Energy Revenues No Substitute For Reform

December 2004 | Market Strategy

This time last year we questioned whether President Vladimir Putin would be able to enact the much-needed structural reforms in the country over 2004 (see 15 December 2003, Reform Is Key In Russia). We were not convinced then, and we remain fairly unconvinced on the outlook for 2005. On the plus side, Putin has succeeded in establishing a strong political power base in the Kremlin and Duma. He is now asserting his control over regional governments, which will make it easier for reforms to be implemented from the centre. This means that now, as in December 2003, all eyes are

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