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. Last Updated: 07/27/2016

Sell-Off Revenue Low

MOSCOW -- Privatization sales over the first eight months of 1998 have brought in a mere 1.33 billion rubles, about 16 percent of the state's targeted 8.12 billion rubles for the year, the Finance Ministry said Monday.

Revenue from the lease of real estate and dividends from state shares in joint stock ventures was 973.8 million rubles, a little more than 40 percent of the planned 2.41 billion rubles, officials said.

Fall stake sales in Rosneft oil firm and telecom giant Svyazinvest were expected to bring in most of the revenue. But amid the crisis, the Rosneft tender has been axed and the Svyazinvest sale is also thought to face cancellation.