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. Last Updated: 07/27/2016

Kadannikov Reaction

Central Bank Deputy Chairman Sergei Alexashenko, in an interview earlier with Kapital, characterized [newly appointed First Deputy Prime Minister Vladimir] Kadannikov as "the most outspoken representative of domestic industry and an advocate of primitive protectionist policies. Primitive, because the idea of politically protecting domestic production -- according to Kadannikov's concept -- means maximum tax breaks for Russian ventures, and maximum tax hikes on imports."

Andrei Illarionov, director of the Institute for Economic Analysis, was even more radical [in his assessment of Kadannikov's appointment]: "Look what happened with VAZ and you'll see how things will turn out with Russia."