Based on a detailed sample of more than 1,300 companies, the World Bank produced a list of Russia’s 23 largest owners. The top position is held by Vagit Alekperov, Ravil Maganov and Sergey Kukura (LUKoil, annual sales of RUR 384.1bn and 96,531 employees). Roman Abramovich is ranked second (Sibneft and Millhouse, annual sales of RUR 183.6bn and 150,901 employees).

Next in line is Vladimir Bogdanov (Surgutneftegas, with annual sales of RUR 154.7bn and 58,866 employees). He is followed by Sergey Potanin and Mikhail Prokhorov (Interros, annual sales of RUR 129.9bn and 108,201 employees).

Mikhail Khodorkovsky and Platon Lebedev (YUKOS) are in 5th place (RUR 101.6bn in annual sales and 48,980 employees).

The report warns of the dangers of excessive dependence on oil and gas. In 2003, raw materials accounted for 80 percent of Russian exports, while oil and gas made up 55 percent.

Over 60 percent of Russian fixed capital investments are made either in the hydrocarbon sector or in the public sector. 37 percent of the country’s budget revenues strongly depend on oil and gas.

At the same time, the report says there were very good economic conditions in Russia by the beginning of 2004. The Russian economy has grown by 38 percent over the last five years following the 1998 crisis, and there are no signs of slowdown.