Moscow
Russia re-nationalized a good chunk of its oil industry last week when the state oil company absorbed the oil production division of Yukos. The beleaguered private company has now been effectively dismantled. When the state investigation of Yukos began, 18 months ago, Russian President Vladimir Putin said that the company was being targeted because it owed billions in back taxes. But last month he said the state takeover was meant to make up for unspecified “injustices” that occurred during Russia’s wild transition from communism to capitalism. Critics said Putin was trying to punish Yukos owner Mikhail Khodorkovsky, who is now in jail for tax evasion, for getting involved in politics.
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