Russian analysts yesterday said Sistema's approach to Deutsche Telekom over a possible asset swap might reflect the kind of political savvy that has characterised the business career of Vladimir Yevtushenkov, its founder and executive chairman.

The Moscow-based conglomerate has long been associated with the city mayor, Yuri Luzhkov, a close friend of Mr Yevtushenkov. But with Mr Luzhkov's term as mayor expiring in December 2007, analysts speculated the looming retirement of his main political patron might be prompting the Sistema chairman to look for along-term investment haven.