Last month, three major banks rescued industrialist Igor Zyuzin’s coal and steel firm Mechel from what would have been Russia’s biggest ever corporate collapse.
The bailout was unusual in a country where so many decisions often lead back to President Vladimir Putin or his inner circle. Zyuzin has long been an outsider, a multi-millionaire who built his business empire by staying out of the reach of the Kremlin. Eight years ago, Putin publicly humiliated Zyuzin after the businessman failed to show up for a meeting.
The rescue deal shows how much Russia has changed since then. The commodity price slump and sanctions …read more
Source: Antigua Observer
