Russia's Oil Sector Should Be Privatized in 8 Years - Ex-Finance Minister

According to Alexei Kutrin, speaking at the SPIEF economic forum this week, "The oil sector should be fully privatized in the next 7-8 years. No state companies are required there now as the statehood brings more harm than benefit to those companies."

He added that oil companies are able to deal with business issues without assistance from the state.