Medvedev Promises Mass Sell-Off to Boost Election Chances

Russian President Dmitry Medvedev pledged to give up government control of some of the biggest state companies, burnishing his investor-friendly credentials as he bids for a second term next year.

“The dominance of state-controlled companies in a considerable number of industries” is making Russia less competitive, Medvedev said at the St. Petersburg International Economic Forum yesterday, ordering an expanded privatization plan by Aug. 1. “This economic model is dangerous for the future.”