All Power To Russia's Banks

Chubais' latest moves make them even bigger players

For Harvard University, it was a big surprise. In late May, Russian First Deputy Prime Minister Anatoly B. Chubais asked the U.S. government to cut off $14 million in funding for Harvard's Moscow-based programs aimed at helping Russia rewrite its tax code and reform its capital markets. His decision came as the U.S. Agency for International Development was investigating two Harvard advisers to Russia for possible conflicts of interest. "It's not convenient for me to have business with such an institution," Chubais declared. Harvard dismissed the advisers from their program, and on June 6, the U.S. withdrew its financing.

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