22
The Economist 31.7.2004.
 
23
Financial Times 22.11.2000.
 
24
Financial Times 17.6.2000.
 
25
The Economist 25.3.2000.
 
26
Neil Buckley “A Shady Business” Financial Times 8.10.2011.
 
27
New Zürcher Zeitung 4.11.1996.
 
28
Süddeutsche Zeitung 9.2.1999, Financial Times 27.9.1999.
 
29
Charlemagne “Boris Berezovsky, puppeteer or future victim?” The Economist 25.3.2000.
 
30
Neue Zürcher Zeitung 7.4.2001.
 
31
Financial Times 25.3.2013.
 
32
New York Times 11.11.2011, Financial Times 11.11.2011 and 1.9.2012.
 
33
New York Times 25.3.2013 and 26.3.2013.
 
34
Financial Times 25.3.2013.
 
35
Edward Lucas “Berezovsky’s dark shadow” European Voice 27.3.2013.
 
36
Frankfurter Allgemeine 15.3.2018.
 
37
Waleri Panjuschin. Mikhail Khodorkovsky. Vom Yukos Chefsessel ins sibirische Arbeitslager. Munich: Heyne Verlag 2006, p. 69.
 
38
Floyd Norris “Investors in Russia, Beware” International Herald Tribune 9.4.1999.
 
39
Wall Street Journal 3.9.1999.
 
40
International Herald Tribune 22.6.2004.
 
41
Elke Windisch. “Wer ist Mikhail Khodorkowski?” Der Tagesspiegel 15.5.2005.
 
42
Panjuschin. Op. cit., p. 189.
 
43
Financial Times 28.10.2003 and 31.7.2003.
 
44
Time 28.7.2003.
 
45
Michael Ludwig. “Politischer Schauprozeß“ Frankfurter Allgemeine 31.5.2005.
 
46
Panjuschin. Op. cit., p. 231.
 
47
Financial Times 3.5.2007 and 11.5.2007.
 
48
Financial Times 21.3.2007.
 
49
Financial Times 5.4.2007.
 
50
Johannes Voswinkel “Der Moral-Oligarch” Die Zeit 8.12.2005.
 
51
International Herald Tribune 1.4.2012.
 
52
Frankfurter Allgemeine 31.5.2005.
 
53
Focus 12.7.2004.
 
54
Frankfurter Allgemeine 6.2.2007.
 
55
Wall Street Journal 20.12.2013; Financial Times 20.12.2013 and 23.12.2013.
 
56
Le Figaro 21.2016.
 
57
Dominic Midgley and Chris Hutchins. Der Milliardär aus dem Nichts – Roman Abramowitch. Hamburg: Murmann 2005, p. 51.
 
58
Midgley and Hitchins. Op. cit., p. 78.
 
59
The Siberian Times 2.7.2013.
 
60
Midgley and Hutchins. Op.cit., p. 138.
 
61
Ibid., p. 145.
 
62
New Europe 4.6.2006.
 
63
Financial Times 15.3.2007.
 
64
Financial Times 21.5 and 22.5. 2018.
 
65
Frankfurter Allgemeine 30.2018 and 28.9.2018.
 
66
New York Times 17.3.2018.
 
67
Oliver Bullough “Forget the pledges to act—London is still a haven for dirty Russian money” The Guardian 30.9.2018.
 
68
Der Standard 5.6.2007.
 
69
Financial Times 25.7.2000.
 
70
Catherine Belton Rusal’s Deripaska: “I don't need to Defend myself”, Financial Times 13.7.2007.
 
71
International Herald Tribune 10.10.2006, Frankfurter Allgemeine 25.9.2006.
 
72
The financial crisis of 2008 forced him to divest from his credit financed participations (Die Presse 4.10.2008 and 10.10.2008), but he gradually bought those in Magna and Strabag back by 2014.
 
