“Russia was falling apart regionally, institutionally and economically. And these are the economic policies that Prime Minister Primakov will carry out first in 1999 and then with the arrival of Putin in 2000 as president they will begin to carry out a whole vertical restoration of power”, says Porras Musalem.
Putin’s first governments (200-2008) meant the return to Russia of strong state control. There was a clean-up of state institutions and a large investment in key industries, such as the energy industry, but also a diversification of the economy.
“Although the oligarchs change their name and shape, and they will continue to exist in the Russia of the Putin years, they will be subordinated to political power,” explained Porras Musalem.
These decisions brought Russia an economic recovery during the first decade of the 21st century. However, this was accompanied by a decrease in freedoms.
“Russia is once again a world power and the leading producer and exporter, not only of energy, but of many other products, it is among the top five places,” says the economist.
For example, Russia is one of the main producers of gold, diamonds – a sector that has just been sanctioned – nickel and aluminum, materials that are key to many industrial processes and to the manufacture of semiconductors.