Russia launches major privatisation programme. The Russian finance minister has officially launched the country's most ambitious partial privatisation plan since 1995. It is expected to bring in $29 billion, at the rate of around $8.5 billion a year between 2011 and 2013. According to details which have not yet been specified, Moscow will sell off around one quarter of the capital of some ten of its most strategic companies, including the oil group Rosneft (24.16%), the pipeline network Transneft (27.1%), the rail operator RZD (at least 25% of its 100% stake), the maritime operator Sovcomflot (25%), Rushydro (9.4%), the savings bank network Sberbank (9.3%), the major retail bank VTB (24.5%) and the mortgage lender AiZhK (49%). Unsurprisingly, the State will retain control of all of these companies, which represent essential infrastructures or key networks in its industrial policy or diplomacy. Moscow had considered a less ambitious programme last year, but tensions over the budget forced it to rethink. The plan, which is more than allowing private shareholders to breathe new life into these major public groups, aims to help reduce the Russian budgetary deficit, which is estimated at $80 billion this year. These privatisations represent just 0.5% of GDP and are expected to contribute just half of the State's efforts to bring its deficit down from 5% of GDP in 2010 to 4% in 2011 and 2% in 2012. (I.L./transl.fl)