Now, both have become targets in Putin’s campaign to demonstrate that he’s being tough on corruption and mismanagement of government funds. As a result, their chances of succeeding are looking increasingly remote.
Putin himself ordered the establishment of Rusnano in 2007, endowing the state-owned company with $5 billion to invest in ventures that would put Russia at the forefront of the nanotechnology revolution. Headed by Anatoly Chubais, the architect of Russia’s early 1990s privatization, Rusnano initially had to place most of its money in bank deposits for lack of ready projects. Since then, it has managed to invest more than $3 billion.