This paper examines the state of the Russian banking sector in 2004 and assesses the most important reform initiatives of the last two years, including deposit insurance legislation, a major reform of the framework for prudential supervision, steps to increase transparency in the sector, and...

The period since early 2004 has seen a significant expansion of the direct role of the Russian state in owning and managing industrial assets, particularly in ‘strategic sectors' of the economy, such as power-generation machines, aviation, oil and finance. Increasingly, policy seems to have...