73
New York Times 14.8.2002.
 
74
Financial Times 24.1.2001.
 
75
Jens Hartmann “Rußland wird grundsaniert” Die Welt 5.6.2007.
 
76
Die Presse 30.4.2007 and 12.5.2007.
 
77
Frankfurter Allgemeine 5.10.2018.
 
78
Financial Times 11.4.2018 and 27.4.2018, if anything the aluminium king certainly had very little influence about them.
 
79
Andrew Higgens and Kenneth P. Vogel. “Two Capitals, one Oligarch: How Oleg Deripaska is Trying to Escape US sanctions” New York Times 4.11.2018.
 
80
Frankfurter Allgemeine 21.12.2018.
 
81
The Globe and Mail 6.4. 2018, Financial Times 16.4.2018.
 
82
Financial Times 29.8.2000.
 
83
Financial Times 21.7.2000.
 
84
“Der Milliardär als Zuhälter?” Die Presse 13.1.2007.
 
85
Frankfurter Allgemeine 29.11.2011, Financial Times 30.3.2012.
 
86
Financial Times 14.3., 15.3 and 20.3.2012.
 
87
Financial Times 10.9.2013, Wall Street Journal 11.11.2013.
 
88
Anne Applebaum. Gulag. A History of the Soviet Camps. New York: Random House 2003, p. 120 and p. 457.
 
89
Guy Chazan and John Thurnhill “The Alpha Oligarch” Financial Times 6.3.2015.
 
90
Streats 22.11.2002.
 
91
Robert Cottrell “One slick customer” Financial Times 15.3.2003.
 
92
“Die nebulöse Rolle of Leonid Reiman” Frankfurter Allgemeine 28.7.2005, FT Investigation: “Megafon diplomacy: A disputed stake pits an oligarch against a Putin ally” Financial Times 24.4.2006.
 
93
Financial Times Deutschland 3.11.2006.
 
94
Die Presse 20.1.2007.
 
95
Rüdiger Jungblut. Die 11 Geschäftsgeheimnisse von Ikea. Frankfurt/M.: Campus 2006, p. 145.
 
96
Financial Times 28.5.2007.
 
97
Frankfurter Allgemeine 29.3.2010.
 
98
“Russian brawl” The Economist 6.7.2017.
 
99
Frankfurter Allgemeine 27.12.2017.
 
100
Catherine Belton and Neil Buckley “Business in Russia “serfs” to the state, says ex-Putin aide” Financial Times 9.10.2014.
 
101
Friedrich Schmidt “Geschäftsrisiko Gefängnis” Frankfurter Allgemeine 2.1.2019.
 
102
Financial Times 1.7.2000.
 
103
Aslund reports on an interesting meeting of US businessmen with Chernomyrdin in Kiev, during which one of them asked: “Where would you invest in the Ukraine, if you had $100 million?” Chernomyrdin misunderstood the question and got very upset. After all he owned $5 billion. Such was the size of his loot. Anders Aslund. Russia’s Crony Capitalism. New Haven: Yale University Press 2019, pp. 109.
 
104
Werner Sturbeck “In Rußlands Diensten” Frankfurter Allgemeine 24.11.2006. His mandate lasted from 2000 to 2011. In 2010, after his retirement EON sold its remaining 3.5% share for €3.4 billion. Financial Times 2.12.2010.
 
105
Arkady Ostrovsky “Energy of the state: How Gazprom acts as lever in Putin’s power play” Financial Times 14.3.2006.
 
106
Die Presse 10.2.2007.
 
107
Dimitri Popov and Ilia Milstein. Yulia Timoshenko. Die Zukunft der Ukraine nach der orangenen Revolution. Cologne: Dumont 2006, p. 351.
 
108
Andreas Bornefeld www.netstudien.de/Russland/wjachirew.htm.
 
109
New Europe 12.11.2006.
 
110
Frankfurter Allgemeine 16.11.2006.
 
111
Albrecht Rothacher. Im wilden Osten. Hinter den Kulissen des Umbruchs in Osteuropa. Hamburg: Krämer Verlag 2002, pp. 54 and 74.
 
