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Word Count: 517
As a result of privatization in Russia tens of thousands of state-owned enterprises - from small retail shops to major industrial enterprises - have been transformed into privately owned companies Millions of Russian citizens became ownersThe privatization is guided by the special government program which operates on different administrative levels federal regional and municipal The authorities on any given level are authorized to privatize only those assets transferred to their ownershipBy July 1994 15052 medium and large enterprises employing more than 80 of the industrial workforce had been privatized in a voucher-based privatization scheme The second post-voucher cash-based phase of privatization is under way now Government blocks of shares will be sold primarily to strategic investors in special investment tenders The list of strategic enterprises including energy defence and utilities majority state ownership is to be retained for at least two to three years In the second stage of privatization enterprises will be able to buy the land and buildings they are associated withFarm privatization has made limited progress so far More than 80 of agricultural land is owned by large farms with some form of collective ownership and 10 remains state property Only 6 is in the hands of private farmers and urban dwellers with small household plots own 4 Property rights over agricultural land remain subject to heavy restrictionsBy the end of 1995 more than 100000 state-owned small-scale businesses with less than 200 employees had been transferred to private hands The overwhelming majority of these were in the retail trade public catering and consumer services sector where private entities account for 80 of activityThe non-state sector including all corporatized enterprises irrespective of the share of state ownership accounted for 70 of GDP and 60 of employment by the end of 1995Financial assets will be the main instrument of privatization in 1996 The share of facilities sold at auctions and commercial and investment tenders and privatized by the redemption of leased property and sale
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