Russia's oil barons and metal magnates : oligarchs and the state in transistion

The interesting aspect of Fortescue's book is how he manages to present the Russian oligarchs in a somewhat more favourable light. By now, the predominant view inside and outside Russia is that the oligarchs acquired their assets by virtually looting the new post-communist nation. When ownership and rules were extremely vague. The book steps through the 90s, looking at the top companies ruled by the oligarchs. Like Yukos or Norilsk Nickel. The author describes numerous managerial decisions made, like centralising authority, or continuing to open or close mines. The mechanisms of transfer pricing are explained. Where often value was extracted from the companies and then moved overseas. A key part of the book is how taxes are paid (or not) to the government. The minimisation of this was a major charge against them, in the eyes of the government. The book does suggest that some of the oligarchs' actions were reasonable business decisions, in the context of their environments. Cover......Page 1 Contents......Page 8 List of Tables......Page 10 Preface......Page 12 1 Introduction......Page 18 A comparative historical perspective......Page 19 Historical overview of the Russian oligarchs......Page 25 Enemies of all......Page 26 Western investors......Page 34 Review of the evidence......Page 35 The samples......Page 38 The possibilities......Page 41 The 'Gang of Seven'......Page 42 The 'new oligarchs'......Page 47 Conclusions......Page 52 3 How Did They Get Rich?......Page 57 The financial sector......Page 58 Privatization......Page 60 Spontaneous privatization......Page 61 Mass privatization......Page 62 Corporate governance......Page 69 Shares-for-credit......Page 71 The second peredel......Page 77 Use of the courts, civil and criminal......Page 82 The use of criminal 'authorities'......Page 84 Corporate governance 'enlightenment'......Page 88 Socially responsible business......Page 90 Conclusions......Page 92 4 The Economic Performance of the Barons and Magnates......Page 94 Are oligarch companies worse off than they were before?......Page 98 Norilsk Nickel......Page 103 Apatit......Page 104 North Urals Bauxite Mine (SUBR)......Page 105 Yukos......Page 106 Extraction of excessive returns......Page 109 Investment......Page 110 Conclusions......Page 115 5 Oligarchy and Political Power......Page 116 1991–95......Page 117 1996–98......Page 118 1998–2000......Page 124 2000–03......Page 125 Tax in the mid-1990s......Page 129 Tax in the late 1990s and beyond......Page 134 The arrest of Lebedov......Page 138 The arrest of Khodorkovsky......Page 140 The threat to Yukos......Page 143 The sale of Yuganskneftegaz......Page 147 What was it all about?......Page 153 The Yukos effect: good or bad?......Page 166 Investment and growth......Page 169 Increased tax burden......Page 172 Was justice done?......Page 174 New concepts in tax law......Page 180 Yukos, tax and democracy......Page 185 9 Conclusion......Page 190 Notes......Page 197 Bibliography......Page 237 B......Page 243 F......Page 244 L......Page 245 O......Page 246 P......Page 247 S......Page 248 Y......Page 249 Z......Page 250 Russia's Oil Barons and Metal Magnates contains a critical analysis of the claims made against oligarchs. In doing so, it presents a detailed analysis of the place of the oligarchs in both the metals sector and in the Russian political economy. Russian politics has been dominated over the last decade or more by the relationship between the so-called oligarchs and the state. The oligarchs are the super-wealthy business people who came to dominate the economy, and some would say the political system as well, under Yeltsin, but who have had to cope with a far more difficult head of state in the person of Vladimir Putin. Existing studies of the oligarchs and their relationship with the Russian state tend to be damning on two grounds: they obtained their wealth and power corruptly, and rapaciously stripped the assets over which they had so dubiously gained ownership. While the author would not wish to be seen as a 'revisionist friend of the oligarchs', nevertheless this book is distinctive in that it undertakes a critical analysis of each of the claims made against them. In doing so the book presents a detailed description and analysis of the place of the oligarchs in the contemporary Russian political economy, including of the extraordinary Yukos affair "Fortescue has produced a scholarly work of the first order, which repays reading not only by those with an interest in political economy but also by those interested in broader problems of political development."--Richard Sakwa, Europe-Asia Studies Volume 59 Issue 7 ' ... this is a detailed, intricate and thoroughly referenced work.' - Mark Galeotti, The Slavonic and East European Review ' Anyone wanting a relatively concise version of the background to the case and the course of events to 2006 will find it hard to do better' - William Tompson, Birbeck College, University of London, 'This book is an elegant, clear and concise examination of the most powerful contemporary Russian businessmen - where they came from, what they do and where they are going ... The book advances out knowledge of the post-Soviet order and should certainly be read by anyone attempting to understand the 'Putin way' and its origins' - Australian Journal of Political Science Russian politics has been dominated over the last decade by the relationship between the oligarchs and the state. This book contains a critical analysis of each of the claims made against them. In doing so, it presents an analysis of the place of the oligarchs in both the metals sector and in the Russian political economy. Russian politics has been dominated over the last decade by the relationship between the oligarchs and the state. The existing literature is damning of the oligarchs on two grounds: they won their wealth and power corruptly, and rapaciously stripped the assets they had so dubiously obtained. "Russia's Oil Barons and Metal Magnates" contains a critical analysis of each of the claims made against them. In doing so, it presents a detailed analysis of the place of the oligarchs in both the metals sector and in the Russian political economy "Existing studies of the oligarchs and their relationship with the Russian state tend to be damning on two grounds: they obtained their wealth and power corruptly, and rapaciously stripped the assets over which they had so dubiously gained ownership. While the author would not wish to be seen as a 'revisionist friend of the oligarchs', nevertheless this book is distinctive in that it undertakes a critical analysis of each of the claims made against them. In doing so the book presents a detailed description and analysis of the place of the oligarchs in the contemporary Russian political economy, including a study of the extraordinary Yukos affair"--Jacket

Russian politics have been dominated over the last decade by the relationship between the oligarchs and the state. The existing literature is damning of the oligarchs, on two major grounds: they won their wealth and power corruptly, and rapaciously stripped the assets they had so dubiously obtained. This book contains a critical analysis of each of the claims made against them. In doing so it presents a detailed analysis of the place of the oligarchs in the Russian political economy.

Who are the barons and magnates? How did they get rich? The economic performance of the barons and magnates Oligarchy and political power Taxation in the resource sector The Yukos affair The aftermath of Yukos.