112
“Special report. Gazprom in Europe” Financial Times 21.12.2006.
 
113
Frankfurter Allgemeine 12.12.2006, Handelsblatt 22.12.2006.
 
114
Frankfurter Allgemeine 2.6.2007, Die Presse 23.6.2007.
 
115
Frankfurter Allgemeine 15.7.2006.
 
116
Aslund. Op. cit., pp. 121.
 
117
Bill Bowder. Red Notice. Munich: Hanser 2017, p. 70.
 
118
Ibid., p. 81.
 
119
In 1998, he was murdered by a domestic helper in his apartment in Monaco.
 
120
Since 2015 she became subsequently Minister of International Trade, Foreign Minister and now Deputy Prime Minister of Canada.
 
121
Ibid., p. 141.
 
122
By some strange coincidence, after having both clashed with the Putin system and having economically been destroyed by it, both are now human rights activists in London. On Browder’s further fate and the one of his attorney Magnitzky, please see Chap. 3.
 
123
Der Standard 31.5.2006.
 
124
Rothacher. Op. cit., p. 504; Stefan Wagstyl “Lukoil extends its reach across Europe” Financial Times 24.1.2007.
 
125
Pars pro toto it is very instructive to read the corporate brochure of one of the leading law firms Antis Triantafyllides & Sons LLC (www.​triantafyllides.​com) which serves Russian corporate interests foremost and which is owned at 13% by EU Health Commissioner Stella Kyriakides. The law firm successfully defended Russian oligarchs like Rybolovlev, Suleiman Karimov and Vladimir Potanin in Cypriote courts. It also mediates Cypriotic and hence EU citizenship to “high-net-worth-individuals”, and organizes Cypriote shell companies to allow Russian investors to re-invest in Russia after having laundered their capital. An example given for the purchase of a luxury hotel in Moscow for US $160 million shows the process very openly.
 
126
Financial Times 27.5.2006, 31.5.2006, 16.6.2006 and 21.11.2006.
 
127
Der Standard 2.6.2007, Financial Times 19.4.2007.
 
128
Financial Times 16.12.2006.
 
129
Financial Times 1.12.2006 and 15.12.2006.
 
130
Interview: “Steeled to succeed—Ivanov sets out his tough vision for Russia’s future” Financial Times 19.4.2007.
 
131
Isabelle Lassere “L’oligarch russe Pougatchev defie Poutine” Le Figaro 8.11.2016.
 
132
Catherine Belton “The Secret Oligarch” Financial Times 11.2.2012.
 
133
Die Presse 4.10.2008 and Financial Times 6.3.2017.
 
134
New York Times 1.1.2014.
 
135
New York Times 1.1.2014.
 
136
Die Welt 26.11.2016.
 
137
Die Presse 4.10.2008.
 
138
Wall Street Journal 11.11.2013.
 
139
The Times 18.11.2012. The FT on 17.11.2012 believed that he was worth $18 billion.
 
140
Frankfurter Allgemeine 23.10.2018.
 
141
Die Presse 18.4.2014.
 
142
New York Times 1.1.2014.
 
143
Financial Times 24.10.2017.
 
144
Die Presse 8.11.2008.
 
145
The first estimate: Financial Times 12.6.2015, the second: The Times 26.7.2015, which illustrates the variations and margins of error.
 
146
The Times 26.7.2015. His Italian luxury villa was confiscated as the result of EU sanctions.
 
147
Ibid.
 
148
Financial Times 12.6.2015.
 
149
The Times 26.7.2015.
 
150
Financial Times 12.6.2015.
 
151
The Times 26.7.2015.
 
152
BBC News 4.11.2019; TRT World 10.1.2020.
 
153
Note that his Rosneft shares, his yacht and his villa have an estimated value of some $100 million each. Bundeszentrale für politische Bildung: “Der Fall Uljukajew. Dokumentation” 5.2.2018. Even if he saved every kopek at his steep salary this would take him 17 years….
 
