2014年经济学人 俄罗斯的寡头执政者（在线收听）

Russian oligarchs

Yukos 2.0?

The arrest of Vladimir Yevtushenkov recalls that of Mikhail Khodorkovsky

THE rules should be familiar to Vladimir Yevtushenkov, an oligarch with a 7 billion fortune who runs Sistema, which is listed on the London Stock Exchange and is in telecoms, tourism and oil. The state, he said in June, “will always find a way to put you in your place.” Now Mr Yevtushenkov is under house arrest, accused of money-laundering and handling stolen assets. Sistema lost over a third of its value in one day and the Russian stockmarket fell by 2%.

Parallels have been drawn with the arrest of Mikhail Khodorkovsky in 2003 and the transfer of assets in his oil company, Yukos, to Rosneft, a rival now run by Igor Sechin, a confidant of President Vladimir Putin. Dmitry Peskov, Mr Putin's press secretary, claimed that “It is wrong and absurd to paint this story in a political light.” Russia has changed since 2003. Before, security servicemen needed a political motive to take from disobedient oligarchs. Now obedience is no defence.

Whatever Mr Yevtushenkov's sins, they are not the source of his trouble. His loyalty to the Kremlin is unquestioned. The real cause seems to be his reluctance to part with an oil company wanted by Mr Sechin. Sistema bought Bashneft in 2009 for 2.5 billion from the son of a regional boss in Bashkortostan who, according to law enforcers, had expropriated it from the state. Rosneft proposed buying it from Mr Yevtushenkov, but he found the offer too low. House arrest may help him to change his mind.

Renewed infighting within the Russian elite reflects Western sanctions and a weakening economy. Rosneft is struggling to refinance 26 billion of debt due by the end of 2015. Oil production is falling, and the company needed some success to show Mr Putin. A takeover of Bashneft could cover its failings. This is Mr Khodorkovsky's view. He told Vedomosti, a business daily, that Mr Sechin “has not become any wiser, but perhaps just greedier.” The fight for the spoils in Russia can only grow more desperate.