Russia in no hurry to privatize

MOSCOW, April 24 (UPI) -- Russian First Deputy Prime Minister Igor Shuvalov said the country was not seeking to accelerate privatization of state property.

"We should not speed up privatization at the moment," Shuvalov said at a joint meeting of the Economic Development Ministry and the Prosecutor General's Office, Prime-Tass reported Friday.

Shuvalov said the government would permit state-run companies to cut dividends. The government, however, would keep control of profits, he said.

Economic Development Minister Elvira Nabiullina said Friday the government should push to transform federal companies into combination state-owned joint stock companies.

Federal companies were less transparent and more cautious, she said.