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Russia and Ukraine: what is the Russian economic system and why is it accused of being “crony capitalism”

  • Carlos Serrano (@carliserrano)
  • BBC News World

Vladimir Putin

image source, Getty

Caption,

Vladimir Putin

The collapse of the powerful Soviet Union in 1991 marked the end of a communist era. And it was also the entry of Russia, the main state of the union, into what was its greatest enemy: the capitalist system.

Russia has a banking system, recognizes the private propertythere is access to the capital market… “everything that we would normally attribute to a capitalist country,” Carlos Sieglel, professor in the Division of Economics and Global Affairs at Rutgers University, tells BBC Mundo.

It is the largest country in the world, and earns large revenues from the export of gas and oil.

The International Energy Agency (IEA) maintains that Russia “plays an outsized role in world oil markets.”

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