Russia's success in the eyes of foreign investors hinges on how the country will deliver on its promised privatization process – and officials present at the Saint Petersburg International Economic Forum (SPIEF) were quick to reassure markets that they still mean business.
Russia's fundamentals are stronger than many other countries' but the government will have to navigate the turbulent waters of the euro zone debt crisis to ensure that the economy stays on the right path, and revenues from privatization would help it do this, analysts said.
Outflows of capital in the first four months of this year amounted to $46.5 billion, more than half of last year's total capital flight, and some analysts have blamed a slowdown in the pace of the privatization process for this.
Last year in August, when current Prime Minister Dmitry Medvedev was president, the government published a plan extending the list of companies slated for selloff.
Crown jewel Sberbank , Russia's largest bank by assets, was on that list as well as VTB bank , Novorossiysk Merchant Sea Port, Sovcomflot shipping company, Sheremetyevo and Vnukovo airports.
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