6. Loans-for-Shares: The Inside Deal
In 1995, the Russian government, desperate for cash, launched the notorious loans-for-shares scheme. State officials auctioned off stakes in lucrative oil, gas, and mineral companies to a handful of insiders, often at prices far below their true value. Political connections and backroom arrangements determined the winners, cementing the oligarchs’ grip on Russia’s most valuable industries. This controversial program remains a stark symbol of the era’s crony capitalism (via Financial Times).
