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The head of Russia's Federal Antimonopoly Service says the national economy remains ‘backward’ and ‘semi-feudal’

Source: Meduza

In an interview with the newspaper Kommersant, Federal Antimonopoly Service head Igor Artemyev spoke rather unflatteringly about the Russian economy, saying, “In many ways, it remains backward, semi-feudal, and especially in the underdeveloped regions there’s not even a whiff of competition.”

Artemyev said Russia should learn from deregulation experiences in Korea and Japan, warning that the “nationalization” of Russia’s economy is creating “state-monopolistic capitalism” and “binding business and power.” Things have only gotten worse, Artemyev explained, since Russia’s government started expanding its role in the economy in response to Western sanctions. This has been truest in banking and heavy industry, Artemyev said, but telecommunications remains a bright spot.

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