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. Last Updated: 07/27/2016

State Keeps Insurer

MOSCOW -- A privatization official said Tuesday the government was considering suspending plans to auction the country's biggest insurer Rosgosstrakh for several years in order to sell it at a higher price later.

"There is a plan we ... tend to favor under which the company will be prohibited from privatization over the next three years," Deputy Property Minister Igor Shuvalov said. "Over this period special efforts will be made to develop it in order to ... privatize it for several billion dollars," he said. "No one will be able to buy it for a kopeck."