The Kremlin may have indicated it is not prepared to bail out Russia’s oligarchs indiscriminately. But it is hardly shy about spraying public money at state-controlled companies.

Gazprom is paying $4.2bn to Italy’s Eni for 20 per cent of oil company Gazprom Neft – formerly Roman Abramovich’s Sibneft – to add to its existing 75 per cent stake. No matter that Gazprom is Russia’s most indebted company, with $48bn in borrowings. And also that Gazprom is squeezed by falling export revenues. It will get financing from state-controlled banks. In effect, Russia is moving money from one pocket to another.