Britannia Radio

Osborne is accused - without any evidence at all, it would seem - of 
trying to get money from  Oleg Deripaska who today seems to have lost 
it all anyway.  That proves that you should never mix with Mandelson, 
I suppose.

The others aren't doing any better either even the one down in Chelsea.

You've got to see the funny side, have you not? I'll bet Alistair 
Campbell is laughing his head off - and Putin too.

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TELEGRAPH   Business News   21.10.08
Oligarchs turn to Kremlin for help
The Kremlin will use the current credit crisis to expand state 
control over crucial strategic industries, analysts have claimed, as 
once mighty Russian oligarchs their personal fortunes fall by 
billions of dollars.

By David Litterick

The collective wealth of the 25 wealthiest Russian businessmen has 
fallen by $230bn (£132bn) since May, when the commodities boom 
peaked, according to Bloomberg calculations. Since then, equity 
markets across the world have tumbled, with Russia's benchmark Micex 
index losing 61pc. Concerns over Russia's strategy in Georgia have 
added to the impact of the credit crisis.

Chelsea owner Roman Abramovich is reckoned to have lost about $20bn 
of his personal fortune, with Oleg Deripaska, listed by Forbes as 
Russia's richest man, losing around $16bn, according to the data.

"There was a massive transfer of wealth into the hands of the 
oligarchs in 1998,'' said Mark Mobius, executive chairman of 
Templeton Asset Management. "Now it's going the other way."

Vladimir Lisin, owner of Novolipetsk Steel has lost £22bn, while 
Mikhail Fridman and German Khan, shareholders in oil venture TNK-BP, 
are reckoned to be a collective $12bn worse off. That has led to 
margin calls against some of the oligarchs, with Mr Deripaska 
recently offloading stakes in car parts maker Magna and Germany's 
Hochtieff.

It has also led some to seek state help. Unlike in the UK, where the 
government has - so far - taken stakes in only the banking sector, a 
raft of companies in different industries have sought central funds 
as they look to refinance foreign debts. The Russian government has 
set aside $80bn from foreign exchange reserves to prop up industry.

In the oil sector, Lukoil, Rosneft and Gazprom are all seeking state 
help, while in the mining industry, Rusal, the aluminium giant part-
owned by Mr Deripaska, has applied for help to refinance credits used 
to modernise existing plants and build new ones. Nine Russian 
retailers have also sought state assistance. The government may also 
purchase stakes in businesses, which it says it may hold for 15 years.

Some believe that with the assistance will come influence. "This will 
give the state more leverage over the country's biggest companies and 
industries," said Chris Weafer, chief strategist at UralSib 
Financial. "In 2008, there is only one real oligarch: the state."

Speculation has mounted that Vladamir Putin and Dmitry Medvedev may 
use the current crisis to regain control over strategic industries 
and force through consolidation in the key energy and mining sectors.