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Memri
09-07-2025
- Business
- Memri
On Russia's 'Nationalization'
On July 2, 2025, the Russian bailiff service officers raided a private Bombardier Global 5000 business jet ready to take off from Chelyabinsk airport for Turkey,[1] preventing its owner, the billionaire politician Konstantin Strukov, from escaping the country. Strukov, the major stakeholder in one of Russia's largest gold producers, YuzhUralZoloto and a longtime member of the United Russia party, has been a deputy of Chelyabinsk regional legislature since 2000 and holds the position of deputy chairman of the body since 2020.[2] Earlier that day, the court in Chelyabinsk issued a ruling banning him from leaving Russia and seized his assets following an order from the office of from Russia's Prosecutor-General's Office.[3] Strukov is accused of amassing his fortune (he is listed in Russia's most recent Forbes list as No. 78 with assets valued at $1.9 billion)[4] via scam schemes that involved corruption and misuse of his administrative position. This looks like another case for confiscating the assets of a Russian businessman in favor of the state, which looks quite "normal" these days as more than 400 enterprises valued at at least 2.6 trillion rubles, formerly belonging to the Russian owners,[5] had already changed hands since 2022. I should mention from the outset that I am not talking about squeezing out investors from the so-called "unfriendly" countries, a process has been underway since the start of Russia's full-scale assault on Ukraine and which I had called "the robbery of the century" as it deprived Western companies of more than $100 billion in assets, handing them to Russian oligarchs close to the Kremlin – the acquisition of Russian business of Société Générale by Vladimir Potatin, who himself had sold his Rosbank to the French financiers for $2 billion several years earlier, or appropriation of Danone's Russian factories by Ramzan Kadyrov's proxies are most notable examples of these confiscations.[6] Unlike these cases, the pressure on the Russian businesses that has been mounting since 2023 is, to my mind, less driven by the wish to "redistribute" valuable assets from one group of oligarchs to others – the underlying mechanics looks at least somewhat different this time. Confiscations Are Politically Motivated First, it should be noted that almost every single case of what I would call "nationalization" applies to companies that were at some time bought by their current owners from the Russian state or from regional authorities (therefore one may also use the term "de-privatization").[7] Even while Russian President Vladimir Putin has been saying for years that the Russian government has no intention of depriving "well-behaving" and "law-abiding" proprietors of their assets,[8] the prosecutor-general reiterated many times that his entity is doing a lot for "returning to the State what belongs to it." This looks like a serious claim since there are few cases of the confiscation of companies that were started and developed without any state-owned assets.[9] The most telling case was that of Lesta Games, a company that acquired a Russian subsidiary of the famous Wargaming, the developer of the realistic online game, World of Tanks.[10] The Russian owners were declared extremists for their alleged support for Ukraine and their holdings were confiscated.[11] In all other cases, the Russian prosecutors cite either irregularities with privatization or corruption and conflict of interest issues for claiming the property. To facilitate the process, Russian lawmakers eventually annulled the statutes of limitation on the "wrongdoings" linked to privatization deals (formally, they are still in place, but several court rulings, including one by the Constitutional Court, say that this term should now start not from the day of sell-off but from the one the prosecutors found out it was illegal).[12] Therefore, any privatization deal may now be disputed, as the company may have been merged with another, or sold, or transformed into limited liability companies and made public.[13] If one looks carefully at the ongoing confiscation processes, one can find out that they are initiated mostly against those who can be accused of privatizing the initial assets for pennies (but this applies to almost all of those who participated in the 1990s sell-off since the asset prices were then extremely low),[14] who are combining their business activities with administrative and elected positions (it seems to be linked to attempts to "fight corruption") and who used off-shore holdings for their business operations and/or hold foreign citizenships and foreign residence permits (this seems to be a continuation of the famous "nationalization of the elites" proclaimed by Putin as early as in 2013).[15] The latter issue has seemingly become one of the most crucial in recent months (both Konstantin Strukov and Dmitry Kamenshchik, the famous owner of the Domodedovo Airport, which was confiscated by the government this June, were called "influenced from abroad").[16] So there is no doubt that confiscations are politically motivated and therefore inspired more by the state itself, rather than by some oligarchic groups. It may be noted that for a long time both in the Russian independent media and in foreign sources a popular concept has been disseminated, linking this "new nationalization" to the Rotenberg brothers, Arkady and Boris, who are longtime friends of Putin.