Putin still looms large over Russian markets

Posted By Patrick Fitzgerald Wednesday, July 30, 2008 - 12:43 PM Share

GEORGES GOBET/AFP/Getty Images

Russia may be embracing market capitalism, but investors got a reminder recently that Vladimir Putin still holds significant sway over the business world. Two brief remarks from the president-turned-prime minister "helped wipe out half the value" of steelmaker Mechel, the Financial Times reports.

Putin seems to have it out for Mechel's majority owner Igor Zyuzin, who was Russia's 12th richest man before his shares plummeted. Putin accused Zyuzin of price gouging and tax evasion, also questioning the reclusive tycoon's health:

"Sickness is sickness," Mr Putin said. "I think Igor Vladimirovich [Zyuzin] should get better as quickly as possible; otherwise we'll have to send him a doctor to clear up all these problems."

It's a good thing Apple isn't a Russian company.

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