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Russia: Gov’t looks to $5B telecom divestment to reduce role in economy

By  |  April 26, 2013
Russia: Gov’t looks to $5B telecom divestment to reduce role in economy

According to Russia’s First Deputy Prime Minister Igor Shuvalov, the government is looking to shed its $5 billion stake in telecommunications giant Rostelecom and may make the move as early as before year’s end. Experts inquired about the deal agreed that the move would be a positive one for the nation as federal officials look to raise about $13.6 billion to reduce its role in the economy. The government wants to raise these funds through divestments and says proceeds will land in the hands of companies for investment. Reports say stakes in diamond miner OAO Alrosa and airliner OAO Aeroflot may be some of the year’s biggest government asset sales. Rostelcom is part of another ongoing deal in which state-run VTB may re-sell Tele2 Russia to the conglomerate.

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