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. Last Updated: 07/27/2016

Chemezov to Head Technologies Corp.

Itar-TassThen-Federal Industry Agency chief Boris Alyoshin, Putin, Khristenko and Chemezov at the MAKS air show in 2005.
Sergei Chemezov, a close ally of President Vladimir Putin and head of state arms trader Rosoboronexport, has been appointed head of the newly formed state corporation Russian Technologies, the Kremlin said Monday.

On Saturday, Putin signed into law a bill creating Russian Technologies, a project that Chemezov has long lobbied for.

The new holding will be able to "conclude all kinds of deals, sell and purchase assets, enter capital of Russian and Western companies related to high-tech production of military, dual and civil use," Rosoboronexport said in a statement Sunday.

The new holding will incorporate Rosoboronexport, the country's top carmaker AvtoVAZ; VSMPO-Avisma, the world's largest titanium producer; RusSpetsStal, a specialist steelmaker; and other companies.

Defense Minister Anatoly Serdyukov will head the new state corporation's supervisory council, the Kremlin said, Interfax reported.

The supervisory council will also include the head of the Federal Service for Military and Technical Cooperation, Mikhail Dmitriyev, Regional Development Minister Dmitry Kozak, Economic Development and Trade Minister Elvira Nabiullina and Industry and Energy Minister Viktor Khristenko.

Anatoly Isaikin will become Rosoboronexport's new general director, the Kremlin said, Interfax reported.

Chemezov has said the new holding will lead to the rebuilding of Russia's heavy industry, but critics say he and other officials will use the new holding to avoid thorough state oversight and get control of money flows.

In an interview with Nezavisimaya Gazeta published Monday, Chemezov said he was convinced that the holding was likely "the most progressive" economic model.