Russia’s Economy in February 2013: Preliminary Data and Major Trends

Abstract

The socio-political situation in February was shaped by the escalating conflicts within this country’s elite. The State Duma was shaken by scandals that resulted from the exposure of the ownership, by certain eminent representatives of the party in power, of real estate abroad that they had somehow neglected to report in their tax declarations. While some of these absent-minded politicians were forced to resign from their posts in response to the attacks of bloggers representing the opposition, others decided to give up their mandates in view of the course towards ‘nationalization of the elite’ announced by President Putin. The draft law (adopted in February at first reading) that is designed to prevent Russian officials from having any accounts with foreign banks smacks more of a populist measure than of any genuine ban on any foreign property (while mentioning bank accounts and stocks, the draft law is altogether silent about the existing more sophisticated products and legal forms of control over property).

Keywords: Russian economy

JEL Classification: P21