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In the Russian privatisation programme of the 1990s, Russia''s natural resources were transferred into the hands of a few politically well connected oligarchs in what were widely considered to be underhanded deals. Russian President, Vladimir Putin, who took over from Yeltsin has targeted the oligarchs, most recently Mikhail Khodorkovsky in 2003. This has alarmed foreign investors and had a negative impact on foreign investments in Russia. But many investors have been unable to resist the appeal of Russia''s abundant natural resources including oil. The case describes the privatisation programme of the 1990s. It helps to discuss whether the actions initiated by Putin against the oligarchs would have a long-term detrimental impact on Russian business. The case also provides the scope for discussing attractiveness of Russia as an investment destination.