We agree with the concerns raised in this new Financial Times op/ed that the Russian government’s bailout plan is unlikely to be distributed evenly and fairly, and will likely reward certain political expediencies. However this argument that “the market’s fragile grip on the economy could be undermined” by the increasing role of the state is silly – market forces haven’t been a real factor in Russia since the Yukos affair.

In fact, Russia’s $180bn-plus intervention in liquidity and capital injections is proportionately even bigger than the $700bn US package, as the US economy is seven times larger than Russia’s. But more money means more risk. The immediate danger is that the funds, which are largely being channelled through big banks, will not reach far into the economy so smaller companies will be left stranded. Next, the rules under which the funds are distributed are unclear, creating a yawning gap for favouritism.