In a column that outlines strategic shifts for Russia’s economy, the VTB chairman outlines a plan centered on privatization as a driver of renewed growth, especially in a climate marked by sanctions. The focus is on creating a more dynamic private sector that can mobilize capital, adapt to global markets, and support long‑term economic resilience. The piece presents privatization not as a one‑off sale, but as a continuous, market‑based mechanism to reallocate value from the state to private hands in a transparent framework that rewards efficiency and accountability. [Citation: VTB chairman’s economic analysis]
The author notes that Western sanctions have disrupted many of the structural supports the Russian economy built over the last thirty years. The argument is that the constraints created by these measures have exposed vulnerabilities in supply chains, investment cycles, and the ability to scale domestic production. The commentary invites readers to consider how a reoriented development model could compensate for those losses by harnessing private initiative, domestic savings, and policy reforms aimed at bridging capital gaps. [Citation: Economic policy discussion]
To catalyze growth, the proposal centers on a resource‑driven development strategy organized around three priority axes: strengthening national defense and security through new, resilient logistics corridors; reviving key industrial sectors and expanding the capabilities of the military‑industrial complex; and integrating newly connected regions into the broader economic fabric through targeted investment and governance reforms. This triad is framed as a practical route to restore momentum and expand productive capacity across sectors. [Citation: Strategic development plan]
Regarding funding, the column offers three concise answers to the question of where capital will come from: renew efforts to tailor production to evolving demand, expand the use of financial reserves and public debt where appropriate, and reallocate budget resources to prioritize the three strategic lines. The emphasis is on creating fiscal room for growth without compromising macroeconomic stability, while leveraging private capital to accelerate public objectives. [Citation: Fiscal strategy notes]
The piece argues that transferring state ownership to private hands, under clear market conditions and robust oversight, can amplify efficiency and unlock latent investment potential. It suggests that domestic business has accumulated substantial capacity to fund expansion and modernization, asserting that there is real money ready to be mobilized once governance and transparency are strengthened. These points are presented as a call to mobilize private capital in service of national priorities. [Citation: Governance and privatization insights]
In a separate voice, Alexander Shirov, a former director at the Institute of Economic Forecasting, cautions that misdirected import substitution could inflict greater harm on Russia’s economy than a headlong arms race against prior industrial benchmarks. The argument stresses the importance of balancing protectionist efforts with efficiency, technology transfer, and competitiveness to avoid resource misallocation and persistent bottlenecks. [Citation: Economic forecasting expert commentary]