70% of Russian GDP is now in the public sector
"According to the expert, right now Russia is trying to apply orthodox market economy methods - a strict budget, strict monetary policy. "But these methods should be applied to market players, to private companies, but we applied them to state-owned companies, which basically don't care about rates and budgets - they have a very different way of achieving their economic goals. Market management methods are applied to non-market economic structure, 70% of GDP of which is provided by the public sector. That is why such methods will have effect only on the background of large-scale privatization and increase of the number of market players."
Petroleum is king in Russia. Gazprom, Rosneft and Transneft are state owned cartels and interests. Russia is the globe's largest natural gas exporter, has the largest natural gas reserves and produced 10+MMbbl of oil per day in December 2015 alone. Gazprom essentially owns the natural gas industry in Russia.
If you want to know the truth, factor in those numbers. - Chad