Russia’s Federal Anti-Monopoly Service (FAS) chief Igor Artemyev criticized the Russian economy in an interview with newspaper Kommersant on Tuesday, September 25, saying, “In many ways, it remains backward, semi-feudal, and especially in the underdeveloped regions there’s not even a whiff of competition.”
He further claimed that “state-monopoly capitalism” and a “merging of business and power” has been a common ailment afflicting the Russian economy since Western sanctions were introduced in 2014.
Artemyev said that he believes Russia should learn from South Korea’s and Japan’s deregulation experiences, claiming that things have only gotten worse for the Russian economy since the government expanded its role in response to Western sanctions. He highlighted the banking, heavy industry, and telecoms industries as examples that are particularly effected.
Full Content: The Moscow Times
