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Privatization nevertheless had changed the face of the Russian economy.
Yet under his government the role of the state in the Russian economy has been increasing.
The fishing industry plays a significant role in the Russian economy.
The central bank estimated that Russian companies were holding $15.5 billion in Western accounts, eloquent testimony to their lack of confidence in the Russian economy.
Sadly, Putin did not agree with the private sector taking a significant role in the Russian economy.
In just a few years 75% of the Russian economy was in private hands.
When the shock was over, most of the Russian economy was in the hands of gangsters and a new oligarchy.
Russia expert Anders Aslund has just weighed in with a stark assessment of the state of the Russian economy.
"The goal is to change his calculus with respect to how the current actions that he's engaging in could have an adverse impact on the Russian economy over the long haul," he said.
It's important to note that the Russian economy is not in free fall.
But such moves are unlikely to change Mr Putin's mind today.The second biggest sector of the Russian economy, by exports, is arms.
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