Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

8,000 Closures Predicted

A top privatization official said Friday more than 8,000 Russian factories could go bankrupt in 1994, Interfax reported.

The news agency quoted Sergei Belayev, first deputy chairman of the State Property Committee, as saying that the government would specify the criteria by which enterprises would be declared insolvent within two weeks.

Enterprises' balance sheets would be judged in terms of current liquidity and availability of funds to determine solvency, Belayev said.