Dynamics of Business-State Relations in the Putin Era

Dynamics of Business-State Relations in the Putin Era

　This study scrutinizes the dynamics of business-state relations in the Putin era, focusing in particular on the establishment and control of big businesses by the state. In this paper, I examine the issue of state-led organizations – established to act in a public policy capacity in key strategic sectors of the Russian economy. Examples of such entities include fully state-owned joint stock companies (Rosnano, OAK), state corporations (Rostec, Rosatom), and state-controlled SPV (special purpose vehicle) Rosneftegaz, which holds stakes in Rosneft and Gazprom. By analyzing those state-controlled entities in terms of their manifestation of the state-business relations, I argue that they constitute a defining feature of “state-led capitalism” Russia-style under the Putin era.