Russia’s Banks vs. Oligarch-Backed E-Commerce Giants
Hello! This week we get under the hood of Russia’s biggest business clash of the moment as the country’s financial giants try to take on the booming online marketplaces.
Finance fights back against online retailers
A clash of the lobbying titans is underway in Russian big business. The country’s leading banks, in partnership with Central Bank boss Elvira Nabiullina and Finance Minister Anton Siluanov, are speaking out against online marketplaces. But the Russian equivalents of Amazon also have their own powerful backers, including, crucially, Yury Kovalchuk, a friend of Putin and one of Russia’s most influential billionaires.
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