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Generational Dynamics Web Log for 29-Jul-04

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Yukos freeze order rescinded after worldwide oil prices soar to all time high.

Yukos freeze order rescinded after worldwide oil prices soar to all time high.

The Kremlin's ham-handed treatment of Yukos brings memories of its Communist days, when the Soviet mismanaged its "controlled economy" so poorly that the entire nation fell decades behind America.

Now Russia's Ministry of Justice has lifted the order, issued just yesterday, that ordered Yukos to stop selling oil. The order had caused a harsh worldwide reaction that pushed oil prices to over $43 per barrel, an all-time high. It appears that the Ministry of Justice rescinded the order when it became clear how much damage they were doing, something that any international financier could have told them in first place.

This crisis du jour handling of Yukos makes it look like full-scale mismanagement is back.

In the Soviet days, the Kremlin just seized anything they wanted, no matter who was hurt. Today, Russian President Vladimir Putin wants to get his hands on Yukos, and its enormously rich assets, but now there are rules imposed by international investors. So Putin has to use any legal trick possible.

But he's trying too hard, is moving too quickly, and is making mistakes. He's coming across as desperate.

Remember, this whole saga only began last fall, when former CEO Mikhail Khodorkovsky, one of Russia's wealthy Jewish oligarths, announced his intention to challenge Putin politically. Since then, the whole Yukos affair has had an ever-increasing stench of political retaliation. (29-Jul-04) Permanent Link
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