The merger of two of Russia's largest oil companies - Yukos and Siberian Oil Company (Sibneft) - marked the first step towards Russia's ambition of creating more home-grown, world-class Russian companies.
At first sight it isn't obvious what Russian companies can offer the world. Most are still struggling to survive the collapse of the command economy. In the oil sector alone, production levels have halved in the past decade. "No western company could have survived these shocks," says Tom Adshead, director of research at United Financial Group. "You can forgive them for having limited international ambitions."
Despite the dubious legacy of their size, the juggernauts of the Russian economy are still a long way off competing head to head with the world's multinationals. Those that pay tax are being taxed to death. They need to acquire modern management skills while, at the same time, most need to shed between a third and a half of their button pushers if they are to become nimble enough to compete internationally. The social and political implications facing executives including Eugene Tenenbaum, an ex-Salomon Brothers director charged with restructuring Yuksi, will take years to resolve. "Restructuring is a deeply political issue," says Tenenbaum.