Install

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

. Last Updated: 07/27/2016

UES Selloff Set Despite Protest

On the closing date for bids for a stake in the national power company Unified Energy Systems, Russian privatization officials said Monday the auction would go ahead despite protests from the opposition in parliament.


The State Property Committee and Federal Property Fund said in a written statement, quoted Monday by business news television channel Delovaya Rossiya, that the auction of an 8.5 percent stake would take place as planned, with results to be announced by Jan. 17. The sale is expected to raise about $450 million.


State Duma deputies had demanded that the government halt the auction, saying the money raised would not compensate for the loss of a strategically important industry sector.