[17] The main rationale beyond it was the fact that, since 2020, the Kremlin has initiated several cases for stripping Russian businessmen of their assets – and some of the properties ended up in the Rotenbergs' hands. In August 2020, President Putin called the Prosecutor-General's Office to investigate the 1992 privatization of the Bashkir Caustic Company. In December of the same year a Russian court ordered its shares to be returned to the state and transferred to Rosimuschestvo, or the Federal Property Management Agency.[18] Four years later, the company was excluded from the strategic enterprises' list, and the majority stake was sold to a company called Roskhim, allegedly owned by the Rotenbergs.[19] The same, but a bit earlier, happened to Metafrax Chemicals, Russia's largest methanol manufacturer, which was also nationalized due to 1992 privatization irregularities and soon resold to Roskhim together with some other companies, including the Kuchuksulfat factory, based in the Altai region.[20] I would not exclude some influence that the Rotenbergs brothers may have on the current confiscations (many insiders claim that they were the people behind the long-lasting attacks on the Domodedovo airport), but to my mind one should take into consideration the changing nature of current Russian "nationalizations." This change seems to be manifested by the fact that – unlike the Western companies handed to new Russian owners in 2022-2023 – most of the assets currently retributed by the state either remain in the state's possession or are transferred to companies and banks that belong to the state. For example, in nine of the 12 largest cases recorded in 2023-2025, the assets were either transferred to the balance sheet of Rosimuschestvo, or went to corporations and banks that are in state ownership (for example, FESCO and the Solikamsk magnesium plant were granted to Rosatom, the Makfa pasta factory went to Rosselkhozbank, and the Pokrovsky meat holding to VTB).[21] In all these cases, it can hardly be said that the enterprises passed to some oligarchic companies on the basis of ownership – the maximum that can be asserted is that certain people close to the authorities may in the future benefit from their work, but this also needs to be proven. I would add that the concentration of industrial assets in state ownership might be accelerated also by the ongoing crisis in some industries – for example, coal production faces incredible pressures from the global market,[22] and the aviation industry might increase its operational losses, as the disruptions mount in the Russian air traffic caused by the ongoing drone war with Ukraine,[23] so I would not exclude developments that may cause a state takeover of these industries allowing their direct financing from the federal budget. The Kremlin Believes Time For Russian Big Private Business Is Largely Over The main result of the current "deprivatization" seems to be not so much the redistribution of property among the oligarchs as the consolidation of new assets for the state. Of 2.4 trillion rubles at which the companies that the Prosecutor-General's Office seized from their owners were valued, Rosimuschestvo retains assets worth almost one trillion, and more than 800 billion were transferred to various state companies or state banks, while the new private owners received no more than one-fourth of what was confiscated. Of course, there are certain expectations that Rosimuschestvo will not end up as the final owner of the confiscated assets, but I think that, given the logic of the current regime's actions, most of the assets will still end this part of their journey in the hands of state structures, so this is clearly not so much a redistribution as nationalization. Moreover, the initiative to open the new cases on the basis of which property can be seized and then converted into state revenue belongs not so much to the president, but it is now almost entirely in prosecutors' hands (97 percent of cases are opened by Prosecutor-General's Office and about two percent by the Investigative Committee). Hence, I would say that those who argue that the 50-year-old Prosecutor-General Igor Krasnov is the main (and autonomous) figure behind all this, who thereby strengthens his reputation among the aging leading security officials and accustoms business and officials to recognize his powers and authority, might be right. Some insiders even began to treat him as a potential successor to President Putin, which, I would say, cannot be proved by any means. However, all such rumors confirm my opinion that "de-privatization" is not a process of inter-oligarchic redistribution, but something much more political in nature. The latter, of course, does not exclude the material interest of both the security officials and many of Putin's friends – but most likely they intend to profit from financial flows provided by using the new assets under state ownership than to formally become their owners. This is a much more familiar way of earning money for officials, who rarely want to turn themselves into classic entrepreneurs. What one may see now in Russia looks like a profound change is government's policies. It seems that for years, the Kremlin had opted for a "soft management" of the national economy based on manipulations with taxes or "corporate responsibility," meaning the exchange of some entrepreneurial freedoms for loyalty and cooperation. The businesses were expected to limit their offshore activities, to re-register in Russia, to pay taxes, and comply with their increases (in some cases predictable, in some, as in 2023-2024, unexpected), etc.