Privatisation has a dark history in Russia. During the chaotic 1990s asset sales, the Russian word was popularly corrupted to prikhvatizatsiya, or “grabbing”. So it is interesting to hear Igor Shuvalov, first deputy prime minister, talking of a new wave of privatisations, perhaps including another chunk of Rosneft, the oil company.

To some extent, Russia has little choice. Its likely 8.5 per cent economic contraction this year will produce the first budget deficit in a decade. Privatisation receipts could reduce the drawdown needed from Russia’s national wealth fund to bridge a deficit forecast at 7.6 per cent of gross domestic product. Selling stakes in ports and airports could also fund vital modernisation.