An employee works on a drilling rig at a Rosneft-owned oil field outside the West Siberian city of Nizhnevartovsk, Russia, January 26, 2016.REUTERS/Sergei Karpukhin
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President Vladimir Putin is considering selling stakes in some of Russia's state jewels to foreign buyers to raise cash for an economy brought to its knees by the collapse in oil prices and sanctions related to Ukraine.Shares of Rosneft slipped 0.2 percent to 271.40 rubles as of 12:51 a.m. in Moscow, while VTB Group, the nation's second biggest lender, rose 1.1 percent to 7.148 kopeks.The Finance Ministry has said it wants to raise about 1 trillion rubles ($12.5 billion) selling stakes in state companies over two years.Any interest in privatization assets would likely come from countries such as China and possibly from some Russian oligarchs, according to George Hoguetof State Street Global Advisors.VTB Group's 2012 share buyback at their initial public offering price from investors who lost money after participating in the 2007 share sale triggered criticism by foreign fund managers. Funds including Charlemagne Capital Ltd. and Van Eck Associates decried the plan, which only applied to investors who bought the shares when the company went public, as Putin maneuvered to gain votes from smaller shareholders.
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