Finance ministry says Russia lacks market for large privatization

ST.PETERSBURG, May 11 (PRIME) – Russia should form a market before large-scale privatization, Deputy Finance Minister Alexei Moiseyev said on Thursday at the St. Petersburg International Legal Forum.

"I think that large-scale privatization must take place, but we have to understand to whom we will sell,” he said.

“If we sell now, it will be like the events of 1994, the loans-for-shares auctions, it was called like this, I think, nobody wants this."

He added that by market formation he meant the existence of active local retail investors.

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