154
Die Welt 26.11.2016. When I served at Deutsche Bank as a young professional back in 1982–1984 the iron rule in German banking and industry was that top executive salaries should only be a multiple by 100 of the lowest worker or clerk’s job (after all they also had a multiple of responsibilities and stress), in order to keep corporate cohesion. So if the lowest pay was DM 1000 per month, the CEO would get 100,000 per month, i.e. DM 1.2 million per year (which would be €600.000 today). Everybody had enough and was content. This system, with investment banking and Anglo-US share incentives, has gone out of window, rather for the worse of the German economy and social cohesion. But the post-Soviet system of systemic corporate plunder is surely an upshot beyond good and evil.
 
155
Curiously the Putinists’ offspring and Putin’s distant cousins, unlike their fathers don’t go for graduate degrees and, unlike the old oligarchs’ children, don’t bother to study abroad. With a cheap quick early degree they want to make money quickly and rise effortlessly to positions of Vice-Presidents of SOE’s. This is neither an aristocratic nor a bourgeois meritocratic concept…. But they are all worth around more or less $500 million each befitting a new pseudo-aristocracy similar to the Chinese princelings Aslund. Op.cit., p. 148.
 
156
Andrew S. Weiss “Russia’s oligarchy, alive and well” New York Times 1.1.2014.
 
157
Pierre Avril “Russie: l’arrestation de l’oligarche Magomedov fragilise Dmitri Medvedev” Le Figaro 4.4.2018.
 
158
Aslund. Op. cit., p. 113.
 
159
Ibid., pp. 125.
 
160
Ibid., p. 145.
 
161
Martin Wolf “How Russia slipped on the road to Yeltsin’s new era” Financial Times 25.4.2007.
 
162
Michael Ludwig “Die Russen kommen” Frankfurter Allgemeine 22.11.2006.
 
163
Robert Cortrell “Russia’s rising Tycoons” Financial Times 6.8.2002.
 
164
The Japanese post-war successor keiretsu conglomerates followed a similar pattern, only that they were management controlled and no longer family owned, after the US occupant had expropriated them in 1945.
 
165
Catherine Belton “Putin stands by state capitalism” Financial Times 31.1.2012.
 
Literatur
1.
Applebaum A (2003) Gulag. A history of the Soviet camps. Random House, New York
2.
Aslund A (2019) Russia’s crony capitalism. Yale University Press, New HavenCrossRef
3.
Browder B (2017) Red notice. Hanser, Munich
4.
Freeland C (2005) Sale of the century. The inside story of the second Russian revolution. Abacus, London
5.
Jungblut R (2006) Die 11 Geschäftsgeheimnisse von IKEA. Campus, Frankfurt/Main
6.
Panjuschin V (2006) Mikhail Khodorkovsky. Vom Yukos Chefsessel ins sibirische Arbeitslager. Heyne, Munich
7.
Popov D, Milstein I (2006) Julia Timoschenko. Die Zukunft der Ukraine nach der orangenen Revolution. Dumont, Cologne
8.
Midgley D, Hutchins C (2005) Der Milliardär aus dem Nichts. Roman Abramowitsch. Murmann, Hamburg
9.
Rothacher A (2002) Im wilden Osten. Hinter den Kulissen des Umbruchs in Osteuropa. Krämer, Hamburg
Metadaten
Titel
Post-Soviet Industrial Policy: From the Red Directors to the New State Oligarchs
verfasst von
Albrecht Rothacher
Copyright-Jahr
2021
Buch
Putinomics

Print ISBN: 978-3-030-74076-4

Electronic ISBN: 978-3-030-74077-1

Copyright-Jahr: 2021

DOI
https://doi.org/10.1007/978-3-030-74077-1_2

Premium Partner

    Bildnachweise