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

. Last Updated: 07/27/2016

Yeltsin Gains Control Over Privatization

Combined Reports

All decisions in privatization policy will be taken by presidential decree, under a decree signed by President Boris Yeltsin, Interfax said Monday.

"Now any decisions about the control of shares which are federal property can only be taken by decrees of the head of state," it quoted Yeltsin's chief economic adviser, Alexander Livshits, as saying.

Livshits was talking at a briefing that was closed to the foreign press. Yeltsin's press office has not yet received the text of the decree. The government still holds substantial stakes in thousands of companies, including some of the country's most attractive stocks.

Under Monday's presidential decree, any decision on selling or transferring the state's shares will have to be approved first by Cabinet resolution and then a presidential order.