[24] Those who violated these terms faced pressure, and, under some conditions, confiscation of their assets – primarily in case of open disloyalty, stealing funds or engaged in acute conflict of interests. Under such a regime, the redistribution was familiar, with more loyals rewarded by the assets that formerly belonged to less loyal ones (the attitude to the foreign investors that resulted in massive confiscations of 2022-2023 and in continuing attempts to prevent their return to Russia were driven by the same rationale).[25] Now, it looks like the main logic has changed – the state wants not to tax successful and profitable large enterprises but rather to own them. I would not say whether it wants either to maximize its own revenues or just to increase its control over the economy – but the drive is clear: the Kremlin believes the time for Russian big private business is largely over. The entrepreneurship should become limited to the mid-sized and small business that would dominate the logistics, retail, and service sectors while the industrial sector must, more-or-less, return to state ownership to meet the state's demand and promulgate its interests. The exceptions may remain – but they nevertheless will be just the exceptions that prove the rule. Some time ago President Putin had one more time called for not taking the ongoing process for nationalization – pretending that "nationalization is a process that is prescribed by law, [but] we do not apply this law, these norms."[26] Of course, the president lied as he does most of the time: I would say that there is still no law in Russia that would clearly regulate the nationalization process (there is only Art. 306 of the Civil Code, which refers to the possibility of its adoption),[27] but the distinct law that might be applied was never deliberated. Moreover, according to the Civil Code norms, any case of nationalization must be accompanied by the redemption of the asset's value (presumably based on market-driven estimates), and not its requisition. Lenin's "New Economic Policy" Yet, looking on what is going on in Russia, it is hard to agree with Putin: One may call the process as "etatization," emphasizing that the Russian state has little to do with the Russian people, but the essence remains the same – Russia is turning back to something resembling Lenin's "New Economic Policy" (NEP): a regime that allows private business to operate on the lower level, reserving the large productive enterprises to the state's sphere of interest. The problem, nevertheless, resides in a fact that no one can properly fix the dividing line between big and small, crucial and unimportant – and this opens a broad perspective for an overall increase of state influence. In the Soviet times, it took less than ten years to dismantle the NEP regime, and, it might be that a decade from now looks like a realistic timeframe for the complete destruction of Russia's big business. *Dr. Vladislav Inozemtsev is the MEMRI Russian Media Studies Project Special Advisor, and founder and director of the Moscow-based Center for Post-Industrial Studies.
Web Release
09-05-2025
- Business
- Web Release
Falcon Technic Welcomes First Third-Party Maintenance Client: Bombardier Global 5000
By Editor_wr Last updated May 8, 2025 Falcon, part of Alex Group Investment, is excited to announce a major development for Falcon Technic, our MRO division (Maintenance, Repair, and Overhaul): we have welcomed our first third-party maintenance client, a Bombardier Global 5000 aircraft. This marks a key step in expanding our services and growing as a trusted partner in aviation maintenance. By delivering high-quality, cost-effective support, we've reduced our fleet's maintenance costs by 50% through smart planning and efficient operations. Now, we're extending these benefits to third-party clients, offering the same level of care and value. Mr. Sultan Rashit Abdulla Rashit Al Shene, Founder & Chairman of Alex Group Investment, stated, 'This is a proud moment for us as we expand Falcon's capabilities. Our focus has always been on quality and customer satisfaction. Welcoming our first third-party maintenance client is a key step toward establishing Falcon Technic as a trusted partner for aviation maintenance in the region.' At Falcon Technic, we know how critical it is to keep aircraft in peak condition with minimal downtime. That's why we offer 24/7 MRO services, ready to exceed expectations. Soon, our offering will include minor modifications, giving clients more reasons to choose Falcon Technic. Our 13,705 sq.m. MRO facility, located at the Mohammed Bin Rashid Aerospace Hub in Dubai, is equipped with advanced technology to support a wide range of aircraft, including models as large as the Airbus A380. Clients can count on skilled professionals and state-of-the-art infrastructure for all their aviation maintenance needs. We look forward to building lasting partnerships with our third-party clients, delivering consistent, high-quality service that keeps aircraft operating at their best. For more information about Falcon Technic MRO services please visit Falcon Technic | Expert Aircraft Maintenance & MRO Services Comments are closed.
