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Russia's ping-pong nationalization of Yukos appears to have ponged back in the direction of sanity, as the government hired a Western investment banking firm, Dresdner Kleinworth Wassertein to value Yukos' Yuganskneftegaz subsidiary.
To recap: The Kremlin has assessed Yukos with an enormously high back bill for past taxes, far exceeding the company's available cash.
That might be OK if it had been done the right way: Give the company a chance to sell off its own assets at market value, to pay the tax bill.
Instead, the Kremlin has been persuing one smelly maneuver after another, in what appears to be nothing more than a scheme to nationalize Yukos and gain all its assets for its own purposes. The planned mechanism was for the Kremlin to sell off Yukos' assets itself; in particular, the Yuganskneftegaz subsidiary would be sold to a Kremlin-controlled oil firm for a fraction of Yuganskneftegaz' true market value.
This appeared to be a reversion to the old Soviet ways, where the Kremlin could simply take any company's assets it wished, at any time, for any reason or for no reason.
But it's a new world for Russia. If it wants international
investments, it has to convince the world that it plays by
international rules, not its own Soviet rules. That's why the
Kremlin has finally backed down on its plan.
(13-Aug-04)
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