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

. Last Updated: 07/27/2016

Shuvalov Lifts Targets for ’10 Privatizations

The government plans to raise 100 billion rubles ($3.5 billion) next year by selling state assets, First Deputy Prime Minister Igor Shuvalov said Sunday.

He also said Russia might look for other partners to save AvtoVAZ should Renault, its largest foreign shareholder, fail to join a rescue plan.

The list of so-called strategic state-owned assets will be shortened in the privatization process, Shuvalov said on state television. The government had planned to raise 8 billion rubles next year, he said. The state will keep a so-called golden share in companies that it considers important.

The first deputy prime minister, who has spearheaded government anti-crisis initiatives, also added pressure to Renault to contribute to the faltering carmaker’s bailout.

“If the existing shareholders can’t sign up to a plan on the company’s overhaul, modernization and long-term development, we’ll be forced to find other partners,” Shuvalov said.

While the government is not demanding that Renault increase its 25 percent share, the government would “welcome” the French carmaker taking a controlling stake in AvtoVAZ, Shuvalov said. And Russia isn’t necessarily expecting a cash investment.

“The main thing that interests us is the transfer of technology, know-how and modernization,” he said. “The modernization of the domestic auto industry will require state support.”