Russian Technologies, the state industrial combine headed by Sergei Chemezov, a close ally of president Vladimir Putin, is selling control of one of its many strategic assets – the world’s biggest titanium company.

It would be nice to bill this as a harbinger of wholesale privatisation at Russian Technologies, a behemoth specialising in military hardware. But the truth is more prosaic – the sale of VSMPO-Avisma looks like a pragmatic debt-restructuring deal. Read more