On 22 March, Russian President Dmitry Medvedev has ordered the Central Bank to prepare proposals aimed at the state cutting its stake in banks to less than 50%.
“This is consistent with the statement made by [President-elect] Vladimir Putin in one of his election manifestos, i.e. that the state would divest itself of all equity in non-raw material companies by 2016,” wrote Chris Weafer, chief strategist at Moscow’s Troika Dialogue.