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. Last Updated: 07/27/2016

Livshits Moves To Kremlin As Deputy Head

Alexander Livshits is moving back to a job in the Kremlin after losing his job as Russia's finance minister, Prime Minister Viktor Chernomyrdin said Tuesday.


Chernomyrdin was quoted by Interfax news agency as saying Livshits would be in charge of economic issues in his new capacity as deputy head of President Boris Yeltsin's administration.


Livshits ceded his post as finance minister Monday to the former head of the Kremlin administration, Anatoly Chubais, who is now also a first deputy prime minister.


Both Livshits, the creator of Russia's Eurobonds, and Chubais are reformers, but their paths have gone in different directions at various times. Livshits has hinted at an inability to work together.


"It so happened that we never worked together with Chubais. ... When Chubais was in the government, I happened to be in the Kremlin. When Chubais happened to be in the Kremlin, I was in the government," Livshits said hours before his sacking. "Now, Chubais is again in the government. And if this logic is to be continued, I should be moved to the Kremlin."


Livshits, who became Yeltsin's chief financial aide in 1994, joined the government after Yeltsin won last summer's presidential election.


Chubais was sacked from the government in early 1996 and joined the Kremlin administration last summer as Livshits left.


Livshits presided over Russia's successful return to international capital markets with a heavily oversubscribed debut Eurobond last November. He launched another Eurobond issue only last week.