Yahoo
07-05-2025
- Business
- Yahoo
Falcon Technic Welcomes First Third-Party Maintenance Client: Bombardier Global 5000
Falcon Falcon_Technic_PR DUBAI, United Arab Emirates, May 07, 2025 (GLOBE NEWSWIRE) -- Falcon, part of Alex Group Investment, is excited to announce a major development for Falcon Technic, our MRO division (Maintenance, Repair, and Overhaul): we have welcomed our first third-party maintenance client, a Bombardier Global 5000 aircraft. This marks a key step in expanding our services and growing as a trusted partner in aviation maintenance. By delivering high-quality, cost-effective support, we've reduced our fleet's maintenance costs by 50% through smart planning and efficient operations. Now, we're extending these benefits to third-party clients, offering the same level of care and value. Mr. Sultan Rashit Abdulla Rashit Al Shene, Founder & Chairman of Alex Group Investment, stated, 'This is a proud moment for us as we expand Falcon's capabilities. Our focus has always been on quality and customer satisfaction. Welcoming our first third-party maintenance client is a key step toward establishing Falcon Technic as a trusted partner for aviation maintenance in the region.' At Falcon Technic, we know how critical it is to keep aircraft in peak condition with minimal downtime. That's why we offer 24/7 MRO services, ready to exceed expectations. Soon, our offering will include minor modifications, giving clients more reasons to choose Falcon Technic. Our 13,705 sq.m. MRO facility, located at the Mohammed Bin Rashid Aerospace Hub in Dubai, is equipped with advanced technology to support a wide range of aircraft, including models as large as the Airbus A380. Clients can count on skilled professionals and state-of-the-art infrastructure for all their aviation maintenance needs. We look forward to building lasting partnerships with our third-party clients, delivering consistent, high-quality service that keeps aircraft operating at their best. For more information about Falcon Technic MRO services please visit Falcon Technic | Expert Aircraft Maintenance & MRO Services About Falcon Falcon is a premier aviation service provider, offering a one-stop-shop for all your aviation needs. Discover more at Instagram and LinkedIn. Media Inquiries Ines Nacerddine Director of Marketing - Aviation Alex Group Investment Email: A photo accompanying this announcement is available at
Newsweek
07-05-2025
- Business
- Newsweek
Private Aviation Charter Company Using AI to Enable High-End Client Service
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Craft, a private aviation charter company launched in 2020, is changing the way the aviation industry approaches private air travel. The company has introduced artificial intelligence into its operations and rolled out a novel 721 exchange fund designed to "provide investors with a meaningful way to diversify their portfolio while enjoying the unique benefits of access to private aviation." The company's new exchange fund works similarly to traditional exchange funds. Investors can contribute their stock to the private fund in exchange for a share of the fund's portfolio. This decision can be beneficial for investors as it defers the need to pay capital gains taxes. Unlike other funds, Craft holds private aircraft as assets. When an investor diversifies with the fund, they essentially own a part of a private aircraft. What makes the investment unique is that Craft allows investors to access and use the aircraft they've invested in. This allows individuals to enjoy the benefits of private air travel without the responsibilities of upkeep, licensing, insurance and storage that come with private airplane ownership. Craft's fleet features Bombardier Challenger 300 mid-size business jets and Bombardier Challenger 350 super mid-size business jets. Craft's fleet features Bombardier Challenger 300 mid-size business jets and Bombardier Challenger 350 super mid-size business jets. Craft "Historically, the aviation industry has been slower than other industries to innovate. But, at Craft, we have always seen tremendous potential to bring new ideas to the marketplace. Our 721 exchange fund is one such innovation, and we're excited to be combining private aircraft with this unique investment opportunity," said Israel Slodowitz, CEO of Craft, told Newsweek. "Investors are increasingly looking for new and exciting ways to diversify their portfolios. Craft's exchange fund offers the perfect opportunity for diversification, and offers investors the unique benefit of access to private aircraft for their own use," he said. Craft owns a fleet of Bombardier Challenger 300 mid-size business jets and Bombardier Challenger 350 super mid-size business jets. Both planes have a range of over 3,000 miles and can seat nine passengers. Plans to purchase Bombardier Global 5000 long-range business jets and Embraer Phenom 300 light business jets are forthcoming. Craft private jet with passengers. Craft private jet with passengers. Craft Craft has already begun using artificial intelligence (AI) to streamline and maximize its business operations. "Craft has begun to implement AI into the company's operation, beginning with sales. Aircraft and crew are a limited resource," Slodowitz said. "Given this constraint, Craft is using AI to recognize patterns in the thousands of flight requests the company receives each week, to help determine the best usage of the limited aircraft and crew (i.e. the best and most efficient flights to sell). Humans are still involved in the process, but are able to focus on different aspects of the flight sales process." Fleet efficiency may be where Craft sees the most results from AI use. "Craft believes that this use of AI will allow the company to see a significant increase in the efficient use of their limited fleet – which, in turn, will ultimately benefit members of the company's exchange fund, through growth of their invested capital," Slodowitz said.
